INVESTOR INFORMATION PACK NOVEMBER 2017 - Melco Resorts

INVESTOR INFORMATION PACK

NOVEMBER 2017

2

Disclaimer

Safe Harbor Statement

This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities

Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities

and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made

by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs

and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and a number of factors

could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to,

(i) growth of the gaming market and visitation in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic

conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations and (vi) our future

business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases

such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other

similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC.

All information provided in this presentation is as of the date of this presentation and the Company undertakes no duty to update such information,

except as required under applicable law.

This presentation contains non-GAAP financial measures and ratios that are not required by, or presented in accordance with, U.S. GAAP, including

Adjusted property EBITDA and Adjusted EBITDA. The non-GAAP financial measures may not be comparable to other similarly titled measures of other

companies since they are not uniformly defined and have limitations as analytical tools and should not be considered in isolation or as a substitute

for U.S. GAAP measures. Non-GAAP financial measures and ratios are not measurements of our performance under U.S. GAAP and should not be

considered as alternatives to any performance measures derived in accordance with U.S. GAAP or any other generally accepted accounting

principles. Reconciliations of such non-GAAP financial measures and ratios to their most directly comparable financial measures and ratios are

included in our earnings releases that have been furnished with the SEC and are also available on our Investor Relations website at

http://ir.melco-resorts.com

http://ir.melco-resorts.com/









MELCO

HIGHLIGHTS

SECTION I

Leading Premium Integrated Resort Operator Most Michelin stars and Forbes 5-stars in Macau

Strong Balance Sheet Net Debt to Adjusted EBITDA at 1.7x; Minimal debt maturity before 2019

Leveraged to fast-growing, under-penetrated Asian leisure & tourism market Both Macau and Manila started experiencing GGR growth in 2016

Pipeline of Potential Regional Development opportunities City of Dreams Phase 3, Studio City Macau’s Remaining Project, Japan

Improving Cashflow; Committed to shareholder returns Returned ~US$2.7bn in dividends and share repurchases since 2014

Melco Resorts Highlights

https://www.youtube.com/watch?v=0vXAVROuUso&feature=youtu.be

5

Leading Premium Integrated Resort Operator

Rendered Image: Morpheus, City of Dreams Macau

• Awarded the largest

number of Michelin-Starred

Dining Establishments in all

of Macau

• Awarded the largest

number of Forbes Five-Star

awards in all of Macau

• City of Dreams generated

the highest mass table yield

among all of the major

integrated resorts in Macau

in 2016

FY16 Daily GGR Per Mass Table (US$)

Number of Michelin-Starred Dining Establishments and Forbes Five-Star Awards

Source: Company filings, public company filings of Las Vegas

Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment

and SJM, Michelin Guide, Forbes Travel Guide

Owner of a portfolio of Star-Studded Resorts

4

-

2

4

3

5

-

1

3

5

8

9

-

1

2

3

4

5

6

7

8

9

10

SJM MGM China Sands China Galaxy Wynn Macau Melco Resorts

No. of Michelin-Starred Dining Establishments No. of Forbes 5-Star Awards

5,837

6,470

10,643

11,059

4,353

5,358

6,821

8,202

9,163

12,302

4,000 6,000 8,000 10,000 12,000 14,000

Grand Lisboa

Sands Macao

MGM Macau

Wynn Macau

Wynn Palace

Parisian Macao

Studio City

Sands Cotai Properties

Galaxy Macau

City of Dreams

Cotai IR

Macau Peninsula

Casinos

6

Leveraged to fast-growing, under-penetrated Asian leisure & tourism market

Both Macau and Manila are experiencing GGR growth

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM, Bloomberry Resorts and Travellers International Note: 1. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines 2. Philippines Quarterly Gross Gaming Revenue (GGR) only take into account GGR generated by Integrated Resorts in the city of Manila

Macau Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1) Macau Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1)

Philippines Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1)(2) Philippines Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1)(2)

4.3 3.6 3.3 3.2 3.3 2.9 3.0 3.5 3.7 3.7

3.8 3.5

3.6 3.6 3.7 3.6 3.9

4.1 4.2 4.1

-

1

2

3

4

5

6

7

8

9

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

Mass GGR VIP GGR

0.17 0.14 0.18 0.16 0.15 0.23 0.22 0.22 0.22 0.26

0.21 0.22 0.23 0.22 0.23

0.25 0.26 0.26 0.28 0.27

-

0.1

0.2

0.3

0.4

0.5

0.6

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

Mass GGR VIP GGR

(50)%

(40)%

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

VIP GGR Mass GGR

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

60%

70%

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

VIP GGR Mass GGR

7

Pipeline of Potential Regional Development Opportunities

Potential development opportunities in Macau and Japan

Source: Company filings Note: 1. Sourced from Google Maps

Morpheus (City of Dreams Phase 3) Studio City Macau Remaining Project Potential Integrated Resort in Japan

• Final Phase of development of

City of Dreams

• World’s first free-form

exoskeleton high rise

• To add ~780 luxury hotel rooms

and villas

• Expected to open in 1H 2018

• Studio City Macau’s Remaining

Project can have 2.5m square

feet of GFA (as compared to

~5.1m square feet of GFA

currently at Studio City).

• Still in the early stages of

planning, hence timing and

budget for the project is yet to be

finalized

• Focuses heavily on identifying

value-accretive expansion

opportunities, with a particular

focus on Japan.

Other Asian Gaming Markets(1)

• Will continue to search for

potential growth opportunities in

other Asian gaming markets.

Strong Balance Sheet

Maturity Profile as of September 30, 2017 (US$ million)(1)(2) Liquidity and Capital Resources

Net Debt Position as of end of respective quarter (US$ million)

8

(US$ million)

As of September

30, 2017

Cash Debt

Last 12

months

Adj.

EBITDA

Net Debt

to Adj.

EBITDA

(x)

Melco Wholly-

Owned 780 1,457 721 0.9x

Studio City 644 2,025 301(3) 4.6x

MRP 270 294 231 0.1x

Melco Group 1,694 3,775 1,253 1.7x

Notes: 1. The analysis excludes the aircraft loan 2. On October 9, 2017, Melco Resorts Leisure (Philippines) redeemed Php7.5 billion of the Php15 billion 5.0% Notes 3. This is not equivalent to Studio City Finance Ltd. Adjusted EBITDA which reflects intra-Melco group fees for the Master Services Agreements charged to Studio City Finance Ltd. and its subsidiaries, VIP table usage fees, and excludes operating income or losses generated at Studio

City by Studio City International Holdings Ltd.’s subsidiaries which are not subsidiaries of Studio City Finance Ltd. In addition, this is not equivalent to Studio City Investments Ltd. Adjusted EBITDA which reflects intra-Melco group fees for the Master Services Agreements charged to Studio City Investments Ltd. and its subsidiaries, VIP table usage fees, and excludes operating income or losses generated at Studio City by Studio City International Holdings Ltd.’s subsidiaries which are not subsidiaries of Studio City Investments Ltd.

Long dated maturity profile and healthy gearing

(655)(465)

(191)

378 651

975 1,155

1,310

1,696

2,408

1,974 1,869

2,352 2,327 2,081

(1,000)

(500)

-

500

1,000

1,500

2,000

2,500

3,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Source: Company filings

Debt Instrument 2017 2018 2019 2020 2021 >2021

Melco Resorts Macau Facility 11 45 45 45 299

Melco Resorts Finance 4.875% Notes 1,000

Studio City Company 7.250% Notes 850

Studio City Finance 8.50% Notes 825

Studio City 5.875% notes 350

Studio City Credit Facility 0.1

Melco Resorts Leisure (Phils) 5.0% Notes 147 147

Total 158 45 542 870 1,149 1,000

9

Capital Expenditures Projection

Annual CAPEX requirements have declined since the opening of Studio City in 2015

CAPEX Schedule (US$m)

Source: Company filings, Melco Resorts

Note:

1. CAPEX estimates for 2017 and 2018 do not include any CAPEX for the Studio City Remaining Project or the rebranding and redevelopment of The Count:Down

$837

$1,450

$1,229

$291 $435

$91

$76

$187

$227

$146

$202

$106

$912

$1,637

$1,456

$438

$638

$196

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2013 2014 2015 2016 2017E 2018E

Capit

al Expendit

ure

s (A

ccru

al Basi

s, U

S$m

)

Growth Maintenance

(1) (1)

Improving Cashflow

Paid over US$800m of dividends in FY11-16 (similar to FCF during the same period) Melco: Operating Cashflow Less Capex (US$ million)

10

Source: Company filings Note: Cash flow figures are based on financials reported in the company’s cash flow statement

Melco: Aggregate Operating Cashflow Less Capex (FY11-16, US$ million)

635 667

301

(578)

(854)

647

(1,200)

(800)

(400)

-

400

800

1,200

1,600

2011 2012 2013 2014 2015 2016

Operating Cashflow Less Capex

Operating Cashflow

Capex

635 843

667 300

301 800

(578)

782

(854)647 819

0

500

1,000

1,500

2,000

2,500

3,000

FY11 FY12 FY13 FY14 FY15 FY16 FY11-16

Share Repurchase (FY14)

Recurring and Special Dividends (FY11-16)

Share Repurchase from Crown (FY16)

Recurring and Special Dividends (YTD-2017)

Total Capital Returned to Melco Shareholders US$ m

FY14 Special Dividends 191

FY14 Regular Dividends 183

FY14 Share Repurchase 300




FY16 Share Repurchase from Crown 800


1Q’17 - 3Q’17 Regular Dividends 133

Total Capital Returned since 2014 2,726

Committed to shareholder return

Melco has returned over US$2.7bn through dividends and share repurchases since 2014 Melco Capital Return Schedule (US$ million)

11

Stable regular dividends supplemented by other measures

to return surplus capital to shareholders

• On January 12, 2017, Melco announced the amendment of

its quarterly dividend policy to one that targets a fixed

quarterly cash dividend payment of US$0.09 per ADS; Melco

also announced a US$650m special dividend

• The new dividend policy results in approximately US$180m

per year in regular dividends based on current shares at

issue

• Special dividends & other forms of capital management will

be considered when appropriate Source: Company filings

191 350

650738 100

200

800

72 43

40

28

18 7 10

12

9 19 44

4444

44

674

35

1,234

782

-

200

400

600

800

1,000

1,200

1,400

1Q'14 2Q'14 3Q'14 4Q'14 FY14 1Q'15 2Q'15 3Q'15 4Q'15 FY15 1Q'16 2Q'16 3Q'16 4Q'16 FY16 1Q'17 2Q'17 3Q'17 YTD-17

US$m

Special Repurchase Regular Total

3Q

FINANCIALS

SUMMARY

SECTION II

13

Source: Company filings Notes: 1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties under the

cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Others expenses and other non-operating income and expenses. 2. Adjusted Property EBITDA margin is adjusted Property EBITDA divided by net revenue

3Q 2017 Earnings Summary

Group-wide Adjusted Property EBITDA strength underpinned by City of Dreams Macau

Total Adjusted Property EBITDA & Adjusted Property EBITDA Margin(1) (2) • 3Q Net Revenue of US$1,377 million, up 19% y-y.

• 3Q Adjusted Property EBITDA of US$400 million, up 38% y-y,

primarily attributable to improved group-wide rolling chip

revenues

• City of Dreams enjoyed approximately 6% q-q increase in mass

gaming revenue in 3Q’17

• Committed effort to managing costs drove Melco’s adjusted

Property EBITDA margin to expand from 25.5% in 2Q’17 to 29.3%

in 3Q’17

• Morpheus (with ~780 hotel rooms) is expected to open in 1H

2018, with the intention to solidify City of Dreams’ leadership

position in Macau’s premium segment

• Studio City delivered 81% y-y increase in adjusted EBITDA which

was primarily a result of the commencement of rolling chips

operations in November 2016 and better performance in the mass

market table games segment.

170 175

246

21 11

1

53 81

96

45

63

57

25.3% 25.5%

29.3%

10.0%

15.0%

20.0%

25.0%

30.0%

-

50

100

150

200

250

300

350

400

450

500

3Q'16 2Q'17 3Q'17

City of Dreams Manila (US$m)Studio City (US$m)Altira + Mocha (US$m)City of Dreams (US$m)Adj. Property EBITDA Margin (%, Right-axis)

289

329

400

14

Resilient market share

Helped by further ramp up of Studio City and City of Dreams Manila

Source: DICJ, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM, Bloomberry Resorts and Travellers International Note: 1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, payments to the Philippine Parties

under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, Corporate and Other expenses and other non-operating income and expenses. 2. Philippines Quarterly Gross Gaming Revenue (GGR) only take into account GGR generated by Integrated Resorts in the city of Manila 3. 3Q’17 data not yet available

Melco: Macau Gross Gaming Revenue market share

Melco: Macau Adjusted Property EBITDA market share (1) (3) Melco: Philippines Gross Gaming Revenue market share(2) (3)

• Melco’s Macau GGR market share expanded by 60 basis

points year-on-year to 16.4% in 3Q 2017

• Melco’s Macau Adjusted Property EBITDA market share

expanded by 20 basis points year-on-year to 14.9% in 2Q

2017(3)

• City of Dreams Manila share of Total Philippines Integrated

Resorts GGR expanded by 960 basis points year-on-year to

37% in 2Q 2017(3)

12.7

%

12.8

%

14.2

%

14.5

%

13.7

%

14.1

%

15.5

%

15.5

%

16.0

%

15.8

%

15.0

%

15.7

%

16.4

%

16.4

%

-

2%

4%

6%

8%

10%

12%

14%

16%

18%

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

13.2

%

13.2

%

14.1

%

15.4

%

13.3

%

14.7

%

14.3

%

14.8

%

14.7

%

14.7

%

14.8

%

15.5

%

14.9

%

-

2%

4%

6%

8%

10%

12%

14%

16%

18%

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

13%

19%

25%22%

27% 27%29%

32%34%

37%

-

5%

10%

15%

20%

25%

30%

35%

40%

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

15

Melco Adjusted EBITDA 3Q 2017

Adjusted EBITDA grew 25% q-q and 40% y-y Melco Adjusted EBITDA Breakdown (US$ million)(1) Melco Adjusted EBITDA Growth Breakdown(1)

Source: Company filings Note: 1. “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative

arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation and other non-operating income and expenses

Vs. 2Q 2017 Vs. 3Q 2016

Altira + Mocha -91% -96%

City of Dreams +41% +45%

Studio City +19% +81%

Total Macau Property EBITDA +29% +40%

City of Dreams Manila -9% +27%

Corporate and Others Expenses -6% +27%

Total Adjusted EBITDA +25% +40%

21 9 11 11 1

170 189 214

175

246

53 57

68

81

96

45 50

61

63

57

(27) (32) (32) (36) (34)

(50)

-

50

100

150

200

250

300

350

400

450

3Q'16 4Q'16 1Q'17 2Q'17 3Q17

Corporate and Others Expenses City of Dreams Manila

Studio City City of Dreams

Altira + Mocha

262272

321

293

366

16

City of Dreams 3Q 2017

EBITDA grew 41% q-q and 45% y-y City of Dreams Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Key Operating Metrics

(US$m, unless

otherwise stated) 3Q 2017 Vs. 2Q 2017 Vs. 3Q 2016

VIP Rolling Chip 11,184 -8% +5%

VIP win rate (%) 3.54% +59bps +97bps

Mass Table Drop 1,145 +7% +4%

Mass Table Hold % 32.3% -14bps -225bps

VIP GGR 396 +10% +45%

Mass GGR 369 +6% -2%

Slots GGR 31 -16% -9%

Total GGR 797 +7% +16%

Total Net Revenue 716 +11% +15%

Adjusted EBITDA 246 +41% +45%


arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation and other non-operating income and expenses. 2. “Adjusted EBITDA margin” is adjusted EBITDA divided by net revenue

170189

214

175

246

27.4%28.5%

30.8%

27.2%

34.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

50

100

150

200

250

300

3Q16 4Q16 1Q17 2Q17 3Q17

Adjusted EBITDA (US$m) Adjusted EBITDA margin (%, right-axis)

17

Studio City 3Q 2017

Adj. EBITDA grew 19% q-q and 81% y-y Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Studio City Key Operating Metrics

(US$m, unless


VIP Rolling Chip 5,072 +9% n.a.

VIP win rate (%) 3.99% +67bps n.a.

Mass Table Drop 747 +13% +14%

Mass Table Hold % 25.0% -183bps -51bps

VIP GGR 202 +31% n.a.

Mass GGR 187 +5% +11%

Slots GGR 19 +3% -18%

Total GGR 409 +16% +114%

Total Net Revenue 384 +16% +68%

Adjusted EBITDA 96 +19% +81%



53 57

68

81

96

23.0% 23.0%

24.4%

24.3%24.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

20

40

60

80

100

120

3Q16 4Q16 1Q17 2Q17 3Q17


14

3 4 5

-6

10.9%

3.2% 3.4%

4.7%

-6.3%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

(10)

(5)

-

5

10

15

3Q16 4Q16 1Q17 2Q17 3Q17


18

Altira 3Q 2017

Adj. EBITDA decline was primarily a result of decreased casino revenues Altira Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics

(US$m, unless


VIP Rolling Chip 4,244 +6% -5%

VIP win rate (%) 2.59% -67bps -64bps

Mass Table Drop 112 +22% -8%

Mass Table Hold % 15.7% +57bps -404bps

VIP GGR 110 -16% -24%

Mass GGR 18 +27% -27%

Slots GGR 0.7 +51% +17%

Total GGR 128 -11% -24%

Total Net Revenue 89 -17% -31%

Adjusted EBITDA -6 n.a. n.a.



19

City of Dreams Manila 3Q 2017

Adj. EBITDA declined 9% q/q and grew 27% y/y; VIP win rate fluctuated in 3Q 2017 City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics

(US$m, unless


VIP Rolling Chip 2,975 -8% +89%

VIP win rate (%) 2.47% -103bps -149bps

Mass Table Drop 174 +3% +19%

Mass Table Hold % 29.9% +138ps +307bps

VIP GGR 74 -35% +18%

Mass GGR 52 +7% +32%

Slots GGR 42 -6% +23%

Total GGR 168 -19% +23%

Total Net Revenue 148 -16% +13%

Adjusted EBITDA 57 -9% +27%



45 50

61 63 57

34.4% 34.7%

38.8%

35.7% 38.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

-

10

20

30

40

50

60

70

3Q16 4Q16 1Q17 2Q17 3Q17


City of Dreams Manila – Adjusted EBITDA breakdown

20

Share of Adjusted EBITDA (Trailing 12 Months, US$ million)(1)

Growing Adjusted EBITDA from City of Dreams Manila

Source: Melco Resorts

Notes:

1. Based on company filings; Premium Leisure Corporation’s (PLC) share represents payments made to the Philippine Parties while Belle Corporation’s share represents cash payments made to Belle

Corporation for building and land rent

8.8

28.9 47.3

62.1

91.1

115.2

135.7 143.5

16.5

20.6

24.7

29.0

34.4

42.7

48.3

52.5

30.0

31.6

33.0

34.5

34.9

35.0

35.2

35.4

-

50.0

100.0

150.0

200.0

250.0

4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Belle Corp. PLC Melco

81.1

105.0

125.6

160.3

192.9

219.2

55.4

231.4

MACAU

MARKET

UPDATE

SECTION III

Source: DICJ, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment, and SJM, Genting Singapore, Philippine Amusement and Gaming Corporation, Nevada Gaming Board, Korea Casino Association Note: 1. Philippines Quarterly Gross Gaming Revenue (GGR) only take into account GGR generated by Integrated Resorts in the city of Manila 2. Last 12 Months refer to 3Q 2016 to 2Q 2017

Macau still the largest gaming market in the world

Generating US$30bn GGR in the last 12 months

22

Gross Gaming Revenue (Last 12 months, US$ billion)(1)(2) Gross Gaming Revenue (Last 12 months, Y/Y Change)(1)(2)

30.2

6.4

4.4

2.01.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Macau Las Vegas Strip Singapore Philippines(IR-only)

Korea(foreigners-only)

30.4%

11.4%

2.7%

0.7% 0.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Philippines(IR-only)

Macau Las Vegas Strip Singapore Korea(foreigners-only)

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM Note: 1. GGR are based on reported financials from the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China,, Galaxy Entertainment, SJM and Melco Resorts)

Positive GGR trends extending into 2017

Market-wide growth trending upward since 2Q’15

23

Macau GGR (Quarterly, Y/Y Change)(1) Macau Mass Tables GGR (Quarterly, Y/Y Change)(1)

30.9%

14.5%

16.3%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

VIP

Mass Table

Electronic Gaming

41.0%

32.8%

15.1%

-9.2%

-19.1%

-24.0%-20.9%

-8.7%

-2.0%

4.4%

10.4%

12.2%

15.3%

14.5%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

Mass Table GGR Y/Y Change

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM Note: 1. GGR is based on reported financials from the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM and Melco Resorts) 2. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines

GGR shifting more towards mass gaming

1H17 annualized mass GGR is only 6% off all-time peak level

24

Macau GGR Breakdown by Segment (US$ billion)(1)(2) Macau Mass Gross Gaming Revenue as % of Total(1)(2)

Macau GGR Growth by Segment (2010-2016 CAGR)(1)(2)

6.68.9

11.715.7

17.714.4 15.2 14.8 16.6

16.9

24.5

26.3

29.4 26.2

14.4 12.7 12.4

14.8

0

5

10

15

20

25

30

35

40

45

50

2010

2011

2012

2013

2014

2015

2016

1H

2016

(annualise

d)

1H

2017

(annualise

d)

VIP Gross Gaming Revenue Mass Gross Gaming Revenue

(5)%

15%

(6)%

(4)%

(2)%

-

2%

4%

6%

8%

10%

12%

14%

16%

VIP Gross Gaming Revenue Mass Gross Gaming Revenue

28.1% 26.6%30.8%

34.8%40.3%

50.0%54.5% 54.4% 52.9%

-

10%

20%

30%

40%

50%

60%

2010

2011

2012

2013

2014

2015

2016

1H

2016

(annualise

d)

1H

2017

(annualise

d)

25

Cotai continues to take market share

Total 4 & 5-star guestrooms in Cotai (‘000) Cotai Share of market-wide Total GGR(1)

Cotai 4 & 5-star guestrooms as % of market-wide 4 & 5-star rooms Cotai Share of market-wide Mass Market GGR(1) (2)

Cotai accountable for majority of hotel room supply and GGR in Macau

Source: DSEC, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment and SJM Note: 1. GGR is based on figures reported by the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM and Melco Resorts) 2. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines

12.8

12.8

12.8

12.8

12.8

13.4

13.8

15.6

16.5

16.5

17.8 21.2

21.2

21.2

-

5

10

15

20

25

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

47.0

%

47.0

%

46.9

%

46.9

%

46.7

%

47.0

%

47.3

%

49.8

%

52.5

%

52.5

%

53.9

%

59.7

%

59.6

%

59.2

%

-

10%

20%

30%

40%

50%

60%

70%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

43.4

%

42.4

%

44.2

%

44.8

%

44.5

%

45.4

%

46.8

%

49.1

%

50.7

%

48.8

%

53.2

%

56.3

%

56.7

%

55.5

%

-

10%

20%

30%

40%

50%

60%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

50.8

%

49.4

%

50.4

%

51.1

%

50.8

%

51.3

%

52.5

%

53.7

%

55.2

%

54.9

%

56.6

%

61.3

%

60.2

%

60.9

%

-

10%

20%

30%

40%

50%

60%

70%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

60%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Mass Tables GGR O/N visitation

2009 2010 2011 2012 2013 2014 2015 2016 2017

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-172009 2010 2011 2012 2013 2014 2015 2016 2017

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

60%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

O/N visitation Same-day visitation

2009 2010 2011 2012 2013 2014 2015 2016 2017

26

Quality of visitation is improving

Growing O/N visitation bodes well for Mass GGR

Source: DSEC Note: 1. 3mma represents 3 Months Moving Average 2. R2 (also known as Coefficient of Determination) is used to assess the statistical relevance of two data series. It ranges from 0 to 1 with 0 indicating zero correlation and 1 indicating perfect correlation.

Growth in O/N and Same-day visitation (3mma Y/Y % Change)(1) Breakdown of inbound visitation to Macau: O/N vs. Same-day

Macau: Mass Tables GGR (3mma Y/Y % Change)(1) Macau: Mass Tables GGR vs. O/N Visitation (3mma Y/Y % Change)(1)

Mass GGR and O/N visitation has historically

exhibited strong correlation with R2 of 0.77 and

correlation coefficient of 0.88 over the past 10 years

45.0

%

47.0

%

47.7

%

45.4

%

47.8

%

47.9

%

45.8

%

45.2

%

50.1

%

50.0

%

55.0

%

56.1

%

55.0

%

53.0

%

52.3

%

54.6

%

52.2

%

52.1

%

54.2

%

54.8

%

49.9

%

50.0

%

45.0

%

43.9

%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q'17 2Q'17 3Q'17

% Same Day % O/N

27

Penetration into China remains low

• Given the proximity to China, coupled with a low market penetration rate of only 1.5%(1), Melco foresees significant long-term growth potential for the Macau Market

• There is potential visitation growth from various regions in China over the coming years

Hong Kong(4)

Macau

Fujian 2.1%

Guangxi 1.3%

Hainan

Zhejiang 1.1%

Shanghai 2.5%

Jiangsu 0.7%

Anhui 0.4%

Jiangxi 1.1% Hunan

1.4%

Hubei

Henan 0.5%

Guizhou

Chongqing 0.8%

Sichuan 0.5%

Yunnan

Qinghai

Xinjiang

Xizhang

Ningxia

Hebei 0.4%

Beijing 1.6%

Tianjin 0.9%

Liaoning 0.7%

Jilin 0.8%

Heilongjiang 0.7%

Gansu Shaanxi 0.5%

Shanxi 0.6%

Shandong 0.3%

Taiwan

1.2%

Inner Mongolia 0.4%

Guangdong(3)

8.4%

As of September 2017

Macau visitation penetration by province(2)

Greater than 5%

2% – 5%

1% – 2%

0% – 1%

No Data Available

Penetration:

Source: DSEC, National Bureau of Statistics of China

Notes:

1. Market penetration rate is calculated by taking the number of visitors over the last 12 months as a percentage of total population. The calculation assumes each

visitor going to Macau from Mainland China is unique

2. Provincial penetration rates are calculated by taking the number of visitors over the last 12 months as a percentage of the provincial population. Calculations assume

each visitor going to Macau from Mainland China is unique

3. Over 9mn Guangdong residents visited Macau in the last 12 months

4. Over 6mn visited from Hong Kong in the last 12 months

Hong Kong

Macau

Fujian 3.3%

Guangxi +10.1%

Hainan

Zhejiang +12.9%

Shanghai +20.3%

Jiangsu +18.1%

Anhui +4.7%

Jiangxi +16.2% Hunan

+14.2%

Hubei

Henan +9.4%

Guizhou

Chongqing +5.5%

Sichuan +4.0%

Yunnan

Qinghai

Xinjiang

Xizhang

Ningxia

Hebei +10.9%

Beijing +7.8%

Tianjin +25.2%

Liaoning +1.0%

Jilin +3.0%

Heilongjiang 13.3%

Gansu Shaanxi +13.2%

Shanxi +12.43%

Shandong +11.2%

Taiwan

+13.1%

Inner Mongolia +13.7%

Guangdong(3)

+0.6%

As of September 2017

Greater than 5%

2% – 5%

0% – 2%

< 0%

No Data Available

LTM Growth:

Macau LTM visitation growth by province

Source: National Bureau of Statistics of China

Benefitting from Economic growth in China

China’s retail sales grew on average by 13% p.a. over the past six years

28

Chinese Urban Household per Capita Disposable Income (US$) Retail Sales in China (US$ billion)

2,752

3,141

3,538

3,812

4,154

4,493

4,842

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2010 2011 2012 2013 2014 2015 2016

2,276

2,696

3,088

3,498

3,916

4,334

4,786

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2010 2011 2012 2013 2014 2015 2016

Further Improvement of Transportation Infrastructure

29 Map not drawn to scale

Source: DSEC

Notes:

1. Refers to visitations through the Lotus Checkpoint

2. Includes visitations through Taipa Ferry terminal, Macau International Airport, and Lotus Checkpoint

Taipa Ferry Terminal

Macau

Peninsula

Hengqin

Island

Zhuhai

Cotai

Taipa

Lotus Bridge

to Hong Kong

Pearl

River

Delta

Amizade

Bridge

Governor

Nobre de

Carvalho

Bridge Sai Van

Bridge

Macau

International

Airport

Railway

Station

Macau-Taipa light rail

transit line

Percentage of In-Bound Visitations Through Lotus Bridge and Cotai as % of Total Visitations

3

Expected total length of approximately 30 kilometers connecting Hong Kong, Zhuhai and Macau

Hong Kong-Zhuhai-Macau Bridge

Opened on June 1, 2017 and able to accommodate 30 million passengers annually

2 New Taipa Ferry Terminal

4

Expected to open in mid-2018

Anticipated travel time from Gongbei to Zhuhai Airport would be shortened from approximately 1 hour currently to

30 minutes

Gongbei-Zhuhai Airport Railroad Transit

5

Expected to be completed in 2018 and include direct connection facilities to the Macau Light Rail Transit line

Guangzhou-Zhuhai Intercity Mass Rapid Transit (Hengqin extension)

6

Expected to be equipped to receive 9 to 10 million passengers per year (compared to 6 million currently)

Airport Capacity Upgrade

Expected to be fully completed in 2019 and will have stations at major checkpoints, enabling ease of travel to Macau

from Zhuhai, as well as within Macau

7 Macau Light Rail Transit Line

1

1

2

6

4

5

7

3

A series of infrastructure projects to complete in the next few years

5.6

%

6.5

%

7.3

%

7.2

%

7.9

%

-

5%

10%

2014 2015 2016 1H16 1H17

% of In-bound visitations through Lotus

Bridge(1) 2014-2016

CAGR: 12.9%

25.5

%

26.6

%

28.7

%

28.1

%

29.2

%

-5%

10%15%20%25%30%35%

2014 2015 2016 1H16 1H17

% of In-bound visitations through Cotai(2)

Strategically located in Cotai

30


Map of Cotai

Melco Operating

Assets

Third Party

Operating Assets

Third Party

Gaming

Development

Future Non-

Gaming

Development

Macau Light

Rail Transit

Lotus

Checkpoint Lotus

Bridge

to

Hengqin

Island

The planned Cotai

East Light Rail

Station is expected

to be located in

front of the Grand

Hyatt Macau at City

of Dreams. The planned

Lotus Checkpoint

Light Rail Station

is expected to

offer direct

access to Studio

City.

Source: Zhuhai Government website, Hengqin New Area website, University of Macau website, China Daily, Global Attractions Attendance Report prepared by AECOM and Themed Entertainment Association

Hengqin Island Development Initiatives

31

Map of Hengqin Island, Taipa, Cotai and Coloane

Chimelong International Ocean Resort

University of Macau – Hengqin campus

Shizimen Central Business District

• 106.5 square kilometer piece of land connected to Cotai via Lotus Bridge

• Designated as a special economic zone under China’s 12th “Five Year Plan”

• Hengqin Island’s development is focused on the following industries: business services, financial services, cultural innovation, tourism, scientific research, hi-tech industries, traditional Chinese medicine and healthcare.

• Approximately US$6 billion of planned investments announced in 2016, focusing on medicine, technology, financial services

• Multiple large scale development projects under way

• Shizimen Central Business District – a new urban center and commercial hub comprised of office, hotel, residential and exhibition space. The first phase opened in October 2014

• Chimelong International Ocean Resort – expected to generate 50 million visits per year upon completion of all phases, with total investment of RMB50 billion signed. According to the Global Attractions Attendance Report, Chimelong International Ocean Resort is the 4th largest theme park in Asia with 8.5m attendance in 2016

• University of Macau – opened in 2014, the 1.09 sq. km campus aims at promoting exchange and cooperation with other universities in Macau and the rest of China in the R&D of new technologies

• Continued developments are expected to increase entry into Macau via the Lotus Bridge

PHILIPPINES

MARKET

UPDATE

SECTION IV

33

Philippines Market-Wide Casino GGR

Total Casino Gaming Revenue (US$ million) Non-Junket GGR (US$ million)(1)

Junket table GGR (US$ million)(2)

Source: PAGCOR Notes: 1) Mass market consists of both non-junket table games and gaming machines played by mass market patrons for cash stakes that are typically lower than those in the rolling chip segment 2) Junket tables GGR consists of revenues generated by junket players sourced from overseas by gaming promoters 3) US$1 = PHP50

Casino revenues have steadily grown since City of Dreams Manila opened in 1Q’15

482.4

434.3

474.6

514.0

532.6

524.5

608.2

577.8

628.4

683.6

683.3

685.7

735.4

782.9

-

100

200

300

400

500

600

700

800

900

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

409.6 416.5 442.1 413.3 467.5 474.3 481.7 511.1 537.8 544.8

-

200

400

600

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

123.0 107.9

166.1 164.5 161.0

209.3 201.7 174.6

197.6 238.1

-

100

200

300

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

34

Integrated Resorts GGR

Integrated Resorts taking share in a fast-growing market

Total Integrated Resorts GGR as % of market-wide casino GGR Historical Integrated Resorts GGR (US$ million)

Source: PAGCOR Notes: 1) US$1 = PHP50

283.8

261.9

296.4

342.7

339.0

328.0

377.6

358.6

361.4

452.5

452.2

476.0

512.6

569.6

-

75

150

225

300

375

450

525

600

675

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

59% 60% 62% 67% 64% 63% 62% 62% 58%66% 66% 69% 70% 73%

41% 40% 38% 33% 36% 37% 38% 38% 42%34% 34% 31% 30% 27%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

Integrated Resorts Non-IR

20.2 28.6 26.4 25.0 24.1 26.2 26.3 28.1 27.6 28.1 29.2

22.8 28.5 29.1 25.9 27.5 30.0 34.4 39.5 45.4 44.8 42.2

25.6

29.6 31.5 29.2 33.1

40.1 39.4 41.5

44.2 48.5 52.1

(1.5)

12.0 35.7

28.5 41.6

57.4 62.6

73.1 82.0

113.2

73.6

67.1

98.7

122.6 108.5

126.3

153.8 162.7

182.2

199.2

234.6

197.1

(10.0)

40

90

140

190

240

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17

Non-gaming Slot Mass Tables VIP

35

City of Dreams Manila Gross Revenue Breakdown (US$ million)

Source:

Diversified revenue growth with strong non-VIP base

City of Dreams Manila - Revenues

Source: Company Filings, Melco Resorts

VIP: +17.6% Y/Y

Mass Tables: +32.1% Y/Y

Slots: +22.7% Y/Y

Non-gaming: +11.0% Y/Y

+21.2% Y/Y

3Q’17 Y/Y % Change

-0.8% 2.4% 2.9% 2.1% 2.8% 3.4% 4.0% 3.5% 3.4% 3.5% 2.5% VIP Win

Rate

26.1%

4.3%7.8% 9.3%

12.1%15.1%

25.2%

Others Australia ASEAN Japan China USA Korea

36

Inbound Visitation & Accessibility

Source: Department of Tourism, Skyscanner.com, China National Bureau of Statistics, DSEC, Hong Kong Census and

Statistics Department, World Bank

Notes:

1) Skyscanner (http://www.skyscanner.com.hk) as of April 20, 2017

2) China National Bureau of Statistics (2011), Macao SAR Government Statics and Census Service (2011), Hong Kong

Census and Statistics Department (2011), World Bank (2013)

Total Inbound Visitation (in millions)

Top Markets – 2016

Supportive Government tourism platforms fueling improved visitation and accessibility

Philippines

South

Korea

Vietnam Burma

Laos

Thailand

India

Malaysia

Singapore

Indonesia

Beijing

(13)

~19.7 million

Guangzhou

(26)

~104.3 million

Xiamen

(20)

Jinjiang

(8)

~36.9 million Shanghai

(13)

~23.0 million

City

# of direct flights to the

Philippines per week (1)

Province population (2)

1-hr Flight

3-hr Flight

5-hr Flight

Macau

(19)

~0.5 million

Macau / HK

China

Hong Kong

(160)

~7.1 million

Taiwan

(66)

~23.5 million

S. Korea

(66)

~50.2 million

Exposure to multiple jurisdictions within a 5-hr

direct flight radius. Roughly 80 direct flights

from China per week +9.8% CAGR

3.3 3.7 4.1 4.5 4.65.1

5.8

-

2.0

4.0

6.0

8.0

2010 2011 2012 2013 2014 2015 2016

Tota

l Vis

itati

on

(m

)

http://www.skyscanner.com.hk/

37

Infrastructure Improvements – NAIA Expressway

Terminal 3

Makati City

Casino Filipino Heritage (1)

Ninoy Aquino International Airport

LRT-1

MRT-3

Bus Terminals

Terminal 1

Terminal 2

NAIA Expressway

Phase II (Elevated Highway)

Resorts World Manila

Note: Map not to scale

NAIA Expressway

Opened in September 2016; improved access to Entertainment City

• Connects the Ninoy Aquino International Airport terminals directly to

Entertainment City, dramatically cutting travel time from the airport to

Entertainment City casinos

• Alleviates traffic congestion in the southern portion of Metro Manila

• Link to the Skyway and Cavite Expressway allows for the seamless connectivity

of Entertainment City to the rest of Metro Manila and Cavite

http://www.google.com.ph/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjp2Ib45OTSAhXIXLwKHf1IDO0QjRwIBw&url=http://www.philstar.com/psn-metro/2016/09/23/1626412/naia-expressway-bukas-na&psig=AFQjCNHctacPoCaCI7_V89gEeVBhQYKrxg&ust=1490089158918167

http://www.qatarscoop.com/world-news/naia-expressway-to-open-with-free-toll-fees-for-1-month/

http://www.google.com/imgres?imgurl=http://upload.wikimedia.org/wikipedia/en/4/4b/SM_Mall_Of_Asia_logo.png&imgrefurl=http://en.wikipedia.org/wiki/File:SM_Mall_Of_Asia_logo.png&usg=__0oKycMsPY1KxR0ZZdzkbatMcWZc=&h=352&w=560&sz=74&hl=en&start=1&zoom=1&tbnid=ug5NNk9RTN71tM:&tbnh=84&tbnw=133&ei=6VpPT7LEM-mwiQeNldjQCw&prev=/search?q=SM+Mall+of+asia+logo&um=1&hl=en&sa=N&rls=com.microsoft:en-US&tbm=isch&um=1&itbs=1

http://www.google.com/imgres?imgurl=http://www.theasianpokertour.com/wp-content/uploads/2010/11/Resorts-World-Manila-Logo1.jpg&imgrefurl=http://www.theasianpokertour.com/blogs/this-weekend-rwm%E2%80%99s-mega-satellite-1-to-the-apt-asian-series-%E2%80%93-cebu.html&usg=__9xPKIgyo77oVEDw_dZ1ClpqV3PQ=&h=501&w=2366&sz=260&hl=en&start=1&zoom=1&tbnid=ShUe55IZwGsHgM:&tbnh=32&tbnw=150&ei=xFpPT42uOqyziQfkqtXlCw&prev=/search?q=resorts+world+manila+logo&um=1&hl=en&sa=N&rls=com.microsoft:en-US&tbm=isch&um=1&itbs=1

APPENDIX

SECTION V

39

Melco Adjusted EBITDA (assuming normalized VIP win rate) 3Q 2017

Hold Adj. EBITDA grew 21% q-q and 31% y-y Melco Hold-Adjusted EBITDA Breakdown (US$ million)(1)(2) Melco Hold-Adjusted EBITDA Growth Breakdown(1)

Vs. 2Q 2017 Vs. 3Q 2016

Altira + Mocha +57% -6%

City of Dreams +24% +20%

Studio City +15% +62%

Total Macau Property EBITDA +22% +27%

City of Dreams Manila -2% +55%

Corporate and Others Expenses -6% +27%

Total Hold-Adjusted EBITDA +21% +31%

Source: Melco Resorts Note: 1. “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative

arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation and other non-operating income and expenses. 2. Normalized VIP win rate is assumed to be 2.85%, which represents the midpoint of our expected rolling chip win rate. Melco Adjusted EBITDA (assuming normalized VIP win rate) is an estimate and is for illustrative purpose only.

15 7 10 9 14

183 204 209 177

219

53 65

72

75

8535

44 54

56

55

(27) (32) (32) (36) (34)

(50)

-

50

100

150

200

250

300

350

400

3Q16 4Q16 1Q17 2Q17 3Q17

Corporate and Others Expenses City of Dreams Manila

Studio City City of Dreams

Altira + Mocha

259

287

313

280

339

Melco: Table Yield Analysis

40

Average number of VIP Gaming Tables

Continue to optimize table allocation across our portfolio of Integrated Resorts


Daily Average Win Per VIP Table (US$)

Average number of Mass Gaming Tables

Daily Average Win Per Mass Table (US$)

3Q16 4Q16 1Q17 2Q17 3Q17

Altira 78 76 75 69 62

City of Dreams 156 156 147 147 143

Studio City - 20 35 39 45

City of Dreams Manila 86 95 105 109 116

3Q16 4Q16 1Q17 2Q17 3Q17

Altira 20,213 17,210 18,690 20,647 19,206

City of Dreams 19,043 19,866 26,024 26,907 30,033

Studio City - 9,895 27,309 43,591 48,841

City of Dreams Manila 7,900 8,390 8,700 11,395 6,921

3Q16 4Q16 1Q17 2Q17 3Q17

Altira 39 39 39 39 39

City of Dreams 333 332 333 334 333

Studio City 245 246 247 248 246

City of Dreams Manila 176 178 165 169 174

3Q16 4Q16 1Q17 2Q17 3Q17

Altira 6,770 6,086 5,857 3,925 4,924

City of Dreams 12,334 13,189 13,024 11,455 12,054

Studio City 7,446 8,147 7,788 7,875 8,255

City of Dreams Manila 2,441 2,542 2,971 3,148 3,240

City of Dreams Daily GGR Per Table

City of Dreams: Daily Average GGR per VIP Table (US$ ‘000)

41


City of Dreams: Daily Average GGR per Mass Table (US$ ‘000)

7.1 8.5 9.0

9.9 11.9 11.2 11.0

13.8 15.5

16.4 18.2

20.5 18.5 18.1 18.3

16.0 14.2

12.5 13.3 13.0 12.3 11.5 12.3 13.2 13.0 11.5 12.1

-

5.0

10.0

15.0

20.0

25.0

1Q

'11

2Q

'11

3Q

'11

4Q

'11

1Q

'12

2Q

'12

3Q

'12

4Q

'12

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

28.3 31.6

34.5 33.9 31.1

29.2 32.7 31.7

33.4

39.8 36.0

40.6 42.7

35.3

27.4

31.7 28.4

21.2 19.0

21.2 23.8 22.4

19.0 19.9

26.0 26.9 30.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.01Q

'11

2Q

'11

3Q

'11

4Q

'11

1Q

'12

2Q

'12

3Q

'12

4Q

'12

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

Melco: Historic Revenue and Adjusted EBITDA

42

Melco: Last 12 months Total Net Revenue (US$ million)

Melco: Last 12 months Total Adjusted Property EBITDA margin

Melco: Last 12 months Total Adjusted Property EBITDA (US$ million)

Melco: Last 12 months Macau-only VIP & Mass GGR (US$ million)

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

-

1,000

2,000

3,000

4,000

5,000

6,000

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Net Revenue YoY% (Right-axis)

(40)%

(20)%

-

20%

40%

60%

80%

100%

-

200

400

600

800

1,000

1,200

1,400

1,600

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Adjusted Property EBITDA YoY% (Right-axis)

-

5%

10%

15%

20%

25%

30%

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Melco’s Macau Mass GGR has already surpassed the previous peak level in 3Q’14

-

1,000

2,000

3,000

4,000

5,000

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Mass Gross Gaming Revenue VIP Gross Gaming Revenue

Source: Company Filings Notes: 1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land rent to

Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Others expenses and other non-operating income and expenses. The Adjusted Property EBITDA calculation also excludes building lease payments to Belle Corporation since the City of Dreams Manila building structure is accounted for as a finance leased asset with an accompanying finance lease obligation

2. Adjusted Property EBITDA margin is adjusted Property EBITDA divided by net revenue

43

City of Dreams Macau Phase 3

Countdown to Morpheus

A new vision for design, architecture and luxury within City of Dreams, Macau

Approximately 780 luxury guestrooms, suites & villas

The Countdown brand will be in place until the opening of Morpheus expected in 1H’18

Morpheus – City of Dreams’ Newest Flagship Hotel

Image: Latest Construction Update

The Count:Down Clock

Thank you

Documents

INVESTOR INFORMATION PACK NOVEMBER 2017 - Melco Resorts