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INVESTOR INFORMATION PACK March 2018

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INVESTOR INFORMATION PACK March 2018 INVESTOR INFORMATION PACK March 2018 1 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 2 Section I MELCO HIGHLIGHTS 3 Melco Resorts Highlights Leading Premium Integrated Resort Operator Five Michelin-Starred dining establishments and 15 Forbes Awards in Asia(1) Leveraged to fast-growing, under-penetrated Asian leisure & tourism market Both Macau and Manila experienced GGR growth in 2016 and 2017 Pipeline of Potential Regional Development opportunities City of Dreams Phase 3, Studio City Macau’s Remaining Project, Japan Strong Balance Sheet Net Debt to Adjusted EBITDA(2) at 1.8x; Minimal debt maturity before 2019 Improving Cashflow; Committed to shareholder returns Returned over US$2.7bn in dividends and share repurchases since 2014, which includes a 50% increase in regular dividend in Q4’17 Notes: 1. Macau and Philippines 2. Adjusted EBITDA after Payments to the Philippine Parties, and building and land rent to Belle Corp. 4 Leading Premium Integrated Resort Operator Owner of a portfolio of Star-Studded Resorts FY17 Daily GGR Per Mass Table (US$) • Awarded the largest number City of Dreams 11,985 of Michelin-Starred Dining Wynn Palace 10,731 Establishments in all of Galaxy Macau 10,118 Cotai IR Macau Sands Cotai Central 9,548 Studio City 8,418 (1) • Holder of 15 Forbes Awards Parisian Macao 6,947 across properties in Macau and Manila Wynn Macau 11,832 Macau Peninsula Casinos MGM Macau 10,615 • City of Dreams generated the Sands Macao 7,523 highest mass table yield 4,000 6,000 8,000 10,000 12,000 14,000 among all of the major Number of Michelin-Starred Dining integrated resorts in Macau Establishments and Forbes Awards in Asia(1) in 2017 20 15 15 15 9 10 8 5 4 4 5 3 2 1 1 - - SJM MGM Sands Galaxy Wynn Melco Holdings China China Macau Macau Resorts Number of Michelin-starred dining establishments Number of Forbes Travel Guide awards Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment and SJM, Michelin Guide, Forbes Travel Guide 5 Note: 1) Forbes Four- and Five-Star Awards Both Macau and Manila are experiencing GGR growth Leveraged to fast-growing, under-penetrated Asian leisure & tourism market Macau Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1) Macau Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1) 50% 9 VIP GGR Mass GGR Total GGR Mass GGR VIP GGR 40% 8 30% 7 4.8 3.8 4.3 20% 6 4.3 4.1 3.5 4.0 10% 5 3.6 3.6 3.7 3.9 3.6 - 4 (10)% 3 (20)% 2 4.3 3.6 3.7 3.7 4.1 4.3 3.2 3.2 3.3 2.9 3.0 3.5 (30)% 1 (40)% - (50)% 2Q17 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 3Q17 4Q17 3Q16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Philippines Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1)(2) Philippines Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1)(2)(3) 0.6 VIP GGR Mass GGR Total GGR Mass GGR VIP GGR 70% 0.5 60% 50% 0.30 0.4 40% 0.30 0.27 0.27 0.27 0.31 30% 0.3 20% 0.23 0.25 0.22 0.24 0.24 10% 0.2 - 0.27 0.1 0.22 0.21 0.21 0.21 0.23 (10)% 0.16 0.15 0.13 0.16 0.14 (20)% - (30)% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 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 takes into account GGR generated by Integrated Resorts in the city of Manila 3. 4Q’17 data from Bloomberry Resorts and Travellers International not yet available 6 Pipeline of Potential Regional Development Opportunities Potential development opportunities in Macau and Japan Morpheus (City of Dreams Phase 3) Studio City Macau Remaining Project Potential Integrated Resort in Japan Other Asian Gaming Markets(1) • Final Phase of development of • Studio City Macau’s Remaining • Focuses heavily on identifying • Will continue to search for City of Dreams Project can have 2.5m square value-accretive expansion potential growth opportunities in other Asian gaming markets. • World’s first free-form feet of GFA (as compared to opportunities, with a particular exoskeleton high rise ~5.1m square feet of GFA focus on Japan. currently at Studio City). • To add ~780 luxury hotel rooms and villas • Still in the early stages of planning, hence timing and • Expected to open in 2Q’18 budget for the project is yet to be finalized Source: Company filings Note: 1. Sourced from Google Maps 7 Strong Balance Sheet Long dated maturity profile and healthy gearing Maturity Profile as of December 31, 2017 (US$ million)(1)(2) Net Debt Position as of end of respective quarter (US$ billion) Debt Instrument 2018 2019 2020 2021 >2021 3.0 Melco Resorts Macau Facility 45 45 45 299 Melco Resorts Finance 4.875% Notes 1,000 2.4 2.4 2.3 Studio City Company 5.875% Notes 350 2.2 2.1 Studio City Company 7.250% Notes 850 2.0 2.0 1.9 Studio City Finance 8.500% Notes 825 1.7 Studio City Company Facility 0 1.3 Melco Resorts Leisure (Phils) 5.0% Notes 150 1.2 Total 45 545 870 1,149 1,000 1.0 1.0 Liquidity and Capital Resources 0.7 Melco Group as of December 31, 2017 (US$ million) 0.4 Cash 1,464 - Debt 3,619 (0.2) (0.5) Last 12 Months Adjusted EBITDA 1,198(3) (0.7) (1.0) Net Debt to Adjusted EBITDA 1.8x 1Q14 4Q15 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Source: Company filings 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. Adjusted EBITDA after Payments to the Philippine Parties, and building and land rent to Belle Corp. 8 Capital Expenditures Projection Annual CAPEX requirements have declined since opening of Studio City in 2015 CAPEX Schedule (US$ million) (1) 1,800 1,632 1,600 1,451 1,400 1,200 1,000 1,399 1,129 800 623 559 600 544 439 400 314 543 380 253 291 200 323 119 233 230 148 179 134 - 81 2013 2014 2015 2016 2017 2018E 2019E Maintenance Growth Source: Company filings, Melco Resorts Note: 1. Historical and estimated CAPEX do not include the Studio City Remaining Project 9 Improving Cashflow Paid over US$800m of dividends in FY11-16 Melco: Free Cashflow (US$ million)(1)(2) Melco: Free Cashflow vs Dividends and Buybacks (FY11-16, US$m)(1)(2) Returned US$300 million 1,600 1,200 1,100 to shareholders via our share repurchase program Returned all FCF generated back to and repurchased another shareholders in the form of dividends.
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