Melco Resorts (Macau) Ltd.

One of the six casino concession or sub-concession holders in the intensely competitive gaming market in Macau. Revenue concentration to Macau. Good growth prospects and accelerated ramp-up of new casinos riding the industry rebound. Ability to provide diverse entertainment activities to attract customers. Good operating cash flow provides a financial buffer for likely continuous high dividend and share repurchase. Strong liquidity with high cash balance and limited short-term debt maturities. Capital investment appetite remains elevated to pursue high growth and expansion in Macau and other gaming markets. Weaker credit metrics of the ultimate parent Melco International. The stable outlook on Melco Resorts (Macau) Ltd. (Melco Resorts) reflects our expectation that the strong operating cash flow of Melco Resorts&Entertainment

...Business Risk: Fair Financial Risk: Significant + One of the six casino concession or sub-concession holders in the intensely competitive gaming market in Macau. + Revenue concentration to Macau. + Good growth prospects and accelerated ramp-up of new casinos riding the industry rebound. + Ability to provide diverse entertainment activities to attract customers. + Good operating cash flow provides a financial buffer for likely continuous high dividend and share repurchase. + Strong liquidity with high cash balance and limited short-term debt maturities. + Capital investment appetite remains elevated to pursue high growth and expansion in Macau and other gaming markets. + Weaker credit metrics of the ultimate parent Melco International....

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