Ladies and gentlemen, thank you for participating in the Q1 2022 earnings conference call of Melco Resorts & Entertainment Limited. At this time, all participants are in listen only mode. After the call, we will conduct a question and answer session. Today's conference is being recorded. I would now like to turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited. Thank you, operator. Thank you for joining us today for our Q1 2022 earnings call. On the call are Lawrence Ho, Geoff Davis, Evan Winkler, and our property presidents in Macau, Manila, and Cyprus. Before we get started, please note that today's discussion may contain forward-looking statements made under the safe harbor provision of Federal Securities laws. Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. A definition and reconciliation of each of these measures to the most comparable GAAP financial measures are included in the earnings release. Finally, please note that our supplementary earnings slides are posted on our investor relations website. With that, I'll now turn the call over to Mr. Lawrence Ho. Thank you, Jeanny. Our results for the Q1 of 2022 continue to reflect the impact of the COVID pandemic. We saw relatively solid performance across all of our segments over the Chinese New Year holiday period, but an increase in COVID cases in China and tighter border controls led to Macau GGR falling more than 50% from February to March 2022, and negatively impacted our results for the remainder of the Q1. Disciplined liquidity management remains a key area of focus. Total debt increased by $1.3 billion year-on-year as we increased available liquidity to support our operations and ongoing development projects. We will be prudent in managing our balance sheet and liquidity profile as we manage the business through this challenging environment. In the Philippines, we have been operating our casinos at 100% capacity since March 1st, when the COVID alert level was reduced to alert level one. We're starting to see international travelers return, and in April, we saw daily volumes reach close to 80% of pre-COVID levels. Cyprus experienced a spike in COVID cases during the Q1 of 2022, which negatively impacted our operations. However, the situation has improved going into the Q2 with a relaxation in COVID-related restrictions. In terms of our development program, in Macau, the construction of Studio City Phase 2 is progressing, and we continue our efforts to complete the construction by the deadline set in the land concession of December 27, 2022. In Cyprus, we're continuing construction with a target to open by year-end. However, we are encountering difficulties with our contractor who has struggled with meeting its labor resourcing plans and maintaining progress, leading to delays. We are actively dealing with these difficulties as we remain fully committed towards delivering Europe's first integrated resort in Cyprus. Lastly, we look forward to the finalization of the new gaming law and fully support the Macau government's initiatives in relation to the new legislation. We appreciate the Macau government's efforts to maintain a streamlined and transparent process. We are committed to participating in the upcoming public tender and remain confident in the pent-up demand for Macau as an international tourism destination once travel restrictions are relaxed further. With that, I turn the call over to Geoff. Thanks, Lawrence. In the Q1 of 2022, we reported group-wide property EBITDA of approximately $56 million. Despite the overall decline in volumes across Macau during the second half of the quarter, COD Macau fared relatively well and benefited from strong hold. Luck-adjusted group-wide property EBITDA came in at $48 million. A favorable VIP win rate positively affected EBITDA at COD Macau by approximately $14 million, while an unfavorable VIP win rate negatively impacted EBITDA at Studio City and COD Manila by around $5 million. Details of these adjustments can be found in the supplementary earnings slides posted on our investor relations website. As of March 31, 2022, we had approximately $1.9 billion of consolidated cash on hand. Our available liquidity, including cash and undrawn revolving credit facilities at the end of the Q1, was $3.3 billion. To provide more clarity on our capital structure, Melco, excluding its operations at Studio City, the Philippines, and Cyprus, had cash of around $715 million and gross debt of $4.7 billion at the end of March 2022. As we normally do, we'll give you some guidance on non-operating line items for the upcoming Q2 of 2022. Total depreciation and amortization expense is expected to be approximately $145 million. Corporate expense is expected to come in at approximately $15 million, and consolidated net interest expense is expected to be approximately $90 million-$95 million, which includes finance lease interest of $7 million relating to City of Dreams Manila and around $15 million of capitalized interest. That concludes our prepared remarks. Operator, back to you for the Q&A. Thank you, dear participants. We will now begin the question-and-answer session. If you wish to ask a question, please press star and one on your telephone keypad and your name will be announced. The first question comes from the line of Joseph Greff from J.P. Morgan. Please ask your question. Hi, everyone. Hope you're well. There's only so much to ask about Macau. We're all kinda monitoring and watching the same thing. My only question is this, and it's both for Lawrence and Jeff. Can you just talk a bit about the steps you're taking, the things you're addressing to reduce ADR delisting risk? Thank you. Hey, Joe, it's Lawrence. We have been monitoring that for the last couple of years. Of course, you know, we know that between the countries, U.S. and China, they are potentially working on a solution. Even if that doesn't come through, the delisting risk doesn't really happen until 2024. At the same time, you know, as we've been monitoring over the last two years, there are a few options that we can, you know, that we can resort to. I don't know, Jeff, do you have any additional stuff to add? No, nothing to add, Lawrence, other than just to reiterate, you know, we do have some a variety of options that we are exploring and are available to us, and we will, you know, move forward as you know, expeditiously as we can, once we make that determination. Thank you. Thank you. The next question comes from the line of Ricardo Chinchilla from Deutsche Bank. Please ask your question. Hey, guys. Thanks for taking my question. I was wondering if you could provide us with an update regarding CapEx and, you know, potentially if there's any further delays in, you know, with Studio City. You know, what would be the implications of what would you have to engage in discussions with, the government just to get an extension or if it's not even possible? Hey, Ricardo, maybe I'll talk about the Studio City first, and then perhaps Jeff can cover the CapEx. On Studio City, our land development grant, the land grant is, you know, due to expire at the end of December of this year. For us, it's really about getting the proper licenses. You know, the construction is on time, on schedule, you know, we're very confident that we're gonna meet the timelines in terms of getting the necessary OPs, Occupation Permit, and the various government departments to do the inspections and give us the relevant licenses. In terms of the actual opening date, that is up to us, and I think you've seen that also with, say, Galaxy Phase 3, which was completed last year and hasn't yet opened. I think our goal right now is to finish up the construction, get the proper licenses, and really monitor the market and see how it goes to determine what's the best time to open the property. specifically on CapEx for 2022, for the full year of 2022, we anticipate having capital expenditures of approximately $750 million, with roughly $650 million for the development of City of Mediterranean and Studio City Phase 2. Now just as one point to highlight is that that does anticipate an opening of Cyprus by year-end of this year. Really no change from our last update from last quarter. Perfect. Thank you so much. One additional question, if I may. Can you please comment on, you know, what are, you know, roughly the incremental expenses, perhaps on a per day basis or per month basis with regards to the expansion of Studio City? Noting that you can reopen whenever you can basically open whenever the business volumes are right to kind of offset this. But any color on, you know, potential incremental expenses should we think about, you know, any potential carry on costs would be very helpful. Geoff, can you take that? I don't know if you caught all of the question. No, actually, I had a bit of trouble hearing that one. Just quickly, you know, if I may repeat, is there, you know, any estimate or how should we think about the incremental costs related to the opening of Studio City Phase 2, acknowledging that you guys could decide to fully open the property when business volumes are right for you to actually make incremental profitability at Phase 2? Actually, Lawrence, I think I'll defer to David on that one. Sure. Jeff, I got that one. You know, the way we're looking at it, obviously, as Lawrence said, is look, we wanna try to open up the right possible time. Most of our costs as we look forward are probably gonna be more related to the W. We think we can stretch with our existing team, particularly with some of the programs that we've got working with some of our dealers and kind of converting some of our staff that we've got that are probably more excess staff now, converting those over into, let's say, some of the non-gaming roles, whether that be in the front desk, be in the restaurants. The idea is to take a lot of our existing staff, where we're overstaffed, with some of our local talent, and to convert them over and to try to operate as best we can, going forward with the Epic Tower as well as with the water park, the indoor water park that we opened. With the W, there'd probably be some combination of the two. Some of the W, obviously, we wanna make sure we get the Marriott DNA engaged into the property. That's gonna become very important, and we're certainly very excited about having the W come in. We'd also try to supplement that with a lot of our existing talent, in converting, whether that be from our existing hotels, but also taking some of our gaming labor and converting them into non-gaming labor. Again, we're gonna try to do this efficiently, as efficiently as possible and continue to monitor and again, taking some of the great things that we've done during the pandemic here related to our cost structure and things we've been working on over the last few years and really ensuring that that stays in place to try to achieve the best possible margins on a go-forward basis. Perfect. That's very helpful. Thank you so much for taking my questions. Thank you. There are no further questions. I would now like to hand the conference over to your speaker, Jeanny Kim. Thank you, everybody, for participating in our conference call today, and we will see you next quarter. Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect. Have a nice day.