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Royal Caribbean Cruises Headquarters & Corporate Office

Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is an American global cruise holding company incorporated in Liberia and based in Miami, Florida, US. It is the world’s second-largest cruise line operator, after Carnival Corporation & plc.

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305-539-6000

Customer Support Phone Number

800-256-6649

Headquartered Address

https://www.royalcaribbean.com/

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Press Releases

Royal caribbean group reports 2022 results and provides forward guidance.

MIAMI – February 7, 2023 – Royal Caribbean Group (NYSE: RCL) today reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's guidance due to better pricing on close-in demand, strong onboard spend, favorable timing of operating costs, and lower interest expense.

“2022 was a pivotal year as we successfully returned our business to full operations and delivered memorable vacation experiences to 6 million guests," said Jason Liberty, president and chief executive officer, Royal Caribbean Group. "We also returned to positive Adjusted EBITDA and Operating Cash Flow by consistently growing revenue and controlling costs. Our teams have worked tirelessly to deliver the best vacation experiences, responsibly, and we are grateful for their extraordinary efforts.” 

“We are experiencing a record-breaking WAVE season, resulting in a booked position approaching previous record highs and at higher prices. This, along with the normalization of our booking window, provides the visibility for us to provide annual guidance, which is in line with our Trifecta program," added Liberty. "The combination of our industry-leading global brands, most innovative fleet, nimble sourcing and our continued focus on profitability positions us well to deliver record Yields and Adjusted EBITDA in 2023."

Financial Highlights & Outlook

Fourth Quarter 2022: 

• Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%, and holiday sailings close to 110%.
• Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency, compared to the fourth quarter of 2019.
• Total revenues were $2.6 billion, Net Loss was $(500.2) million or $(1.96) per share, Adjusted Net Loss was $(284.9) million or $(1.12) per share, and Adjusted EBITDA was $409.3 million. 

Full Year 2022: 

• Load Factors were 85% overall, full fleet back in operation since June of 2022.
• Total revenues were $8.8 billion, Net Loss was $(2.2) billion or $(8.45) per share, Adjusted Net Loss was $(1.9) billion or $(7.50) per share, and Adjusted EBITDA was $711.6 million. 

Full Year 2023 Outlook:

• The company is experiencing a record-breaking WAVE season, driven by strong demand. The seven biggest booking weeks in the company's history have occurred since the last earnings call in November 2022.
• 2023 cumulative booked position remains well within historical ranges for all quarters and at record rates. North America based itineraries are booked in line with 2019 for the full year, and ahead for the second quarter through the fourth quarter.
• Net Yields are expected to increase 5% to 4.5% in both as-reported and in Constant Currency versus 2019. Net Yields are expected to ramp up as load factors reach historical levels by late spring. 
• The company continues to successfully manage costs in a complicated environment with Net Cruise Costs (NCC), excluding Fuel, per APCD expected to increase 4.5% to 5.5% as-reported and 4.75% to 5.75% in Constant Currency compared to 2019, a three year old benchmark, and include approximately 210 basis points from lingering transitional costs (e.g. crew movement) and additional structural costs (e.g. full year operations of Perfect Day at CocoCay and the new Galveston terminal). 
• The company expects to exceed prior record Adjusted EBITDA, achieved in 2019.
• The company expects Adjusted Earnings per Share in the range of $3.00 to $3.60.

First Quarter 2023 Outlook:

• Net Yields are expected to increase 0.5% to 1.5% as-reported and 1% to 2% in Constant Currency compared to 2019, with load factors reaching 100% and total revenues per passenger cruise day up in the mid to high single digit range in both as-reported and Constant Currency compared to 2019.
• NCC, excluding Fuel, per APCD is expected to increase approximately 8.3% as-reported and approximately 8.5% in Constant Currency, compared to 2019, including 320 basis points of lagging transitional costs, additional structural costs, and timing of expenses.
• Adjusted Loss per Share is expected to be in the range of ($0.65) – ($0.85).

Fourth Quarter 2022 results

The company reported Net Loss for the fourth quarter of 2022 of $(0.5) billion or $(1.96) per share compared to Net Loss of $(1.4) billion or $(5.33) per share for the same period in the prior year. Adjusted Net Loss was $(0.3) billion or $(1.12) per share for the fourth quarter of 2022 compared to Adjusted Net Loss of $(1.2) billion or $(4.78) per share for the same period in the prior year.  

Fourth quarter Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%. Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency versus the fourth quarter of 2019 due to strong pricing on close-in demand and continued strength in onboard revenues.

Gross Cruise Costs per APCD increased 4.9% as reported and 5.8% in Constant Currency, compared to the fourth quarter of 2019. NCC, excluding Fuel, per APCD increased 3.9% as reported and 4.7% in Constant Currency, compared to the fourth quarter of 2019. Gross Cruise Costs per APCD and NCC, excluding Fuel, per APCD for the fourth quarter included $1.23 per APCD related to health protocols and one-time lagging costs related to fleet ramp-up. The Group expects transitory costs related to health protocols and ramp-up of operations to be largely gone in 2023 as the majority of crew have returned and protocols have eased. In the fourth quarter, the company continued to benefit from multiple actions taken to reshape its cost structure and to help partially offset inflationary and supply chain challenges.

"Fourth quarter results reflect the continued strong demand for our vacation experiences and our teams' ability to manage costs in a complicated environment while staying focused on delivering the best vacation experiences expected by our guests," said Naftali Holtz, chief financial officer, Royal Caribbean Group. "The benefit from multiple actions we have taken during the last few years to improve margins continue to yield results, as we focus on executing our proven formula of moderate yield growth and strong cost controls."

The company recorded a loss contingency of $130 million in the fourth quarter related to a Helms-Burton Act claim which the company continues to vigorously defend.

Full Year 2022 results

For the full year, the company reported Net Loss of $(2.2) billion or $(8.45) per share compared to Net Loss of $(5.3) billion or $(20.89) per share in the prior year. The company also reported Adjusted Net Loss of $(1.9) billion or $(7.50) per share for the full year 2022 compared to Adjusted Net Loss of $(4.8) billion or $(19.19) per share in the prior year.

Update on Bookings

The company is very encouraged about the demand environment for 2023. Booking volumes in the fourth quarter were significantly higher than the corresponding period in 2019, culminating in record booking weeks for the Group for both Black Friday and Cyber Monday.  Momentum continues into early 2023 and the company is experiencing a recordbreaking WAVE season. Overall, the seven biggest booking weeks in the company's history have occurred since the middle of November 2022, including the first five weeks of WAVE. The booking window has continued to move back to normal, providing further confidence in forward looking business, as guests plan for the future. Consumer spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices, indicating quality and healthy future demand.  

The cumulative booked position remains well within historical ranges at record rates and has improved significantly since November. North America sailings, many of which visit Perfect Day at CocoCay, are leading the way and are booked in line with record 2019 levels for the full year and ahead for the second quarter through the fourth quarter. Bookings for European itineraries have been accelerating during WAVE and are now higher than 2019.

“Leisure travel strength continues as consumer spend is shifting towards experiences, with cruising remaining an attractive value proposition," said Liberty. "The quality demand trends further exhibit the strength of our brands and the growing propensity to cruise." 

As of December 31, 2022, the Group’s customer deposit balance was at a record $4.2 billion.  

Fuel Expense

Bunker pricing, net of hedging, for the fourth quarter was $694 per metric ton and consumption was 422,000 metric tons.    

The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts.  Based on today's fuel prices, the company has included $294 million of fuel expense in its first quarter guidance at a forecasted consumption of 412,500 which is 57% hedged via swaps. Forecasted consumption is 55% hedged via swaps for full year 2023 and is 10% hedged via swaps for 2024. The annual average cost per metric ton of the hedge portfolio is approximately $583 for 2023 and $826 for 2024. The higher average hedged cost in 2024 is driven primarily by the hedged fuel mix, with 2024 currently hedged with MGO swaps, while 2023 is hedged  fairly evenly between MGO and IFO swaps.

The company provided the following guidance for the first quarter and full year 2023:  

Exchange rates used in guidance calculations  

GBP                                                                              $1.23                 

AUD                                                                              $0.71                 

CAD                                                                              $0.75                 

EUR                                                                              $1.12                 

Liquidity and Financing Arrangements

As of December 31, 2022, the Group’s liquidity position was $2.9 billion, which includes cash and cash equivalents, undrawn revolving credit facility capacity, and a $700 million commitment for a 364-day term loan facility. 

During the fourth quarter, the company repaid $0.6 billion of debt maturities and closed on the refinancing of $2.0 billion of secured and guaranteed debt previously due June 2023.  Additionally, in January 2023, the company extended $2.3 billion of its existing revolving credit facility commitment to April 2025. 

The company noted that as of December 31, 2022, and taking into effect the extension of the credit facilities, the scheduled debt maturities for 2023, 2024, 2025 and 2026 were $2.1 billion, $2.6 billion, $5.7 billion and $2.8 billion, respectively.  Approximately 75% of the company's debt is tied to fixed interest rates. 

Capital Expenditures and Capacity Guidance

Capital expenditures for the full year 2023 are expected to be approximately $4.1 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book. The company expects to take delivery of three new ships in 2023 including Icon of the Seas , Celebrity Ascent and Silver Nova . All ship orders have committed financing in place. Non-new ship related capital expenditures are expected to be $0.5 billion. Capacity changes for 2023 is expected to be 14% compared to 2019. Capacity changes for 2024, 2025, 2026 are expected to be 10%, 5%, and 6%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future. 

Conference call scheduled  

The company has scheduled a conference call at 10 a.m. Eastern Time today.  This call can be heard, either live or on a delayed basis, on the company's investor relations website at www.rclinvestor.com .

Definitions

Selected Operational and Financial Metrics

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the 2022 and 2021 periods, these items included (i) other expenses, which includes the estimate of amounts payable in connection with ongoing Havana Docks litigation recorded in 2022; (ii) impairment and credit losses (recoveries); (iii) restructuring charges and other initiative expenses; (iv) equity investment asset impairments; (v) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas ; (vi) Pullmantur reorganization settlement; and (vii) the net gain recognized in 2021 in relation to the sale of the Azamara brand. 

Adjusted Net Income (Loss) is a non-GAAP measure that represents net income (loss) excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the 2022 and 2021 periods presented, these items included (i) gain or loss on the extinguishment of debt; (ii) the amortization of non-cash debt discount on our convertible notes; (iii) the estimated cash refunds expected to be paid to Pullmantur guests as part of the Pullmantur S.A. reorganization in 2020; (iv) impairment and credit losses; (v) equity investment asset impairments; (vi) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; (vii) restructuring charges and other initiative expenses; (viii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition in 2018; (ix) the net gain recognized in 2021 in relation to the sale of the Azamara brand; (x) the net loss recognized in the fourth quarter of 2021 related to the elimination of the three-month reporting lag for Silversea Cruises; and (xi) the estimated amounts that may be payable in relation to the ongoing Havana Docks litigation.

Adjusted Earnings (Loss) per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income (Loss) (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.  

Available Passenger Cruise Days (“APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar.  Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. For the 2022 periods presented, we calculate "Constant Currency" by applying the average 2019 or Q3 2022 period exchange rates for each of the corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currencybased fluctuations.

EBITDA  is a non-GAAP measure that represents net income (loss) excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. 

Occupancy ("Load Factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Net Cruise Costs (“NCC”) and NCC excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. For the 2022 and 2019 periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; (ii) the transaction and integration costs related to the Silversea Cruises acquisition; and (iii) the costs, net of insurance recoveries, related to the Grand Bahama drydock structure incident involving Oasis of the Seas . In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our performance. 

Gross Margin Yield represent Gross Margin per APCD.

Adjusted Gross Margin represent Gross Margin, adjusted for payroll and related, fuel, food, other operating expenses, and depreciation and amortization. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.

For additional information see “Adjusted Measures of Financial Performance” below.  

About Royal Caribbean Group

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of December 31, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com .

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2023 and beyond, and expectations regarding credit profile. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and food and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.

More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Adjusted Measures of Financial Performance

This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.

The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.

A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected nonGAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

(1) Due to the elimination of the Silversea Cruises three-month reporting lag in October of 2021, we include Silversea Cruises' statistics from October 1 through December 31, 2021 in the quarter ended December 31, 2021, and from October 1, 2020 through June 30, 2021 and October 1 through December 31, 2021 in the year ended December 31, 2021. The year ended December 31, 2021 does not include July, August, and September 2021 statistics as Silversea Cruises' results of operations for those months are included within Other (expense) income in our consolidated statements of comprehensive loss for the quarter and year ended December 31, 2021.

(1)   Included within Marketing, selling and administrative expenses in our consolidated statements of comprehensive loss.

(1) Included within Marketing, selling and administrative expenses in our consolidated statements of comprehensive loss.

(1)  Included within Other income (expense) in our consolidated statements of comprehensive loss.

(2) Represents net non-operating income or expense. For 2022, primarily relates to our estimate of amounts that may be payable in connection with the ongoing Havana Docks litigation plus related legal fees and costs. Excludes income tax (benefit) expense, included in the EBITDA calculation above.

(3) Represents equity investment asset impairment, primarily for our investments in TUI Cruises GmbH in 2021 as a result of the impact of COVID-19.

(4) Represents net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas.

(5)   Represents estimated cash refunds expected to be paid to Pullmantur guests and other expenses incurred as part of the Pullmantur S.A. reorganization.

(1)  Included within Other income (expense) in our consolidated statements of comprehensive income (loss).

(2) Excludes income tax expense, included in the EBITDA calculation above.

(3) Represents incidental costs, net of insurance recoveries, related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas.

(4) Adjustment made to exclude the impact of the contractual accretion requirements associated with the put option held by Heritage Cruise Holding Ltd.'s (previously known as Silversea Cruises Group Ltd.) noncontrolling interest, which noncontrolling interest we acquired on July 9, 2020.

(1)  Represents the amortization of non-cash debt discount on our convertible notes.

(2) Represents estimated cash refunds expected to be paid to Pullmantur guests and other expenses incurred as part of the Pullmantur S.A. reorganization.

(3) Represents equity investment asset impairment, primarily for our investments in TUI Cruises GmbH in 2021 as a result of the impact of COVID-19

(4) Amounts include net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas .

(5)   Represents the net loss related to the elimination of the Silversea Cruises reporting lag in 2021.

(6)   Represents our estimate of amounts that may be payable in connection with the ongoing Havana Docks litigation plus related legal fees and costs.

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Hard rock international, seminole gaming, royal caribbean international and celebrity cruises announce global partnership, bringing travel benefits across land and sea.

The New Partnership Offers Vacationers and Team Members Rewards at Hard Rock and Seminole Casinos , Hotels and Cafes, and on Royal Caribbean International and Celebrity Cruises Vacations

HOLLYWOOD, Fla. , April 26, 2024 /PRNewswire/ -- Hard Rock International, Seminole Gaming and Royal Caribbean Group (NYSE: RCL) brands, Royal Caribbean International and Celebrity Cruises, today unveiled a global partnership that will benefit both vacationers and team members of the brands. Travelers around the world can take advantage of accommodations, meals, discounts and more at Hard Rock and Seminole casinos , hotels and cafes, and on Royal Caribbean International and Celebrity Cruises vacations based on the milestone announcement made by two of South Florida's largest private employers.

The millions of combined members of the brands' casino rewards programs will enjoy reciprocal benefits through Unity by Hard Rock , Royal Caribbean's Club Royale and Celebrity Cruises' Blue Chip Club anytime they play, stay, dine or shop at participating Hard Rock locations, or sail on Royal Caribbean and Celebrity ships.

"Hard Rock International and Seminole Gaming are thrilled to help our valued guests and team members bring their love of entertainment, traveling, dining and gaming to the high seas through this incredible 'no limits' partnership with our South Florida neighbors at Royal Caribbean International and Celebrity Cruises," said Jeff Hook , Executive Vice President and Chief Marketing Officer of Seminole Hard Rock Support Services, which supports both Hard Rock International and Seminole Gaming. "Whether extending their cruise vacation at one of our port-adjacent properties, visiting one of the participating Hard Rock Hotel and Cafe locations worldwide or enjoying the cruise lines' ships sailing around the world, travelers will have new ways to enjoy the best of what Hard Rock, Seminole Casinos and Royal Caribbean and Celebrity have to offer."

Through this partnership:

• Unity by Hard Rock loyalty members will receive discounts on Royal Caribbean and Celebrity vacations and can qualify for invite-only cruise giveaways. Top-tier loyalty members will also receive an annual complimentary cruise on select ships and itineraries.
• Club Royale and Blue Chip Club members can make their Hard Rock visits even more memorable with exclusive discounts and perks at participating Hard Rock locations, including annual complimentary trips at select Hard Rock hotels and casinos worldwide for premium tier Club Royale and Blue Chip members.

"Hard Rock International and Seminole Gaming are the perfect partners for Royal Caribbean and Celebrity Cruises. This partnership expands the ways our guests can enjoy their vacations and experience entertainment, dining and gaming from ship to shore," said Jesse Hopfinger, Senior Vice President, Onboard Revenue, Royal Caribbean International. "We are also excited to welcome Hard Rock fans to make memories with us on amazing vacations that serve up everything they could want and more while visiting beautiful destinations around the world, including our award-winning private island – Perfect Day at CocoCay – in The Bahamas ."

Iconic Ways to Celebrate The brands will kick off this special partnership with celebrations this weekend. Tonight, Friday, April 26 , Zedd will headline a star-studded celebration at the Seminole Hard Rock Hotel & Casino Hollywood Guitar Hotel Pool, alongside activations and giveaways, including a cruise giveaway on Royal Caribbean's new, record-breaking vacation, Icon of the Seas . Ticket information is available at Casino .HardRock.com/ Hollywood .

Tomorrow, Saturday, April 27 , the celebration will continue at Royal Caribbean's Terminal A at PortMiami with music and giveaways. Surprise events and pop-up activations presented by Hard Rock will also come to life on Icon's 7-night Caribbean getaway departing that day to Perfect Day at CocoCay; Costa Maya and Cozumel, Mexico , and Roatan , Honduras . A special highlight at Basecamp, a laidback spot for bites on board, will be Hard Rock Cafe's legendary Messi Burger named after Lionel Messi , the global soccer sensation who is both a Hard Rock brand ambassador and the Icon of Icon . Messi Burgers will be available at no cost throughout the sailing, plus giveaways of mini soccer balls and sunglasses.

Furthermore, the benefits of the new partnership extend beyond the brands' casino rewards club members. Global team members of the combined companies, including 20,000+ in Florida , will enjoy special discounts at participating Hard Rock and Seminole Casinos , hotels and cafes worldwide, with a discount on food, nonalcoholic beverages, select retail and select Royal Caribbean and Celebrity vacations.

About Hard Rock ® : Hard Rock International (HRI) is one of the most globally recognized companies with venues in over 70 countries spanning 309 locations that include owned/licensed or managed Hotels, Casinos , Rock Shops ® , Live Performance Venues and Cafes. HRI also launched a joint venture named Hard Rock Digital in 2020, an online sportsbook, retail sportsbook and internet gaming platform. Beginning with an Eric Clapton guitar, Hard Rock owns the world's largest and most valuable collection of authentic music memorabilia at more than 88,000 pieces, which are displayed at its locations around the globe. Hard Rock Hotels has been honored by J.D. Power's North America Hotel Guest Satisfaction Study as the number one brand in Outstanding Guest Satisfaction for two consecutive years, and among the top Upper Upscale Hotels for four consecutive years. HRI became the first privately-owned gaming company designated a U.S. Best Managed Company by Deloitte Private and The Wall Street Journal in 2021 and has since been honored threefold. Hard Rock was also honored by Forbes among the World's Best Employers, as well as Best Employers for Women, Diversity and New Grads and a Top Large Employer in the Travel & Leisure, Gaming and Entertainment Industry. In the 2022 Global Gaming Awards, Hard Rock was named Land-Based Operator of the Year for the second time in four years. Hard Rock International currently holds investment grades from primary investment-grade rating agencies: S&P Global Ratings (BBB) and Fitch Ratings (BBB). For more information on Hard Rock International, visit www.hardrock.com or shop.hardrock.com .

About Seminole Gaming: Seminole Gaming manages six Florida casino enterprises for the Seminole Tribe of Florida, including Seminole Hard Rock Hotels & Casinos in Tampa and Hollywood, Fla. Seminole Gaming has long been recognized for its industry innovations and success. The Seminole Tribe was the first Indian Tribe in North America to open Ultimate Bingo, a high-stakes bingo hall and casino , which debuted in 1979 and became the forerunner of the Indian Gaming movement. Seminole Gaming is currently the only gaming company with investment grade ratings from all three primary investment-grade rating agencies: S&P Global Ratings (BBB), Moody's Corporation (Baa2) and Fitch Ratings (BBB).

About Royal Caribbean International: Royal Caribbean International , part of Royal Caribbean Group (NYSE: RCL), has delivered memorable vacations for more than 50 years. The cruise line's game-changing ships and private destinations revolutionize vacations with innovations and an all-encompassing combination of experiences, from thrills to dining and entertainment, for every type of family and vacationer. Voted "Best Cruise Line Overall" for 21 consecutive years in the Travel Weekly Readers Choice Awards, Royal Caribbean makes memories with adventurers across more than 300 destinations in 80 countries on all seven continents, including the line's top-rated private destination, Perfect Day at CocoCay in The Bahamas .

Media can stay up to date by following @RoyalCaribPR on X and visiting www.RoyalCaribbeanPressCenter.com . For additional information or to book, vacationers can visit www.RoyalCaribbean.com , call (800) ROYAL- CARIBBEAN or contact their travel advisor.

About Celebrity Cruises: Celebrity Cruises delivers an elevated premium vacation experience across their fleet of ships traveling to nearly 300 destinations across more than 70 countries spanning all seven continents. Uniquely offering the intimate feel and thoughtful service of small ships, with the variety and excitement of bigger ones -- guests can explore the world or get away from it for a little while. With every detail elevated beyond expectations, guests will never want to vacation any other way. An industry pioneer for 35 years, each Celebrity vacation offers experiences you won't find anywhere else aboard ships which continue to shatter industry expectations with the highly anticipated Celebrity Xcel arriving Fall 2025.

Celebrity Cruises is headquartered in Miami and is one of five cruise brands owned by Royal Caribbean Group (NYSE: RCL). Visit www.celebritycruises.com for more information, and connect with us on Instagram , Facebook or LinkedIn .

SOURCE Hard Rock International

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Royal Caribbean Cruises Ltd reports results for the quarter ended in March - Earnings Summary

Revenue rose 29.2% to $3.73 billion from a year ago; analysts expected $3.69 billion.

Royal Caribbean Cruises Ltd's reported EPS for the quarter was $1.35​.

The company reported quarterly net income of $360 million.

Royal Caribbean Cruises Ltd shares had fallen by 1.6% this quarter and gained 5.6% so far this year.

FORECAST CHANGES

The mean earnings estimate of analysts had risen by about 56.4% in the last three months.​

In the last 30 days, there have been no negative revisions of earnings estimates

RECOMMENDATIONS

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy," 4 "hold" and no "sell" or "strong sell."

The average consensus recommendation for the hotels, motels & cruise lines peer group is also "buy"

Wall Street's median 12-month price target for Royal Caribbean Cruises Ltd is $152.00

This summary was machine generated from LSEG data April 25 at 01:32 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact [email protected] )

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INTRODUCING

Adventure the royal way.

Nothing compares to a Royal Caribbean vacation — on land or at sea. Our exclusive private island destinations and Royal Beach Clubs are filled with gamechanging experiences of every kind. Whether you’re looking for action-packed thrills, beachside chill or anything in between. The world's boldest adventures await you.

PERFECT DAY AT COCOCAY

Royal beach CLUB

LABADEE beach

BRAGGING RIGHTS EARNED

Welcome to the club.

Introducing the Royal Beach Club℠ Collection, an exciting new way to chill, bond, and celebrate — Royal Caribbean® style. From picturesque beaches in The Bahamas to cabana lounging in Cozumel, your ultimate beach day is here.

Coming 2025

Coming 2026

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