s
 EN 
Investor Relations
SEC Filings
Form 20-F
MELCO RESORTS & ENTERTAINMENT LTD filed this Form 20-F on 03/29/2019
Document Outline
Entire Document (8817 KB)
Subdocument 1 - 20-F - FORM 20-F
Page 1 - UNITED STATES
Page 2 - SELECTED FINANCIAL DATA
Page 3 - N/A
Page 4 - EXHIBIT
Page 5 - INTRODUCTION
Page 6 - N/A
Page 7 - N/A
Page 8 - N/A
Page 9 - N/A
Page 10 - GLOSSARY
Page 11 - N/A
Page 12 - N/A
Page 13 - SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Page 14 - PART I
Page 15 - A. SELECTED FINANCIAL DATA
Page 16 - N/A
Page 17 - Exchange Rate Information
Page 18 - N/A
Page 19 - B. CAPITALIZATION AND INDEBTEDNESS
Page 20 - D. RISK FACTORS
Page 21 - All our current and future construction projects are and will be subject to significant development
Page 22 - We could encounter substantial cost increases or delays in the development of our projects, which co
Page 23 - We are developing the remaining project for Studio City under the terms of a land concession contrac
Page 24 - Our business in Macau and the Philippines is subject to certain regional and global political and ec
Page 25 - N/A
Page 26 - Any of these occurrences may disrupt our operations in the Philippines.
Page 27 - We derive a significant majority of our revenues from our Macau gaming business and any disruptions
Page 28 - could have a material adverse effect on our business, financial condition and results of operations.
Page 29 - The proliferation of gaming venues in Asia could also significantly and adversely affect our busines
Page 30 - Any simultaneous planning, design, construction and development of any projects may stretch our mana
Page 31 - Our insurance coverage may not be adequate to cover all losses that we may suffer from our operation
Page 32 - The winnings of our patrons could exceed our casino winnings at particular times during our operatio
Page 33 - An outbreak of widespread health epidemics, contagious disease or other outbreaks may have an advers
Page 34 - We may undertake mergers, acquisitions, strategic transactions or investments that could result in o
Page 35 - We are subject to risks relating to litigation, disputes and regulatory investigations which may adv
Page 36 - Our business and financial plans may be negatively impacted by any contraction in the availability o
Page 37 - We depend upon gaming promoters for a portion of our gaming revenues and if we are unable to establi
Page 38 - Any violation of anti-corruption laws, including the FCPA, could have a negative impact on us.
Page 39 - Our information technology and other systems are subject to cyber security risks, including misappro
Page 40 - Failure to protect the integrity and security of company employee and customer information and compl
Page 41 - Negative press or publicity about us or our directors, officers or affiliates may lead to government
Page 42 - Risks Relating to the Gaming Industry and Our Operations in Macau
Page 43 - Studio City faces significant risks and uncertainties which may materially and adversely affect our
Page 44 - Our gaming operations in Macau could be adversely affected by restrictions on the export of the Renm
Page 45 - N/A
Page 46 - The Macau government has established a maximum number of gaming tables that may be operated in Macau
Page 47 - Risks Relating to the Gaming Industry and Our Business in the Philippines
Page 48 - Melco Resorts Leisure s right to operate City of Dreams Manila is subject to certain limitations.
Page 49 - MRP s strategy to attract Premium Market customers to City of Dreams Manila may not be effective.
Page 50 - MRP s gaming operations are dependent on the Regular License issued by PAGCOR.
Page 51 - There exists uncertainty over whether holders of gaming licenses in the Philippines, including the g
Page 52 - MRP is exposed to risks in relation to MRP s previous business activities and industry.
Page 53 - Melco International may pursue additional casino projects in Asia or elsewhere, which, along with it
Page 54 - Risks Relating to Our Financing and Indebtedness
Page 55 - We may require additional financing to complete our investment projects, which may not be available
Page 56 - The agreements governing our credit facilities and debt instruments contain certain covenants that r
Page 57 - Drawdown or rollover of advances under our credit facilities involve satisfaction of extensive condi
Page 58 - Any inability to maintain current financing or obtain future financing could result in delays in our
Page 59 - We cannot assure you that we will make dividend payments in the future.
Page 60 - Substantial sales or perceived sales of our shares or ADSs in the public market could cause the pric
Page 61 - Holders of ADSs have fewer rights than shareholders and must act through the depositary to exercise
Page 62 - We are a Cayman Islands exempted company and, because judicial precedent regarding the rights of sha
Page 63 - We may be classified as a passive foreign investment company for U.S. federal income tax purposes, w
Page 64 - A. HISTORY AND DEVELOPMENT OF THE COMPANY
Page 65 - B. BUSINESS OVERVIEW
Page 66 - Our Major Existing Operations
Page 67 - Altira Macau
Page 68 - N/A
Page 69 - All our current and future construction projects are and will be subject to significant development
Page 70 - Our Development Projects
Page 71 - Our Land and Premises
Page 72 - Altira Macau
Page 73 - Studio City
Page 74 - Advertising and Marketing
Page 75 - Gaming Promoters
Page 76 - Market and Competition
Page 77 - N/A
Page 78 - Philippine Gaming Market
Page 79 - Seasonality
Page 80 - N/A
Page 81 - Gaming Promoters Regulations
Page 82 - Access to Casinos and Gaming Areas Regulations
Page 83 - Responsible Gaming Regulations
Page 84 - Asset Freezing Enforcement Regulations
Page 85 - Land Regulations
Page 86 - Anti-Money Laundering Regulations in the Philippines
Page 87 - Other Applicable Laws
Page 88 - N/A
Page 89 - N/A
Page 90 - PAGCOR Licenses in the Philippines
Page 91 - N/A
Page 92 - C. ORGANIZATIONAL STRUCTURE
Page 93 - D. PROPERTY, PLANT AND EQUIPMENT
Page 94 - A. OPERATING RESULTS
Page 95 - Philippines
Page 96 - Key Performance Indicators (KPIs)
Page 97 - Year Ended December 31, 2018 Compared to Year Ended December 31, 2017
Page 98 - N/A
Page 99 - Operating costs and expenses
Page 100 - N/A
Page 101 - Non-operating expenses, net
Page 102 - Net (income) loss attributable to noncontrolling interests
Page 103 - N/A
Page 104 - Operating costs and expenses
Page 105 - Non-operating expenses, net
Page 106 - Income tax credit (expense)
Page 107 - Adjusted Property EBITDA and Adjusted EBITDA
Page 108 - Reconciliation of Net Income Attributable to Melco Resorts Entertainment Limited to Adjusted EBITDA
Page 109 - N/A
Page 110 - Goodwill and Purchased Intangible Assets
Page 111 - Revenue Recognition
Page 112 - Accounts Receivable and Credit Risk
Page 113 - Income Tax
Page 114 - Cash Flows
Page 115 - Investing Activities
Page 116 - Financing Activities
Page 117 - Indebtedness
Page 118 - Other Financing and Liquidity Matters
Page 119 - D. TREND INFORMATION
Page 120 - E. OFF-BALANCE SHEET ARRANGEMENTS
Page 121 - F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
Page 122 - G. SAFE HARBOR
Page 123 - A. DIRECTORS AND SENIOR MANAGEMENT
Page 124 - Mr. Clarence Yuk Man Chung was appointed as our non-executive director on November 21, 2006. Mr. Chu
Page 125 - Mr. Thomas Jefferson Wu JP was appointed as an independent non-executive director on December 18, 20
Page 126 - Mr. John William Crawford JP was appointed as an independent non-executive director on January 12, 2
Page 127 - Executive Officers
Page 128 - Bonus Plan
Page 129 - Duties of Directors
Page 130 - N/A
Page 131 - Compensation Committee
Page 132 - Employment Agreements
Page 133 - D. EMPLOYEES
Page 134 - N/A
Page 135 - E. SHARE OWNERSHIP
Page 136 - Share Incentive Plans
Page 137 - N/A
Page 138 - MRP Share Incentive Plan
Page 139 - ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
Page 140 - B. RELATED PARTY TRANSACTIONS
Page 141 - Transactions with EHY Construction
Page 142 - B. SIGNIFICANT CHANGES
Page 143 - B. PLAN OF DISTRIBUTION
Page 144 - E. DILUTION
Page 145 - Transfer of Ordinary Shares
Page 146 - Redemption of Ordinary Shares
Page 147 - Variations of Rights of Shares
Page 148 - Exempted Company
Page 149 - Shareholders Suits
Page 150 - Directors Fiduciary Duties
Page 151 - Removal of Directors
Page 152 - Amendment of Governing Documents
Page 153 - D. EXCHANGE CONTROLS
Page 154 - INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL TAX RULE
Page 155 - Taxation of Dividends and Other Distributions on the ADSs or Ordinary Shares
Page 156 - Passive Foreign Investment Company
Page 157 - N/A
Page 158 - You are strongly urged to consult your tax advisors regarding the application of the PFIC rules to y
Page 159 - I. SUBSIDIARY INFORMATION
Page 160 - Foreign Exchange Risk
Page 161 - B. WARRANTS AND RIGHTS
Page 162 - Fees and Other Payments Made by the Depositary to Us
Page 163 - Attestation Report of the Registered Public Accounting Firm
Page 164 - ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Page 165 - ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Page 166 - ITEM 16H. MINE SAFETY DISCLOSURE
Page 167 - ITEM 19. EXHIBITS
Page 168 - N/A
Page 169 - N/A
Page 170 - N/A
Page 171 - N/A
Page 172 - N/A
Page 173 - SIGNATURES
Page 174 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 175 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Page 176 - N/A
Page 177 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Page 178 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Page 179 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 180 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 181 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 182 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 183 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 184 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 185 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 186 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 187 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 188 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 189 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 190 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 191 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 192 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 193 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 194 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 195 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 196 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 197 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 198 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 199 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 200 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 201 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 202 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 203 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 204 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 205 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 206 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 207 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 208 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 209 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 210 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 211 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 212 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 213 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 214 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 215 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 216 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 217 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 218 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 219 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 220 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 221 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 222 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 223 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 224 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 225 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 226 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 227 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 228 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 229 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 230 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 231 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 232 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 233 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 234 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 235 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 236 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 237 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 238 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 239 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 240 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 241 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 242 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 243 - MELCO RESORTS ENTERTAINMENT LIMITED
Page 244 - MELCO RESORTS ENTERTAINMENT LIMITED
Subdocument 2 - EX-2.19 - EX-2.19
Page 1 - Exhibit 2.19
Page 2 - THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
Page 3 - N/A
Page 4 - N/A
Page 5 - N/A
Page 6 - N/A
Page 7 - N/A
Subdocument 3 - EX-2.22 - EX-2.22
Page 1 - Exhibit 2.22
Page 2 - THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
Page 3 - N/A
Page 4 - N/A
Page 5 - N/A
Page 6 - N/A
Page 7 - N/A
Subdocument 4 - EX-2.27 - EX-2.27
Page 1 - Exhibit 2.27
Page 2 - Table of Contents
Page 3 - N/A
Page 4 - N/A
Page 5 - EXHIBIT
Page 6 - ARTICLE 1
Page 7 - N/A
Page 8 - N/A
Page 9 - N/A
Page 10 - N/A
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Page 31 - N/A
Page 32 - ARTICLE 2
Page 33 - N/A
Page 34 - N/A
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Page 47 - N/A
Page 48 - ARTICLE 3
Page 49 - N/A
Page 50 - N/A
Page 51 - N/A
Page 52 - N/A
Page 53 - N/A
Page 54 - N/A
Page 55 - ARTICLE 4
Page 56 - N/A
Page 57 - N/A
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Page 77 - N/A
Page 78 - ARTICLE 5
Page 79 - ARTICLE 6
Page 80 - N/A
Page 81 - N/A
Page 82 - N/A
Page 83 - N/A
Page 84 - ARTICLE 7
Page 85 - N/A
Page 86 - N/A
Page 87 - N/A
Page 88 - N/A
Page 89 - N/A
Page 90 - N/A
Page 91 - ARTICLE 8
Page 92 - N/A
Page 93 - N/A
Page 94 - ARTICLE 9
Page 95 - N/A
Page 96 - N/A
Page 97 - ARTICLE 10
Page 98 - N/A
Page 99 - N/A
Page 100 - N/A
Page 101 - ARTICLE 12
Page 102 - ARTICLE 13
Page 103 - N/A
Page 104 - N/A
Page 105 - N/A
Page 106 - N/A
Page 107 - SIGNATURES
Page 108 - N/A
Page 109 - N/A
Page 110 - N/A
Page 111 - N/A
Page 112 - EXHIBIT A
Page 113 - N/A
Page 114 - Certificate of Authentication
Page 115 - N/A
Page 116 - N/A
Page 117 - N/A
Page 118 - N/A
Page 119 - N/A
Page 120 - N/A
Page 121 - N/A
Page 122 - EXHIBIT B
Page 123 - Check and complete if Transferee will take delivery of a beneficial interest in a Restricted Definit
Page 124 - N/A
Page 125 - ANNEX A TO CERTIFICATE OF TRANSFER
Page 126 - EXHIBIT C
Page 127 - Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection
Page 128 - EXHIBIT D
Page 129 - N/A
Page 130 - N/A
Subdocument 5 - EX-4.25 - EX-4.25
Page 1 - Exhibit 4.25
Page 2 - CONTENTS
Page 3 - PARTIES
Page 4 - ADS means an American Depositary Share, each representing four Class A Ordinary Shares;
Page 5 - Confidential Information means:
Page 6 - Duty means any stamp, transaction or registration duty or similar charge imposed by any Governmental
Page 7 - Gaming Promoter means any gaming promoter duly licensed by the Macau government to act in any such c
Page 8 - Minority Shareholders means, at the relevant time of determination, any Shareholder the name of whic
Page 9 - Respective Proportion means, with respect to an Entitled Minority Shareholder, a fraction, the numer
Page 10 - Transaction Documents means this document, the Registration Rights Agreement and the Memorandum and
Page 11 - N/A
Page 12 - clause 2.1(c), or vacancies created under clause 2.4 of Directors appointed by the Melco Shareholder
Page 13 - N/A
Page 14 - N/A
Page 15 - N/A
Page 16 - Shared Vendors) for the provision of various goods and services to more than one Melco Casino (Share
Page 17 - N/A
Page 18 - N/A
Page 19 - N/A
Page 20 - Offer).
Page 21 - Cash Purchase Price) on the terms specified in the Offer Notice. If an Entitled Minority Shareholder
Page 22 - clauses 7.3, 7.4 and 7.5 unless the Company, acting in its reasonable discretion at the request of a
Page 23 - clauses 7.1 and 7.2 keeps that information confidential and, except as permitted by this clause 7, d
Page 24 - clause 9.2, this document continues in full force and effect until:
Page 25 - Melco Resorts Entertainment Limited
Page 26 - MCE Cotai Investments Limited
Page 27 - Latham Watkins
Page 28 - clauses 2.2(f) and representations and warranties set forth in 2.2(g), in its sole discretion withou
Page 29 - N/A
Page 30 - Clauses 1 (Interpretation), 2.8 (Fees and expenses of Directors), 2.9 (D O Policy), 2.10 (Indemnity
Page 31 - N/A
Page 32 - N/A
Page 33 - [Signature Page Shareholders Agreement]
Page 34 - N/A
Page 35 - N/A
Page 36 - SCHEDULE I
Page 37 - SCHEDULE II
Page 38 - N/A
Page 39 - Contents
Page 40 - Date
Page 41 - Effective Interest in Securities has the meaning given to that term in the Shareholders Agreement.
Page 42 - 1.2 Construction
Page 43 - 2.1 Duty of confidentiality
Page 44 - 2.5 Copies and extracts of Confidential Information
Page 45 - 5.1 Discloser does not warrant Confidential Information is accurate
Page 46 - 5.3 Release
Page 47 - 8.3 Waiver and exercise of rights
Page 48 - 8.11 Relationship of parties
Page 49 - 9.6 After hours communications
Page 50 - N/A
Page 51 - Deed poll dated
Page 52 - Executed as a deed.
Subdocument 6 - EX-8.1 - EX-8.1
Page 1 - N/A
Subdocument 7 - EX-12.1 - EX-12.1
Page 1 - N/A
Subdocument 8 - EX-12.2 - EX-12.2
Page 1 - N/A
Subdocument 9 - EX-13.1 - EX-13.1
Page 1 - N/A
Subdocument 10 - EX-13.2 - EX-13.2
Page 1 - N/A
Subdocument 11 - EX-15.1 - EX-15.1
Page 1 - N/A
Subdocument 12 - EX-15.2 - EX-15.2
Page 1 - N/A
Subdocument 13 - EX-15.3 - EX-15.3
Page 1 - N/A
XBRL Item - EX-101.INS - XBRL INSTANCE DOCUMENT (What's this?)
XBRL Item - EX-101.SCH - XBRL TAXONOMY EXTENSION SCHEMA (What's this?)
XBRL Item - EX-101.CAL - XBRL TAXONOMY EXTENSION CALCULATION LINKBASE (What's this?)
XBRL Item - EX-101.DEF - XBRL TAXONOMY EXTENSION DEFINITION LINKBASE (What's this?)
XBRL Item - EX-101.LAB - XBRL TAXONOMY EXTENSION LABEL LINKBASE (What's this?)
XBRL Item - EX-101.PRE - XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE (What's this?)
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