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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2019 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	MLCO
Entity Registrant Name	MELCO RESORTS & ENTERTAINMENT LIMITED
Entity Voluntary Filers	No
Entity Central Index Key	0001381640
Entity File Number	001-33178
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	1,456,547,942
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	36th Floor, The Centrium, 60 Wyndham Street
Entity Address, City or Town	Central
Entity Address, Country	HK
Entity Address, Postal Zip Code	00000
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Accounting Standard	U.S. GAAP
Security Exchange Name	NASDAQ
Title of 12(b) Security	American depositary shares each representing three ordinary shares
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Heather Rollo, Senior Vice President, Chief Accounting Officer
Entity Address, Address Line One	36th Floor, The Centrium, 60 Wyndham Street
Entity Address, City or Town	Central
Entity Address, Country	HK
Entity Address, Postal Zip Code	00000
City Area Code	+852
Local Phone Number	2598 3600
Phone Fax Number Description	+852 2537 3618

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 1,394,982	$ 1,472,423
Investment securities	49,369	91,598
Restricted cash	37,390	48,037
Accounts receivable, net	284,333	242,089
Amounts due from affiliated companies	442	87,394
Inventories	43,959	41,093
Prepaid expenses and other current assets	84,197	95,176
Total current assets	1,894,672	2,077,810
PROPERTY AND EQUIPMENT, NET	5,723,909	5,784,343
GAMING SUBCONCESSION, NET	141,440	197,533
INTANGIBLE ASSETS, NET	31,628	31,454
GOODWILL	95,620	81,376
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS	176,478	186,708
INVESTMENT SECURITIES	568,936	0
RESTRICTED CASH	130	129
DEFERRED TAX ASSETS	3,558	2,992
OPERATING LEASE RIGHT-OF-USE ASSETS	111,043	0
LAND USE RIGHTS, NET	741,008	759,651
TOTAL ASSETS	9,488,422	9,121,996
CURRENT LIABILITIES
Accounts payable	21,882	25,003
Accrued expenses and other current liabilities	1,420,516	1,671,630
Income tax payable	8,516	4,903
Operating lease liabilities, current	33,152	0
Finance lease liabilities, current	39,725	34,659
Current portion of long-term debt, net	146	395,547
Amounts due to affiliated companies	1,523	15,186
Total current liabilities	1,525,460	2,146,928
LONG-TERM DEBT, NET	4,393,985	3,665,370
OTHER LONG-TERM LIABILITIES	18,773	29,286
DEFERRED TAX LIABILITIES	56,677	54,746
OPERATING LEASE LIABILITIES, NON-CURRENT	88,259	0
FINANCE LEASE,LIABILITIES,NON-CURRENT	262,040	253,374
TOTAL LIABILITIES	6,345,194	6,149,704
COMMITMENTS AND CONTINGENCIES (Note 22)
SHAREHOLDERS' EQUITY
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,456,547,942 and 1,538,500,172 shares issued; 1,437,328,096 and 1,435,263,001 shares outstanding, respectively	14,565	15,385
Treasury shares, at cost; 19,219,846 and 103,237,171 shares, respectively	(90,585)	(657,389)
Additional paid-in capital	3,178,579	3,715,579
Accumulated other comprehensive losses	(18,803)	(59,332)
Accumulated losses	(644,788)	(716,966)
Total Melco Resorts & Entertainment Limited shareholders' equity	2,438,968	2,297,277
Noncontrolling interests	704,260	675,015
Total equity	3,143,228	2,972,292
TOTAL LIABILITIES AND EQUITY	$ 9,488,422	$ 9,121,996

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,456,547,942	1,538,500,172
Ordinary shares, outstanding	1,437,328,096	1,435,263,001
Treasury shares, shares	19,219,846	103,237,171

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING REVENUES
Gross revenues	$ 5,736,801	$ 5,188,942	$ 5,597,839
Less: promotional allowances	0	0	(313,016)
Net revenues	5,736,801	5,188,942	5,284,823
OPERATING COSTS AND EXPENSES
General and administrative	(559,480)	(505,930)	(467,136)
Payments to the Philippine Parties	(57,428)	(60,778)	(51,661)
Pre-opening costs	(4,847)	(55,390)	(5,331)
Development costs	(57,433)	(23,029)	(31,115)
Amortization of gaming subconcession	(56,841)	(56,809)	(57,237)
Amortization of land use rights	(22,659)	(22,646)	(22,817)
Depreciation and amortization	(571,705)	(488,446)	(460,521)
Property charges and other	(20,815)	(29,147)	(31,616)
Total operating costs and expenses	(4,989,123)	(4,575,495)	(4,680,283)
OPERATING INCOME	747,678	613,447	604,540
NON-OPERATING INCOME (EXPENSES)
Interest income	9,311	5,471	3,580
Interest expenses, net of capitalized interest	(310,102)	(264,880)	(255,764)
Loan commitment and other finance fees	(2,738)	(4,630)	(6,079)
Foreign exchange (losses) gains, net	(10,756)	(10,497)	12,781
Other (expenses) income, net	(23,914)	3,684	5,282
Loss on extinguishment of debt	(6,333)	(3,461)	(49,337)
Costs associated with debt modification	(579)	0	(2,793)
Total non-operating expenses, net	(345,111)	(274,313)	(292,330)
INCOME BEFORE INCOME TAX	402,567	339,134	312,210
INCOME TAX (EXPENSE) CREDIT	(8,339)	(238)	10
NET INCOME	394,228	338,896	312,220
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(21,055)	1,403	32,608
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED	$ 373,173	$ 340,299	$ 344,828
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:
Basic	$ 0.260	$ 0.226	$ 0.232
Diluted	$ 0.258	$ 0.224	$ 0.230
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE CALCULATION:
Basic	1,436,569,083	1,506,551,789	1,484,379,459
Diluted	1,443,447,422	1,516,410,062	1,496,068,459
Casino [Member]
OPERATING REVENUES
Gross revenues	$ 4,976,686	$ 4,496,625	$ 4,937,597
OPERATING COSTS AND EXPENSES
Cost of revenue	(3,266,736)	(3,001,310)	(3,374,013)
Rooms [Member]
OPERATING REVENUES
Gross revenues	349,908	311,028	271,500
OPERATING COSTS AND EXPENSES
Cost of revenue	(89,778)	(78,377)	(32,641)
Food and Beverage [Member]
OPERATING REVENUES
Gross revenues	235,120	204,171	184,979
OPERATING COSTS AND EXPENSES
Cost of revenue	(181,456)	(161,184)	(57,927)
Entertainment, Retail and Other [Member]
OPERATING REVENUES
Gross revenues	175,087	177,118	203,763
OPERATING COSTS AND EXPENSES
Cost of revenue	$ (99,945)	$ (92,449)	$ (88,268)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 394,228	$ 338,896	$ 312,220
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	48,734	(48,900)	(746)
Unrealized losses on investment securities, before and after tax	0	0	(1,150)
Other comprehensive income (loss)	48,734	(48,900)	(1,896)
Total comprehensive income	442,962	289,996	310,324
Comprehensive (income) loss attributable to noncontrolling interests	(29,260)	16,431	32,662
Comprehensive income attributable to Melco Resorts & Entertainment Limited	$ 413,702	$ 306,427	$ 342,986

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Philippine Subsidiaries [Member]	Studio City International [Member]	Ordinary Shares [Member]	Treasury Shares [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Philippine Subsidiaries [Member]	Additional Paid-in Capital [Member] Studio City International [Member]	Accumulated Other Comprehensive Losses [Member]	Retained Earnings (Accumulated losses) [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member] Philippine Subsidiaries [Member]	Noncontrolling Interests [Member] Studio City International [Member]
BEGINNING BALANCE at Dec. 31, 2016	$ 3,823,414			$ 14,759	$ (108)	$ 2,783,062			$ (24,768)	$ 570,925	$ 479,544
BEGINNING BALANCE (in shares) at Dec. 31, 2016				1,475,924,523	(10,823,770)
Net income for the year	312,220									344,828	(32,608)
Foreign currency translation adjustments	(746)								(692)		(54)
Unrealized losses on investment securities	(1,150)								(1,150)
Share-based compensation	17,305					17,164					141
Shares issued (in shares)				165,303,543
Shares issued	1,163,186			$ 1,653		1,161,533
Retirement of repurchased shares	(1,163,186)			$ (1,653)		(204,533)				(957,000)
Retirement of repurchased shares (in shares)				(165,303,544)
Shares issued for future vesting of restricted shares and exercise of share options (in shares)				2,504,721	(2,504,721)
Shares issued for future vesting of restricted shares and exercise of share options	0			$ 25	$ (25)
Issuance of shares for restricted shares vested (in shares)					950,320
Issuance of shares for restricted shares vested	0				$ 9	(9)
Exercise of share options (in shares)					3,363,159
Exercise of share options	$ 2,656				$ 34	2,622
Changes in shareholdings of subsidiaries		$ 172					$ 29					$ 143
Acquisition of ICR Cyprus (in shares)	55,500,738			55,500,738
Acquisition of ICR Cyprus	$ 257,144			$ 555		192,304					64,285
Dividends declared	(821,328)					(88,063)				(733,265)
ENDING BALANCE at Dec. 31, 2017	3,589,687			$ 15,339	$ (90)	3,864,109			(26,610)	(774,512)	511,451
ENDING BALANCE (in shares) at Dec. 31, 2017				1,533,929,981	(9,015,012)
Net income for the year	338,896									340,299	(1,403)
Foreign currency translation adjustments	(48,900)								(33,872)		(15,028)
Reclassification of share-based compensation plan from equity-settled to cash-settled	(505)					(505)
Unrealized losses on investment securities	0
Share-based compensation	24,775					24,830					(55)
Shares repurchased by the Company	(657,322)				$ (657,322)
Shares repurchased by the Company (in shares)					(96,571,065)
Shares issued for future vesting of restricted shares and exercise of share options (in shares)				4,570,191	(4,570,191)
Shares issued for future vesting of restricted shares and exercise of share options	0			$ 46	$ (46)
Issuance of shares for restricted shares vested (in shares)					2,115,809
Issuance of shares for restricted shares vested	(37)				$ 21	(58)
Exercise of share options (in shares)					4,803,288
Exercise of share options	1,882				$ 48	1,834
Changes in shareholdings of subsidiaries		(199,267)	$ 207,584				(141,572)	$ (31,845)				(57,695)	$ 239,429
Dividends declared	(271,531)					(1,214)				(270,317)
ENDING BALANCE at Dec. 31, 2018	2,972,292			$ 15,385	$ (657,389)	3,715,579			(59,332)	(716,966)	675,015
ENDING BALANCE (in shares) at Dec. 31, 2018				1,538,500,172	(103,237,171)
Cumulative-effect adjustment upon adoption of new standard on equity investments	0								1,150	(1,150)
Cumulative-effect adjustment upon adoption of New Revenue Standard	(12,970)									(11,286)	(1,684)
Net income for the year	394,228									373,173	21,055
Foreign currency translation adjustments	48,734								40,529		8,205
Reclassification of share-based compensation plan from equity-settled to cash-settled	(4,703)					(4,619)					(84)
Unrealized losses on investment securities	0
Share-based compensation	30,825					30,815					10
Retirement of repurchased shares	0			$ (820)	$ 557,818	(556,998)
Retirement of repurchased shares (in shares)				(81,952,230)	81,952,230
Shares issued for future vesting of restricted shares and exercise of share options (in shares)				0
Issuance of shares for restricted shares vested (in shares)					1,398,840
Issuance of shares for restricted shares vested	(23)				$ 6,593	(6,616)
Exercise of share options (in shares)					666,255
Exercise of share options	2,841				$ 2,393	448
Changes in shareholdings of subsidiaries		$ 29					$ (30)					$ 59
Dividends declared	(300,995)									(300,995)
ENDING BALANCE at Dec. 31, 2019	$ 3,143,228			$ 14,565	$ (90,585)	$ 3,178,579			$ (18,803)	$ (644,788)	$ 704,260
ENDING BALANCE (in shares) at Dec. 31, 2019				1,456,547,942	(19,219,846)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.21348	$ 0.1867	$ 0.5604

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 394,228	$ 338,896	$ 312,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	651,205	567,901	540,575
Amortization of deferred financing costs and original issue premiums	20,324	22,311	26,022
Interest accretion on finance lease obligations	1,942	5,161	6,878
Net (gain) loss on disposal of property and equipment	(169)	1,518	5,409
Impairment loss recognized on property and equipment	9,590	0	23,197
Written-off of other assets	7,556	0	0
Addition (credit) for doubtful debts provision	33,176	(2,637)	(2,028)
Provision for input value-added tax	3,733	4,095	2,813
Loss on extinguishment of debt	6,333	3,461	49,337
Costs associated with debt modification	579	0	2,793
Share-based compensation	31,797	25,143	17,305
Net losses recognized on investment securities	41,737	111	0
Changes in operating assets and liabilities:
Accounts receivable	(77,627)	(60,475)	54,903
Inventories and prepaid expenses and other	(593)	(26,154)	(2,101)
Long-term prepayments, deposits and other	49,726	14,673	(49,370)
Accounts payable and accrued expenses and other	(341,756)	167,443	183,336
Other long-term liabilities	4,381	(8,078)	(10,192)
Net cash provided by operating activities	836,162	1,053,369	1,161,097
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for investment securities	(617,848)	(45,048)	(91,024)
Acquisition of property and equipment	(337,560)	(386,824)	(173,480)
Payments for capitalized construction costs	(109,851)	(251,233)	(341,509)
Placement of bank deposits with original maturities over three months	(60,152)	(24,823)	(62,591)
Acquisition of a subsidiary	(15,037)	0	0
Payments for intangible and other assets	(2,505)	(29,476)	0
Proceeds from sale of property and equipment	1,283	595	932
Proceeds from sale of investment securities	49,669	40,013	0
Withdrawals of bank deposits with original maturities over three months	60,152	34,675	263,547
Insurance proceeds received for damaged property and equipment	0	0	108
Net cash used in investing activities	(1,031,849)	(662,121)	(404,017)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on long-term debt	(2,592,631)	(592,573)	(896,276)
Dividends paid	(300,995)	(271,531)	(821,328)
Payments of deferred financing costs	(28,825)	0	(34,552)
Net proceeds from issuance of shares of subsidiaries	83,233	277,881	30,132
Proceeds from exercise of share options	2,700	5,018	3,610
Proceeds from long-term debt	2,933,632	1,095,714	702,625
Repurchase of shares	0	(655,652)	0
Purchase of shares of a subsidiary	0	(199,267)	0
Principal payments on finance lease liabilities	0	(107)	(120)
Net cash provided by (used in) financing activities	97,114	(340,517)	(1,015,909)
EFFECT OF FOREIGN EXCHANGE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	10,486	(12,624)	(281)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(88,087)	38,107	(259,110)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGGING OF YEAR	1,520,589	1,482,482	1,741,592
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	1,432,502	1,520,589	1,482,482
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for interest, net of amounts capitalized	(253,312)	(239,338)	(239,780)
Cash paid for income taxes, net of refunds	(3,889)	(275)	(6,537)
Cash paid for amounts included in the measurement of lease liabilities—operating cash flows from operating leases	(40,542)	0	0
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	56,623	54,226	34,147
Change in input value-added tax related to acquisition of property and equipment	8,648	0	0
Property and equipment contributed by noncontrolling interests	0	0	64,283
Change in accrued expenses and other current liabilities and other long-term liabilities related to construction costs	43,236	13,355	62,714
Change in amounts due from/to affiliated companies related to construction costs	0	7,759	10,847
Operating lease liabilities arising from obtaining operating lease right-of-use assets	27,693	0	0
Deferred financing costs included in accrued expenses and other current liabilities	4,204	0	26
Change in amounts due from affiliated companies related to issuance of shares of a subsidiary	0	0	162,729
Offering expenses capitalized for the issuance of shares of a subsidiary included in accrued expenses and other current liabilities	0	5,943	0
Repurchase of shares included in accrued expenses and other current liabilities	$ 0	$ 1,670	$ 0

COMPANY INFORMATION

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

COMPANY INFORMATION

1.	COMPANY INFORMATION

Melco Resorts & Entertainment Limited (“Melco”) was incorporated in the Cayman Islands, with its American depositary shares (“ADSs”) listed on the NASDAQ Global Select Market under the symbol “MLCO” in the United States of America.

Melco together with its subsidiaries (collectively referred to as the “Company”) is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia and Europe. The Company currently operates Altira Macau, a casino hotel located at Taipa, the Macau Special Administrative Region of the People’s Republic of China (“Macau”), City of Dreams, an integrated urban casino resort located at Cotai, Macau and Grand Dragon Casino, a casino located at Taipa, Macau. The Company’s business also includes the Mocha Clubs, which comprise the

non-casino

based operations of electronic gaming machines in Macau. Melco, through its subsidiaries, including Studio City International Holdings Limited (“Studio City International”), which completed its initial public offering with its ADSs listed on the New York Stock Exchange in October 2018, also majority owns and operates Studio City, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a majority-owned subsidiary of Melco operates and manages City of Dreams Manila, a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. In Europe, Melco, through its majority-owned subsidiaries, ICR Cyprus Holdings Limited (“ICR Cyprus”) and its subsidiaries (collectively referred to as “ICR Cyprus Group”), is currently developing City of Dreams

Mediterranean, the integrated casino resort in Limassol, the Republic of Cyprus (“Cyprus”),

and is currently operating a temporary casino in Limassol, and three satellite casinos in Nicosia, Larnaca, Ayia Napa with a fourth satellite casino in Paphos opened in February 2020 (“Cyprus Operations”). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the four satellite casinos while operations of the temporary casino will cease.

As of December 31, 2019 and 2018, Melco International Development Limited (“Melco International”), a company listed in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”), is the single largest shareholder of Melco.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation and

Principles of Consolidation

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

The accompanying consolidated financial statements include the accounts of Melco and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.

In connection to the Acquisition of ICR Cyprus as described in Note 25, the Company and ICR Cyprus are under the common control of Melco International. In accordance with the applicable accounting standards, the Acquisition of ICR Cyprus is accounted for as a transaction involving a transfer of business between entities under common control that resulted in a change in reporting entity requiring retrospective adjustment to the consolidated financial statements of the Company. Accordingly, all periods presented in these consolidated financial statements have been

adjusted to include the assets and liabilities of ICR Cyprus Group that were acquired by the Company at historical carrying amounts, and the financial results of ICR Cyprus Group, as if the Acquisition of ICR Cyprus had been in effect since the inception of common control

resulting from the acquisition of ICR Cyprus and its subsidiaries by Melco International in September 2017.

The Acquisition of ICR Cyprus had an effect to increase (decrease) the Company’s net income of $14,180, $(14,955) and $(3,073); decrease other comprehensive income of $4,617 and increase other comprehensive loss of $12,527 and nil; decrease basic earnings per share of $0.003, $0.016 and $0.004; and decrease diluted earnings per share of $0.003, $0.016 and $0.005 for the years ended December 31, 2019 and 2018 and for the period since the inception of common control in September 2017 to the end of December 31, 2017, respectively.

(b)

Use of Estimates

The preparation of accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Accordingly, actual results could differ from those estimates.

(c)

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The Company estimated the fair values using appropriate valuation methodologies and market information available as of the balance sheet date.

(d)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less.

Cash equivalents are placed with financial institutions with high-credit ratings and quality.

(e)

Investment Securities

Investment securities consist of investments in mutual funds that mainly invest in bonds and fixed interest securities and investments in equity interests in a public

company on which the Company has no significant influence. The investment securities are considered as marketable equity securities. Management determines the appropriate classification of its investment securities at the time of purchase and re-evaluates the classifications at each balance sheet date. Investment securities are classified as either current and non-current based on the nature of each security and its availability for use in current operations. Investment securities are measured at fair value with changes in fair values recognized through net income in the accompanying consolidated statements of operations starting from January 1, 2018.

(f)

Restricted Cash

The current portion of restricted cash represents cash deposited into bank accounts which are restricted as to withdrawal and use and the Company expects these funds will be released or utilized in accordance with the terms of the respective agreements within the next twelve months, while the

non-current

portion of restricted cash represents funds that will not be released or utilized within the next twelve months. Restricted cash mainly consists of i) bank accounts that are restricted for

withdrawals and for payment of project costs or debt servicing associated with borrowings under the respective senior notes and credit facilities; and ii) collateral bank accounts associated with borrowings under the credit facilities.

(g)

Accounts Receivable and Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino receivables. The Company issues credit in the form of markers to approved casino customers following investigations of creditworthiness. Credit is also given to its gaming promoters in Macau and the Philippines, which receivables can be offset against commissions payable and any other value items held by the Company to the respective customers and for which the Company intends to set off when required. As of December 31, 2019 and 2018, a substantial portion of the Company’s markers were due from customers and gaming promoters residing in foreign countries. Business or economic conditions, the legal enforceability of gaming debts, or other significant events in foreign countries could affect the collectability of receivables from customers and gaming promoters residing in these countries.

Accounts receivable, including casino, hotel and other receivables, are typically

non-interest

bearing and are initially recorded at cost. Accounts are written off when management deems it is probable the receivables are uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful debts is maintained to reduce the Company’s receivables to their carrying amounts, which approximate fair values. The allowance is estimated based on specific reviews of customer accounts as well as management’s experience with collection trends in the casino industry and current economic and business conditions. Management believes that as of December 31, 2019 and 2018, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

(h)

Inventories

Inventories consist of retail merchandise, food and beverage items and certain operating supplies, which are stated at the lower of cost or net realizable value. Cost is calculated using the

first-in,

first-out,

weighted average and specific identification methods.

(i)

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization, and impairment losses, if any. Gains or losses on dispositions of property and equipment are included in the accompanying consolidated statements of operations. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

During the construction and development stage of the Company’s casino gaming and entertainment casino resort facilities, direct and incremental costs related to the design and construction, including costs under the construction contracts, duties and tariffs, equipment installation, shipping costs, payroll and payroll-benefit related costs, applicable portions of interest and amortization of deferred financing costs, are capitalized in property and equipment. The capitalization of such costs begins when the construction and development of a project starts and ceases once the construction is substantially completed or development activity is suspended

for more than a brief period.

Depreciation and amortization expense related to capitalized construction costs and other property and equipment is recognized from the time each asset is placed in service. This may occur at different stages as casino gaming and entertainment casino resort facilities are completed and opened.

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Freehold land		Not depreciated
Buildings		4 to 40 years
Transportation		5 to 10 years
Leasehold improvements		3 to 10 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment		2 to 15 years
Plant and gaming machinery		3 to 5 years

(j)

Capitalized Interest

Interest, including amortization of

eferred financing costs, associated with major development and construction projects is capitalized and included in the cost of the projects. The capitalization of interest ceases when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Company’s outstanding borrowings to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Total interest expenses incurred amounted to $310,102, $285,947 and $293,247, of which

nil

$21,067 and $37,483 were capitalized during the years ended December 31, 2019, 2018 and 2017, respectively.

(k)

Gaming Subconcession

The deemed cost of the gaming subconcession in Macau is capitalized based on the fair value of the gaming subconcession agreement as of the date of acquisition of Melco Resorts (Macau) Limited (“Melco Resorts Macau”), a subsidiary of Melco and the holder of the gaming subconcession in Macau, in 2006, and amortized over the term of agreement which is due to expire in June 2022 on a straight-line basis.

(l)

Internal-Use Software

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software of

15 years on a straight-line basis. The capitalization of such costs begins during the application development stage of the software project and ceases once the software project is substantially complete and ready for its intended use. Costs of specified upgrades and enhancements to the

internal-use

software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

(m)

Goodwill and Intangible Assets

Goodwill represents the excess of the acquisition cost over the fair value of tangible and identifiable intangible net assets of any business acquired. Goodwill is not amortized, but is tested for impairment at the reporting unit level on an annual basis, and between annual tests when circumstances indicate that the carrying value of goodwill may not be recoverable.

Intangible assets other than goodwill are amortized over their useful lives unless their lives are determined to be indefinite in which case they are not amortized. Intangible assets are carried at cost, less accumulated amortization. The Company’s finite-lived intangible assets consist of the gaming

subconcession and

internal-use

software. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. The Company’s intangible assets with indefinite lives represent Mocha Clubs trademarks, which are tested for impairment on an annual basis or when circumstances indicate the carrying value of the intangible assets may not be recoverable.

When performing the impairment analysis for goodwill and intangible assets with indefinite lives, the Company may first perform a qualitative assessment to determine whether it is more likely than not that the asset is impaired. If it is determined that it is more likely than not that the asset is impaired after assessing the qualitative factors, the Company then performs a quantitative impairment test that consists of a comparison of the implied fair value of goodwill and the fair values of the intangible assets with indefinite lives with their carrying amounts. An impairment loss is recognized in an amount equal to the excess of the carrying amount over the implied fair value for goodwill or the excess of the carrying amounts over the fair values of the intangible assets with indefinite lives.

No impairment losses have been recognized during the years ended December 31, 2019, 2018 and 2017.

(n)

Impairment of Long-lived Assets (Other Than

Goodwill

)

The Company evaluates the long-lived assets with finite lives to be held and used for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the assets, on an undiscounted basis, to the carrying values of the assets. If the undiscounted cash flows exceed the carrying values,

impairments are indicated. If the undiscounted cash flows do not exceed the carrying values, then an impairment charge is recorded based on the fair values of the assets, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs.

During the year ended December 31, 2019, impairment

loss of $

9,590

was recognized, of which $6,293 and $3,297 were provided for

a parcel of freehold land due to a significant decrease in its market value as of December 31, 2019 and reconfigurations at the Company’s operating properties, respectively. The fair value of the freehold land was calculated by using level 3 inputs based on direct comparison method. During the years ended December 31, 2018 and 2017, impairment losses of

nil

and $

23,197

were recognized, mainly due to reconfigurations and renovations at the Company’s operating properties. The impairment losses are included in the

accompanying consolidated statements of operations.

(o)

Deferred Financing Costs

Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are capitalized and amortized to interest expenses over the terms of the related debt agreements using the effective interest method. Deferred financing costs incurred in connection with the issuance of revolving credit facilities are included in

other assets either current or non-current in the accompanying consolidated balance sheets, based on the maturity of each revolving credit facility. All other deferred financing costs are presented as a reduction of long-term debt in the accompanying consolidated balance sheets.

(p)

Land Use Rights

Land use rights represent the upfront land premium paid for the use of land held under operating leases, which

are recorded at cost less accumulated amortization. Amortization is provided over the estimated term of the land use rights of 40 years on a straight-line basis.

(q)

Leases

On January 1, 2019, the Company adopted the Accounting Standard

Codification 842,

Leases,

using the modified retrospective method. At the inception of the contract or upon modification, the Company will perform an assessment as to whether the contract is a lease or contains a lease. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. A lessee has control of an identified asset if it has both the right to direct the use of the asset and the right to receive substantially all of the economic benefits from the use of the asset.

Finance and operating lease

right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the

right-of-use

assets also includes any prepaid lease payments and any initial direct costs incurred, and is reduced by any lease incentive received. For leases where the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.

The Company’s lease contracts have lease and

non-lease

components. For contracts in which the Company is a lessee, the Company accounts for the lease components and

non-lease

components as a single lease component for all classes of underlying assets, except for real estate. For contracts in which the Company is a lessor,

all

are accounted for as operating leases, and the lease components and

non-lease

components are accounted for separately.

The major changes from the previous basis, as a result of the adoption of the new leases standard are summarized in Note 2(ab).

(r)

Revenue Recognition

On January 1, 2018, the Company adopted the Accounting Standards Codification 606,

Revenue from Contracts with Customers

(“New Revenue Standard”), using the modified retrospective method.

The cumulative effect of the adoption of this guidance did not have a material impact on the accumulated losses as of January 1, 2018. In addition, the adoption of this guidance did not have a material impact on net income, comprehensive income, basic and diluted net income attributable to Melco Resorts & Entertainment Limited per share amounts for the year ended December 31, 2018 and net assets as of December 31, 2018.

The Company’s revenues from contracts with customers consist of casino wagers, sales of rooms, food and beverage, entertainment, retail and other goods and services.

Gross casino revenues are measured by the aggregate net difference between gaming wins and losses. The Company accounts for its casino wagering transactions on a portfolio basis versus an individual basis as all wagers have similar characteristics. Commissions rebated to customers either directly or indirectly through gaming promoters and cash discounts and other cash incentives earned by customers are recorded as a reduction of casino revenues. In addition to the wagers, casino transactions typically include performance obligations related to complimentary goods or services provided to incentivize

Contract and Contract-Related Liabilities

In providing goods and services to its customers, there may be a timing difference between cash receipts from customers and recognition of revenues, resulting in a contract or contract-related liability.

The Company primarily has three types of liabilities related to contracts with customers: (1) outstanding gaming chips and tokens, which represent the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program liabilities, which represent the deferred allocation of revenues relating to incentive earned from the Loyalty Programs, and (3) advance customer deposits and ticket sales, which represent casino front money deposits that are funds deposited by customers before gaming play occurs and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space. These liabilities are generally expected to be recognized as revenues within one year of being purchased, earned, or deposited and are recorded as accrued expenses and other current liabilities on the accompanying consolidated balance sheets. Decreases in these balances generally represent the recognition of revenues and increases in the balances represent additional chips and tokens held by customers, increases in unredeemed incentives relating to the Loyalty Programs and additional deposits made by customers.

The following table summarizes the activities related to contract and contract-related liabilities:


	December 31, 2019		December 31, 2018		Increase/ (Decrease)			December 31, 2018		January 1, 2018		Increase/ (Decrease)
Outstanding gaming chips and tokens	$	473,330	$	638,702	$	(165,372	)	$	638,702	$	464,613	$	174,089
Loyalty program liabilities		39,591		46,729		(7,138	)		46,729		42,929		3,800
Advanced customer deposits and ticket sales		255,884		386,869		(130,985	)		386,869		423,603		(36,734	)

	$	768,805	$	1,072,300	$	(303,495	)	$	1,072,300	$	931,145	$	141,155

(s)

Gaming Taxes and License Fees

The Company is subject to taxes and license fees based on gross

gaming

revenue and other metrics in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes and license fees are mainly recognized as casino expense in the accompanying consolidated statements of operations. These taxes and license fees totaled

2,550,755

, $

2,372,144

and $

2,224,058

for the years ended December 31, 2019, 2018 and 2017, respectively.

(t)

Pre-opening Costs

Pre-opening

costs represent personnel, marketing and other costs incurred prior to the opening of new or

start-up

operations and are expensed as incurred. During the years ended December 31, 2019, 2018 and 2017, the Company incurred

pre-opening

costs primarily in connection with the development of further expansions to City of Dreams, Studio City and Cyprus Operations. The Company also incurs

pre-opening

costs on other

one-off

activities related to the marketing of new facilities and operations.

(u)

Development Costs

Development costs include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

(v)

Advertising and Promotional Costs

The Company expenses advertising and promotional costs the first time the advertising takes place or as incurred. Advertising and promotional costs included in the accompanying consolidated statements of operations were $89,376, $111,633 and $87,778 for the years ended December 31, 2019, 2018 and 2017, respectively.

(w)

Foreign Currency Transactions and Translations

All transactions in currencies other than functional currencies of Melco and its subsidiaries during the year are remeasured at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the accompanying consolidated statements of operations.

The functional currency of Melco is the United States dollar (“$” or “US$”) and the functional currency of most of Melco’s foreign subsidiaries is the local currency in which the subsidiary operates. All assets and liabilities are translated at the rates of exchange prevailing at the balance sheet date and all income and expense items are translated at the average rates of exchange over the year. All exchange differences arising from the translation of foreign subsidiaries’ financial statements are recorded as a component of other comprehensive income (loss).

(x)

Comprehensive Income and Accumulated Other Comprehensive Losses

Comprehensive income includes net income and all other non-shareholder changes in equity, or other comprehensive income (loss) and is reported in the accompanying consolidated statements of comprehensive income.

As of December 31, 2019 and 2018, the Company’s accumulated other comprehensive losses consisted solely of foreign currency translation adjustments, net of tax and noncontrolling interests.

(y)

Share-based Compensation Expenses

The Company measures the cost of employee services received in

exchange

for an award of equity instruments based on the grant date fair value of the award and recognizes that cost over the service period. Compensation is attributed to the periods of associated service and such expense is recognized over the vesting period of the awards on a straight-line basis. Forfeitures are recognized when they occur.

Further information on the Company’s share-based compensation arrangements is included in Note 17.

(

)

Income Tax

The Company is subject to income taxes in Macau, Hong Kong, the Philippines, Cyprus and other jurisdictions where it operates.

Deferred income taxes are recognized for all significant temporary differences between the tax basis of assets and liabilities and their reported amounts in the accompanying consolidated financial statements.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The Company’s income tax returns are subject to examination by tax authorities in the jurisdictions where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. These accounting standards utilize a

two-step

approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position, based on the technical merits of position, will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based on cumulative probability.

(

)

Net Income Attributable to Melco Resorts & Entertainment Limited Per Share

Basic net income attributable to Melco Resorts & Entertainment Limited per share is calculated by dividing the net income attributable to Melco Resorts & Entertainment Limited by the weighted average number of ordinary shares outstanding during the year.

Diluted net income attributable to Melco Resorts & Entertainment Limited per share is calculated by dividing the net income attributable to Melco Resorts & Entertainment Limited by the weighted average number of ordinary shares outstanding during the year adjusted to include the potentially dilutive effect of outstanding share-based awards.

The weighted average number of ordinary shares outstanding used in the calculation of basic net income attributable to Melco Resorts & Entertainment Limited per share for all periods presented have been

adjust

to include the effect of the issuance of

55,500,738

ordinary shares of Melco as the consideration for the Acquisition of ICR Cyprus as described in Note 25, as if the Acquisition of ICR Cyprus had been in effect since the inception of common control

resulting from the acquisition of ICR Cyprus and its subsidiaries by Melco International in September 2017.

The weighted average number of ordinary and ordinary equivalent shares used in the calculation of basic and diluted net income attributable to Melco Resorts & Entertainment Limited per share consisted of the following:


	Year Ended December 31,
	2019		2018		2017
Weighted average number of ordinary shares outstanding used in the calculation of basic net income attributable to Melco Resorts & Entertainment Limited per share		1,436,569,083		1,506,551,789		1,484,379,459

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		6,878,339		9,858,273		11,689,000

Weighted average number of ordinary shares outstanding used in the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share		1,443,447,422		1,516,410,062		1,496,068,459

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share		8,053,109		7,200,837		6,624,345

(ab)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement:

In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (as subsequently amended) on leases, which amends various aspects of existing accounting guidance for leases (“New Leases Standard”). The guidance requires all lessees to recognize a lease liability and a

right-of-use

asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The standard also requires more detailed disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases.

On January 1, 2019, the Company adopted the New Leases Standard using the modified retrospective method without restating comparative information. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date; and (3) initial direct costs for any existing leases as of the adoption date. As a result of adoption, the Company recognized $154,459

of operating lease

right-of-use

assets (including the reclassification of deferred rent assets, prepaid rent, deferred rent liabilities and accrued rent to operating lease right-of-use assets) and

$170,833 of operating lease liabilities as of January 1, 2019. The adoption of this guidance did not have a material impact on net income or cash flows.

Recent Accounting Pronouncements Not Yet Adopted:

In June 2016, the FASB issued an accounting standard

update which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for interim and fiscal years beginning after December 15, 2019, with early adoption permitted. The guidance is applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Company adopted this new guidance on January 1, 2020 and this adoption did not have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued an accounting standards update which eliminates step two from the goodwill impairment test and instead requires an entity to recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. This guidance is effective for interim and fiscal years beginning after December 15, 2019, with early adoption permitted. The guidance

is applied prospectively. The Company adopted this new guidance on January 1, 2020. The adoption of this guidance would only impact the Company’s consolidated financial statements in situations where an impairment of a reporting unit’s assets is determined and the measurement of the impairment charge.

In August 2018, the FASB issued an accounting standards update which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain

internal-use

software (and hosting arrangements that include an

internal-use

software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by this new guidance. This guidance is effective for interim and fiscal years beginning after December 15, 2019, with early

adoption permitted. The

Company adopted this new guidance on January 1, 2020 and this adoption did not have a material impact on the Company’s consolidated financial statements.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure

3.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Cash, cash equivalents and restricted cash reported within the accompanying consolidated statements of cash flows consisted of the following:


	December 31,
	2019		2018
Cash and cash equivalents	$	1,394,982	$	1,472,423
Current portion of restricted cash		37,390		48,037
Non-current portion of restricted cash		130		129

Total cash, cash equivalents and restricted cash	$	1,432,502	$	1,520,589

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

4.	I NVESTMENT SECURITIES

On May 30, 2019, Melco executed a definitive purchase agreement as amended on August 28, 2019 (collectively, the “Share Sale Agreement”) pursuant to which Melco agreed to, through its subsidiary, acquire and an independent third party, CPH Crown Holdings Pty Limited (“CPH”),

agreed to sell, an aggregate of

135,350,000

shares of Crown Resorts Limited (“Crown”), an Australian-listed corporation, representing approximately

19.99%

of the issued shares of Crown, in two equal tranches (the “Transaction”) at Australian dollar

(“AUD”) 13.00 per share

On June 6, 2019, the Company completed the acquisition of the first tranche of approximately

9.99%

issued shares of Crown and recognized non-current investment securities of

618,455

(including transaction costs).

On February 6, 2020, the Company agreed with CPH to terminate the obligation to purchase the second tranche of approximately

9.99%

issued shares of Crown as contemplated under the Share Sale Agreement at no consideration.

As of December 31, 2019, the investment securities represented investments in marketable equity securities, which comprised investments in mutual funds that mainly invest in bonds and fixed interest securities of $49,369 and investments in 9.99% issued shares of Crown of $568,936. As of December 31, 2018, the investment securities solely represented investments in marketable equity securities, which comprised investments in mutual funds that mainly invest in bonds and fixed interest securities of $ 91,598.

The components of (losses) gains on marketable equity securities were as follows:


	Year Ended December 31,
	2019			2018
Net losses recognized on marketable equity securities	$	(41,737	)	$	(111	)
Less: Net (gains) losses recognized on marketable equity securities sold during the year		(3,085	)		1,345

Unrealized (losses) gains recognized on marketable equity securities still held at the reporting date	$	(44,822	)	$	1,234

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

5.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	December 31,
	2019			2018
Casino	$	510,008		$	433,565
Hotel		4,369			5,714
Other		2,949			5,847

Sub-total		517,326			445,126
Less: allowances for doubtful debts		(232,993	)		(203,037	)

	$	284,333		$	242,089

Movement

the allowances for doubtful debts were as follows:


	Year Ended December 31,
	2019			2018			2017
At beginning of year	$	203,037		$	210,997		$	265,931
Additional (credit) provision		32,888			(2,479	)		(4,178	)
Write-offs, net of recoveries		(4,460	)		(2,115	)		(57,696	)
Reclassified from (to) long-term receivables, net		662			(2,062	)		6,940
Exchange adjustments		866			(1,304	)		—

At end of year	$	232,993		$	203,037		$	210,997

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

6.	PROPERTY AND EQUIPMENT, NET


	December 31,
	2019			2018
Cost
Buildings	$	6,288,083		$	6,244,348
Furniture, fixtures and equipment		1,071,341			1,007,626
Leasehold improvements		1,049,332			953,535
Plant and gaming machinery		265,856			227,263
Transportation		218,952			101,915
Construction in progress		143,330			69,186
Freehold land		77,876			85,068

Sub-total		9,114,770			8,688,941
Less: accumulated depreciation and amortization		(3,390,861	)		(2,904,598	)

Property and equipment, net	$	5,723,909		$	5,784,343

As of December 31, 2019 and 2018, construction in progress mainly in relation to Studio City and Cyprus Operations included interest capitalized in accordance with applicable accounting standards and other direct incidental costs capitalized which, in the aggregate, amounted to

$21,774

and $8,542, respectively.

The cost and accumulated depreciation and amortization of right-of-use assets

held under

finance

lease arrangements were $233,503 and $

63,758

as of December 31, 2019 and $224,752 and $49,288 as of December 31, 2018, respectively. Further information of the lease arrangements is included in Note 13.

GAMING SUBCONCESSION, NET

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

GAMING SUBCONCESSION, NET

7.	GAMING SUBCONCESSION, NET


	December 31,
	2019			2018
Deemed cost	$	898,959		$	894,079
Less: accumulated amortization		(757,519	)		(696,546	)

Gaming subconcession, net	$	141,440		$	197,533

The Company expects that amortization of the gaming subconcession will be approximately $57,171 each year from 2020 through 2021, and approximately $27,098 in 2022.

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

8 .	GOODWILL AND INTANGIBLE ASSETS, NET

(a) Goodwill

Goodwill by segment is as follows:


	December 31,
	2019		2018
Mocha Clubs (1)	$	81,820	$	81,376
Corporate and Other (2)		13,800		—

Goodwill	$	95,620	$	81,376

Notes

(1)

The amount represents goodwill arose from the acquisition of Mocha Slot Group Limited and its subsidiaries by the Company in 2006. The changes in carrying amounts represented the exchange differences arising from foreign currency translation at the balance sheet date.

(2)

The amount represents goodwill arose from the acquisition of Japan Ski Resort on November 28, 2019 amounted to $13,731 as described in Note 25 and the exchange differences arising from foreign currency translation at the balance sheet date.

(b) Intangible Assets, Net

As of December 31

, 2019

and 2018

, intangible assets comprised the carrying amounts of trademarks of Mocha Clubs of $4,215 and $4,193 and

internal-use

software, a finite-lived intangible asset, of $27,413 and $27,261

, respectively. Trademarks arose from the acquisition of Mocha Slot Group Limited and its subsidiaries by the Company in 2006

. The changes in carrying amounts of trademarks represented the exchange differences arising from foreign currency translation at the balance sheet date.

The cost and the accumulated amortization of

internal-use

software amounted to $30,353 and $2,940 as of December 31, 2019 and $27,958 and $697 as of December 31, 2018, respectively. The amortization expense of

internal-use

software recognized for the year

ended December 31, 2019 and 2018 w

ere

$2,232 and $697, respectively. The Company expects the amortization of the

internal-use

software will be approximately $2,512

, $

2,512, $1,990, $1,943, $1,943 and $16,513 in 2020, 2021, 2022, 2023, 2024 and thereafter, respectively

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

9.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

Long-term prepayments, deposits and other assets consisted of the following:


	December 31,
	2019			2018
Entertainment production costs	$	76,795		$	76,379
Less: accumulated amortization		(72,230	)		(65,027	)

Entertainment production costs, net		4,565			11,352
Other long-term prepayments and other assets		53,585			30,504
Deferred rent assets		37,835			46,864
Advance payments for construction costs		32,911			—
Other deposits		16,709			14,976
Deposits for acquisition of property and equipment		13,642			51,580
Input value-added tax, net		12,469			20,097
Deferred financing costs, net		885			11,330
Long-term receivables, net		3,877			5

Long-term prepayments, deposits and other assets	$	176,478		$	186,708

Entertainment production costs represent amounts incurred and capitalized for entertainment shows in City of Dreams. The Company amortized the entertainment production costs

over 10 years or the respective estimated useful live of the entertainment show, whichever is shorter.

Input value-added tax, net represents the value-added tax expected to be recoverable from the tax authority in the Philippines mainly connected with the purchase of assets or services for City of Dreams Manila. Certain input value-added tax incurred on purchase of assets of $8,648 was considered non-refundable which was recognized as property and equipment for the year ended December 31, 2019. During the years ended December 31, 2019, 2018 and 2017, provisions for input value-added tax expected to be

non-recoverable

amounting to

$3,733, $4,095 and $2,813, respectively,

were recognized in the accompanying consolidated statements of operations.

Long-term receivables, net represent casino receivables from casino customers where settlements are not expected within the next year. During the year ended December 31, 2019, net amount of long-term receivables of $3,215 was reclassified

from current accounts receivable to non-current accounts receivable; and net amount of allowances for doubtful debts of

$662

was reclassified from non-current allowances for doubtful debts to current allowances for doubtful debts. During the year ended December 31, 2018, net amount of long-term receivables of

$1,633

was reclassified to current accounts receivable; and net amount of allowances for doubtful debts of

$2,062

was reclassified from current allowances for doubtful debts to

non-current

allowances for doubtful debts. During the year ended December 31, 2017, net amount of long-term receivables of

$8,771

and net amount of allowances for doubtful debts of

$6,940,

was reclassified to current accounts receivable and allowances for doubtful debts. Reclassifications to current accounts receivable, net, are made when settlement of such balances are expected to occur within one year.

LAND USE RIGHTS, NET

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

LAND USE RIGHTS, NET

10 .	LAND USE RIGHTS, NET


	December 31,
	2019			2018
Altira Macau (“Taipa Land”)	$	146,306		$	145,511
City of Dreams (“Cotai Land”)		399,115			396,949
Studio City (“Studio City Land”)		652,807			649,263

		1,198,228			1,191,723
Less: accumulated amortization		(457,220	)		(432,072	)

Land use rights, net	$	741,008		$	759,651

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

11.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2019		2018
Outstanding gaming chips and tokens	$	473,330	$	638,702
Advance customer deposits and ticket sales		255,884		386,869
Gaming tax and license fee accruals		217,773		223,681
Staff cost accruals		169,622		147,049
Operating expense and other accruals and liabilities		117,338		123,223
Property and equipment payables		69,097		63,178
Interest expenses payable		49,298		14,754
Loyalty program liabilities		39,591		46,729
Construction costs payables		28,583		27,445

	$	1,420,516	$	1,671,630

LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

12.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:


	December 31,
	2019			2018
Credit Facilities
2015 Credit Facilities (net of unamortized deferred financing costs of $42 and $4,428, respectively) (1)	$	1,108		$	1,471,466
2016 Studio City Credit Facilities (2)		128			128
Aircraft Term Loan		—			3,503

Senior Notes
2017 4.875% Senior Notes, due 2025 (net of unamortized deferred financing costs and original issue premiums of $ 19,827 and $ 22,904 , respectively)		980,173			977,096
2019 5.250% Senior Notes, due 2026 (net of unamortized deferred financing costs of $ 5,948 )		494,052			—
2019 5.625% Senior Notes, due 2027 (net of unamortized deferred financing costs of $ 7,298 )		592,702			—
2019 5.375% Senior Notes, due 2029 (net of unamortized deferred financing costs of $ 8,992 )		891,008			—
2016 7.250% SC Secured Notes, due 2021 (net of unamortized deferred financing costs of $7,211 and $10,580, respectively)		842,789			839,420
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $7,829)		592,171			—
2012 8.500% Studio City Notes, due 2020 (net of unamortized deferred financing costs of $3,436)		—			421,564
2016 5.875% SC Secured Notes, due 2019 (net of unamortized deferred financing costs of $2,260)		—			347,740
		4,394,131			4,060,917
Current portion of long-term debt (net of unamortized deferred financing costs of $ 5 and $ 2,775 , respectively)		(146	)		(395,547	)

	$	4,393,985		$	3,665,370

Notes

As of December 31, 2019 and 2018, the unamortized deferred financing costs related to the 2015 Revolving Credit Facility of the 2015 Credit Facilities of $3,097 and nil are included in prepaid expenses and other current assets, and nil and $10,031 are included in long-term prepayments, deposits and other assets, in the accompanying consolidated balance sheets, respectively.

As of December 31, 2019 and 2018, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $885 and $1,299 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

(a) Credit Facilities

2015 Credit Facilities

On June 29, 2015, Melco Resorts Macau (the “Borrower”) amended and restated the Borrower’s prior senior secured credit facilities agreement from 9,362,160,000

Hong Kong dollars (“HK$”)

(equivalent to $

1,203,362

) to

HK$13,650,000,000 (equivalent to $1,750,000

)

senior secured credit facilities agreement

2015 Credit Facilities - continued

(the “2015 Credit Facilities

”), comprising

a HK$3,900,000,000 (equivalent to $500,000

)

term loan facility (the “2015 Term Loan Facility”) and a HK$9,750,000,000 (equivalent to $1,250,000

)

multicurrency revolving credit facility (the “2015 Revolving Credit Facility”). The 2015 Credit Facilities provide for additional incremental facilities to be made available, upon further agreement with any of the existing lenders under the 2015 Credit Facilities or other entities, of up to $1,300,000

(the “2015 Incremental Facility”). As of December 31, 2019, the outstanding principal amount of the 2015 Term Loan Facility and the 2015 Revolving Credit Facility were HK$8,955,830 (equivalent to $1,150) and nil, respectively, and the available borrowing capacity under the 2015 Revolving Credit Facility was HK$9,750,000,000 (equivalent to $1,251,764).

In December 2019, the Company partially prepaid an outstanding principal amount of HK$2,750,000,000 (equivalent to $353,062) of the 2015 Term Loan Facility, together with accrued interest and associated costs, with a portion of the net proceeds from the 2019 5.375% Senior Notes (as

described below). In connection with this prepayment, the Company recorded a loss on extinguishment of debt of $2,612 during the

year

ended December 31, 2019.

The maturity date of the 2015 Credit Facilities is: (i) June 29, 2021 in respect of the 2015 Term Loan Facility; and (ii) June 29, 2020 in respect of the 2015 Revolving Credit Facility. The maturity date, amount, margin, currency, form and other terms of the 2015 Incremental Facility will be further specified and agreed by the Borrower and the lenders under the 2015 Credit Facilities and additional lenders, if any, upon drawdown on the 2015 Incremental Facility. The 2015 Term Loan Facility is repayable in quarterly installments according to an amortization schedule. Each loan made under the 2015 Revolving Credit Facility is repayable in full on the last day of an agreed upon interest period in respect of the loan, generally ranging from one to six months, or rolling over subject to compliance with certain covenants and satisfaction of conditions precedent. The Borrower is also subject to mandatory prepayment requirements in respect of various amounts as specified in the 2015 Credit Facilities; in the event of the disposal of all or substantially all of the business and assets of the borrowing group which includes the Borrower and certain of its subsidiaries as defined under the 2015 Credit Facilities (the “2015 Borrowing Group”), the 2015 Credit Facilities are required to be repaid in full. In the event of a change of control, the Borrower may be required, at the election of any lender under the 2015 Credit Facilities, to repay such lender in full.

The indebtedness under the 2015 Credit Facilities is guaranteed by the 2015 Borrowing Group. Security for the 2015 Credit Facilities includes: a first-priority interest in substantially all assets of the 2015 Borrowing Group, the issued share capital and equity interests and certain buildings, fixtures and equipment of the 2015 Borrowing Group and certain other excluded assets and customary security.

The 2015 Credit Facilities contain certain covenants customary for such financings including, but not limited to: the 2015 Borrowing Group’s limitations on, except as permitted (i) incurring additional liens; (ii) incurring additional indebtedness (including guarantees); (iii) making certain investments; (iv) paying dividends and other restricted payments; (v) creating any subsidiaries; and (vi) selling assets. The 2015 Credit Facilities also contains conditions and events of default customary for such financings and the financial covenants including a leverage ratio, total leverage ratio and interest cover ratio.

There are provisions that limit certain payments of dividends and other distributions by the 2015 Borrowing Group to companies or persons who are not members of the 2015 Borrowing Group. As of December 31,

2015 Credit Facilities - continued

2019, there were no material net assets of the 2015 Borrowing Group restricted from being distributed under the terms of the 2015 Credit Facilities as certain financial tests and conditions are satisfied.

Borrowings under the 2015 Credit Facilities bear interest at Hong Kong Interbank Offered Rate (“HIBOR”) plus a margin ranging from 1.25% to 2.50% per annum as adjusted in accordance with the leverage ratio in respect of the 2015 Borrowing Group. The Borrower may select an interest period for borrowings under the 2015 Credit Facilities ranging from one to six months or any other agreed period. The Borrower is obligated to pay a commitment fee on the undrawn amount of the 2015 Revolving Credit Facility and recognized loan commitment fees of $2,322, $3,870 and $4,819 during the years ended December 31, 2019, 2018 and 2017, respectively.

2016 Studio City Credit Facilities

On November 30, 2016, Studio City Company Limited (“Studio City Company” or the “Studio City Borrower”), a majority-owned subsidiary of Melco, amended and restated the Studio City Borrower’s prior senior secured credit facilities agreement from HK$10,855,880,000 (equivalent to $1,395,357) to

HK$234,000,000 (equivalent to $30,077) senior secured credit facilities agreement (the “2016 Studio City Credit Facilities”), comprising a HK$1,000,000 (equivalent to $129) term loan facility (the “2016 SC Term Loan Facility”) and a HK$233,000,000 (equivalent to $29,948) revolving credit facility (the “2016 SC Revolving Credit Facility”). As of December 31, 2019, the outstanding principal amount of

the 2016 SC Term Loan Facility

and the 2016 SC Revolving Credit Facility

were HK$1,000,000 (equivalent to $128) and nil, respectively, and the available borrowing capacity under the 2016 SC Revolving Credit Facility was

HK$233,000,000 (equivalent to $29,914)

The 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility mature on November 30, 2021. The 2016 SC Term Loan Facility has to be repaid at maturity with no interim amortization payments. The 2016 SC Revolving Credit Facility is available up to the date that is one month prior to the 2016 SC Revolving Credit Facility’s maturity date. The 2016 SC Term Loan Facility is collateralized by cash

HK$1,012,500 (equivalent to $130). The Studio City Borrower is subject to mandatory prepayment requirements in respect of various amounts of the 2016 SC Revolving Credit Facility as specified in the 2016 Studio City Credit Facilities; in the event of the disposal of all or substantially all of the business and assets of the Studio City borrowing group which includes the Studio City Borrower and certain of its subsidiaries as defined under the 2016 Studio City Credit Facilities (the “2016 Studio City Borrowing Group”), the 2016 Studio City Credit Facilities are required to be repaid in full. In the event of a change of control, the Studio City Borrower may be required, at the election of any lender under the 2016 Studio City Credit Facilities, to repay such lender in full (other than the principal amount of the 2016 SC Term Loan Facility).

The indebtedness under the 2016 Studio City Credit Facilities is guaranteed by Studio City Investments Limited (“Studio City Investments”), a majority-owned subsidiary of Melco, and its subsidiaries (other than the Studio City Borrower). Security for the 2016 Studio City Credit Facilities includes a first-priority mortgage over any rights under the land concession contract of Studio City and an assignment of certain leases or rights to use agreements; as well as other customary security. The 2016 Studio City Credit Facilities contain certain affirmative and negative covenants customary for such financings, as well as affirmative, negative and financial covenants equivalent to those contained in the 2016 7.250% SC Secured Notes (as described below).

Certain specified

bank accounts of Melco Resorts Macau are pledged under

2016 Studio City Credit Facilities - continued

2016 Studio City Credit Facilities and related finance documents. The 2016 Studio City Credit Facilities are secured, on an equal basis with the 2016 7.250% SC Secured Notes, by substantially all of the material assets of Studio City Investments and its subsidiaries (although obligations under the 2016 Studio City Credit Facilities that are secured by common collateral securing the 2016 7.250% SC Secured Notes will have priority over the 2016 7.250% SC Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral).

The 2016 Studio City Credit Facilities contain certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Company, Studio City Investments and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens; (vii) impair the security interests in the Collateral as defined below; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with shareholders or affiliates; and (xi) effect a consolidation or merger. The 2016 Studio City Credit Facilities also contains conditions and events of default customary for such financings.

There are provisions that limit certain payments of dividends and other distributions by the 2016 Studio City Borrowing Group to companies or persons who are not members of the 2016 Studio City Borrowing Group. As of December 31, 2019, the net assets of Studio City Investments and its restricted subsidiaries of approximately $1,082,000 were restricted from being distributed under the terms of the 2016 Studio City Credit Facilities.

Borrowings under the 2016 Studio City Credit Facilities bear interest at HIBOR plus a margin of 4% per annum. The Studio City Borrower may select an interest period for borrowings under the 2016 Studio City

Credit Facilities ranging from one to six months or any other agreed period. The Studio City Borrower is obligated to pay a commitment fee on the undrawn amount of the 2016 SC Revolving Credit Facility and recognized loan commitment fees of $416, $419 and $419 during the years ended December 31, 2019, 2018 and 2017, respectively.

Philippine Credit Facility

On October 14, 2015, Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), a majority-owned subsidiary of Melco, entered into an

on-demand,

unsecured credit facility agreement of 2,350,000,000

Philippine Pesos (“PHP”)

(equivalent to $49,824), as amended from time to time (the “Philippine Credit Facility”) with a lender to finance advances to Melco Resorts Leisure (PHP) Corporation (“Melco Resorts Leisure”), a majority-owned subsidiary of Melco. As of December 31, 2019, the Philippine Credit Facility availability period, as amended from time to time, is up to May 31, 2020, and the maturity date of each individual drawdown, as amended from time to time, to be the earlier of: (i) the date which is one year from the date of drawdown, and (ii) the date which is 360 days after the end of the availability period. The individual drawdowns under the Philippine Credit Facility are subject to certain conditions precedents, including issuance of a promissory note in favor of the lender evidencing such drawdown. As of December 31, 2019, borrowings under the Philippine Credit Facility bear interest, as amended

from time to time

, at the higher of: (i) the PHP BVAL Reference Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, and (ii) Philippines

Philippine Credit Facility - continued

Term Deposit Facility Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown

, such rate to be set one business day prior to the relevant interest period

The Philippine Credit Facility includes a tax

gross-up

provision requiring MRP to pay without any deduction or withholding for or on account of tax.

As of December 31, 2019, the Philippine Credit Facility had not yet been drawn and the available borrowing capacity under the Philippine Credit Facility was PHP2,350,000,000 (equivalent to $46,311).

Aircraft Term Loan

On June 25, 2012, MCE Transportation Limited, a subsidiary of Melco, entered into a $43,000 term loan facility agreement

, matured

June 27, 2019

and bore

interest

London Interbank Offered Rate plus a margin of 2.80% per annum

, to partly finance the acquisition of an aircraft (the “Aircraft Term Loan”). On June 27

, 2019, the Aircraft Term Loan

was

repaid

in full and terminated

(b) Senior Notes

2017

Senior Notes

On June 6, 2017, Melco Resorts Finance

Limited (“Melco Resorts Finance”), a subsidiary of Melco,

issued $650,000 in aggregate principal amount of 4.875% senior notes due

June 6, 2025

and priced at 100% (the “First 2017 Senior Notes”); and on July 3, 2017, Melco Resorts Finance further issued $350,000 in aggregate principal amount of 4.875% senior notes due

June 6,

2025 and priced at 100.75% (the “Second 2017 Senior Notes” and together with the First 2017 Senior Notes, collectively referred to as the “2017 Senior Notes”).

The

interest on the 2017 Senior Notes is accrued at a rate of 4.875% per annum, payable semi-annually in arrears on June 6 and December 6 of each year. The 2017 Senior Notes are general obligations of Melco Resorts Finance, rank equally in right of payment to all existing and future senior indebtedness of Melco Resorts Finance

rank senior in right of payment to any existing and future subordinated indebtedness of Melco Resorts Finance and effectively subordinated to all of Melco Resorts Finance’s existing and future secured indebtedness to the extent of the value of the assets securing such debt and all of the indebtedness of Melco Resorts Finance’s subsidiaries.

The net proceeds from the offering of the First 2017 Senior Notes were used to partly fund the redemption of the previous senior notes of Melco Resorts Finance and the net proceeds from the offering of the Second 2017 Senior Notes were used to repay the 2015 Revolving Credit Facility.

Melco Resorts Finance has the option to redeem all or a portion of the 2017 Senior Notes at any time prior to June 6, 2020, at a “make-whole” redemption price. On or after June 6, 2020, Melco Resorts Finance has the option to redeem all or a portion of the 2017 Senior Notes at any time at fixed redemption prices that decline ratably over time. In addition, Melco Resorts Finance has the option to redeem up to 35% of the 2017 Senior Notes with the net cash proceeds from one or more equity offerings at a fixed redemption price at any time prior to June 6, 2020. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture, Melco Resorts Finance also has the option to redeem in whole, but not in part the 2017 Senior Notes at fixed redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture, each holder of the 2017 Senior Notes will have the right to require Melco Resorts Finance to repurchase all or any part of such holder’s 2017 Senior Notes at a fixed redemption price.

The indenture governing the 2017 Senior Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Melco Resorts Finance to, among other things, effect a consolidation or merger or sell assets. The indenture governing the 2017 Senior Notes also contains conditions and events of default customary for such financings

2019 5.250%

Senior Notes

April

26,

2019, Melco Resorts

Finance issued $500,000 in aggregate principal amount of 5.250% senior notes due

April 26, 2026

and priced at 100% (the “

2019 5.250% Senior

Notes”). The interest on the

2019 5.250% Senior

Notes

accrued at a rate of 5.250%

per annum, payable semi-annually in arrears

April 26 and October 26 of each

year, commenced on October 26, 2019. The 2019 5.250% Senior Notes are general obligations of Melco Resorts Finance, rank equally in right of payment to all existing and future senior indebtedness of Melco Resorts Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Melco Resorts Finance and effectively subordinated to all of Melco Resorts Finance’s existing and future secured indebtedness to the extent of the value of the assets securing such debt and to the indebtedness of Melco Resorts Finance’s subsidiaries.

The net proceeds from the offering of the 2019 5.250% Senior Notes were used to partially repay the 2015 Revolving Credit Facility in May 2019.

Melco Resorts Finance has the option to redeem all or a portion of the 2019 5.250% Senior Notes at any time prior to April 26, 2022, at a “make-whole” redemption price. On or after April 26, 2022, Melco Resorts Finance has the option to redeem all or a portion of the 2019 5.250% Senior Notes at any time at fixed redemption prices that decline ratably over time. In addition, Melco Resorts Finance has the option to redeem up to 35% of the 2019 5.250% Senior Notes with the net cash proceeds from one or more equity offerings at a fixed redemption price at any time prior to April 26, 2022. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture, Melco Resorts Finance also has the option to redeem in whole, but not in part the 2019 5.250% Senior Notes at fixed redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture, each holder of the 2019 5.250% Senior Notes will have the right to require Melco Resorts Finance to repurchase all or any part of such holder’s 2019 5.250% Senior Notes at a fixed redemption price.

The indenture governing the 2019 5.250% Senior Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Melco Resorts Finance to, among other things, effect a consolidation or merger or sell assets. The indenture governing the 2019 5.250% Senior Notes also contains conditions and events of default customary for such financings.

2019 5.625% Senior Notes

On July 17, 2019, Melco Resorts Finance issued $600,000 in aggregate principal amount of 5.625% senior notes due July 17, 2027 and priced at 100% (the “2019 5.625% Senior Notes”). The interest on the 2019 5.625% Senior Notes is accrued at a rate of 5.625% per annum, payable semi-annually in arrears on January 17 and July 17 of each year, commenced on January 17, 2020. The 2019 5.625% Senior Notes are general obligations of Melco Resorts Finance, rank equally in right of payment to all existing and future senior indebtedness of Melco Resorts Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Melco Resorts Finance and effectively subordinated to all of Melco Resorts

2019 5.625% Senior Notes - continued

Finance’s existing and future secured indebtedness to the extent of the value of the assets securing such debt and to the indebtedness of Melco Resorts Finance’s subsidiaries.

The net proceeds from the offering of the

2019

5.625

% Senior Notes were used to partially repay the

2015

Revolving Credit Facility in July

2019

Melco Resorts Finance has the option to redeem all or a portion of the 2019 5.625% Senior Notes at any time prior to July 17, 2022, at a “make-whole” redemption price. On or after July 17, 2022, Melco Resorts Finance has the option to redeem all or a portion of the 2019 5.625% Senior Notes at any time at fixed redemption prices that decline ratably over time. In addition, Melco Resorts Finance has the option to redeem up to

35%

of the 2019 5.625% Senior Notes with the net cash proceeds from one or more equity offerings at a fixed redemption price at any time prior to July 17, 2022. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture, Melco Resorts Finance also has the option to redeem in whole, but not in part the 2019 5.625% Senior Notes at fixed redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture, each holder of the 2019 5.625% Senior Notes will have the right to require Melco Resorts Finance to repurchase all or any part of such holder’s 2019 5.625% Senior Notes at a fixed redemption price.

The indenture governing the 2019 5.625% Senior Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Melco Resorts Finance to, among other things, effect a consolidation or merger or sell assets. The indenture governing the 2019 5.625% Senior Notes also contains conditions and events of default customary for such financings.

2019 5.375% Senior Notes

On December 4, 2019, Melco Resorts Finance issued $900,000 in aggregate principal amount of 5.375% senior notes due December 4, 2029 and priced at 100% (the “2019 5.375% Senior Notes”). The interest on the 2019 5.375% Senior Notes is accrued at a rate of 5.375% per annum, payable semi-annually in arrears on June 4 and December 4 of each year, commencing on June 4, 2020. The 2019 5.375% Senior Notes are general obligations of Melco Resorts Finance, rank equally in right of payment to all existing and future senior indebtedness of Melco Resorts Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Melco Resorts Finance and effectively subordinated to all of Melco Resorts Finance’s existing and future secured indebtedness to the extent of the value of the assets securing such debt and to the indebtedness of Melco Resorts Finance’s subsidiaries. The net proceeds from the offering of the 2019 5.375% Senior Notes were used to repay the outstanding borrowing of the 2015 Revolving Credit Facility in full and to partially prepay the 2015 Term Loan Facility in December 2019.

Melco Resorts Finance has the option to redeem all or a portion of the 2019 5.375% Senior Notes at any time prior to December 4, 2024 at a “make-whole” redemption price. On or after December 4, 2024, Melco Resorts Finance has the option to redeem all or a portion of the 2019 5.375% Senior Notes at any time at fixed redemption prices that decline ratably over time. In addition, Melco Resorts Finance has the option to redeem up to 35% of the 2019 5.375% Senior Notes with the net cash proceeds from one or more equity offerings at a fixed redemption price at any time prior to December 4, 2024. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture, Melco Resorts

Finance also has the option to redeem in whole, but not in part the 2019 5.375% Senior Notes at fixed

2019 5.375% Senior Notes - continued

redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture, each holder of the 2019 5.375% Senior Notes will have the right to require Melco Resorts Finance to repurchase all or any part of such holder’s 2019 5.375% Senior Notes at a fixed redemption price.

The indenture governing the 2019 5.375% Senior Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Melco Resorts Finance to, among other things, effect a consolidation or merger or sell assets. The indenture governing the 2019 5.375% Senior Notes also contains conditions and events of default customary for such financings.

2016 Studio City Secured Notes

On November 30, 2016, Studio City Company issued $350,000 in aggregate principal amount of 5.875% senior secured notes due November 30, 2019 and priced at 100% (the “2016 5.875% SC Secured Notes”) and $850,000 in aggregate principal amount of 7.250% senior secured notes due November 30, 2021 and priced at 100% (the “2016 7.250% SC Secured Notes” and together with the 2016 5.875% SC Secured Notes, the “2016 Studio City Secured Notes”). The net proceeds from the offering of the 2016 Studio City Secured Notes were used to partially repay the Studio City Borrower’s prior senior secured credit facilities.

The interest on the 2016 5.875% SC Secured Notes was accrued at a rate of 5.875% per annum, payable semi-annually in arrears. On November 30, 2019, Studio City Company repaid the 2016 5.875% SC Secured Notes in full at maturity with cash on hand.

The interest on the 2016 7.250% SC Secured Notes is accrued at a rate of 7.250% per annum, payable semi-annually in arrears on May 30 and November 30 of each year.

The 2016 7.250% SC Secured Notes are senior secured obligations of Studio City Company, rank equally in right of payment to all existing and future senior indebtedness of Studio City Company (although any liabilities in respect of obligations under the 2016 Studio City Credit Facilities that are secured by common collateral securing the 2016 7.250% SC Secured Notes will have priority over the 2016 7.250% SC Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral) and rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Company and effectively subordinated to Studio City Company’s existing and future secured indebtedness that is secured by assets that do not secure the 2016 7.250% SC Secured Notes, to the extent of the assets securing such indebtedness.

All of the existing subsidiaries of Studio City Investments (other than Studio City Company) and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the 2016 Studio City Credit Facilities) (the “2016 7.250% SC Secured Notes Guarantors”) jointly, severally and unconditionally guarantee the 2016 7.250% SC Secured Notes on a senior basis (the “2016 7.250% SC Secured Notes Guarantees”). The 2016 7.250% SC Secured Notes Guarantees are senior obligations of the 2016 7.250% SC Secured Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2016 7.250% SC Secured Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2016 7.250% SC Secured Notes Guarantors. The 2016 7.250% SC Secured Notes Guarantees are pari passu to the 2016 7.250% SC Secured Notes

2016 Studio City Secured Notes - continued

Guarantors’ obligations under the 2016 Studio City Credit Facilities,

and effectively subordinated to any future secured indebtedness that is secured by assets that do not secure the 2016 7.250% SC Secured Notes and the 2016 7.250% SC Secured Notes Guarantees, to the extent of the value of the assets.

The 2016 7.250% SC Secured Notes are secured, on an equal basis with the 2016 Studio City Credit Facilities, by substantially all of the material assets of Studio City Investments and its subsidiaries (although obligations under the 2016 Studio City Credit Facilities that are secured by common collateral securing the 2016 7.250% SC Secured Notes will have priority over the 2016 7.250% SC Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral). The common collateral (shared with the 2016 Studio City Credit Facilities) includes a first-priority mortgage over any rights under the land concession contract of Studio City and an assignment of certain leases or rights to use agreements; as well as other customary security. The 2016 7.250% SC Secured Notes are secured by the common collateral and, in addition, certain bank accounts (together with the common collateral, the “Collateral”). Certain specified bank accounts of Melco Resorts Macau are pledged under 2016 Studio City Credit Facilities and related finance documents. In addition, the 2016 7.250% SC Secured Notes are also separately secured by certain specified bank accounts.

At any time prior to November 30, 2018, Studio City Company had the options i) to redeem all or a portion of the 2016 7.250% SC Secured Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2016 7.250% SC Secured Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Company has the option to redeem all or a portion of the 2016 7.250% SC Secured Notes at any time at fixed redemption prices that decline ratably over time. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture governing the 2016 7.250% SC Secured Notes, Studio City Company also has the option to redeem in whole, but not in part the 2016 7.250% SC Secured Notes at fixed redemption prices.

The indenture governing the 2016 7.250% SC Secured Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Company, Studio City Investments and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens; (vii) impair the security interests in the Collateral; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with shareholders or affiliates; and (xi) effect a consolidation or merger. The indenture governing the 2016 7.250% SC Secured Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2016 7.250% SC Secured Notes that limit or prohibit certain payments of dividends and other distributions by Studio City Company, Studio City Investments and their respective restricted subsidiaries to companies or persons who are not Studio City Company, Studio City Investments and their respective restricted subsidiaries, subject to certain exceptions and conditions. As of December 31, 2019, the net assets of Studio City Investments and its restricted subsidiaries of approximately $1,082,000 were restricted from being distributed under the terms of the 2016 7.250% SC Secured Notes.

2019 Studio City Notes

On February 11, 2019, Studio City Finance Limited (“Studio City Finance”), a majority-owned subsidiary of Melco, issued $600,000 in aggregate principal amount of 7.250% senior notes due February 11, 2024 and priced at 100% (the “2019 Studio City Notes”). The interest on the 2019 Studio City Notes is accrued at a rate of 7.250% per annum, payable semi-annually in arrears on February 11 and August 11 of each year, commenced on August 11, 2019. The 2019 Studio City Notes are general obligations of Studio City Finance, rank equally in right of payment to all existing and future senior indebtedness of Studio City Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Finance and effectively subordinated to all of Studio City Finance’s existing and future secured indebtedness to the extent of the value of the property and assets securing such indebtedness.

The net proceeds from the offering of the 2019 Studio City Notes were used to partially fund the Conditional Tender Offer, redeem in full the remaining outstanding balance of 2012 Studio City Notes with accrued interest (as described below) in March 2019 and with the remaining amount used for general corporate purposes.

All of the existing subsidiaries of Studio City Finance and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the 2016 Studio City Credit Facilities) (the “2019 Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2019 Studio City Notes on a senior basis (the “2019 Studio City Notes Guarantees”). The 2019 Studio City Notes Guarantees are general obligations of the 2019 Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2019 Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2019 Studio City Notes Guarantors. The 2019 Studio City Notes Guarantees are effectively subordinated to the 2019 Studio City Notes Guarantors’ obligations under all existing and any future secured indebtedness to the extent of the value of such property and assets securing such indebtedness.

At any time prior to February 11, 2021, Studio City Finance has the options i) to redeem all or a portion of the 2019 Studio City Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2019 Studio City Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Finance has the option to redeem all or a portion of the 2019 Studio City Notes at any time at fixed redemption prices that decline ratably over time. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture governing the 2019 Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2019 Studio City Notes at fixed redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2019 Studio City Notes, each holder of the 2019 Studio City Notes will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2019 Studio City Notes at a fixed redemption price.

The indenture governing the 2019 Studio City Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Finance and its restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness; (ii) make specified restricted payments; (iii) issue or sell capital stock; (iv) sell assets; (v) create liens; (vi) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vii) enter into transactions with shareholders or affiliates; and (viii) effect a consolidation or merger. The indenture

2019 Studio City Notes - continued

governing the 2019 Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2019 Studio City Notes that limit or prohibit certain payments of dividends and other distributions by Studio City Finance and its restricted subsidiaries to companies or persons who are not Studio City Finance or restricted subsidiaries of Studio City Finance, subject to certain exceptions and conditions. As of December 31, 2019, the net assets of Studio City Finance and its restricted subsidiaries of approximately $1,180,000 were restricted from being distributed under the terms of the 2019 Studio City Notes.

2012 Studio City Notes

On November 26, 2012, Studio City Finance Limited issued $825,000 in aggregate principal amount of 8.5% senior notes due December 1, 2020 and priced at 100% (the “2012 Studio City Notes”). The interest on the 2012 Studio City Notes was accrued at a rate of 8.5% per annum, payable semi-annually in arrears. The net proceeds from the offering of the 2012 Studio City Notes were used to fund the Studio City project with conditions and sequence for disbursements in accordance with an agreement.

On December 31, 2018, Studio City Finance partially redeemed the 2012 Studio City Notes in aggregate principal amount of $400,000 at a price of 100%, together with accrued interest. The Company recorded a loss on extinguishment of debt of $3,233 during the year ended December 31, 2018 in connection with this redemption.

On January 22, 2019, Studio City Finance initiated a conditional tender offer (the “Conditional Tender Offer”), subject to sufficient funding, to purchase the outstanding balance of 2012 Studio City Notes in aggregate principal amount of $425,000, with accrued interest. The Conditional Tender Offer expired on February 4, 2019 with $216,534 aggregate principal amount of the 2012 Studio City Notes tendered. Studio City Finance used a portion of the net proceeds from the offering of the 2019 Studio City Notes (as described above) to fund the Conditional Tender Offer, and to redeem in full the remaining outstanding balance of 2012 Studio City Notes in aggregate principal amount of $208,466, with accrued interest on March 13, 2019. In connection with the redemption of the 2012 Studio City Notes, the Company recorded a loss on extinguishment of debt of $3,721 and a cost associated with debt modification of $579, during the year ended December 31, 2019.

During the years ended December 31, 2019, 2018 and 2017, the Company’s average borrowing rates were approximately 5.45%, 5.97% and 6.01% per annum, respectively.

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2019 are as follows:


Year ending December 31,
2020	$	151
2021		851,127
2022		—
2023		—
2024		600,000
Over 2024		3,000,000

	$	4,451,278

LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

13.

LEASES

Lessee Arrangements

The Company is the lessee under operating and finance leases for equipment and real estate, including the land and certain of the building structure for City of Dreams Manila under the MRP Lease Agreement as described in Note 21, Cyprus casino sites, Mocha Clubs sites, office space, warehouses, staff quarters, and certain parcels of land in Macau on which Altira Macau, City of Dreams and Studio City are located. Certain lease agreements provide for periodic rental increases based on both contractual agreed incremental rates and on the general inflation rate once agreed by the Company and its lessor and in some cases contingent rental expenses stated as a percentage of turnover. Certain leases include options to extend the

lease term and options to terminate the lease term. The land concession contracts in Macau have a term of 25 years, which is renewable for further consecutive periods of 10 years, subject to applicable legislation in Macau. The estimated term related to the land concession contracts in Macau is 40 years.

The components of lease cost are as follows:


	Year Ended December 31, 2 019
Operating lease cost:
Amortization of land use rights	$	22,659
Operating lease cost		39,681
Short-term lease cost		1,569
Variable lease cost		9,595
Finance lease cost:
Amortization of right-of-use assets		12,326
Interest cost		39,696

Total lease cost	$	125,526

During the years ended December 31, 2018 and 2017, the Company incurred rental and right to use expenses amounting to $45,816 and $45,807, respectively, which consisted of minimum rental and right to

use expenses of $29,896 and $30,556 and contingent rental and right to use expenses of $15,920 and $15,251, respectively.

Other information related to lease term and discount rate is as follows:


	December 31, 2019
Weighted average remaining lease term
Operating leases		18.3 years
Finance leases		13.5 years

Weighted average discount rate
Operating leases		5.82	%
Finance leases		13.49	%

Maturities of lease liabilities as of December 31, 2019 are as follows:


	Operating leases			Finance leases
Year ending December 31,
2020	$	33,846		$	42,681
2021		24,178			47,115
2022		14,447			48,214
2023		8,591			49,337
2024		6,862			50,666
Over 2024		99,625			434,247

Total future minimum lease payments		187,549			672,260
Less: amount representing interest		(66,138	)		(370,495	)

Present value of future minimum lease payments		121,411			301,765
Current portion		(33,152	)		(39,725	)

Non-current portion	$	88,259		$	262,040

Lessor Arrangements

The Company is the lessor under

non-cancellable

operating

leases

mainly for mall spaces in the site of City of Dreams, City of Dreams Manila and Studio City with various retailers that expire at various dates through August 2028. Certain of the operating leases include minimum base fees with contingent fee clauses based on a percentage of turnover.

During the years ended December 31, 2019, 2018 and 2017, the Company earned minimum operating lease income of $36,938, $43,270 and $51,023, respectively, and contingent operating lease income of $14,295, $12,654 and $27,457, respectively.

Future minimum fees, excluding the contingent fees to be received under

non-cancellable

operating leases

as of December 31, 2019 were as follows:


Year ending December 31,
2020	$	54,544
2021		43,994
2022		39,973
2023		40,387
2024		41,650
Over 2024		65,274

	$	285,822

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

14.	FAIR VALUE MEASUREMENTS

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value

measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

•

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•

Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

The carrying values of cash and cash equivalents and restricted cash approximated fair value and were classified as level 1 in the fair value hierarchy. The carrying values of long-term deposits, long-term receivables and other long-term liabilities approximated fair value and were classified as level 2 in the fair value hierarchy. The estimated fair value of long-term debt as of December 31, 2019 and 2018, which included the 2015 Credit Facilities, the 2016 Studio City Credit Facilities, the Aircraft Term Loan, the 2017 Senior Notes, the 2019 5.250% Senior Notes, the 2019 5.625% Senior Notes

the 2019 5.375% Senior

Notes, the 2016 Studio City Secured Notes, the 2019 Studio City Notes and the 2012 Studio City

Notes were approximately $4,607,202 and $4,043,427, respectively, as compared to its carrying value, excluding unamortized deferred financing costs and original issue premiums, of $4,451,278 and $4,104,525, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 2017 Senior Notes, the 2019 5.250% Senior Notes, the 2019 5.625% Senior Notes

the 2019 5.375% Senior Notes

, 2016 Studio City Secured Notes, the 2019 Studio

City Notes and the 2012 Studio City Notes.

Fair values for the 2015 Credit Facilities, the 2016 Studio City Credit Facilities and the

Aircraft Term Loan approximated the carrying values as the instruments carried either variable interest rates or the fixed interest rates approximated the market rates and were classified as level 2 in the fair value hierarchy.

As of December 31, 2019 and 2018, the Company did not have any

non-financial

assets or liabilities that were recognized or disclosed at fair value in the accompanying consolidated financial statements.

The Company’s financial assets and liabilities recorded at fair value have been categorized based upon fair values in accordance with the applicable accounting standards. As of December 31, 2019 and 2018, investment securities were carried at fair value. Fair values of investment securities were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CAPITAL STRUCTURE

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

CAPITAL STRUCTURE

15.	CAPITAL STRUCTURE

Offering and Share Repurchase Transactions

On May 15, 2017, Melco completed the offer and sale of 27,769,248 ADSs (equivalent to 83,307,744 ordinary shares) and 81,995,799 ordinary shares, representing a total of 165,303,543 ordinary shares in aggregate with gross proceeds amounting to $1,163,186, with offering expenses of $3,686 for the offering being reimbursed by a subsidiary of Crown

(the “Offering”).

The Offering was made as follow

s: i)

15,769,248

ADSs (equivalent to

47,307,744

ordinary shares) to the underwriters for resale in an underwritten public offering; ii)

81,995,799

ordinary shares to the underwriters which they used to satisfy the return obligations of their respective affiliates for ADSs borrowed by such affiliates representing

81,995,799

ordinary shares from

Melco

Leisure and Entertainment Group Limited, the single largest shareholder of

Melco

which is wholly owned by

Melco

International, in conjunction with the termination and hedge unwind of certain cash-settled swap transactions entered into in

December 2016

; and iii)

12,000,000

additional ADSs purchased by one of the underwriters.

Melco

repurchased

165,303,544

ordinary shares from a subsidiary of Crown concurrently with the Offering at an aggregate price of $

1,163,186

which was partially settled by the net proceeds of $

1,159,500

from the Offering and the remaining amount of $

3,686

being reimbursed by a subsidiary of Crown and not reflected in the transaction costs as described above. Following the completion of this share repurchase, the

165,303,544

repurchased shares were

cancelled

On July 31, 2019, Melco completed the Acquisition of ICR Cyprus as described in Note

for a consideration

with the issuance

of 55,500,738 ordinary shares of

Melco

. For the preparation of the accompanying consolidated financial statements, Melco has retrospectively presented the ordinary shares as if the Acquisition of ICR Cyprus had been in effect since the inception of common control

resulting from the acquisition of ICR Cyprus and its subsidiaries by Melco International in September 2017. Further details are disclosed in Note 2(a).

Treasury Shares

Melco’s treasury shares represent new shares issued by Melco and the shares repurchased by Melco under the respective share repurchase programs. The treasury shares are mainly held by the depositary bank to facilitate the administration and operations of Melco’s share incentive plans, and are to be delivered to the directors, eligible employees and consultants on the vesting of restricted shares and upon the exercise of share options.

During the years ended December 31, 2019, 2018 and 2017, Melco issued nil, 4,570,191 and 2,504,721 ordinary shares to its depositary bank for future vesting of restricted shares and exercise of share options,

respectively. Melco issued 1,398,840, 2,115,809 and 950,320 of these ordinary shares upon vesting of restricted shares; and 666,255, 4,803,288 and 3,363,159 of these ordinary shares upon exercise of share options during the years ended December 31, 2019, 2018 and 2017, respectively.

On March 21, 2018, the Board of Directors of Melco authorized the repurchase of Melco’s ordinary shares and/or ADSs of up to an aggregate of $500,000 over a three-year period which commenced on March 21, 2018 under a share repurchase program. On November 8, 2018, the Board of Directors of Melco further authorized the repurchase of Melco’s ordinary shares and/or ADSs of up to an aggregate of $500,000 over a three-year period commenced on November 8, 2018 under an additional share repurchase program (this share repurchase program together with the share repurchase program authorized on March 21, 2018, the “2018 Share Repurchase Programs”). Purchases under the 2018 Share Repurchase Programs may be made from time to time on the open market at prevailing market prices, including pursuant to a trading plan in accordance with Rule

10b-18

of the U.S. Securities Exchange Act, and/or in privately-negotiated transactions. The timing and the amount of ordinary shares and/or ADSs purchased were determined by Melco’s management based on its evaluation of market conditions, trading prices, applicable securities laws

and other factors. The

2018

Share Repurchase Programs may be suspended, modified or terminated by

Melco

at any time prior to its expiration.

During the year ended December 31, 2019, no ordinary share was repurchased under the 2018 Share Repurchase Programs, while 81,952,230 ordinary shares repurchased under the 2018 Share Repurchase Programs were retired. During the year ended December 31, 2018, 32,190,355 ADSs, equivalent to 96,571,065 ordinary shares were repurchased under the 2018 Share Repurchase Programs, of which nil ordinary shares repurchased were

retired. In March 2020, 3,148,824 ADSs, equivalent to 9,446,472 ordinary shares were repurchased under the 2018 Share Repurchase Programs.

As of December 31, 2019 and 2018, Melco had 1,456,547,942 and 1,538,500,172 issued ordinary shares, and 19,219,846 and 103,237,171 treasury shares, with 1,437,328,096 and 1,435,263,001 ordinary shares outstanding, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

16.	INCOME TAXES

Income before income tax consisted of:


	Year Ended December 31,
	2019			2018			2017
Macau operations	$	665,591		$	522,390		$	562,140
Hong Kong operations		(72,676	)		(48,385	)		(26,111	)
Philippine operations		61,768			83,758			36,035
Cyprus operations		16,432			(14,268	)		(3,073	)
Other jurisdictions operations		(268,548	)		(204,361	)		(256,781	)

Income before income tax	$	402,567		$	339,134		$	312,210

The income tax expense (credit)

consisted

of:


	Year Ended December 31,
	2019			2018			2017
Income tax expense - current
Macau Complementary Tax	$	1,130		$	676		$	13
Lump sum in lieu of Macau Complementary Tax on dividends		2,345			2,341			2,359
Hong Kong Profits Tax		64			46			2,516
Income tax in other jurisdictions		3,571			408			54

Sub-total		7,110			3,471			4,942

Under (over) provision of income taxes in prior years:
Macau Complementary Tax		38			793			(2,575	)
Hong Kong Profits Tax		(3	)		(2,303	)		30
Income tax in other jurisdictions		325			39			(77	)

Sub-total		360			(1,471	)		(2,622	)

Income tax expense (credit) - deferred:
Macau Complementary Tax		(900	)		(629	)		(3,020	)
Hong Kong Profits Tax		(341	)		(2,554	)		245
Income tax in other jurisdictions		2,110			1,421			445

Sub-total		869			(1,762	)		(2,330	)

Total income tax expense (credit)	$	8,339		$	238		$	(10	)

A reconciliation of the income tax expense (credit) from income before income tax per the accompanying consolidated statements of

operations

is as follows:


	Year Ended December 31,
	2019			2018			2017
Income before income tax	$	402,567		$	339,134		$	312,210
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax expense at Macau Complementary Tax rate		48,308			40,696			37,465
Lump sum in lieu of Macau Complementary Tax on dividends		2,345			2,341			2,359
Effect of different tax rates of subsidiaries operating in other jurisdictions		2,178			7,067			181
Under (over) provision in prior years		360			(1,471	)		(2,622	)
Effect of income for which no income tax expense is payable		(9,763	)		(3,035	)		(12,526	)
Effect of expenses for which no income tax benefit is receivable		54,856			38,468			44,149
Effect of profits generated by gaming operations exempted		(165,947	)		(157,367	)		(128,145	)
Changes in valuation allowances		30,473			12,838			27,259
Expired tax losses		45,529			60,701			31,870

Income tax expense (credit)	$	8,339		$	238		$	(10	)

Melco and certain of its subsidiaries are exempt from tax in the Cayman Islands or British Virgin Islands, where they are incorporated, however, Melco is subject to Hong Kong Profits Tax on profits from its activities conducted in Hong Kong. Certain subsidiaries incorporated or conducting businesses in Macau, Hong Kong, the Philippines, Cyprus and other jurisdictions are subject to Macau Complementary Tax, Hong Kong Profits Tax, Philippine Corporate Income Tax, Cyprus Corporate Income Tax and income tax in other jurisdictions, respectively, during the years ended December 31, 2019, 2018 and 2017.

Macau Complementary Tax, Hong Kong Profits Tax, Philippine Corporate Income Tax, Cyprus Corporate Income Tax and income tax in other jurisdictions have been provided at 12%, 16.5%, 30%, 12.5% and the respective tax rate

in other jurisdictions, on the estimated taxable income earned in or derived from

the respective

jurisdictions, respectively, during the years ended December 31, 2019, 2018 and 2017, if applicable.

Pursuant to the approval notice issued by the Macau government in September 2016, Melco Resorts Macau was granted an extension of the Macau Complementary Tax exemption on profits generated from gaming operations for an additional five years from 2017 to 2021. One of Melco’s subsidiaries in Macau has also been exempted from Macau Complementary Tax on profits generated from income received from Melco Resorts Macau for an additional five years from 2017 to 2021, to the extent that such income is derived from Studio City gaming operations and has been subject to gaming tax pursuant to a notice issued by the Macau government in January 2017. The exemption coincides with Melco Resorts Macau’s exemption from Macau Complementary Tax. The

non-gaming

profits and dividend distributions of such subsidiary to its shareholders continue to be subject to Macau Complementary Tax. Melco Resorts Macau’s

non-gaming

profits also remain subject to Macau Complementary Tax and Melco Resorts Macau casino revenues remain subject to the Macau special gaming tax and other levies in accordance with its gaming subconcession agreement.

Based on the Supreme Court of the Philippines decision in the case of Bloomberry Resorts and Hotels, Inc. vs. the Bureau of Internal Revenue, G. R. No. 212530 dated November 28, 2016, management believes that the gaming operations of Melco Resorts Leisure, the operator of City of Dreams Manila, are exempt from Philippine Corporate Income Tax, among other taxes, provided the license fees which are inclusive of the

% franchise tax under the Philippine Amusement and Gaming

Corporation

(“PAGCOR”) Charter, are paid.

During the years ended December 31, 2019, 2018 and 2017, had the Company not received the income tax exemption on profits generated by gaming operations in Macau and the Philippines, the Company’s consolidated net income attributable to Melco Resorts & Entertainment Limited for the years ended December 31, 2019, 2018 and 2017 would have been reduced by $145,617, $129,241 and $105,364, and diluted earnings per share would have been reduced by $0.101, $0.085 and $0.070 per share, respectively.

In August 2017,

Melco

Resorts Macau received an extension of the agreement with the Macau government for an additional five years applicable to tax years 2017 through

2021, in which the extension agreement provides for an annual payment of 18,900,000 Macau Patacas (“MOP”) (equivalent to $2,345) as payments in lieu of Macau Complementary Tax otherwise due by the shareholders of

Melco

Resorts Macau on dividend distributions from gaming profits. Such annual payment is required regardless of whether dividends are actually distributed or whether

Melco

Resorts Macau has distributable profits in the relevant year.

The effective tax rates for the years ended December 31, 2019, 2018 and 2017 were 2.07%, 0.07% and 0%, respectively. Such rates differ

from

the statutory Macau Complementary Tax rate of 12%

primarily

due to

the effect of profits generated by gaming operations being exempted from Macau Complementary Tax and Philippine Corporate Income Tax, the effect of expired

tax losses, the effect of changes in valuation allowances, the effect of expenses for which no income tax benefit is receivable, the effect of income for which no income tax expense is payable and the effect of different tax rates of subsidiaries operating in other jurisdictions for the years ended December 31, 2019, 2018 and 2017.

The net deferred tax liabilities as of December 31, 2019 and 2018 consisted of the following:


	December 31,
	2019			2018
Deferred tax assets
Net operating losses carried forward	$	167,293		$	155,175
Depreciation and amortization		49,985			39,802
L ease liabilities		104,404			—
Deferred rents		—			36,567
Others		9,373			7,801
Sub-total		331,055			239,345
Valuation allowances		(257,965	)		(232,907	)
Total deferred tax assets		73,090			6,438
Deferred tax liabilities
Right-of-use assets		(63,011	)		—
Land use rights		(46,430	)		(47,554	)
Intangible assets		(506	)		(503	)
Unrealized capital allowances		(7,242	)		(3,255	)
Others		(9,020	)		(6,880	)
Total deferred tax liabilities		(126,209	)		(58,192	)
Deferred tax liabilities, net	$	(53,119	)	$	(51,754	)

As of December 31, 2019 and 2018, valuation allowances of $257,965 and $232,907 were provided, respectively, as management believes it is more likely than not that these deferred tax assets will not be realized.

As of

December

2019

, adjusted operating tax losses carried forward of $

55,446

have no expiry date and the remaining tax losses amounting to $

921,436

will expire by

2020

through

2029

. Adjusted operating tax losses carried forward of $

245,539

expired during the year ended December

2019

Deferred tax, where applicable, is provided under the asset and liability method at the enacted statutory income tax rate of the respective tax jurisdictions, applicable to the respective financial years, on the difference between the consolidated financial statements carrying amounts and income tax base of assets and liabilities.

Aggregate undistributed earnings of Melco’s foreign subsidiaries available for distribution to Melco of approximately $1,024,419 and $655,735 as at December 31, 2019 and 2018, respectively, are considered to be indefinitely reinvested and the amounts exclude the undistributed earnings of Melco Resorts Macau. Accordingly, no provision has been made for the dividend withholding taxes that would be payable upon the distribution of those amounts to Melco. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, Melco would have to record a deferred income tax

liability in respect of those undistributed earnings of approximately $124,169 and $79,417 as at December 31, 2019 and 2018, respectively.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented as follows:

	Year Ended December 31,
	2019		2018		2017
At beginning of year	$	4,929	$	2,582	$	1,836
Additions based on tax positions related to current year		2,575		2,347		943
Re ductions due to expiry of the statute of limitations		—		—		(197	)

At end of year	$	7,504	$	4,929	$	2,582

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $7,504 and $4,929 as of December 31, 2019 and 2018, respectively.

As of December 31, 2019 and 2018, there were no interest and penalties related to uncertain tax positions recognized in the

accompanying

consolidated financial statements. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits within the next twelve months.

Melco and its subsidiaries’ major tax jurisdictions are Macau, Hong Kong, the Philippines and Cyprus. Income tax returns of Melco and its subsidiaries remain open and subject to examination by the local tax authorities of Macau, Hong Kong, the Philippines and Cyprus until the statute of limitations expire in each corresponding jurisdiction. The statute of limitations in Macau, Hong Kong, the Philippines and Cyprus are five years, six years

, three years and six years

respectively.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED COMPENSATION

17.	SHARE-BASED COMPENSATION

2006 Share Incentive Plan

Melco adopted a share incentive plan in 2006 (“2006 Share Incentive Plan”), as amended, for grants of share options and nonvested shares of Melco’s ordinary shares to eligible directors, employees and consultants of the Company and its affiliates. The maximum term of an award was 10 years from the date of the grant. The maximum aggregate number of ordinary shares to be available for all awards under the 2006 Share Incentive Plan was 100,000,000 over 10 years. On December 7, 2011, the Company adopted a new share incentive plan (“2011 Share Incentive Plan”) as described below and no further awards may be granted under the 2006 Share Incentive Plan on or after such date as all subsequent awards will be issued under the 2011 Share Incentive Plan.

Share Options

A summary of the share options activity under the 2006 Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of January 1, 2019		2,289,468		$	1.64
Exercised		(138,036	)		0.32

Outstanding as of December 31, 2019		2,151,432		$	1.72		1.21	$	13,631

Fully vested and exercisable as of December 31, 2019		2,151,432		$	1.72		1.21	$	13,631

The following information is provided for share options under the 2006 Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Proceeds from the exercise of share options	$	44	$	1,195	$	2,192

Intrinsic value of share options exercised	$	920	$	37,239	$	18,004

As of December 31, 2019, there were no unrecognized compensation costs related to share options under the 2006 Share Incentive Plan.

2011 Share Incentive Plan

Melco adopted the 2011 Share Incentive Plan, effective on December 7, 2011, which has

een subsequently amended and restated, for grants of various share-based awards, including but not limited to, options to purchase Melco’s ordinary shares, restricted shares, share appreciation rights and other types of awards to eligible directors, employees and consultants of the Company and its affiliates. The maximum term of an award is 10 years from the date of the grant. The maximum aggregate number of ordinary shares to be available for all awards under the 2011 Share Incentive Plan is 100,000,000 over 10 years, which could be raised up to 10% of the issued share capital upon shareholders’ approval. As of December 31, 2019, there were 59,055,920 ordinary shares available for grants of various share-based awards under the 2011 Share Incentive Plan.

Share Options

During the years ended December 31, 2019, 2018 and 2017, the exercise prices for share options granted under the 2011 Share Incentive Plan were determined at the market closing prices of Melco’s ADS trading on the NASDAQ Global Select Market on the dates of grant. These share options became exercisable over vesting periods of two to three years. The share options granted expire 10 years from the date of grant.

The Company uses the Black-Scholes valuation model to determine the estimated fair value for each share option granted, with highly subjective assumptions, changes in which could materially affect the estimated

fair value. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of grant. Expected volatility is based on the historical volatility of Melco’s ADS trading on the NASDAQ Global Select Market. Expected term is based upon the vesting term or the historical expected term of publicly traded companies. The risk-free interest rate used for each period presented is based on the United States of America Treasury yield curve at the time of grant for the period equal to the expected term.

The fair values of share options granted under the 2011 Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions as follows:


	Year Ended December 31,
	2019			2018			2017
Expected dividend yield		2.75	%		2.04	%		2.00	%
Expected stock price volatility		41.81	%		40.17	%		47.94	%
Risk-free interest rate		2.34	%		2.62	%		2.09	%
Expected term (years)		5.6			5.56			6.1

A summary of the share options activity under the 2011 Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of January 1, 2019		17,034,960		$	6.72
Granted		4,320,498			8.14
Exercised		(528,219	)		5.30
Forfeited or expired		(1,050,261	)		7.70

Outstanding as of December 31, 2019		19,776,978		$	7.01		7.20	$	27,896

Fully vested and expected to vest as of December 31, 2019		19,776,978		$	7.01		7.20	$	27,896

Exercisable as of December 31, 2019		6,577,455		$	5.15		5.07	$	19,127

The following information is provided for share options under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	2.59	$	3.09	$	2.45

Proceeds from the exercise of share options	$	2,798	$	3,823	$	2,195

Intrinsic value of share options exercised	$	1,201	$	3,744	$	1,246

As of December 31, 2019, there were $14,792 unrecognized compensation costs related to share options under the 2011 Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 1.7 years.

Restricted Shares

During the years ended December 31, 2019, 2018 and 2017, the grant date fair values for restricted shares granted under the 2011 Share Incentive Plan, with vesting periods of

generally

two to three years, were determined with reference to the market closing prices of Melco’s ADS trading on the NASDAQ Global Select Market on the dates of grant.

A summary of the restricted shares activity under the 2011 Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2019		5,239,074		$	7.30
Granted		3,681,477			8.14
Vested		(1,438,533	)		6.13
Forfeited		(376,842	)		7.82

Unvested as of December 31, 2019		7,105,176		$	7.94

The following information is provided for restricted shares under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	8.14	$	9.50	$	6.30

Grant date fair value of restricted shares vested	$	8,825	$	13,952	$	9,236

As of December 31, 2019, there were $28,851 unrecognized compensation costs related to restricted shares under the 2011 Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 1.94 years.

MRP Share Incentive Plan

MRP adopted a share incentive plan (the “MRP Share Incentive Plan”), effective on June 24, 2013, which has been subsequently amended and restated, for grants of various share-based awards, including but not limited to, options to purchase MRP common shares, restricted shares, share appreciation rights and other types of awards to eligible directors, employees and consultants of MRP and its subsidiaries, and the Company and its affiliates. The maximum term of an award is 10 years from the date of grant. The maximum aggregate number of common shares to be available for all awards under the MRP Share Incentive Plan is 442,630,330 shares and with up to 5% of the issued capital stock of MRP from time to

time over 10 years. As of December 31, 2019, there were 152,459,026 MRP common shares available for grants of various share-based awards under the MRP Share Incentive Plan.

On May 22, 2019, MRP offered to all eligible participants of the MRP Share Incentive Plan the option to retire all outstanding equity awards, including the unvested share options, vested but unexercised share options and unvested restricted shares (collectively, the “MRP Outstanding Awards”) by the payment of cash to the eligible participants (the “MRP SIP Retirement Arrangements”) in light of the delisting of the MRP as disclosed in Note 26

acquiescence of such MRP SIP Retirement Arrangements was obtained from the Philippine S

ecurities and

Exchange Commission

on May 17, 2019. As a result of all eligible participants elect

ing

to participate in the MRP SIP Retirement Arrangements, all the MRP Outstanding Awards, including a total of 15,971,173 outstanding share options (including both unvested and vested but unexercised share options) and 29,068,424 outstanding restricted shares under the MRP Share Incentive Plan, were irrevocably cancelled and extinguished pursuant to the MRP SIP Retirement Arrangements on May 31, 2019 (the “MRP SIP Modification”).

Under the MRP SIP Retirement Arrangements, MRP will pay the eligible participants a fixed amount in cash (“MRP Settlement Amount”) according to the original vesting schedules of the outstanding share options and restricted shares, subject to other terms and conditions. The MRP Settlement Amount of the outstanding restricted shares is PHP7.25

(equivalent to $0.14)

per share, based on the offer price of the Tender Offer (as described in Note 26) in 2018 and the MRP Settlement Amount of the

outstanding

share options

which was

determined using the Black-Scholes valuation model

. The

weighted average fair value of the share options at the modification date

was

PHP4.23

(

quivalent to $0.08

)

per option.

MRP uses the Black-Scholes valuation model to determine the estimated fair value for each outstanding share option under the MRP SIP Retirement Arrangements at the modification date, with highly subjective assumptions, changes in which could materially affect the estimated fair value. Dividend yield is based on the estimate of annual dividends expected to be paid. Expected volatility is based on the historical volatility of MRP’s common shares trading on the Philippine Stock Exchange, Inc. (“PSE”) and the historical volatility of a peer group of publicly traded companies. Expected terms are based upon the expected exercise behavior of the outstanding options. The risk-free interest rate used for each period presented is based on the Philippine government bond yield for the period equal to the expected term.

The fair values of the outstanding share options under the MRP SIP Retirement Arrangements at modification date were estimated using the following weighted average assumptions as follows:


Expected dividend yield	—
Expected stock price volatility	45.00	%
Risk-free interest rate	5.81	%
Expected term (years)	5.7

As a result of the MRP SIP Modification, on May 31, 2019, the Company recognized a liability of $4,064 with a corresponding reduction in additional

paid-in

capital of $4,619 and non-controlling interests of $84. All the MRP Outstanding Awards were modified from equity-settled to cash-settled, with other terms unchanged. Since the fair values of the modified awards and the original awards were the same on the modification date, no incremental share-based compensation expenses resulted. At each balance sheet date until the liability is settled, the liability is accrued for the MRP Outstanding Awards as

they

become

vested at the MRP Settlement Amount, with a corresponding share-based com

pensa

tion expense recognized in the accompanying consolidated statements of operations.

As at December 31, 2019, the accrued liability associated with the cash-settled share options and restricted shares was $1,217. No fair value gain or loss on remeasurement of the liability associated with the cash-settled share options and restricted shares was recognized for the year ended December 31, 2019.

Share Options

There were no share options granted under the MRP Share Incentive Plan during the year ended December 31, 2019. During the years ended December 31, 2018 and 2017, the exercise prices for share options granted under the MRP Share Incentive Plan were determined with reference to the market closing prices of MRP common shares on the dates of grant as defined in the MRP Share Incentive Plan. These share options generally became exercisable over vesting periods of two to three years. The share options granted expire 10 years from the date of grant.

MRP uses the Black-Scholes valuation model to determine the estimated fair value for each share option granted, with highly subjective assumptions, changes in which could materially affect the estimated fair value. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of grant. Expected volatility is based on the historical volatility of MRP common shares trading on the PSE and a peer group of publicly traded companies. Expected term is based upon the vesting term or the historical expected term of Melco. The risk-free interest rate used for each period presented is based on the Philippine

government

bond yield at the time of grant for the period equal to the expected term.

The fair values of share options granted under the MRP Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions as follows:


	Year Ended December 31,
	2018			2017
Expected dividend yield		—			—
Expected stock price volatility		45.00	%		45.00	%
Risk-free interest rate		5.69	%		4.47	%
Expected term (years)		5.6			5.9

A summary of the share options activity under the MRP Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Equity-settled
Outstanding as of January 1, 2019		17,035,505		$	0.12
Forfeited or expired		(1,064,332	)		0.16
Modified to cash-settled		(15,971,173	)		0.12

Outstanding as of December 31, 2019		—		$	—		—	$	—

Fully vested and expected to vest as of December 31, 2019		—		$	—		—	$	—

Exercisable as of December 31, 2019		—		$	—		—	$	—


	Number of share Options			Weighted Average Remaining Contractual Term
Cash-settled
Outstanding as of January 1, 2019		—
Modified from equity -settled		15,971,173
Vested		(8,587,765	)
Outstanding as of December 31, 2019		7,383,408			7.77

The following information is provided for share options under the MRP Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	—	$	0.07	$	0.08

Proceeds from the exercise of share options	$	—	$	—	$	173

Intrinsic value of share options exercised	$	—	$	—	$	6

During the year ended December 31, 2019, MRP paid $760 to settle the vested share options that are classified as cash-settled awards under the MRP Share Inventive Plan.

As of December 31, 2019, there were $160 unrecognized compensation costs related to share options under the MRP Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 0.86 years.

Restricted Shares

There were no restricted shares granted under the MRP Share Incentive Plan during the year ended December 31, 2019. During the years ended December 31, 2018 and 2017, the grant date fair values for restricted shares granted under the MRP Share Incentive Plan, with vesting periods of

generally

two to three years, were determined with reference to the market closing prices of MRP common shares on the dates of grant as defined in the MRP Share Incentive Plan.

A summary of the restricted shares activity under the MRP Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Equity-settled
Unvested as of January 1, 2019		29,444,660		$	0.11
Forfeited		(376,236	)		0.11
Modified to cash-settled		(29,068,424	)		0.11

Unvested as of December 31, 2019		—		$	—

Cash-settled
Unvested as of January 1, 2019		—		$	—
Modified from equity -settled		29,068,424			0.11
Vested		(20,816,777	)		0.10
Forfeited		(15,961	)		0.09

Unvested as of December 31, 2019		8,235,686		$	0.16

The following information is provided for restricted shares under the MRP Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	—	$	0.14	$	0.16

Grant date fair value of restricted shares vested	$	2,026	$	1,747	$	454

During the year ended December 31, 2019, MRP paid $2,948

to settle the vested restricted shares that are classified as cash-settled awards under the MRP Share Incentive Plan.

As of December 31, 2019, there were $603 unrecognized compensation costs related to restricted shares under the MRP Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 1.07 years.

Melco International Share Incentive Plan

On September 6, 2019, certain share-based awards under Melco International’s share option scheme adopted on May 30, 2012 and share purchase scheme adopted on October 18, 2007 (the “Melco International Share Incentive Plan”) were granted by Melco International to an employee of the Company.

In accordance with the applicable accounting standards, the share-based compensation expenses related to the grant of share-based awards under Melco International Share Incentive Plan to an employee of the Company, to the extent of services received by the Company, are recognized in the accompanying consolidated statements of operations with a corresponding increase in

additional

paid-in capital, representing capital contribution from Melco International.

Share Options

During the year ended December 31, 2019, the exercise price for share options granted under the Melco International Share Incentive Plan was determined at the higher of the closing price of Melco International’s ordinary shares trading on the

ain

oard of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) on the date of grant and the average closing prices of Melco International’s ordinary shares trading on the Hong Kong Stock Exchange for the five business days immediately preceding the date of grant. These share options became exercisable over

vesting period of 2.8 years. The share options granted expire

10 years from the date of grant.

Melco International uses the Black-Scholes valuation model to determine the estimated fair value for each share option granted, with highly subjective assumptions, changes in which could materially affect the estimated fair value. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of grant. Expected volatility is based on the historical volatility of Melco International’s ordinary shares trading on the Hong Kong Stock Exchange. Expected term is based upon the vesting term and the expected term adopted by other publicly traded companies. The risk-free interest rate used for each period

presented

is based on the Hong Kong Government Bond rate at the time of grant for the period equal to the expected term.

The fair value of share options granted under the Melco International Share Incentive Plan was estimated on the date of grant using the following weighted average assumptions as follows:


	Year Ended December 31, 2019
Expected dividend yield		0.40	%
Expected stock price volatility		43.33	%
Risk-free interest rate		1.17	%
Expected term (years)		4.9

A summary of the share options activity under the Melco International Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of January 1, 2019		—	$	—
Granted		14,200,000		2.43

Outstanding as of December 31, 2019		14,200,000	$	2.43		9.69	$	5,360

Fully vested and expected to vest as of December 31, 2019		14,200,000	$	2.43		9.69	$	5,360

Exercisable as of December 31, 2019		—	$	—		—	$	—

During the year ended December 31, 2019, the weighted average grant date fair value under the Melco International Share Incentive Plan

s $0.90. There were no share options exercised under the Melco International Share Incentive Plan during the year ended December 31, 2019.

As of December 31, 2019, there were $9,113 unrecognized compensation costs related to share options under the Melco International Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 2.50 years.

Restricted Shares

During the year ended December 31, 2019, the grant date fair value for restricted shares granted under the Melco International Share Incentive Plan, with

vesting period of 2.8 years,

was

determined with reference to the closing price of Melco International’s ordinary shares trading on the Hong Kong Stock Exchange on the date of grant.

A summary of the restricted shares activity under the Melco International Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Restricted Shares		Weighted Average Grant Date Fair Value
Unvested as of January 1, 2019		—	$	—
Granted		4,879,000		2.43

Unvested as of December 31, 2019		4,879,000	$	2.43

There were no restricted share

vested under the Melco International Share Incentive Plan during the year ended December 31, 2019.

As of December 31, 2019, there were $8,429 unrecognized

compensation

costs related to restricted shares under the Melco International Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 2.50 years.

The share-based compensation cost for the Company was recognized as follows:


	Year Ended December 31,
	2019		2018			2017
Share-based compensation cost:
2011 Share Incentive Plan	$	28,466	$	25,284		$	16,789
MRP Share Incentive Plan		1,113		(141	)		516
Melco International Share Incentive Plan		2,218		—			—

Total share-based compensation expenses recognized in general and administrative expenses	$	31,797	$	25,143		$	17,305

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

18.	EMPLOYEE BENEFIT PLANS

The Company has obligations to make the required contributions with respect to the below defined contribution retirement benefits schemes.

The Company operates defined contribution fund schemes

in different jurisdictions

, which allow eligible employees to participate in defined contribution plans (the “Defined Contribution Fund Schemes”). The Company either contributes a fixed percentage of the eligible employees’ relevant income, a fixed amount or an amount which matches the contributions of the employees up to a certain percentage of relevant income to the Defined Contribution Fund Schemes. The Company’s contributions to the Defined Contribution Fund Schemes are vested with employees in accordance to a vesting schedule, achieving full

vesting

from

4 to

10 years from the date of employment. The Defined Contribution Fund Schemes were established under trusts with the fund assets being held separately from those of the Company by independent trustees.

Employees employed by the Company in different jurisdictions are members of government-managed social security fund schemes (the “Social Security Fund Schemes”), which are operated by the respective governments, if applicable. The Company is required to pay a monthly fixed contribution or certain percentage of the employees’ relevant income and meet the minimum mandatory requirements of the respective Social Security Fund Schemes to fund the benefits.

During the years ended December 31, 2019, 2018 and 2017, the Company’s

contributions

into the defined contribution retirement benefits schemes were $33,391, $23,409 and $21,864, respectively.

DISTRIBUTION OF PROFITS

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

DISTRIBUTION OF PROFITS

19.	DISTRIBUTION OF PROFITS

All subsidiaries of Melco incorporated in Macau are required to set aside a minimum of 10% to 25% of the entity’s profit after tax to the legal reserve until the balance of the legal reserve reaches a level equivalent to 25% to 50% of the entity’s share capital in accordance with the provisions of the Macau Commercial Code.

The legal reserve sets aside an amount from the subsidiaries’ statements of operations and is not available for distribution to the shareholders of the subsidiaries. The appropriation of the legal reserve is recorded in the subsidiaries’ financial statements in the year in which it is approved by the board of directors of the relevant subsidiaries. As of December 31, 2019 and 2018, the aggregate balance of the reserves amounted to $

31,524

and $

31,522

, respectively.

The Company’s borrowings, subject to certain exceptions and conditions, contain certain restrictions on paying dividends and other distributions, as defined in the respective indentures governing the relevant senior notes and credit facility agreements, details of which are disclosed in Note

under each of the respective borrowings.

DIVIDENDS

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

DIVIDENDS

20.

DIVIDENDS

On March 14, 2019, May 30, 2019, August 15, 2019 and November 22, 2019, Melco paid the quarterly dividends

of $

0.0517

, $

0.0517

, $

0.05504

and $

0.05504

per share, respectively, and during the year ended December 31, 2019,

Melco

recorded total amount of quarterly dividends of $

300,995

as distributions against retained

earnings

On March 7, 2018, May 23, 2018, August 15, 2018 and November 29, 2018, Melco paid the quarterly dividends of $0.045, $0.045, $0.04835 and $0.04835 per share, respectively, and during the year ended December 31, 2018, Melco recorded total amount of quarterly dividends of $271,531, with $1,214 and $270,317 as distributions against additional

paid-in

capital and retained earnings, respectively.

On February 10, 2017,

Melco

paid a special dividend of $

0.4404

per share and on March 15, 2017, May 31, 2017, August 23, 2017 and November 30, 2017,

Melco

paid quarterly dividends of $

0.03

, $

0.03

, $

0.03

and $

0.03

per share, respectively. During the year ended December 31, 2017,

Melco

recorded total amount of special and quarterly dividends of $

821,328

, with $

733,265

and $

88,063

as distributions against retained earnings and additional

paid-in

capital, respectively.

On February

, 2020, a quarterly dividend of $0.05504 per share has been declared by the Board of Directors of Melco and was paid to the shareholders of record as of March 2, 2020.

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA

21.	REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA

Pursuant to a memorandum of agreement entered into by a subsidiary of Melco with the Philippine Parties as

described

below and certain of its subsidiaries in 2012 for the development of City of Dreams Manila, the relevant parties of the Licensees as described below and certain of its subsidiaries entered into the following agreements which became effective on

March 13, 2013

and end on the date of expiry of the Regular License as described below, currently expected to be on

July 11, 2033

unless terminated earlier in accordance with the respective terms of the individual agreements.

(a)

Regular License

April 29, 2015

, PAGCOR issued a regular casino gaming license, as amended (the “Regular License”) in replacement of a provisional license granted as of March 13, 2013, to the

co-licensees

(the “Licensees”) namely, MPHIL Holdings No.1 Corporation, a subsidiary of MRP, and its subsidiaries including Melco Resorts Leisure (collectively the “MPHIL Holdings Group”), SM Investments

Corporation (“SMIC”), Belle Corporation (“Belle”) and PremiumLeisure and Amusement, Inc. (“PLAI”) (SMIC, Belle and PLAI are collectively referred to as the “Philippine Parties”) for the establishment and operation of City of Dreams Manila, with Melco Resorts Leisure, a

co-licensee,

as the “special purpose entity” to operate the casino business and as representative for itself and on behalf of the other

co-licensees

in dealings with PAGCOR. The Regular License has the same terms and conditions as the provisional license, and is valid until July 11, 2033. Further details of the terms and commitments under the Regular License are included in Note 22(b).

(b)

Cooperation Agreement

The Licensees and certain of its subsidiaries entered into a cooperation agreement (the “Cooperation Agreement”) and other related arrangements which govern the rights and obligations of the Licensees. Under the Cooperation Agreement, Melco Resorts Leisure is appointed as the sole and exclusive representative of the Licensees in connection with the Regular License and is designated as the

operator

to operate and manage City of Dreams Manila. Further details of the commitments under the Cooperation Agreement are included in Note

(b).

(c)

Operating Agreement

The Licensees entered into an operating agreement (the “Operating Agreement”) which governs the operation and management of City of Dreams Manila by Melco Resorts Leisure. Under the Operating Agreement, Melco Resorts Leisure is appointed as the sole and exclusive operator and manager of City of Dreams Manila, and is responsible for, and has sole discretion (subject to certain exceptions) and control over, all matters relating to the operation and management of City of Dreams Manila (including

the gaming and

non-gaming

operations). The Operating Agreement also includes terms of

certain

monthly payments to PLAI from

Melco

Resorts Leisure, based on the performance of gaming operations of City of Dreams Manila and is included in “Payments to the Philippine Parties” in the

accompanying

consolidated statements of operations, and further provides that

Melco

Resorts Leisure has the right to retain all revenues from

non-gaming

operations of City of Dreams Manila.

(d)

MRP Lease Agreement

Melco Resorts Leisure and Belle entered into a lease agreement, as amended from time to time (the “MRP Lease Agreement”) under

which

Belle agreed to lease to Melco Resorts Leisure the land and certain of the building structures for City of Dreams Manila. The leased property is used by Melco Resorts Leisure and any of its affiliates exclusively as a hotel, casino and resort complex.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

22.	COMMITMENTS AND CONTINGENCIES

(a)

Capital Commitments

As of December 31, 2019, the Company had capital commitments contracted for but not incurred mainly for the

construction

and acquisition of property and equipment for Studio City, City of Dreams

and Cyprus Operations totaling $818,281.

(b)

Other Commitments

Gaming Subconcession

On September 8, 2006, the Macau government granted a gaming subconcession to Melco Resorts Macau to operate its gaming business in Macau. Pursuant to the gaming subconcession agreement, Melco Resorts Macau committed to pay the Macau government the following:

A fixed annual premium of MOP30,000,000 (equivalent to $3,739).

ii)

A variable premium depending on the number and type of gaming tables and gaming machines that Melco Resorts Macau operates. The variable premium is calculated as follows:

•

MOP300,000 (equivalent to $37) per year for each gaming table (subject to a minimum of 100 tables) reserved exclusively for certain kinds of games or to certain players;

•

MOP150,000 (equivalent to $19) per year for each gaming table (subject to a minimum of 100 tables) not reserved exclusively for certain kinds of games or to certain players; and

•

MOP1,000 (equivalent to $0.1) per year for each electrical or mechanical gaming machine, including the slot machine.

iii)

A special gaming tax of an amount equal to 35% of the gross revenues of the gaming business operations on a monthly basis.

iv)

A sum of 4% of the gross revenues of the gaming business operations to utilities designated by the Macau government (a portion of which must be used for promotion of tourism in Macau) on a monthly basis.

Melco Resorts Macau must maintain a guarantee issued by a Macau bank in favor of the Macau government in a maximum amount of MOP300,000,000 (equivalent to $37,394) until the 180

day after the

termination

date of the gaming subconcession.

As a result of the bank guarantee issued by the bank to the Macau government as disclosed in Note

(b)(v) above, a sum of 1.75% of the guarantee amount will be payable by Melco Resorts Macau quarterly to the bank.

Regular License

Other commitments required by PAGCOR under the Regular License include as follows:

•

To secure a surety bond in favor of PAGCOR in the amount of PHP100,000,000 (equivalent to $1,971) to ensure prompt and punctual remittances/payments of all license fees.

•

License fees must be remitted on a monthly basis, in lieu of all taxes with reference to the income component of the gross gaming revenues: (a) 15% high roller tables; (b) 25%

non-high

roller tables; (c) 25% slot machines and electronic gaming machines; and (d) 15% junket operations. The license fees are inclusive of the 5% franchise tax under the terms of the PAGCOR charter.

•

The Licensees are required to remit 2% of casino revenues generated from

non-junket

operation tables to a foundation devoted to the restoration of Philippine cultural heritage, as selected by the Licensees and approved by PAGCOR.

Regular License - continued

•

PAGCOR may collect a 5% fee on

non-gaming

revenue received from food and beverage, retail and entertainment outlets. All revenues from hotel operations should not be subject to the 5% fee except for rental income received from retail concessionaires.

•

Grounds for revocation of the Regular License, among others, are as follows: (a) failure to comply with material provisions of this license; (b) failure to remit license fees within 30 days from receipt of notice of default; (c) has become bankrupt or insolvent; and (d) if the

debt-to-equity

ratio is more than 70:30. As of December 31, 2019 and 2018, MPHIL Holdings Group, as one of the Licensee parties, has complied with the required

debt-to-equity

ratio under the definition as agreed with PAGCOR.

Cooperation Agreement

Under the terms of the Cooperation Agreement, the Licensees are jointly and severally liable to PAGCOR under the Regular License and each Licensee (indemnifying Licensee) must indemnify the other Licensees for any losses suffered or incurred by that Licensees arising out of, or in connection with, any breach by the indemnifying Licensee of the Regular License. Also, each of the Philippine Parties and MPHIL Holdings Group agree to indemnify the

non-breaching

party for any losses suffered or incurred as a result of a

breach

of any warranties.

Gaming License in Cyprus

On June 26, 2017, the Cyprus government granted a gaming license

(the “Cyprus License”)

to a subsidiary of ICR Cyprus (the “Cyprus Subsidiary”

)

to develop, operate and maintain an integrated casino resort in Limassol, Cyprus and up to

four

satellite casino premises in Cyprus for a term of 30 years, the first 15 years of which are exclusive. Pursuant to the Cyprus License agreement, the Cyprus

Subsidiary

has committed to pay the Cyprus government the following:

Annual license fee for the temporary casino and integrated casino resort of 2,500,000

Euros

(“EUR”)

(equivalent to $2,802) per year for the first four years, and EUR5,000,000 (equivalent to $5,604) per year for the next four years. Upon the completion of the eight years and thereafter every four years during the term of the Cyprus License, the Cyprus government may review the annual license fee, with minimum of EUR5,000,000 (equivalent to $5,604) per year and any increase in the annual license fee may not exceed 20% of the annual license fee paid annually during the previous four-year period.

ii)

Aggregate a

nnual license fee for three operating satellite casinos in Nicosia, Larnaca and Ayia Napa of

EUR

2,000,000 (equivalent to $2,242)

, with annual license fee for the fourth satellite casino in Paphos opened in February 2020 of EU

R500,000 (

equivalent to $561

)

iii)

A casino tax of an amount equal to 15% of the gross gaming revenue on a monthly basis and shall not be increased during the period of exclusivity for the Cyprus License.

)

If the Cyprus Subsidiary fails to open the integrated casino resort by the opening date, as defined in the Cyprus License as April 30, 2021

which was further extended to December 31, 2021

(the “Opening Date”)

based on the

decision of the council of Ministers in Cyprus made on July 25, 2019, the Cyprus Subsidiary shall pay to the Cyprus government the amount of

EUR10,000

Gaming License in Cyprus - continued

(equivalent to $11) for each day the integrated casino resort remains unopened past the Opening Date, up to a maximum of EUR1,000,000 (equivalent to $1,121). If the integrated casino resort does not open for 100 business days past the Opening Date, the Cyprus government may terminate the Cyprus License.

(c)

Guarantees

Except as disclosed in Notes

and

(b), the Company has made the following significant guarantees as of December 31, 2019:

•

Melco Resorts Macau has issued a promissory note (“Livrança”) of MOP550,000,000 (equivalent to $68,556) to a bank in respect of the bank guarantee issued to the Macau government under its gaming subconcession.

•

Melco has entered into

two

deeds of guarantee with third parties amounting to $35,000 to guarantee certain payment obligations of the City of Dreams’ operations.

•

In October 2013, one of the Melco’s subsidiaries entered into a trade credit facility agreement for HK$200,000,000 (equivalent to $25,677) (“Trade Credit Facility”) with a bank to meet certain payment obligations of the Studio City project. The Trade Credit Facility which matured on

August 31, 2019

was further extended to

August 31, 2021

, and is guaranteed by Studio City Company. As of December 31, 2019, approximately $642 of the Trade Credit Facility had been utilized.

•

Melco Resorts Leisure has issued a corporate guarantee of PHP100,000,000 (equivalent to $1,971) to a bank in respect of a surety bond issued to PAGCOR as disclosed in Note 22(b) under Regular License.

(d)

Litigation

As of December 31, 2019, the Company was a party to certain legal proceedings which relate to matters arising out of the ordinary course of its business. Management believes that the outcome of such proceedings have no material impacts on the Company’s consolidated financial statements as a whole.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

23.	RELATED PARTY TRANSACTIONS

During the years ended December 31, 2019, 2018 and 2017, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2019			2018			2017

Transactions with affiliated companies

Melco International and its Subsidiaries	Revenues ( services provided by the Company ) :
	Shared service fee income for corporate office	$	1,366		$	3,044		$	951
	Management fee income for Cyprus Project (1)		1,056			1,903			1,487
	Costs and expenses (services provided to the Company): Management fee expenses		2,798	( 2 )		4,339	( 2 )		1,787	( 3 )
	Management fee expenses for Cyprus Project (1)		1,316			3,790			—
	Share-based compensation expenses (4)		2,218			—			—
A joint venture and a subsidiary of MECOM Power and Construction Limited (“MECOM”) (5)(6)	Costs and expenses (services provided to the Company): Consultancy fee expense		10,031			11,723			2,228
	Purchase of assets:
	Construction and renovation work performed and recognized as property and equipment		10,174			13,481			35,510

Notes

(1)

The amount

mainly

represents management fee income for services provided by the Company to Melco International for management and operation for the project in Cyprus, and such amount was further recharged with mark-up by a subsidiary of Melco International to ICR Cyprus Group. The amount represents the transactions for the period up to the completion of the Acquisition of ICR Cyprus as described in Note 25.

(2)

The amount mainly represents management fee expenses for the services provided by the senior management of Melco International and for the operation of the office of Melco’s Chief Executive Officer.

(3)

The amount mainly included Melco’s reimbursement to Melco International’s subsidiary for service fees incurred on its behalf for the operation of the office of Melco’s Chief Executive Officer.

(4)

The amount represents the share-based compensation expenses related to the grant of certain share-

based

awards

under

Melco International

Share Incentive

Plan

an employee of the Company. Further information on the share-based compensation arrangements is included in Note 17.

(5)

A company in which Mr. Lawrence Yau Lung Ho, Melco’s

Chief

Executive Officer, had beneficial interest of approximately 20% until December 10, 2019, the date on which Mr. Lawrence Yau Lung Ho disposed his entire beneficial interest in MECOM. The amount in 2019 represents the transaction

with a

joint

venture and a subsidiary of MECOM during the period from January 1, 2019 to December 10, 2019.

(6)

In July 2018, the Company entered into a term contract with EHY Construction and Engineering Company Limited (“EHY Construction”), a subsidiary of MECOM, pursuant to which EHY Construction agreed to provide certain services to the Company, including but not limited to structural steelworks, civil engineering construction and fitting out and renovation work for a term of three years. The performance by EHY Construction of these services under the term contract is subject to (i) individual work orders as may be issued to EHY Construction from time to time; and (ii) the maximum aggregate contract amount of HK$600,000,000 (equivalent to $77,032). The amounts included the services provided by EHY Construction of $

16,362

and $

23,042

during the period from January 1, 2019 to December 10, 2019 and

the

year ended December 31, 2018, respectively.

On July 31, 2019, the Company acquired from Melco International of all of Melco International’s holding of ordinary

of ICR Cyprus. Further details of the transaction are included in Note 25.

(a)

Amounts Due from Affiliated Companies

The outstanding balances mainly arising from operating income or prepayment of

operating

expenses as of

December

31, 2019 and 2018 are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
Melco International and its subsidiaries	$	442	$	87,394

(b)

Amounts Due to Affiliated Companies

The outstanding balances mainly arising from construction and renovation work performed, operating expenses and expenses paid by affiliated companies on behalf of the Company as of December 31, 2019 and 2018, are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
A joint venture and subsidiaries of MECOM	$	—	$	8,118
Subsidiaries of Melco International		1,088		7,057
Others		435		11

	$	1,523	$	15,186

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

24.	SEGMENT INFORMATION

The Company is principally engaged in the gaming and hospitality business in Asia and Europe and its principal operating and

developmental

activities occur in three geographic areas: Macau, the Philippines and Cyprus. The Company monitors its operations and evaluates earnings by reviewing the assets and operations of Mocha Clubs, Altira Macau, City of Dreams, Studio City, City of Dreams Manila and Cyprus Operations. Japan development projects, including Japan Ski Resort

and Grand Dragon Casino are included in the Corporate and Other category.

The Company’s segment information for total assets and capital expenditures is as follows:

Total Assets


	December 31,
	2019		2018		2017
Macau:
Mocha Clubs	$	145,919	$	120,789	$	121,980
Altira Macau		429,980		376,655		427,668
City of Dreams		3,461,487		3,636,732		3,453,135
Studio City		3,153,721		3,378,646		3,475,321

Sub-total		7,191,107		7,512,822		7,478,104

The Philippines:
City of Dreams Manila		721,205		644,481		682,204
Cyprus:
Cyprus Operations		261,106		247,729		255,766

Corporate and Other		1,315,004		716,964		734,748

Total consolidated assets	$	9,488,422	$	9,121,996	$	9,150,822

Capital Expenditures


	Year Ended December 31,
	2019		2018		2017
Macau:
Mocha Clubs	$	6,620	$	8,973	$	4,690
Altira Macau		17,707		24,450		5,776
City of Dreams		134,075		311,441		467,780
Studio City		89,846		73,189		37,174

Sub-total		248,248		418,053		515,420

The Philippines:
City of Dreams Manila		58,697		22,572		13,571
Cyprus:
Cyprus Operations		39,911		68,238		64,283

Corporate and Other		124,265		54,109		30,051

Total capital expenditures	$	471,121	$	562,972	$	623,325

The Company’s segment information and reconciliation to net income attributable to Melco Resorts & Entertainment Limited is as follows:


	Year Ended December 31,
	2019			2018			2017
NET REVENUES
Macau:
Mocha Clubs	$	117,473		$	113,432		$	121,250
Altira Macau		465,056			471,292			446,132
City of Dreams		3,050,491			2,543,649			2,666,309
Studio City		1,355,321			1,368,400			1,363,405

Sub-total		4,988,341			4,496,773			4,597,096

The Philippines:
City of Dreams Manila		602,479			612,947			649,276
Cyprus:
Cyprus Operations		94,731			32,951			—

Corporate and Other		51,250			46,271			38,451

Total net revenues	$	5,736,801		$	5,188,942		$	5,284,823


ADJUSTED PROPERTY EBITDA (1)
Macau:
Mocha Clubs	$	23,280		$	21,490		$	26,639
Altira Macau		51,470			55,547			20,671
City of Dreams		922,776			756,378			804,872
Studio City		415,098			375,288			335,568

Sub-total		1,412,624			1,208,703			1,187,750

The Philippines:
City of Dreams Manila		247,091			269,199			235,019
Cyprus:
Cyprus Operations		29,757			8,461			(15	)

Total adjusted property EBITDA		1,689,472			1,486,363			1,422,754

OPERATING COSTS AND EXPENSES
Payments to the Philippine Parties		(57,428	)		(60,778	)		(51,661	)
Pre-opening costs		(4,847	)		(55,390	)		(5,331	)
Development costs		(57,433	)		(23,029	)		(31,115	)
Amortization of gaming subconcession		(56,841	)		(56,809	)		(57,237	)
Amortization of land use rights		(22,659	)		(22,646	)		(22,817	)
Depreciation and amortization		(571,705	)		(488,446	)		(460,521	)
Land rent to Belle		(3,061	)		(3,001	)		(3,143	)
Share-based compensation		(31,797	)		(25,143	)		(17,305	)
Property charges and other		(20,815	)		(29,147	)		(31,616	)
Corporate and Other expenses		(115,208	)		(108,527	)		(137,468	)
Total operating costs and expenses		(941,794	)		(872,916	)		(818,214	)
OPERATING INCOME	$	747,678		$	613,447		$	604,540


	Year Ended December 31,
	2019			2018			2017
NON-OPERATING INCOME (EXPENSES)
Interest income	$	9,311		$	5,471		$	3,580
Interest expenses, net of capitalized interest		(310,102	)		(264,880	)		(255,764	)
Loan commitment and other finance fees		(2,738	)		(4,630	)		(6,079	)
Foreign exchange (losses) gains, net		(10,756	)		(10,497	)		12,781
Other (expenses) income, net		(23,914	)		3,684			5,282
Loss on extinguishment of debt		(6,333	)		(3,461	)		(49,337	)
Costs associated with debt modification		(579	)		—			(2,793	)
Total non-operating expenses, net		(345,111	)		(274,313	)		(292,330	)
INCOME BEFORE INCOME TAX		402,567			339,134			312,210
INCOME TAX (EXPENSE) CREDIT		(8,339	)		(238	)		10
NET INCOME		394,228			338,896			312,220
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(21,055	)		1,403			32,608
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED	$	373,173		$	340,299		$	344,828

Note

(1)

“Adjusted property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land rent to Belle, Corporate and Other expenses, and other non-operating income and expenses. The Company uses Adjusted property EBITDA to measure the operating performance of Mocha Clubs, Altira Macau, City of Dreams, Studio City, City of Dreams Manila and Cyprus Operations and to compare the operating performance of its properties with those of its competitors.

The Company’s geographic information for long-lived assets is as follows:

Long-lived Assets


	December 31,
	2019		2018		2017
Macau	$	6,207,746	$	6,287,324	$	6,389,846
The Philippines		398,110		381,866		458,242
Cyprus		152,066		124,072		64,283
Hong Kong and other foreign countries		86,726		61,095		12,389

Total long-lived assets	$	6,844,648	$	6,854,357	$	6,924,760

ACQUISITION OF SUBSIDIARIES

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

ACQUISITION OF SUBSIDIARIES

25.	ACQUISITION OF SUBSIDIARIES

Acquisition of ICR Cyprus

On July 31, 2019, the Company completed its acquisition from Melco International of all of Melco International’s holding of ordinary shares of ICR Cyprus, which represents

a 75%

equity interest in ICR Cyprus (the “Acquisition of ICR Cyprus”) for a consideration

with the issuance

of 55,500,738

ordinary shares of Melco, which were equivalent

to 18,500,246

ADSs. The Acquisition of ICR Cyprus is accounted for as a transaction involving a transfer of business between entities under common control in accordance with the applicable accounting standards as disclosed in Note 2(a). Accordingly, the transfer of Melco International’s equity interest in ICR Cyprus to Melco is accounted for at carrying values of net assets transferred and the consideration in excess of the net assets of ICR Cyprus Group

$192,304

was recognized as an

increase

in the Company’s additional

aid-in

capital.

Acquisition of Japan Ski Resort

On November

, 2019, the Company completed its acquisition of 100%

equity interest in Kabushiki Kaisha Okushiga Kogen Resort (the “Japan Ski Resort”), a company currently operates a ski resort in Nagano, Japan, for a cash consideration of

1,685,000,000

Japanese Yen

(equivalent to $15,394

for its business development in Japan. The acquisition was

not m

ate

to the Company’s consolidated financial statements. In connection with this acquisition, the Company recorded a goodwill

of $13,731

which is primarily attributable to the benefit of future market development of the Company and is not deductible for tax purposes. Acquisition-related costs were expensed as incurred and were not significant.

The Company accounted for the acquisition as business combinations in accordance with the applicable accounting standards and recorded the assets acquired and liabilities assumed at their respective fair values as of the acquisition date.

The Company estimated fair value using level 2 inputs, which are observable

inputs

for similar assets, and level 3 inputs, which are unobservable inputs, for other acquired assets and assumed liabilities. Given how recently the acquisition was completed, the allocation of fair value for assets acquired and liabilities assumed is preliminary and may be adjusted up to

one

year after the acquisition.

For the period from November 28, 2019 through December 31, 2019, Japan Ski Resort’s net revenue, operating income and net income were not material. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations.

CHANGE IN SHAREHOLDING OF THE SUBSIDIARIES

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

CHANGE IN SHAREHOLDING OF THE SUBSIDIARIES

26.	CHANGE IN SHAREHOLDING OF THE SUBSIDIARIES

The Philippine subsidiaries

During the year ended December 31, 2017, 1,040,485 share options under the MRP Share Incentive Plan were exercised, which decreased Melco’s shareholding in MRP and the Company recognized an increase of $96 in Melco’s additional

paid-in

capital which reflected the adjustment to the carrying amount of the noncontrolling interest in MRP.

During the years ended December 31, 2018 and 2017, 20,506,393 and 2,826,644 restricted shares under the MRP Share Incentive Plan were vested, which decreased Melco’s shareholding in MRP and the Company recognized a decrease of $573 and $67, respectively, in Melco’s additional

paid-in

capital which reflected the adjustment to the carrying amount of the noncontrolling interest in MRP.

On October 31, 2018, MCO (Philippines) Investments Limited (“MCO Investments”), a subsidiary of Melco, conducted a voluntary tender offer (the “Tender Offer”) for up to 1,569,786,768 outstanding

common shares of MRP held by the public, at a price of PHP7.25 (equivalent to $0.14) per share, for the purpose of increasing and consolidating its shareholding interest in MRP. The Tender Offer expired on November 29, 2018 and 1,338,477,668 outstanding common shares of MRP were tendered and acquired by MCO Investments at the offer price of PHP7.25 (equivalent to $0.14) per MRP share for a total amount of PHP9,703,963,000 (equivalent to $184,055) and were crossed (the “Cross Transaction”) over the facilities of the PSE on December 10, 2018. An additional 107,475,300 common shares of MRP were acquired by MCO Investments from December 6, 2018 until December 10, 2018

at a total consideration of PHP

779,196,000

(equivalent to $

14,779

). After the Cross Transaction, MRP’s public ownership level fell below the

% required threshold over the Minimum Public Ownership Rules of the PSE. As a result, the shares of MRP were automatically suspended for trading by the PSE on

December 10, 2018

. MRP was automatically

delisted

from the PSE on June

2019

, by reason of its public ownership remaining below the

% minimum threshold prescribed under the PSE’s Rule on Minimum Public Ownership for a period of more than six months. The above transactions increased

Melco

’s shareholding in MRP and the Company recognized a decrease of $

140,999

Melco

’s additional

paid-in

capital which

reflected

the adjustment to the carrying amount of the

noncontrolling

interest in MRP.

During the year ended December 31, 2019, MRP issued and the independent directors subscribed for 1,493,900 common shares of MRP with a par value of PHP1 per share, for a total consideration of PHP1,494,000 (equivalent to $30), which decreased Melco’s shareholding in MRP and the Company recognized a decrease of $30 in Melco’s additional

paid-in

capital which reflected the adjustment to the carrying amount of noncontrolling interest in MRP.

During the years ended December 31, 2019 and 2018, the total transfers to noncontrolling interests amounted to $30 and $141,572, respectively, and during the year ended December 31, 2017, the total transfers from noncontrolling interests amounted to $29, in relation to transactions as described above. The Com

pany retain

s its controlling financial interests in MRP before and after the above transactions.

Studio City International

During the year ended December 31, 2018, Studio City International completed its initial public offering. In connection with its offering, Studio City International issued (i) 28,750,000 ADSs, representing 115,000,000 Class A ordinary shares, (ii) 800,376 Class A ordinary shares to Melco International to effect an assured entitlement distribution, pursuant to a concurrent private placement, and (iii) additional 4,312,500 ADSs, representing 17,250,000 Class A ordinary shares, pursuant to the full exercise by the underwriters of the over-allotment option. The offering decreased Melco’s shareholding in Studio City International and the Company recognized a decrease of $31,845 in Melco’s additional

paid-in

capital which reflected the adjustment to the carrying amount of the noncontrolling interest in Studio City International. The Company retains its controlling financial interests in Studio City International before and after the above

transactions

The schedule below discloses the effects of changes in Melco’s

ownership

interest in MRP and Studio City International on Melco’s equity:


	Year Ended December 31,
	2019			2018			2017
Net income attributable to Melco Resorts & Entertainment Limited	$	373,173		$	340,299		$	344,828
t ransfers (to) from noncontrolling interests:

The Philippine subsidiaries
Decrease in additional paid-in capital resulting from the issuance of common shares of MRP to independent directors		(30	)		—			—
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market and the Tender Offer		—			(140,999	)		—
Decrease in additional paid-in capital resulting from the vesting of restricted shares under the MRP Share Incentive Plan		—			(573	)		(67	)
Increase in additional paid-in capital resulting from the exercise of share options under the MRP Share Incentive Plan		—			—			96

Sub-total		(30	)		(141,572	)		29


Studio City International
Decrease in additional paid-in capital resulting from an initial public offering of Studio City International		—			(31,845	)		—

Sub-total		—			(31,845	)		—

Changes from net income attributable to Melco Resorts & Entertainment Limited’s shareholders and transfers from noncontrolling interests	$	373,143		$	166,882		$	344,857

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

27.	SUBSEQUENT EVENT

In connection with the outbreak of the coronavirus (Covid-19) in the first quarter of 2020, severe travel restrictions, temporary business closures and other prohibitions have been imposed by the People’s Republic of China (“PRC”), Macau, the Philippines, Cyprus and other countries throughout the world, which has significantly disrupted the Company’s operations. On February 5, 2020, the Company’s Macau casino operations were suspended for a 15-day period. On February 20, 2020, casino operations resumed in Macau with limited visitation from Hong Kong, Taiwan and certain regions of the PRC among other countries. In March 2020, the Macau government, the Hong Kong government and several provinces in the PRC, including Guangdong, imposed further entry bans, restrictions and quarantine requirements on nearly all visitors traveling to and from Macau, which is expected to significantly impact the Company’s casino and resort operations.

On March 15, 2020, PAGCOR ordered the suspension of all casino operations in Metro Manila, which includes the City of Dreams Manila, from March 16, 2020 until April 14, 2020, subject to further review and change.

Also on March 15, 2020 and thereafter, the Cyprus government suspended the Company’s casino operations in Cyprus for four weeks from March 16, 2020 and placed restrictions on non-essential social and business activities from March 24, 2020 to April 13, 2020 such as suspension of most construction work within the country, including construction work at City of Dreams Mediterranean development. The restriction dates are subject to further review and change by the Cyprus government.

The Covid-19 outbreak and the related events have also caused severe disruptions to the Company’s resort tenants and other business partners, which may increase the risk of these entities defaulting on their contractual obligations with the Company.

The disruptions to the Company’s business had material adverse effects on its financial condition and operations during the first quarter of 2020. As the disruptions are ongoing, the Company expects such adverse effects will continue, and may worsen beyond the first quarter of 2020. The Company is unable to reasonably estimate the financial impact to the Company’s future results of operations, cash flows and financial condition due to uncertainties surrounding the business closures, travel restrictions and other events related to the Covid-19 outbreak.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation and

Principles of Consolidation

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

The accompanying consolidated financial statements include the accounts of Melco and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.

resulting from the acquisition of ICR Cyprus and its subsidiaries by Melco International in September 2017.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Melco and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.

Use of Estimates

(b)

Use of Estimates

Fair Value of Financial Instruments

(c)

Fair Value of Financial Instruments

Cash and Cash Equivalents

(d)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less.

Cash equivalents are placed with financial institutions with high-credit ratings and quality.

Investment Securities

(e)

Investment Securities

Investment securities consist of investments in mutual funds that mainly invest in bonds and fixed interest securities and investments in equity interests in a public

Restricted Cash

(f)

Restricted Cash

non-current

portion of restricted cash represents funds that will not be released or utilized within the next twelve months. Restricted cash mainly consists of i) bank accounts that are restricted for

Accounts Receivable and Credit Risk

(g)

Accounts Receivable and Credit Risk

Accounts receivable, including casino, hotel and other receivables, are typically

non-interest

Inventories

(h)

Inventories

Inventories consist of retail merchandise, food and beverage items and certain operating supplies, which are stated at the lower of cost or net realizable value. Cost is calculated using the

first-in,

first-out,

weighted average and specific identification methods.

Property and Equipment

(i)

Property and Equipment

for more than a brief period.

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Freehold land		Not depreciated
Buildings		4 to 40 years
Transportation		5 to 10 years
Leasehold improvements		3 to 10 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment		2 to 15 years
Plant and gaming machinery		3 to 5 years

Capitalized Interest

(j)

Capitalized Interest

Interest, including amortization of

nil

$21,067 and $37,483 were capitalized during the years ended December 31, 2019, 2018 and 2017, respectively.

Gaming Subconcession

(k)

Gaming Subconcession

Internal-Use Software

(l)

Internal-Use Software

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software of

internal-use

software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

Goodwill and Intangible Assets

(m)

Goodwill and Intangible Assets

subconcession and

internal-use

No impairment losses have been recognized during the years ended December 31, 2019, 2018 and 2017.

Impairment of Long-lived Assets (Other Than Goodwill)

(n)

Impairment of Long-lived Assets (Other Than

Goodwill

)

During the year ended December 31, 2019, impairment

loss of $

9,590

was recognized, of which $6,293 and $3,297 were provided for

nil

and $

23,197

were recognized, mainly due to reconfigurations and renovations at the Company’s operating properties. The impairment losses are included in the

accompanying consolidated statements of operations.

Deferred Financing Costs

(o)

Deferred Financing Costs

Land Use Rights

(p)

Land Use Rights

Land use rights represent the upfront land premium paid for the use of land held under operating leases, which

are recorded at cost less accumulated amortization. Amortization is provided over the estimated term of the land use rights of 40 years on a straight-line basis.

Leases

(q)

Leases

On January 1, 2019, the Company adopted the Accounting Standard

Codification 842,

Leases,

Finance and operating lease

right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the

right-of-use

The Company’s lease contracts have lease and

non-lease

components. For contracts in which the Company is a lessee, the Company accounts for the lease components and

non-lease

components as a single lease component for all classes of underlying assets, except for real estate. For contracts in which the Company is a lessor,

all

are accounted for as operating leases, and the lease components and

non-lease

components are accounted for separately.

The major changes from the previous basis, as a result of the adoption of the new leases standard are summarized in Note 2(ab).

Revenue Recognition

(r)

Revenue Recognition

On January 1, 2018, the Company adopted the Accounting Standards Codification 606,

Revenue from Contracts with Customers

(“New Revenue Standard”), using the modified retrospective method.

The Company’s revenues from contracts with customers consist of casino wagers, sales of rooms, food and beverage, entertainment, retail and other goods and services.

future gaming or in exchange for incentives or points earned under the Company’s

non-discretionary

incentives programs (including loyalty programs).

For casino transactions that include complimentary goods or services provided by the Company to incentivize future gaming, the Company allocates the standalone selling price of each good or service to the appropriate revenue type based on the good or service provided. Complimentary goods or services that are provided under the Company’s control and discretion and supplied by third parties are recorded as operating expenses.

The Company operates different

non-discretionary

incentives programs in certain of its properties which include loyalty programs (the “Loyalty Programs”) to encourage repeat business mainly from loyal slot machine customers and table games patrons. Customers earn points primarily based on gaming activity and such points can be redeemed for free play and other free goods and services. For casino transactions that include points earned under the Loyalty Programs, the Company defers a portion of the revenue by recording the estimated standalone selling prices of the earned points that are expected to be redeemed as a liability. Upon redemption of the points for Company-owned goods or services, the standalone selling price of each good or service is allocated to the appropriate revenue type based on the good or service provided. Upon the redemption of the points with third parties, the redemption amount is deducted from the liability and paid directly to the third party.

After allocating amounts to the complimentary goods or services provided and to the points earned under the Loyalty Programs, the residual amount is recorded as casino revenue when the wagers are settled.

The Company follows the accounting standards for reporting revenue gross as a principal versus net as an agent, when accounting for operations of certain hotels and Grand Dragon Casino and concluded that it is the controlling entity and is the principal to these arrangements. For the operations of certain hotels, the Company is the owner of the hotel properties, and the hotel managers operate the hotels under certain management agreements providing management services to the Company, and the Company receives all rewards and takes substantial risks associated with the hotels’ business; it is the principal and the transactions are, therefore, recognized on a gross basis. For the operations of Grand Dragon Casino, given the Company operates the casino under a right to use agreement with the owner of the casino premises and has full responsibility for the casino operations in accordance with its gaming subconcession, it is the principal and casino revenue is, therefore, recognized on a gross basis.

The transaction prices for rooms, food and beverage, entertainment, retail and other goods and services are the net amounts collected from customers for such goods and services that are recorded as revenues when the goods are provided, services are performed or events are held. Service taxes and other applicable taxes collected by the Company are excluded from revenues. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customers. Revenues from contracts with multiple goods or services provided by the Company are allocated to each good or service based on its relative standalone selling price.

Minimum operating and right to use fees representing lease revenues, adjusted for contractual base fees and operating fee escalations, are included in other revenues and are recognized over the terms of the related agreements on a straight-line basis.

Contract and Contract-Related Liabilities

The following table summarizes the activities related to contract and contract-related liabilities:


	December 31, 2019		December 31, 2018		Increase/ (Decrease)			December 31, 2018		January 1, 2018		Increase/ (Decrease)
Outstanding gaming chips and tokens	$	473,330	$	638,702	$	(165,372	)	$	638,702	$	464,613	$	174,089
Loyalty program liabilities		39,591		46,729		(7,138	)		46,729		42,929		3,800
Advanced customer deposits and ticket sales		255,884		386,869		(130,985	)		386,869		423,603		(36,734	)

	$	768,805	$	1,072,300	$	(303,495	)	$	1,072,300	$	931,145	$	141,155

Gaming Taxes and License Fees

(s)

Gaming Taxes and License Fees

The Company is subject to taxes and license fees based on gross

gaming

2,550,755

, $

2,372,144

and $

2,224,058

for the years ended December 31, 2019, 2018 and 2017, respectively.

Pre-opening Costs

(t)

Pre-opening Costs

Pre-opening

costs represent personnel, marketing and other costs incurred prior to the opening of new or

start-up

operations and are expensed as incurred. During the years ended December 31, 2019, 2018 and 2017, the Company incurred

pre-opening

costs primarily in connection with the development of further expansions to City of Dreams, Studio City and Cyprus Operations. The Company also incurs

pre-opening

costs on other

one-off

activities related to the marketing of new facilities and operations.

Development Costs

(u)

Development Costs

Development costs include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

Advertising and Promotional Costs

(v)

Advertising and Promotional Costs

Foreign Currency Transactions and Translations

(w)

Foreign Currency Transactions and Translations

Comprehensive Income and Accumulated Other Comprehensive Losses

(x)

Comprehensive Income and Accumulated Other Comprehensive Losses

As of December 31, 2019 and 2018, the Company’s accumulated other comprehensive losses consisted solely of foreign currency translation adjustments, net of tax and noncontrolling interests.

Share-based Compensation Expenses

(y)

Share-based Compensation Expenses

The Company measures the cost of employee services received in

exchange

Further information on the Company’s share-based compensation arrangements is included in Note 17.

Income Tax

(

)

Income Tax

The Company is subject to income taxes in Macau, Hong Kong, the Philippines, Cyprus and other jurisdictions where it operates.

two-step

Net Income Attributable to Melco Resorts & Entertainment Limited Per Share

(

)

Net Income Attributable to Melco Resorts & Entertainment Limited Per Share

adjust

to include the effect of the issuance of

55,500,738

ordinary shares of Melco as the consideration for the Acquisition of ICR Cyprus as described in Note 25, as if the Acquisition of ICR Cyprus had been in effect since the inception of common control

resulting from the acquisition of ICR Cyprus and its subsidiaries by Melco International in September 2017.


	Year Ended December 31,
	2019		2018		2017
Weighted average number of ordinary shares outstanding used in the calculation of basic net income attributable to Melco Resorts & Entertainment Limited per share		1,436,569,083		1,506,551,789		1,484,379,459

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		6,878,339		9,858,273		11,689,000

Weighted average number of ordinary shares outstanding used in the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share		1,443,447,422		1,516,410,062		1,496,068,459

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share		8,053,109		7,200,837		6,624,345

Recent Changes in Accounting Standards

(ab)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement:

right-of-use

of operating lease

right-of-use

assets (including the reclassification of deferred rent assets, prepaid rent, deferred rent liabilities and accrued rent to operating lease right-of-use assets) and

$170,833 of operating lease liabilities as of January 1, 2019. The adoption of this guidance did not have a material impact on net income or cash flows.

Recent Accounting Pronouncements Not Yet Adopted:

In June 2016, the FASB issued an accounting standard

internal-use

software (and hosting arrangements that include an

internal-use

adoption permitted. The

Company adopted this new guidance on January 1, 2020 and this adoption did not have a material impact on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Freehold land		Not depreciated
Buildings		4 to 40 years
Transportation		5 to 10 years
Leasehold improvements		3 to 10 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment		2 to 15 years
Plant and gaming machinery		3 to 5 years

Summary of Primary Liabilities Associated With Customer Contracts

The following table summarizes the activities related to contract and contract-related liabilities:


	December 31, 2019		December 31, 2018		Increase/ (Decrease)			December 31, 2018		January 1, 2018		Increase/ (Decrease)
Outstanding gaming chips and tokens	$	473,330	$	638,702	$	(165,372	)	$	638,702	$	464,613	$	174,089
Loyalty program liabilities		39,591		46,729		(7,138	)		46,729		42,929		3,800
Advanced customer deposits and ticket sales		255,884		386,869		(130,985	)		386,869		423,603		(36,734	)

	$	768,805	$	1,072,300	$	(303,495	)	$	1,072,300	$	931,145	$	141,155

Weighted Average Number of Ordinary and Ordinary Equivalent Shares Used in Calculation of Basic and Diluted Net Income


	Year Ended December 31,
	2019		2018		2017
Weighted average number of ordinary shares outstanding used in the calculation of basic net income attributable to Melco Resorts & Entertainment Limited per share		1,436,569,083		1,506,551,789		1,484,379,459

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		6,878,339		9,858,273		11,689,000

Weighted average number of ordinary shares outstanding used in the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share		1,443,447,422		1,516,410,062		1,496,068,459

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share		8,053,109		7,200,837		6,624,345

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash reported within the accompanying consolidated statements of cash flows consisted of the following:


	December 31,
	2019		2018
Cash and cash equivalents	$	1,394,982	$	1,472,423
Current portion of restricted cash		37,390		48,037
Non-current portion of restricted cash		130		129

Total cash, cash equivalents and restricted cash	$	1,432,502	$	1,520,589

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities


	Year Ended December 31,
	2019			2018
Net losses recognized on marketable equity securities	$	(41,737	)	$	(111	)
Less: Net (gains) losses recognized on marketable equity securities sold during the year		(3,085	)		1,345

Unrealized (losses) gains recognized on marketable equity securities still held at the reporting date	$	(44,822	)	$	1,234

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	December 31,
	2019			2018
Casino	$	510,008		$	433,565
Hotel		4,369			5,714
Other		2,949			5,847

Sub-total		517,326			445,126
Less: allowances for doubtful debts		(232,993	)		(203,037	)

	$	284,333		$	242,089

Movement in Allowances for Doubtful Debts

Movement

the allowances for doubtful debts were as follows:


	Year Ended December 31,
	2019			2018			2017
At beginning of year	$	203,037		$	210,997		$	265,931
Additional (credit) provision		32,888			(2,479	)		(4,178	)
Write-offs, net of recoveries		(4,460	)		(2,115	)		(57,696	)
Reclassified from (to) long-term receivables, net		662			(2,062	)		6,940
Exchange adjustments		866			(1,304	)		—

At end of year	$	232,993		$	203,037		$	210,997

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	December 31,
	2019			2018
Cost
Buildings	$	6,288,083		$	6,244,348
Furniture, fixtures and equipment		1,071,341			1,007,626
Leasehold improvements		1,049,332			953,535
Plant and gaming machinery		265,856			227,263
Transportation		218,952			101,915
Construction in progress		143,330			69,186
Freehold land		77,876			85,068

Sub-total		9,114,770			8,688,941
Less: accumulated depreciation and amortization		(3,390,861	)		(2,904,598	)

Property and equipment, net	$	5,723,909		$	5,784,343

GAMING SUBCONCESSION, NET (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Schedule of Gaming Subconcession, Net


	December 31,
	2019			2018
Deemed cost	$	898,959		$	894,079
Less: accumulated amortization		(757,519	)		(696,546	)

Gaming subconcession, net	$	141,440		$	197,533

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Schedule of Goodwill by Segment

Goodwill by segment is as follows:


	December 31,
	2019		2018
Mocha Clubs (1)	$	81,820	$	81,376
Corporate and Other (2)		13,800		—

Goodwill	$	95,620	$	81,376

Notes

(1)

(2)

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Long-Term Prepayments, Deposits and Other Assets

Long-term prepayments, deposits and other assets consisted of the following:


	December 31,
	2019			2018
Entertainment production costs	$	76,795		$	76,379
Less: accumulated amortization		(72,230	)		(65,027	)

Entertainment production costs, net		4,565			11,352
Other long-term prepayments and other assets		53,585			30,504
Deferred rent assets		37,835			46,864
Advance payments for construction costs		32,911			—
Other deposits		16,709			14,976
Deposits for acquisition of property and equipment		13,642			51,580
Input value-added tax, net		12,469			20,097
Deferred financing costs, net		885			11,330
Long-term receivables, net		3,877			5

Long-term prepayments, deposits and other assets	$	176,478		$	186,708

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Schedule of Land Use Rights, Net


	December 31,
	2019			2018
Altira Macau (“Taipa Land”)	$	146,306		$	145,511
City of Dreams (“Cotai Land”)		399,115			396,949
Studio City (“Studio City Land”)		652,807			649,263

		1,198,228			1,191,723
Less: accumulated amortization		(457,220	)		(432,072	)

Land use rights, net	$	741,008		$	759,651

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2019		2018
Outstanding gaming chips and tokens	$	473,330	$	638,702
Advance customer deposits and ticket sales		255,884		386,869
Gaming tax and license fee accruals		217,773		223,681
Staff cost accruals		169,622		147,049
Operating expense and other accruals and liabilities		117,338		123,223
Property and equipment payables		69,097		63,178
Interest expenses payable		49,298		14,754
Loyalty program liabilities		39,591		46,729
Construction costs payables		28,583		27,445

	$	1,420,516	$	1,671,630

LONG-TERM DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Long-Term Debt, Net

Long-term debt, net consisted of the following:


	December 31,
	2019			2018
Credit Facilities
2015 Credit Facilities (net of unamortized deferred financing costs of $42 and $4,428, respectively) (1)	$	1,108		$	1,471,466
2016 Studio City Credit Facilities (2)		128			128
Aircraft Term Loan		—			3,503

Senior Notes
2017 4.875% Senior Notes, due 2025 (net of unamortized deferred financing costs and original issue premiums of $ 19,827 and $ 22,904 , respectively)		980,173			977,096
2019 5.250% Senior Notes, due 2026 (net of unamortized deferred financing costs of $ 5,948 )		494,052			—
2019 5.625% Senior Notes, due 2027 (net of unamortized deferred financing costs of $ 7,298 )		592,702			—
2019 5.375% Senior Notes, due 2029 (net of unamortized deferred financing costs of $ 8,992 )		891,008			—
2016 7.250% SC Secured Notes, due 2021 (net of unamortized deferred financing costs of $7,211 and $10,580, respectively)		842,789			839,420
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $7,829)		592,171			—
2012 8.500% Studio City Notes, due 2020 (net of unamortized deferred financing costs of $3,436)		—			421,564
2016 5.875% SC Secured Notes, due 2019 (net of unamortized deferred financing costs of $2,260)		—			347,740
		4,394,131			4,060,917
Current portion of long-term debt (net of unamortized deferred financing costs of $ 5 and $ 2,775 , respectively)		(146	)		(395,547	)

	$	4,393,985		$	3,665,370

Notes

Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs and Original Issue Premium)

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2019 are as follows:


Year ending December 31,
2020	$	151
2021		851,127
2022		—
2023		—
2024		600,000
Over 2024		3,000,000

	$	4,451,278

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of components of lease cost

The components of lease cost are as follows:


	Year Ended December 31, 2 019
Operating lease cost:
Amortization of land use rights	$	22,659
Operating lease cost		39,681
Short-term lease cost		1,569
Variable lease cost		9,595
Finance lease cost:
Amortization of right-of-use assets		12,326
Interest cost		39,696

Total lease cost	$	125,526

Disclosure of other information related to lease term and discount rate

Other information related to lease term and discount rate is as follows:


	December 31, 2019
Weighted average remaining lease term
Operating leases		18.3 years
Finance leases		13.5 years

Weighted average discount rate
Operating leases		5.82	%
Finance leases		13.49	%

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2019 are as follows:


	Operating leases			Finance leases
Year ending December 31,
2020	$	33,846		$	42,681
2021		24,178			47,115
2022		14,447			48,214
2023		8,591			49,337
2024		6,862			50,666
Over 2024		99,625			434,247

Total future minimum lease payments		187,549			672,260
Less: amount representing interest		(66,138	)		(370,495	)

Present value of future minimum lease payments		121,411			301,765
Current portion		(33,152	)		(39,725	)

Non-current portion	$	88,259		$	262,040

Summary of future minimum fees, excluding the contingent fees to be received under non-cancellable operating leases

Future minimum fees, excluding the contingent fees to be received under

non-cancellable

operating leases

as of December 31, 2019 were as follows:


Year ending December 31,
2020	$	54,544
2021		43,994
2022		39,973
2023		40,387
2024		41,650
Over 2024		65,274

	$	285,822

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Income before Income Tax

Income before income tax consisted of:


	Year Ended December 31,
	2019			2018			2017
Macau operations	$	665,591		$	522,390		$	562,140
Hong Kong operations		(72,676	)		(48,385	)		(26,111	)
Philippine operations		61,768			83,758			36,035
Cyprus operations		16,432			(14,268	)		(3,073	)
Other jurisdictions operations		(268,548	)		(204,361	)		(256,781	)

Income before income tax	$	402,567		$	339,134		$	312,210

Summary of Income Tax Expense (Credit)

The income tax expense (credit)

consisted

of:


	Year Ended December 31,
	2019			2018			2017
Income tax expense - current
Macau Complementary Tax	$	1,130		$	676		$	13
Lump sum in lieu of Macau Complementary Tax on dividends		2,345			2,341			2,359
Hong Kong Profits Tax		64			46			2,516
Income tax in other jurisdictions		3,571			408			54

Sub-total		7,110			3,471			4,942

Under (over) provision of income taxes in prior years:
Macau Complementary Tax		38			793			(2,575	)
Hong Kong Profits Tax		(3	)		(2,303	)		30
Income tax in other jurisdictions		325			39			(77	)

Sub-total		360			(1,471	)		(2,622	)

Income tax expense (credit) - deferred:
Macau Complementary Tax		(900	)		(629	)		(3,020	)
Hong Kong Profits Tax		(341	)		(2,554	)		245
Income tax in other jurisdictions		2,110			1,421			445

Sub-total		869			(1,762	)		(2,330	)

Total income tax expense (credit)	$	8,339		$	238		$	(10	)

Schedule of Reconciliation of Income Tax Expense (Credit) from Income Before Income Tax

A reconciliation of the income tax expense (credit) from income before income tax per the accompanying consolidated statements of

operations

is as follows:


	Year Ended December 31,
	2019			2018			2017
Income before income tax	$	402,567		$	339,134		$	312,210
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax expense at Macau Complementary Tax rate		48,308			40,696			37,465
Lump sum in lieu of Macau Complementary Tax on dividends		2,345			2,341			2,359
Effect of different tax rates of subsidiaries operating in other jurisdictions		2,178			7,067			181
Under (over) provision in prior years		360			(1,471	)		(2,622	)
Effect of income for which no income tax expense is payable		(9,763	)		(3,035	)		(12,526	)
Effect of expenses for which no income tax benefit is receivable		54,856			38,468			44,149
Effect of profits generated by gaming operations exempted		(165,947	)		(157,367	)		(128,145	)
Changes in valuation allowances		30,473			12,838			27,259
Expired tax losses		45,529			60,701			31,870

Income tax expense (credit)	$	8,339		$	238		$	(10	)

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of December 31, 2019 and 2018 consisted of the following:


	December 31,
	2019			2018
Deferred tax assets
Net operating losses carried forward	$	167,293		$	155,175
Depreciation and amortization		49,985			39,802
L ease liabilities		104,404			—
Deferred rents		—			36,567
Others		9,373			7,801
Sub-total		331,055			239,345
Valuation allowances		(257,965	)		(232,907	)
Total deferred tax assets		73,090			6,438
Deferred tax liabilities
Right-of-use assets		(63,011	)		—
Land use rights		(46,430	)		(47,554	)
Intangible assets		(506	)		(503	)
Unrealized capital allowances		(7,242	)		(3,255	)
Others		(9,020	)		(6,880	)
Total deferred tax liabilities		(126,209	)		(58,192	)
Deferred tax liabilities, net	$	(53,119	)	$	(51,754	)

Schedule of Unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented as follows:

	Year Ended December 31,
	2019		2018		2017
At beginning of year	$	4,929	$	2,582	$	1,836
Additions based on tax positions related to current year		2,575		2,347		943
Re ductions due to expiry of the statute of limitations		—		—		(197	)

At end of year	$	7,504	$	4,929	$	2,582

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Assumptions Used to Estimate Fair Values of Stock Options

The fair values of the outstanding share options under the MRP SIP Retirement Arrangements at modification date were estimated using the following weighted average assumptions as follows:


Expected dividend yield	—
Expected stock price volatility	45.00	%
Risk-free interest rate	5.81	%
Expected term (years)	5.7

Impact of Share Options and Restricted Shares

The share-based compensation cost for the Company was recognized as follows:


	Year Ended December 31,
	2019		2018			2017
Share-based compensation cost:
2011 Share Incentive Plan	$	28,466	$	25,284		$	16,789
MRP Share Incentive Plan		1,113		(141	)		516
Melco International Share Incentive Plan		2,218		—			—

Total share-based compensation expenses recognized in general and administrative expenses	$	31,797	$	25,143		$	17,305

2006 Share Incentive Plan [Member]

Summary of Share Options Activity

A summary of the share options activity under the 2006 Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of January 1, 2019		2,289,468		$	1.64
Exercised		(138,036	)		0.32

Outstanding as of December 31, 2019		2,151,432		$	1.72		1.21	$	13,631

Fully vested and exercisable as of December 31, 2019		2,151,432		$	1.72		1.21	$	13,631

The following information is provided for share options under the 2006 Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Proceeds from the exercise of share options	$	44	$	1,195	$	2,192

Intrinsic value of share options exercised	$	920	$	37,239	$	18,004

2011 Share Incentive Plan [Member]

Summary of Share Options Activity

A summary of the share options activity under the 2011 Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of January 1, 2019		17,034,960		$	6.72
Granted		4,320,498			8.14
Exercised		(528,219	)		5.30
Forfeited or expired		(1,050,261	)		7.70

Outstanding as of December 31, 2019		19,776,978		$	7.01		7.20	$	27,896

Fully vested and expected to vest as of December 31, 2019		19,776,978		$	7.01		7.20	$	27,896

Exercisable as of December 31, 2019		6,577,455		$	5.15		5.07	$	19,127

The following information is provided for share options under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	2.59	$	3.09	$	2.45

Proceeds from the exercise of share options	$	2,798	$	3,823	$	2,195

Intrinsic value of share options exercised	$	1,201	$	3,744	$	1,246

Summary of Assumptions Used to Estimate Fair Values of Stock Options

The fair values of share options granted under the 2011 Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions as follows:


	Year Ended December 31,
	2019			2018			2017
Expected dividend yield		2.75	%		2.04	%		2.00	%
Expected stock price volatility		41.81	%		40.17	%		47.94	%
Risk-free interest rate		2.34	%		2.62	%		2.09	%
Expected term (years)		5.6			5.56			6.1

Summary of Restricted Shares Activity

A summary of the restricted shares activity under the 2011 Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2019		5,239,074		$	7.30
Granted		3,681,477			8.14
Vested		(1,438,533	)		6.13
Forfeited		(376,842	)		7.82

Unvested as of December 31, 2019		7,105,176		$	7.94

The following information is provided for restricted shares under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	8.14	$	9.50	$	6.30

Grant date fair value of restricted shares vested	$	8,825	$	13,952	$	9,236

MRP Share Incentive Plan [Member]

Summary of Share Options Activity

A summary of the share options activity under the MRP Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Equity-settled
Outstanding as of January 1, 2019		17,035,505		$	0.12
Forfeited or expired		(1,064,332	)		0.16
Modified to cash-settled		(15,971,173	)		0.12

Outstanding as of December 31, 2019		—		$	—		—	$	—

Fully vested and expected to vest as of December 31, 2019		—		$	—		—	$	—

Exercisable as of December 31, 2019		—		$	—		—	$	—


	Number of share Options			Weighted Average Remaining Contractual Term
Cash-settled
Outstanding as of January 1, 2019		—
Modified from equity -settled		15,971,173
Vested		(8,587,765	)
Outstanding as of December 31, 2019		7,383,408			7.77

The following information is provided for share options under the MRP Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	—	$	0.07	$	0.08

Proceeds from the exercise of share options	$	—	$	—	$	173

Intrinsic value of share options exercised	$	—	$	—	$	6

A summary of the restricted shares activity under the MRP Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Equity-settled
Unvested as of January 1, 2019		29,444,660		$	0.11
Forfeited		(376,236	)		0.11
Modified to cash-settled		(29,068,424	)		0.11

Unvested as of December 31, 2019		—		$	—

Cash-settled
Unvested as of January 1, 2019		—		$	—
Modified from equity -settled		29,068,424			0.11
Vested		(20,816,777	)		0.10
Forfeited		(15,961	)		0.09

Unvested as of December 31, 2019		8,235,686		$	0.16

The following information is provided for restricted shares under the MRP Share Incentive Plan:


	Year Ended December 31,
	2019		2018		2017
Weighted average grant date fair value	$	—	$	0.14	$	0.16

Grant date fair value of restricted shares vested	$	2,026	$	1,747	$	454

Summary of Assumptions Used to Estimate Fair Values of Stock Options

The fair values of share options granted under the MRP Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions as follows:


	Year Ended December 31,
	2018			2017
Expected dividend yield		—			—
Expected stock price volatility		45.00	%		45.00	%
Risk-free interest rate		5.69	%		4.47	%
Expected term (years)		5.6			5.9

Melco International Share Incentive Plan [Member]

Summary of Share Options Activity

A summary of the share options activity under the Melco International Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of January 1, 2019		—	$	—
Granted		14,200,000		2.43

Outstanding as of December 31, 2019		14,200,000	$	2.43		9.69	$	5,360

Fully vested and expected to vest as of December 31, 2019		14,200,000	$	2.43		9.69	$	5,360

Exercisable as of December 31, 2019		—	$	—		—	$	—

Summary of Assumptions Used to Estimate Fair Values of Stock Options

The fair value of share options granted under the Melco International Share Incentive Plan was estimated on the date of grant using the following weighted average assumptions as follows:


	Year Ended December 31, 2019
Expected dividend yield		0.40	%
Expected stock price volatility		43.33	%
Risk-free interest rate		1.17	%
Expected term (years)		4.9

Summary of Restricted Shares Activity

A summary of the restricted shares activity under the Melco International Share Incentive Plan for the year ended December 31, 2019, is presented as follows:


	Number of Restricted Shares		Weighted Average Grant Date Fair Value
Unvested as of January 1, 2019		—	$	—
Granted		4,879,000		2.43

Unvested as of December 31, 2019		4,879,000	$	2.43

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Significant Related Party Transactions

During the years ended December 31, 2019, 2018 and 2017, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2019			2018			2017

Transactions with affiliated companies

Melco International and its Subsidiaries	Revenues ( services provided by the Company ) :
	Shared service fee income for corporate office	$	1,366		$	3,044		$	951
	Management fee income for Cyprus Project (1)		1,056			1,903			1,487
	Costs and expenses (services provided to the Company): Management fee expenses		2,798	( 2 )		4,339	( 2 )		1,787	( 3 )
	Management fee expenses for Cyprus Project (1)		1,316			3,790			—
	Share-based compensation expenses (4)		2,218			—			—
A joint venture and a subsidiary of MECOM Power and Construction Limited (“MECOM”) (5)(6)	Costs and expenses (services provided to the Company): Consultancy fee expense		10,031			11,723			2,228
	Purchase of assets:
	Construction and renovation work performed and recognized as property and equipment		10,174			13,481			35,510

Notes

(1)

The amount

mainly

(2)

(3)

The amount mainly included Melco’s reimbursement to Melco International’s subsidiary for service fees incurred on its behalf for the operation of the office of Melco’s Chief Executive Officer.

(4)

The amount represents the share-based compensation expenses related to the grant of certain share-

based

awards

under

Melco International

Share Incentive

Plan

an employee of the Company. Further information on the share-based compensation arrangements is included in Note 17.

(5)

A company in which Mr. Lawrence Yau Lung Ho, Melco’s

Chief

with a

joint

venture and a subsidiary of MECOM during the period from January 1, 2019 to December 10, 2019.

(6)

16,362

and $

23,042

during the period from January 1, 2019 to December 10, 2019 and

the

year ended December 31, 2018, respectively.

Schedule of Outstanding Balances Arising from Operating Income or Prepayment of Operating Expenses

The outstanding balances mainly arising from operating income or prepayment of

operating

expenses as of

December

31, 2019 and 2018 are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
Melco International and its subsidiaries	$	442	$	87,394

Schedule of Current Portion of Amounts Due to Affiliated Companies Arising from Construction and Renovation Works Performed

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
A joint venture and subsidiaries of MECOM	$	—	$	8,118
Subsidiaries of Melco International		1,088		7,057
Others		435		11

	$	1,523	$	15,186

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Total Assets


	December 31,
	2019		2018		2017
Macau:
Mocha Clubs	$	145,919	$	120,789	$	121,980
Altira Macau		429,980		376,655		427,668
City of Dreams		3,461,487		3,636,732		3,453,135
Studio City		3,153,721		3,378,646		3,475,321

Sub-total		7,191,107		7,512,822		7,478,104

The Philippines:
City of Dreams Manila		721,205		644,481		682,204
Cyprus:
Cyprus Operations		261,106		247,729		255,766

Corporate and Other		1,315,004		716,964		734,748

Total consolidated assets	$	9,488,422	$	9,121,996	$	9,150,822

Capital Expenditures


	Year Ended December 31,
	2019		2018		2017
Macau:
Mocha Clubs	$	6,620	$	8,973	$	4,690
Altira Macau		17,707		24,450		5,776
City of Dreams		134,075		311,441		467,780
Studio City		89,846		73,189		37,174

Sub-total		248,248		418,053		515,420

The Philippines:
City of Dreams Manila		58,697		22,572		13,571
Cyprus:
Cyprus Operations		39,911		68,238		64,283

Corporate and Other		124,265		54,109		30,051

Total capital expenditures	$	471,121	$	562,972	$	623,325

Results of Operations of Segments

The Company’s segment information and reconciliation to net income attributable to Melco Resorts & Entertainment Limited is as follows:


	Year Ended December 31,
	2019			2018			2017
NET REVENUES
Macau:
Mocha Clubs	$	117,473		$	113,432		$	121,250
Altira Macau		465,056			471,292			446,132
City of Dreams		3,050,491			2,543,649			2,666,309
Studio City		1,355,321			1,368,400			1,363,405

Sub-total		4,988,341			4,496,773			4,597,096

The Philippines:
City of Dreams Manila		602,479			612,947			649,276
Cyprus:
Cyprus Operations		94,731			32,951			—

Corporate and Other		51,250			46,271			38,451

Total net revenues	$	5,736,801		$	5,188,942		$	5,284,823


ADJUSTED PROPERTY EBITDA (1)
Macau:
Mocha Clubs	$	23,280		$	21,490		$	26,639
Altira Macau		51,470			55,547			20,671
City of Dreams		922,776			756,378			804,872
Studio City		415,098			375,288			335,568

Sub-total		1,412,624			1,208,703			1,187,750

The Philippines:
City of Dreams Manila		247,091			269,199			235,019
Cyprus:
Cyprus Operations		29,757			8,461			(15	)

Total adjusted property EBITDA		1,689,472			1,486,363			1,422,754

OPERATING COSTS AND EXPENSES
Payments to the Philippine Parties		(57,428	)		(60,778	)		(51,661	)
Pre-opening costs		(4,847	)		(55,390	)		(5,331	)
Development costs		(57,433	)		(23,029	)		(31,115	)
Amortization of gaming subconcession		(56,841	)		(56,809	)		(57,237	)
Amortization of land use rights		(22,659	)		(22,646	)		(22,817	)
Depreciation and amortization		(571,705	)		(488,446	)		(460,521	)
Land rent to Belle		(3,061	)		(3,001	)		(3,143	)
Share-based compensation		(31,797	)		(25,143	)		(17,305	)
Property charges and other		(20,815	)		(29,147	)		(31,616	)
Corporate and Other expenses		(115,208	)		(108,527	)		(137,468	)
Total operating costs and expenses		(941,794	)		(872,916	)		(818,214	)
OPERATING INCOME	$	747,678		$	613,447		$	604,540


	Year Ended December 31,
	2019			2018			2017
NON-OPERATING INCOME (EXPENSES)
Interest income	$	9,311		$	5,471		$	3,580
Interest expenses, net of capitalized interest		(310,102	)		(264,880	)		(255,764	)
Loan commitment and other finance fees		(2,738	)		(4,630	)		(6,079	)
Foreign exchange (losses) gains, net		(10,756	)		(10,497	)		12,781
Other (expenses) income, net		(23,914	)		3,684			5,282
Loss on extinguishment of debt		(6,333	)		(3,461	)		(49,337	)
Costs associated with debt modification		(579	)		—			(2,793	)
Total non-operating expenses, net		(345,111	)		(274,313	)		(292,330	)
INCOME BEFORE INCOME TAX		402,567			339,134			312,210
INCOME TAX (EXPENSE) CREDIT		(8,339	)		(238	)		10
NET INCOME		394,228			338,896			312,220
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(21,055	)		1,403			32,608
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED	$	373,173		$	340,299		$	344,828

Note

(1)

Long-Lived Assets

The Company’s geographic information for long-lived assets is as follows:

Long-lived Assets


	December 31,
	2019		2018		2017
Macau	$	6,207,746	$	6,287,324	$	6,389,846
The Philippines		398,110		381,866		458,242
Cyprus		152,066		124,072		64,283
Hong Kong and other foreign countries		86,726		61,095		12,389

Total long-lived assets	$	6,844,648	$	6,854,357	$	6,924,760

CHANGE IN SHAREHOLDING OF THE SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Effects of Changes in Company's Ownership Interest

The schedule below discloses the effects of changes in Melco’s

ownership

interest in MRP and Studio City International on Melco’s equity:


	Year Ended December 31,
	2019			2018			2017
Net income attributable to Melco Resorts & Entertainment Limited	$	373,173		$	340,299		$	344,828
t ransfers (to) from noncontrolling interests:

The Philippine subsidiaries
Decrease in additional paid-in capital resulting from the issuance of common shares of MRP to independent directors		(30	)		—			—
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market and the Tender Offer		—			(140,999	)		—
Decrease in additional paid-in capital resulting from the vesting of restricted shares under the MRP Share Incentive Plan		—			(573	)		(67	)
Increase in additional paid-in capital resulting from the exercise of share options under the MRP Share Incentive Plan		—			—			96

Sub-total		(30	)		(141,572	)		29


Studio City International
Decrease in additional paid-in capital resulting from an initial public offering of Studio City International		—			(31,845	)		—

Sub-total		—			(31,845	)		—

Changes from net income attributable to Melco Resorts & Entertainment Limited’s shareholders and transfers from noncontrolling interests	$	373,143		$	166,882		$	344,857

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2019
Freehold land [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	Not depreciated
Buildings [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	4 years
Buildings [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	40 years
Transportation [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5 years
Transportation [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	10 years
Leasehold improvements [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	3 to 10 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	2 years
Furniture, fixtures and equipment [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	15 years
Plant and gaming machinery [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	3 years
Plant and gaming machinery [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	4 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Schedule Of Significant Accounting Policies [Line Items]
Interest expenses incurred		$ 310,102,000	$ 285,947,000	$ 293,247,000
Interest expenses capitalized		0	21,067,000	37,483,000
Impairment loss recognized on goodwill and intangible assets		0	0	0
Impairment loss		9,590,000	0	23,197,000
Gaming taxes and license fees		2,550,755,000	2,372,144,000	2,224,058,000
Advertising and promotional expenses		89,376,000	111,633,000	$ 87,778,000
Effect of shares issued in acquisition				55,500,738
Operating lease right-of-use assets		111,043,000	0		$ 154,459,000
Operating lease liabilities		$ 121,411,000			$ 170,833,000
Amortization Method		over 10 years or the respective estimated useful live of the entertainment show, whichever is shorter.
ICR Cyprus [Member]
Schedule Of Significant Accounting Policies [Line Items]
Increase (Decrease) in net income	$ (3,073,000)	$ 14,180,000	(14,955,000)
Increase (Decrease) in other comprehensive income		$ (4,617,000)
Increase (Decrease) in other comprehensive loss	$ 0		$ 12,527,000
Increase (Decrease) in basic earnings per share	$ (0.004)	$ (0.003)	$ (0.016)
Increase (Decrease) in diluted earning per share	$ (0.005)	$ (0.003)	$ (0.016)
Freehold land [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment loss		$ 6,293,000
Operating Properties [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment loss		$ 3,297,000
Internal-use Software [Member] \| Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life		3 years
Internal-use Software [Member] \| Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life		15 years
Land Use Rights [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life		40 years
Amortization Method		straight-line basis

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of contracts and contract-related liabilities with customers (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	$ 768,805	$ 1,072,300	$ 931,145
Increase/ (Decrease), Contract with Customer Liability	(303,495)	141,155
Outstanding Gaming Chips And Tokens [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	473,330	638,702	464,613
Increase/ (Decrease), Contract with Customer Liability	(165,372)	174,089
Loyalty Program Liabilities [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	39,591	46,729	42,929
Increase/ (Decrease), Contract with Customer Liability	(7,138)	3,800
Advanced Customer Deposits And Ticket Sales [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	255,884	386,869	$ 423,603
Increase/ (Decrease), Contract with Customer Liability	$ (130,985)	$ (36,734)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Number of Ordinary and Ordinary Equivalent Shares Used in Calculation of Basic and Diluted Net Income (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Weighted average number of ordinary shares outstanding used in the calculation of basic net income attributable to Melco Resorts & Entertainment Limited per share	1,436,569,083	1,506,551,789	1,484,379,459
Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method	6,878,339	9,858,273	11,689,000
Weighted average number of ordinary shares outstanding used in the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share	1,443,447,422	1,516,410,062	1,496,068,459
Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income attributable to Melco Resorts & Entertainment Limited per share	8,053,109	7,200,837	6,624,345

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,394,982	$ 1,472,423
Current portion of restricted cash	37,390	48,037
Non-current portion of restricted cash	130	129
Total cash, cash equivalents and restricted cash	$ 1,432,502	$ 1,520,589	$ 1,482,482	$ 1,741,592

INVESTMENT SECURITIES - Additional Information (Detail) $ in Thousands		1 Months Ended
	May 30, 2019 $ / shares	May 30, 2019 shares	Feb. 06, 2020	Dec. 31, 2019 USD ($)	Jun. 06, 2019 USD ($)	Dec. 31, 2018 USD ($)
Investments in Equity Securities [Line Items]
Investment in equity securities, shares acquired, price per share \| $ / shares	$ 13.00
Investment securities				$ 568,936		$ 0
Investment securities				49,369		$ 91,598
Crown Resorts Limited [Member]
Investments in Equity Securities [Line Items]
Investment securities				$ 568,936
Definitive Purchase Agreement [Member] \| Crown Resorts Limited [Member]
Investments in Equity Securities [Line Items]
Investment in equity securities, number of shares acquired \| shares		135,350,000
Investment in equity securities, percentage of ownership transferred on shares acquired	19.99%	19.99%
Investment securities non-current					$ 618,455
Tranche One [Member]
Investments in Equity Securities [Line Items]
Investment in equity securities, percentage of ownership transferred on shares acquired				9.99%	9.99%
Tranche Two [Member] \| Termination Of Obligation [Member] \| Subsequent Event [Member]
Investments in Equity Securities [Line Items]
Investment in equity securities, percentage of ownership transferred on shares acquired			9.99%

INVESTMENT SECURITIES - Schedule of Investment Securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Net losses recognized on marketable equity securities	$ (41,737)	$ (111)
Less: Net (gains) losses recognized on marketable equity securities sold during the year	(3,085)	1,345
Unrealized (losses) gains recognized on marketable equity securities still held at the reporting date	$ (44,822)	$ 1,234

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 517,326	$ 445,126
Less: allowances for doubtful debts	(232,993)	(203,037)	$ (210,997)	$ (265,931)
Accounts receivable, net	284,333	242,089
Casino [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	510,008	433,565
Hotel [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	4,369	5,714
Other [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 2,949	$ 5,847

ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Doubtful Debts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
At beginning of year	$ 203,037	$ 210,997	$ 265,931
Additional (credit) provision	32,888	(2,479)	(4,178)
Write-offs, net of recoveries	(4,460)	(2,115)	(57,696)
Reclassified from (to) long-term receivables, net	662	(2,062)	6,940
Exchange adjustments	866	(1,304)	0
At end of year	$ 232,993	$ 203,037	$ 210,997

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment, Net
Cost	$ 9,114,770	$ 8,688,941
Less: accumulated depreciation and amortization	(3,390,861)	(2,904,598)
Property and equipment, net	5,723,909	5,784,343
Buildings [Member]
Property and Equipment, Net
Cost	6,288,083	6,244,348
Furniture, fixtures and equipment [Member]
Property and Equipment, Net
Cost	1,071,341	1,007,626
Leasehold improvements [Member]
Property and Equipment, Net
Cost	1,049,332	953,535
Plant and gaming machinery [Member]
Property and Equipment, Net
Cost	265,856	227,263
Transportation [Member]
Property and Equipment, Net
Cost	218,952	101,915
Construction in progress [Member]
Property and Equipment, Net
Cost	143,330	69,186
Freehold land [Member]
Property and Equipment, Net
Cost	$ 77,876	$ 85,068

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Costs capitalized to construction in progress	$ 21,774	$ 8,542
Cost of property and equipment held under capital lease	233,503	224,752
Accumulated depreciation and amortization of property and equipment held under capital lease	$ 63,758	$ 49,288

GAMING SUBCONCESSION, NET - Schedule of Gaming Subconcession, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets [Line Items]
Gaming subconcession, net	$ 141,440	$ 197,533
Gaming Subconcession [Member]
Goodwill And Intangible Assets [Line Items]
Deemed cost	898,959	894,079
Less: accumulated amortization	(757,519)	(696,546)
Gaming subconcession, net	$ 141,440	$ 197,533

GAMING SUBCONCESSION, NET - Additional Information (Detail) - Gaming Subconcession [Member] $ in Thousands	Dec. 31, 2019 USD ($)
Goodwill And Intangible Assets [Line Items]
Amortization of gaming subconcession, year 2020	$ 57,171
Amortization of gaming subconcession, year 2021	57,171
Amortization of gaming subconcession, year 2022	$ 27,098

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Detail) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Goodwill [Line Items]

Goodwill

$ 95,620

$ 81,376

Mocha Clubs [Member]

Goodwill [Line Items]

Goodwill

^[1]

81,820

81,376

Corporate and Other [Member]

Goodwill [Line Items]

Goodwill

^[2]

$ 13,800

$ 0

[1]	The amount represents goodwill arose from the acquisition of Mocha Slot Group Limited and its subsidiaries by the Company in 2006. The changes in carrying amounts represented the exchange differences arising from foreign currency translation at the balance sheet date.
[2]	The amount represents goodwill arose from the acquisition of Japan Ski Resort on November 28, 2019 amounted to $13,731 as described in Note 25 and the exchange differences arising from foreign currency translation at the balance sheet date.

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Parenthetical) (Detail) $ in Thousands	Nov. 28, 2019 USD ($)
Japan Ski Resort [Member]
Goodwill [Line Items]
Goodwill from acquisition	$ 13,731

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets	$ 31,628	$ 31,454
Finite lived intangible assets, net	141,440	197,533
Amortization of finite lived intangible assets	56,841	56,809	$ 57,237
Trademarks [Member] \| Mocha Clubs [Member]
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets	4,215	4,193
Internal-use Software [Member]
Goodwill And Intangible Assets [Line Items]
Finite lived intangible assets, net	27,413	27,261
Finite lived intangible assets, gross	30,353	27,958
Finite lived intangible assets, accumulated amortization	2,940	697
Amortization of finite lived intangible assets	2,232	$ 697
Amortization of finite lived intangible assets, year 2020	2,512
Amortization of finite lived intangible assets, year 2021	2,512
Amortization of finite lived intangible assets, year 2022	1,990
Amortization of finite lived intangible assets, year 2023	1,943
Amortization of finite lived intangible assets, year 2024	1,943
Amortization of finite lived intangible assets, after year 2024	$ 16,513

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Schedule of Long-Term Prepayments, Deposits and Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long Term Prepayment Deposits and Other Assets [Abstract]
Entertainment production costs	$ 76,795	$ 76,379
Less: accumulated amortization	(72,230)	(65,027)
Entertainment production costs, net	4,565	11,352
Other long-term prepayments and other assets	53,585	30,504
Deferred rent assets	37,835	46,864
Advance payments for construction costs	32,911	0
Other deposits	16,709	14,976
Deposits for acquisition of property and equipment	13,642	51,580
Input value-added tax, net	12,469	20,097
Deferred financing costs, net	885	11,330
Long-term receivables, net	3,877	5
Long-term prepayments, deposits and other assets	$ 176,478	$ 186,708

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long Term Prepayment Deposits and Other Assets [Abstract]
Useful life of the entertainment	over 10 years or the respective estimated useful live of the entertainment show, whichever is shorter.
Provision for value-added tax receivables	$ 3,733	$ 4,095	$ 2,813
Accounts receivables reclassified from (to) long-term receivables	(3,215)	1,633	8,771
Net amount of allowances for doubtful debt reclassified from (to) non-current	662	$ (2,062)	$ 6,940
Input value-added tax related to purchase of assets	$ 8,648

LAND USE RIGHTS, NET - Schedule of Land Use Rights, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Land Use Rights [Line Items]
Land use rights, gross	$ 1,198,228	$ 1,191,723
Less: accumulated amortization	(457,220)	(432,072)
Land use rights, net	741,008	759,651
Altira Macau - Taipa Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	146,306	145,511
City of Dreams - Cotai Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	399,115	396,949
Studio City - Studio City Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	$ 652,807	$ 649,263

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Contract with Customer Liability	$ 768,805	$ 1,072,300	$ 931,145
Gaming tax and license fee accruals	217,773	223,681
Staff cost accruals	169,622	147,049
Operating expense and other accruals and liabilities	117,338	123,223
Property and equipment payables	69,097	63,178
Interest expenses payable	49,298	14,754
Construction costs payables	28,583	27,445
Total Accrued Expenses and Other Current Liabilities	1,420,516	1,671,630
Outstanding Gaming Chips And Tokens [Member]
Contract with Customer Liability	473,330	638,702	464,613
Advance Customer Deposits And Ticket Sales [Member]
Contract with Customer Liability	255,884	386,869	423,603
Loyalty Program Liabilities [Member]
Contract with Customer Liability	$ 39,591	$ 46,729	$ 42,929

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Long-Term Debt [Line Items]

Long-term debt, net

$ 4,394,131

$ 4,060,917

Current portion of long-term debt, net

(146)

(395,547)

Non current portion of long-term debt, net

4,393,985

3,665,370

Total Credit Facility [Member] | 2015 Credit Facilities [Member]

Long-Term Debt [Line Items]

Long-term debt, net

^[1]

1,108

1,471,466

Total Credit Facility [Member] | 2016 Studio City Credit Facilities [Member]

Long-Term Debt [Line Items]

Long-term debt, net

^[2]

128

Term Loan Facility [Member] | Aircraft Term Loan [Member]

Long-Term Debt [Line Items]

Long-term debt, net

3,503

Senior Notes [Member] | 2017 4.875% Senior Notes, due 2025 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

980,173

977,096

Senior Notes [Member] | 2019 5.250% Senior Notes, due 2026 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

494,052

Senior Notes [Member] | 2019 5.625% Senior Notes, due 2027 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

592,702

Senior Notes [Member] | 2019 5.375% Senior Notes, due 2029 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

891,008

Senior Notes [Member] | 2016 7.250% SC Secured Notes, due 2021 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

842,789

839,420

Senior Notes [Member] | 2019 7.250% Studio City Notes, due 2024 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

592,171

Senior Notes [Member] | 2012 8.500% Studio City Notes, due 2020 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

421,564

Senior Notes [Member] | 2016 5.875% SC Secured Notes, due 2019 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

$ 0

$ 347,740

[1]	As of December 31, 2019 and 2018, the unamortized deferred financing costs related to the 2015 Revolving Credit Facility of the 2015 Credit Facilities of $3,097 and nil are included in prepaid expenses and other current assets, and nil and $10,031 are included in long-term prepayments, deposits and other assets, in the accompanying consolidated balance sheets, respectively.
[2]	As of December 31, 2019 and 2018, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $885 and $1,299 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Current portion of unamortized deferred financing costs	$ 5	$ 2,775
2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs		3,436
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	7,211	10,580
2016 5.875% SC Secured Notes, due 2019 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs		2,260
2017 4.875% Senior Notes, due 2025 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premium	19,827	22,904
2019 5.250% Senior Notes, due 2026 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	5,948
2019 5.625% Senior Notes, due 2027 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	7,298
2019 5.375% Senior Notes, due 2029 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	8,992
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	7,829
Total Credit Facility [Member] \| 2015 Credit Facilities [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	42	4,428
Revolving Credit Facility [Member] \| 2015 Credit Facilities [Member] \| Prepaid Expenses and Other Current Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	3,097	0
Revolving Credit Facility [Member] \| 2015 Credit Facilities [Member] \| Long Term Prepayments Deposits And Other Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	0	10,031
Revolving Credit Facility [Member] \| 2016 Studio City Credit Facilities [Member] \| Long Term Prepayments Deposits And Other Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	$ 885	$ 1,299

LONG-TERM DEBT, NET (2015 Credit Facilities) - Additional Information (Detail) $ in Thousands		1 Months Ended		12 Months Ended
	Jun. 29, 2015 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 HKD ($)	Jun. 29, 2015 HKD ($)
Long-Term Debt [Line Items]
Total outstanding borrowings		$ 4,451,278		$ 4,451,278	$ 4,104,525
Repayments of long-term debt				2,592,631	592,573	$ 896,276
Loss on extinguishment of debt				$ 6,333	3,461	49,337
2015 Credit Facilities [Member] \| Term Loan Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 500,000							$ 3,900,000,000
Maturity date				Jun. 29, 2021
Total outstanding borrowings		1,150		$ 1,150			$ 8,955,830
Repayments of long-term debt		353,062	$ 2,750,000,000
Loss on extinguishment of debt				$ 2,612
2015 Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	1,250,000							9,750,000,000
Maturity date				Jun. 29, 2020
Total outstanding borrowings							0
Amount available for future drawdown		$ 1,251,764		$ 1,251,764			$ 9,750,000,000
Loan commitment fees recognized				$ 2,322	$ 3,870	$ 4,819
2015 Credit Facilities [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 1,750,000							13,650,000,000
2015 Credit Facilities [Member] \| Total Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Minimum [Member] \| After Initial Interest Period [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	1.25%
2015 Credit Facilities [Member] \| Total Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Maximum [Member] \| After Initial Interest Period [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	2.50%
2015 Credit Facilities [Member] \| Incremental Facilities [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 1,300,000
2011 Credit Facilities [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 1,203,362							$ 9,362,160,000

LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail) $ in Thousands		12 Months Ended
	Nov. 30, 2016 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 HKD ($)	Nov. 30, 2016 HKD ($)	Jan. 28, 2013 USD ($)	Jan. 28, 2013 HKD ($)
Long-Term Debt [Line Items]
Total outstanding borrowings		$ 4,451,278	$ 4,104,525
Studio City Project Facility [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity							$ 1,395,357	$ 10,855,880,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 30,077					$ 234,000,000
Maturity date		Nov. 30, 2021
Net assets restricted from distribution		$ 1,082,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	4.00%
2016 Studio City Credit Facilities [Member] \| Term Loan Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 129					1,000,000
Total outstanding borrowings		128			$ 1,000,000
Term loan facility, cash collateral	130					1,012,500
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 29,948					$ 233,000,000
Total outstanding borrowings					0
Amount available for future drawdown		29,914			$ 233,000,000
Loan commitment fees recognized		$ 416	$ 419	$ 419

LONG-TERM DEBT, NET (Philippine Credit Facility) - Additional Information (Detail) - Philippine Credit Facility [Member] - Line of Credit [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PHP (₱)	Oct. 14, 2015 USD ($)	Oct. 14, 2015 PHP (₱)
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 49,824	₱ 2,350,000,000
Interest rate, description	interest, as amended from time to time, at the higher of: (i) the PHP BVAL Reference Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, and (ii) PhilippinesTerm Deposit Facility Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, such rate to be set one business day prior to the relevant interest period.
Maturity date, description	the Philippine Credit Facility availability period, as amended from time to time, is up to May 31, 2020, and the maturity date of each individual drawdown, as amended from time to time, to be the earlier of: (i) the date which is one year from the date of drawdown, and (ii) the date which is 360 days after the end of the availability period.
Amount drawn down as of the date	$ 46,311	₱ 2,350,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

LONG-TERM DEBT, NET (Aircraft Term Loan) - Additional Information (Detail) - Aircraft Term Loan [Member] - Term Loan Facility [Member] - USD ($) $ in Thousands		12 Months Ended
	Jun. 25, 2012	Dec. 31, 2019
Long-Term Debt [Line Items]
Term loan facility, maximum borrowing capacity	$ 43,000
Maturity date		Jun. 27, 2019
London Interbank Offered Rate (LIBOR) [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	2.80%

LONG-TERM DEBT, NET (2017 Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jul. 03, 2017	Jun. 06, 2017	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Total long-term debt			$ 4,451,278	$ 4,104,525
2017 4.875% Senior Notes, due 2025 [Member]
Long-Term Debt [Line Items]
Interest rate per annum	4.875%	4.875%
Maturity date			Jun. 06, 2025
2017 4.875% Senior Notes, due 2025 [Member] \| Prior to June 6, 2020 [Member]
Long-Term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%	35.00%
First 2017 Senior Notes [Member] \| 2017 4.875% Senior Notes, due 2025 [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 650,000
Purchase price as percentage of principal		100.00%
Second 2017 Senior Notes [Member] \| 2017 4.875% Senior Notes, due 2025 [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 350,000
Purchase price as percentage of principal	100.75%

LONG-TERM DEBT, NET (2012 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands					12 Months Ended
	Mar. 13, 2019	Feb. 11, 2019	Dec. 31, 2018	Nov. 26, 2012	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 04, 2019	Jan. 22, 2019
Long-Term Debt [Line Items]
Total long-term debt			$ 4,104,525		$ 4,451,278	$ 4,104,525
Repayments of long-term debt					2,592,631	592,573	$ 896,276
Loss on extinguishment of debt					6,333	3,461	49,337
Costs associated with debt modification					$ 579	$ 0	$ 2,793
2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt				$ 825,000
Purchase price as percentage of principal				100.00%
Maturity date					Dec. 01, 2020
Interest rate per annum				8.50%
Repayments of long-term debt	$ 208,466		$ 400,000
Redemption price as percentage of principal						100.00%
Loss on extinguishment of debt					$ 3,721	$ 3,233
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 600,000
Purchase price as percentage of principal		100.00%
Maturity date					Feb. 11, 2024
Interest rate per annum		7.25%
Costs associated with debt modification					$ 579
Conditional Tender Offer [Member] \| 2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt								$ 216,534	$ 425,000

LONG-TERM DEBT, NET (2019 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 11, 2019	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Total long-term debt		$ 4,451,278	$ 4,104,525
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 600,000
Purchase price as percentage of principal	100.00%
Maturity date		Feb. 11, 2024
Interest rate per annum	7.25%
Net assets restricted from distribution		$ 1,180,000
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member] \| Prior to February 11, 2021 [Member]
Long-Term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%

LONG-TERM DEBT, NET (2016 Studio City Secured Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Nov. 30, 2019	Nov. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-Term Debt [Line Items]
Total long-term debt			$ 4,451,278	$ 4,104,525
Repayments of long-term debt			$ 2,592,631	$ 592,573	$ 896,276
2016 5.875% SC Secured Notes, due 2019 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 350,000
Interest rate per annum		5.875%
Maturity date			Nov. 30, 2019
Purchase price as percentage of principal		100.00%
Repayments of long-term debt	$ 350,000
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 850,000
Interest rate per annum		7.25%
Maturity date			Nov. 30, 2021
Purchase price as percentage of principal		100.00%
Net assets restricted from distribution			$ 1,082,000
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member] \| Prior to November 30, 2018 [Member]
Long-Term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price		35.00%

LONG-TERM DEBT, NET (2019 5.250% Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Apr. 26, 2019	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Total long-term debt		$ 4,451,278	$ 4,104,525
2019 5.250% Senior Notes, due 2026 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 500,000
Maturity date		Apr. 26, 2026
Interest rate per annum	5.25%
Purchase price as percentage of principal	100.00%
2019 5.250% Senior Notes, due 2026 [Member] \| Senior Notes [Member] \| Prior to April 26, 2022 [Member]
Long-Term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%

LONG-TERM DEBT, NET (2019 5.625% Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jul. 17, 2019	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Total long-term debt		$ 4,451,278	$ 4,104,525
Senior Notes [Member] \| 2019 5.625% Senior Notes, due 2027 [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 600,000
Maturity date		Jul. 17, 2027
Interest rate per annum	5.625%
Purchase price as percentage of principal	100.00%
Senior Notes [Member] \| 2019 5.625% Senior Notes, due 2027 [Member] \| Prior to July 17, 2022 [Member]
Long-Term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%

LONG-TERM DEBT, NET (2019 5.375% Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 04, 2019	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Total long-term debt		$ 4,451,278	$ 4,104,525
2019 5.375% Senior Notes, due 2029 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 900,000
Maturity date		Dec. 04, 2029
Interest rate per annum	5.375%
Purchase price as percentage of principal	100.00%
2019 5.375% Senior Notes, due 2029 [Member] \| Senior Notes [Member] \| Prior to December 4, 2024 [Member]
Long-Term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%

LONG-TERM DEBT, NET - Interest on Long-Term Debt - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Average borrowing rate per annum	5.45%	5.97%	6.01%

LONG-TERM DEBT, NET - Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs and Original Issue Premium) (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Year ending December 31, 2020	$ 151
Year ending December 31, 2021	851,127
Year ending December 31, 2022	0
Year ending December 31, 2023	0
Year ending December 31, 2024	600,000
Over 2024	3,000,000
Total long-term debt	$ 4,451,278	$ 4,104,525

LEASES - Schedule Of Components Of Lease Cost (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Lease, Cost [Abstract]
Amortization of land use rights	$ 22,659
Operating lease cost	39,681
Short-term lease cost	1,569
Variable lease cost	9,595
Finance Lease, Cost [Abstract]
Amortization of right-of-use assets	12,326
Interest cost	39,696
Total lease cost	$ 125,526

LEASES - Disclosure of Other Information Related to Lease Term and Discount Rate (Detail)	Dec. 31, 2019
Lessee Operating Lease and Finance Lease Other Information Related to Lease Term and Discount Rate [Abstract]
Operating leases, Weighted average remaining lease term	18 years 3 months 18 days
Operating leases, Weighted average discount rate	5.82%
Finance leases, Weighted average remaining lease term	13 years 6 months
Finance leases, Weighted average discount rate	13.49%

LEASES - Schedule Of Maturities Of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Year ending December 31, 2020	$ 33,846
Year ending December 31, 2021	24,178
Year ending December 31, 2022	14,447
Year ending December 31, 2023	8,591
Year ending December 31, 2024	6,862
Over year ending December 31, 2024	99,625
Total future minimum lease payments	187,549
Less: amount representing interest	(66,138)
Present value of future minimum lease payments	121,411	$ 170,833
Present value of future minimum lease payments current portion	(33,152)		$ 0
Present value of future minimum lease payments noncurrent portion	88,259		0
Year ending December 31, 2020	42,681
Year ending December 31, 2021	47,115
Year ending December 31, 2022	48,214
Year ending December 31, 2023	49,337
Year ending December 31, 2024	50,666
Over year ending December 31, 2024	434,247
Total future minimum lease payments	672,260
Less: amount representing interest	(370,495)
Present value of future minimum lease payments	301,765
Present value of future minimum lease payments current portion	(39,725)		(34,659)
Present value of future minimum lease payments noncurrent portion	$ 262,040		$ 253,374

LEASES - LEASES - Summary of Future Minimum Fees, Excluding the Contingent Fees to be Received under Non-Cancellable Operating Leases (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Lessor, Lease, Description [Line Items]
Year ending December 31, 2020	$ 54,544
Year ending December 31, 2021	43,994
Year ending December 31, 2022	39,973
Year ending December 31, 2023	40,387
Year ending December 31, 2024	41,650
Over year ending December 31, 2024	65,274
Total minimum future fees to be received	$ 285,822

LEASES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Minimum operating lease income	$ 36,938	$ 43,270	$ 51,023
Contingent operating lease income	$ 14,295	12,654	27,457
Operating leases - as lessor, last expiry date	2028-08
Rental and right to use expenses (including contingent fees)		45,816	45,807
Minimum rental and right to use expenses		29,896	30,556
Contingent rental and right to use expenses		$ 15,920	$ 15,251
Macau Land Concession Contracts [Member]
Lessee, Lease, Description [Line Items]
Initial contract term (in years)	25 years
Renewable contract term	10 years
Estimated Lease Term	40 years

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 4,607,202	$ 4,043,427
The carrying value of long-term debt, excluding unamortized deferred financing costs and original issue premium	$ 4,451,278	$ 4,104,525

CAPITAL STRUCTURE - Offering and Share Repurchase Transactions - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jul. 31, 2019	May 15, 2017	Dec. 31, 2019	Dec. 31, 2017
Capital Structure [Line Items]
Shares issued		165,303,543
Gross proceeds from issuance of ordinary shares		$ 1,163,186
Offering expenses		3,686
Net proceeds from issuance of ordinary shares		$ 1,159,500
Shares issued on acquisition				55,500,738
Portion One [Member]
Capital Structure [Line Items]
Shares issued		83,307,744
Portion One [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares issued		27,769,248
Portion Two [Member]
Capital Structure [Line Items]
Shares issued		81,995,799
Underwriters for Resale in Public Offering [Member]
Capital Structure [Line Items]
Shares issued		47,307,744
Underwriters for Resale in Public Offering [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares issued		15,769,248
Underwriters to Satisfy Return Obligations [Member]
Capital Structure [Line Items]
Shares issued		81,995,799
One of the Underwriters [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares issued		12,000,000
Treasury Shares [Member]
Capital Structure [Line Items]
Retirement of repurchased shares (in shares)			(81,952,230)
Treasury Shares [Member] \| Crown's subsidiary [Member]
Capital Structure [Line Items]
Share repurchased from shareholder for retirement (in shares)		165,303,544
Share repurchased from shareholder for retirement		$ 1,163,186
Ordinary Shares [Member]
Capital Structure [Line Items]
Shares issued				165,303,543
Retirement of repurchased shares (in shares)			81,952,230	165,303,544
Shares issued on acquisition				55,500,738
Ordinary Shares [Member] \| ICR Cyprus [Member]
Capital Structure [Line Items]
Shares issued on acquisition	55,500,738
Ordinary Shares [Member] \| Crown's subsidiary [Member]
Capital Structure [Line Items]
Retirement of repurchased shares (in shares)				165,303,544

CAPITAL STRUCTURE - Shares Issued By Company - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Ordinary Shares [Member]
Capital Structure [Line Items]
Shares issued for future vesting of restricted shares and exercise of share options (in shares)	0	4,570,191	2,504,721
Treasury Shares [Member]
Capital Structure [Line Items]
Shares issued for future vesting of restricted shares and exercise of share options (in shares)		(4,570,191)	(2,504,721)
Issuance of shares for restricted shares vested (in shares)	1,398,840	2,115,809	950,320
Exercise of share options (in shares)	666,255	4,803,288	3,363,159

CAPITAL STRUCTURE - Shares Repurchased by the Company - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Nov. 08, 2018	Mar. 21, 2018	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital Structure [Line Items]
Treasury shares, shares				19,219,846	103,237,171
Ordinary shares, issued				1,456,547,942	1,538,500,172
Ordinary shares, outstanding				1,437,328,096	1,435,263,001
Treasury Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in ADSs or in shares)					96,571,065
Treasury Shares [Member] \| 2018 Share Repurchase Program [Member]
Capital Structure [Line Items]
Stock repurchase program authorized amount		$ 500,000
Stock repurchase program period		3 years
Treasury Shares [Member] \| Second 2018 Share Repurchase Program [Member]
Capital Structure [Line Items]
Stock repurchase program authorized amount	$ 500,000
Stock repurchase program period	3 years
Treasury Shares [Member] \| Stock Repurchase Program [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in ADSs or in shares)				0	96,571,065
Retirement of shares (in shares)				81,952,230	0
Treasury Shares [Member] \| Stock Repurchase Program [Member] \| Subsequent Event [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in ADSs or in shares)			9,446,472
Treasury Shares [Member] \| Stock Repurchase Program [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in ADSs or in shares)					32,190,355
Treasury Shares [Member] \| Stock Repurchase Program [Member] \| American Depository Shares [Member] \| Subsequent Event [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in ADSs or in shares)			3,148,824

INCOME TAXES - Summary of Income before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Income Taxes [Line Items]
INCOME BEFORE INCOME TAX	$ 402,567	$ 339,134	$ 312,210
Macau Complementary Tax [Member]
Schedule of Income Taxes [Line Items]
INCOME BEFORE INCOME TAX	665,591	522,390	562,140
Hong Kong Profits Tax [Member]
Schedule of Income Taxes [Line Items]
INCOME BEFORE INCOME TAX	(72,676)	(48,385)	(26,111)
Philippine Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
INCOME BEFORE INCOME TAX	61,768	83,758	36,035
Cyprus Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
INCOME BEFORE INCOME TAX	16,432	(14,268)	(3,073)
Income Tax in Other Jurisdictions [Member]
Schedule of Income Taxes [Line Items]
INCOME BEFORE INCOME TAX	$ (268,548)	$ (204,361)	$ (256,781)

INCOME TAXES - Summary of Income Tax Expense (Credit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax expense - current:
Income tax expense - current	$ 7,110	$ 3,471	$ 4,942
Under (over) provision of income taxes in prior years:
Under (over) provision of income tax in prior years	360	(1,471)	(2,622)
Income tax expense (credit) deferred:
Income tax expense (credit) - deferred	869	(1,762)	(2,330)
Income tax expense (credit)	8,339	238	(10)
Macau Complementary Tax [Member]
Income tax expense - current:
Income tax expense - current	1,130	676	13
Under (over) provision of income taxes in prior years:
Under (over) provision of income tax in prior years	38	793	(2,575)
Income tax expense (credit) deferred:
Income tax expense (credit) - deferred	(900)	(629)	(3,020)
Lump sum in lieu of Macau Complementary Tax on dividends [Member]
Income tax expense - current:
Income tax expense - current	2,345	2,341	2,359
Hong Kong Profits Tax [Member]
Income tax expense - current:
Income tax expense - current	64	46	2,516
Under (over) provision of income taxes in prior years:
Under (over) provision of income tax in prior years	(3)	(2,303)	30
Income tax expense (credit) deferred:
Income tax expense (credit) - deferred	(341)	(2,554)	245
Income Tax in Other Jurisdictions [Member]
Income tax expense - current:
Income tax expense - current	3,571	408	54
Under (over) provision of income taxes in prior years:
Under (over) provision of income tax in prior years	325	39	(77)
Income tax expense (credit) deferred:
Income tax expense (credit) - deferred	$ 2,110	$ 1,421	$ 445

INCOME TAXES - Schedule of Reconciliation of Income Tax Expense (Credit) from Income Before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME BEFORE INCOME TAX	$ 402,567	$ 339,134	$ 312,210
Macau Complementary Tax rate	12.00%	12.00%	12.00%
Income tax expense at Macau Complementary Tax rate	$ 48,308	$ 40,696	$ 37,465
Lump sum in lieu of Macau Complementary Tax on dividends	2,345	2,341	2,359
Effect of different tax rates of subsidiaries operating in other jurisdictions	2,178	7,067	181
Under (over) provision in prior years	360	(1,471)	(2,622)
Effect of income for which no income tax expense is payable	(9,763)	(3,035)	(12,526)
Effect of expenses for which no income tax benefit is receivable	54,856	38,468	44,149
Effect of profits generated by gaming operations exempted	(165,947)	(157,367)	(128,145)
Changes in valuation allowances	30,473	12,838	27,259
Expired tax losses	45,529	60,701	31,870
Income tax expense (credit)	$ 8,339	$ 238	$ (10)

INCOME TAXES - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2019 MOP (MOP$)
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	12.00%	12.00%	12.00%
Expected increase (decrease) in net income attributable to the parent if taxes on casino gaming profits have been paid	$ (145,617)	$ (129,241)	$ (105,364)
Effective tax rate	2.07%	0.07%	0.00%
Valuation allowances	$ 257,965	$ 232,907
Adjusted operating tax losses carried forwards, expired	245,539
Aggregate undistributed earnings of foreign subsidiaries	1,024,419	655,735
Provision related to tax withholding for dividends	0
Deferred income tax liability, undistributed earnings	124,169	79,417
Unrecognized tax benefits that would impact effective tax rate	7,504	$ 4,929
Operating Tax Loss Carry Forwards With Expiry Dates [Member]
Schedule of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	921,436
Operating Tax Loss Carry Forwards With No Expiry Date [Member]
Schedule of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	$ 55,446
Diluted [Member]
Schedule of Income Taxes [Line Items]
Expected reduction in earnings per share if taxes on casino gaming profits have been paid \| $ / shares	$ 0.101	$ 0.085	$ 0.070
Philippine Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	30.00%	30.00%	30.00%
Statute of limitation for tax return	3 years
Lump sum in lieu of Macau Complementary Tax on dividends [Member]
Schedule of Income Taxes [Line Items]
Annual lump sum in lieu of Macau Complementary tax on dividend	$ 2,345			MOP$ 18,900,000
Macau Complementary Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	12.00%	12.00%	12.00%
Hong Kong Profits Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	16.50%	16.50%	16.50%
Cyprus Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	12.50%	12.50%	12.50%
Statute of limitation for tax return	6 years

INCOME TAXES - Schedule of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Net operating losses carried forward	$ 167,293	$ 155,175
Depreciation and amortization	49,985	39,802
Lease liabilities	104,404	0
Deferred rents	0	36,567
Others	9,373	7,801
Sub-total	331,055	239,345
Valuation allowances	(257,965)	(232,907)
Total deferred tax assets	73,090	6,438
Deferred tax liabilities
Right-of-use assets	(63,011)	0
Land use rights	(46,430)	(47,554)
Intangible assets	(506)	(503)
Unrealized capital allowances	(7,242)	(3,255)
Others	(9,020)	(6,880)
Total deferred tax liabilities	(126,209)	(58,192)
Deferred tax liabilities, net	$ (53,119)	$ (51,754)

INCOME TAXES - Schedule of Unrecognized tax benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
At beginning of year	$ 4,929	$ 2,582	$ 1,836
Additions based on tax positions related to current year	2,575	2,347	943
Restricted due to expiry of the statute of limitations	0	0	(197)
At end of year	$ 7,504	$ 4,929	$ 2,582

SHARE-BASED COMPENSATION - Additional Information (Detail) $ / shares in Units, $ in Thousands			12 Months Ended
	May 31, 2019 USD ($) $ / shares shares	May 31, 2019 $ / shares ₱ / shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares	May 31, 2019 ₱ / shares
2006 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The period which the maximum aggregate number of ordinary shares that can be issued			10 years
Maximum aggregate number of ordinary shares that can be issued			100,000,000
2006 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 0
Exercise of share options (in shares)			138,036
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The period which the maximum aggregate number of ordinary shares that can be issued			10 years
Maximum aggregate number of ordinary shares that can be issued			100,000,000
The maximum percentage of issued share capital that can be issued for the share based awards plan upon shareholders' approval			10.00%
Remaining shares available for grant			59,055,920
2011 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 14,792
Exercise of share options (in shares)			528,219
Expiration term of ordinary share options granted			10 years
Number of Share Options, Granted			4,320,498
Weighted average grant date fair value \| $ / shares			$ 2.59	$ 3.09	$ 2.45
Period of recognition of unrecognized compensation cost			1 year 8 months 12 days
2011 Share Incentive Plan [Member] \| Share options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			2 years
2011 Share Incentive Plan [Member] \| Share options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			3 years
2011 Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares, Vested			1,438,533
Period of recognition of unrecognized compensation cost			1 year 11 months 8 days
Unrecognized compensation cost \| $			$ 28,851
Number of restricted share, Granted			3,681,477
2011 Share Incentive Plan [Member] \| Restricted shares [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			2 years
2011 Share Incentive Plan [Member] \| Restricted shares [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			3 years
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The period which the maximum aggregate number of ordinary shares that can be issued			10 years
Maximum aggregate number of ordinary shares that can be issued			442,630,330
Exercise of share options (in shares)					1,040,485
The maximum percentage of issued share capital that can be issued for the share based awards plan upon shareholders' approval			5.00%
Remaining shares available for grant			152,459,026
Adjustments to Additional Paid in Capital arising from share based awards modification \| $	$ 4,619
Adjustments to non-controlling interest arising from share based awards modification \| $	84
Accrued liability associated with cash settled share option and restricted shares \| $	$ 4,064		$ 1,217
MRP Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term of ordinary share options granted			10 years
Number of Share Options, Granted			0
Weighted average grant date fair value \| (per share)	$ 0.08	₱ 4.23	$ 0	$ 0.07	$ 0.08
Period of recognition of unrecognized compensation cost			10 months 9 days
Unrecognized compensation cost \| $			$ 160
Cash paid to settle the cash-settled awards \| $			$ 760
Number of Share Options, Modified to cash-settled	15,971,173
MRP Share Incentive Plan [Member] \| Share options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			2 years
MRP Share Incentive Plan [Member] \| Share options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			3 years
MRP Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 603
Number of restricted shares, Vested				20,506,393	2,826,644
Period of recognition of unrecognized compensation cost			1 year 25 days
Number of restricted share, Granted			0
Number of Restricted Shares, Modified to cash-settled	29,068,424
Share Price \| (per share)	$ 0.14	₱ 0.14				₱ 7.25
Cash paid to settle the cash-settled awards \| $			$ 2,948
MRP Share Incentive Plan [Member] \| Restricted shares [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			2 years
MRP Share Incentive Plan [Member] \| Restricted shares [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes exercisable			3 years
Melco International Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 9,113
Exercise of share options (in shares)			0
Number of years the awards becomes exercisable			2 years 9 months 18 days
Expiration term of ordinary share options granted			10 years
Number of Share Options, Granted			14,200,000
Weighted average grant date fair value \| $ / shares			$ 0.90
Period of recognition of unrecognized compensation cost			2 years 6 months
Melco International Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 8,429
Number of restricted shares, Vested			0
Number of years the awards becomes exercisable			2 years 9 months 18 days
Period of recognition of unrecognized compensation cost			2 years 6 months
Number of restricted share, Granted			4,879,000

SHARE-BASED COMPENSATION - Summary of Share Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 31, 2019	Dec. 31, 2019	Dec. 31, 2017
2006 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		2,289,468
Number of Share Options, Exercised		(138,036)
Number of Share Options, Ending Balance		2,151,432
Number of Share Options, Fully vested and exercisable		2,151,432
Weighted-Average Exercise Price, Beginning Balance		$ 1.64
Weighted-Average Exercise Price, Exercised		0.32
Weighted-Average Exercise Price, Ending Balance		1.72
Weighted-Average Exercise Price, Fully vested and exercisable		$ 1.72
Weighted-Average Remaining Contractual Term, Outstanding		1 year 2 months 15 days
Weighted-Average Remaining Contractual Term, Fully vested and exercisable		1 year 2 months 15 days
Aggregate Intrinsic Value, Outstanding		$ 13,631
Aggregate Intrinsic Value, Fully vested and exercisable		$ 13,631
2011 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		17,034,960
Number of Share Options, Granted		4,320,498
Number of Share Options, Exercised		(528,219)
Number of Share Options, Forfeited or expired		(1,050,261)
Number of Share Options, Ending Balance		19,776,978
Number of Shares Options, Fully vested and expected to vest		19,776,978
Number of Shares Options, Exercisable		6,577,455
Weighted-Average Exercise Price, Beginning Balance		$ 6.72
Weighted-Average Exercise Price, Granted		8.14
Weighted-Average Exercise Price, Exercised		5.30
Weighted-Average Exercise Price, Forfeited or expired		7.70
Weighted-Average Exercise Price, Ending Balance		7.01
Weighted-Average Exercise Price, Fully vested and expected to vest		7.01
Weighted-Average Exercise Price, Exercisable		$ 5.15
Weighted-Average Remaining Contractual Term, Outstanding		7 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Fully vested and expected to vest		7 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Exercisable		5 years 25 days
Aggregate Intrinsic Value, Outstanding		$ 27,896
Aggregate Intrinsic Value, Fully vested and expected to vest		27,896
Aggregate Intrinsic Value, Exercisable		$ 19,127
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Exercised			(1,040,485)
MRP Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Granted		0
Number of share Options, Modified to cash-settled	(15,971,173)
MRP Share Incentive Plan [Member] \| Share options [Member] \| Equity-settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		17,035,505
Number of Share Options, Forfeited or expired		(1,064,332)
Number of share Options, Modified to cash-settled		(15,971,173)
Number of Share Options, Ending Balance		0
Number of Shares Options, Fully vested and expected to vest		0
Number of Shares Options, Exercisable		0
Weighted-Average Exercise Price, Beginning Balance		$ 0.12
Weighted-Average Exercise Price, Forfeited or expired		0.16
Weighted-Average Exercise Price, Modified to cash-settled		0.12
Weighted-Average Exercise Price, Ending Balance		0
Weighted-Average Exercise Price, Fully vested and expected to vest		0
Weighted-Average Exercise Price, Exercisable		$ 0
Aggregate Intrinsic Value, Outstanding		$ 0
Aggregate Intrinsic Value, Fully vested and expected to vest		0
Aggregate Intrinsic Value, Exercisable		$ 0
MRP Share Incentive Plan [Member] \| Share options [Member] \| Cash-settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		0
Number of Share Options, Modified from equity-settled		15,971,173
Number of share Options, Vested		(8,587,765)
Number of Share Options, Ending Balance		7,383,408
Weighted-Average Remaining Contractual Term, Outstanding		7 years 9 months 7 days
Melco International Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		0
Number of Share Options, Granted		14,200,000
Number of Share Options, Exercised		0
Number of Share Options, Ending Balance		14,200,000
Number of Shares Options, Fully vested and expected to vest		14,200,000
Number of Shares Options, Exercisable		0
Weighted-Average Exercise Price, Beginning Balance		$ 0
Weighted-Average Exercise Price, Granted		2.43
Weighted-Average Exercise Price, Ending Balance		2.43
Weighted-Average Exercise Price, Fully vested and expected to vest		2.43
Weighted-Average Exercise Price, Exercisable		$ 0
Weighted-Average Remaining Contractual Term, Outstanding		9 years 8 months 8 days
Weighted-Average Remaining Contractual Term, Fully vested and expected to vest		9 years 8 months 8 days
Aggregate Intrinsic Value, Outstanding		$ 5,360
Aggregate Intrinsic Value, Fully vested and expected to vest		5,360
Aggregate Intrinsic Value, Exercisable		$ 0

SHARE-BASED COMPENSATION - Information for Share Options (Detail)			12 Months Ended
	May 31, 2019 $ / shares	May 31, 2019 ₱ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of share options			$ 2,700,000	$ 5,018,000	$ 3,610,000
2006 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of share options			44,000	1,195,000	2,192,000
Intrinsic value of share options exercised			$ 920,000	$ 37,239,000	$ 18,004,000
2011 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value \| $ / shares			$ 2.59	$ 3.09	$ 2.45
Proceeds from the exercise of share options			$ 2,798,000	$ 3,823,000	$ 2,195,000
Intrinsic value of share options exercised			$ 1,201,000	$ 3,744,000	$ 1,246,000
MRP Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value \| (per share)	$ 0.08	₱ 4.23	$ 0	$ 0.07	$ 0.08
Proceeds from the exercise of share options			$ 0	$ 0	$ 173,000
Intrinsic value of share options exercised			$ 0	$ 0	$ 6

SHARE-BASED COMPENSATION - Summary of Assumptions Used to Estimate Fair Values of Stock Options (Detail)		12 Months Ended
	May 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		2.75%	2.04%	2.00%
Expected stock price volatility		41.81%	40.17%	47.94%
Risk-free interest rate		2.34%	2.62%	2.09%
Expected term (years)		5 years 7 months 6 days	5 years 6 months 21 days	6 years 1 month 6 days
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0.00%	0.00%
Expected stock price volatility			45.00%	45.00%
Risk-free interest rate			5.69%	4.47%
Expected term (years)			5 years 7 months 6 days	5 years 10 months 24 days
MRP SIP Retirement Arrangement {Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected stock price volatility	45.00%
Risk-free interest rate	5.81%
Expected term (years)	5 years 8 months 12 days
Melco International Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		0.40%
Expected stock price volatility		43.33%
Risk-free interest rate		1.17%
Expected term (years)		4 years 10 months 24 days

SHARE-BASED COMPENSATION - Summary of Restricted Shares Activity (Detail) - Restricted shares [Member] - $ / shares		12 Months Ended
	May 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Unvested Beginning Balance		5,239,074
Number of Restricted Shares, Granted		3,681,477
Number of Restricted Shares, Vested		(1,438,533)
Number of Restricted Shares, Forfeited		(376,842)
Number of Restricted Shares, Unvested Ending Balance		7,105,176	5,239,074
Weighted-Average Grant Date Fair Value, Beginning Balance		$ 7.30
Weighted-Average Grant Date Fair Value, Granted		8.14	$ 9.50	$ 6.30
Weighted-Average Grant Date Fair Value, Vested		6.13
Weighted-Average Grant Date Fair Value, Forfeited		7.82
Weighted-Average Grant Date Fair Value, Ending Balance		$ 7.94	$ 7.30
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Granted		0
Number of Restricted Shares, Vested			(20,506,393)	(2,826,644)
Number of Restricted Shares, Modified to cash-settled	(29,068,424)
Weighted-Average Grant Date Fair Value, Granted		$ 0	$ 0.14	$ 0.16
MRP Share Incentive Plan [Member] \| Equity Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Unvested Beginning Balance		29,444,660
Number of Restricted Shares, Forfeited		(376,236)
Number of Restricted Shares, Modified to cash-settled		(29,068,424)
Number of Restricted Shares, Unvested Ending Balance		0	29,444,660
Weighted-Average Grant Date Fair Value, Beginning Balance		$ 0.11
Weighted-Average Grant Date Fair Value, Modified to cash-settled		0.11
Weighted-Average Grant Date Fair Value, Forfeited		0.11
Weighted-Average Grant Date Fair Value, Ending Balance		$ 0	$ 0.11
MRP Share Incentive Plan [Member] \| Cash Settled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Unvested Beginning Balance		0
Number of Restricted Shares, Vested		(20,816,777)
Number of Restricted Shares, Forfeited		(15,961)
Number of Restricted Shares, Modified from equity-settled		29,068,424
Number of Restricted Shares, Unvested Ending Balance		8,235,686	0
Weighted-Average Grant Date Fair Value, Beginning Balance		$ 0
Weighted-Average Grant Date Fair Value, Modified from equity-settled		0.11
Weighted-Average Grant Date Fair Value, Vested		0.10
Weighted-Average Grant Date Fair Value, Forfeited		0.09
Weighted-Average Grant Date Fair Value, Ending Balance		$ 0.16	$ 0
Melco International Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Unvested Beginning Balance		0
Number of Restricted Shares, Granted		4,879,000
Number of Restricted Shares, Vested		0
Number of Restricted Shares, Unvested Ending Balance		4,879,000	0
Weighted-Average Grant Date Fair Value, Beginning Balance		$ 0
Weighted-Average Grant Date Fair Value, Granted		2.43
Weighted-Average Grant Date Fair Value, Ending Balance		$ 2.43	$ 0

SHARE-BASED COMPENSATION - Information for Restricted Shares (Detail) - Restricted shares [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 8.14	$ 9.50	$ 6.30
Grant date fair value of restricted shares vested	$ 8,825	$ 13,952	$ 9,236
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 0	$ 0.14	$ 0.16
Grant date fair value of restricted shares vested	$ 2,026	$ 1,747	$ 454

SHARE-BASED COMPENSATION - Impact of Share Options and Restricted Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation cost	$ 31,797	$ 25,143	$ 17,305
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation cost	28,466	25,284	16,789
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation cost	1,113	(141)	516
Melco International Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation cost	2,218	0	0
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation cost	$ 31,797	$ 25,143	$ 17,305

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Contribution Plan Disclosure [Line Items]
Amount of employer contributions into the defined contribution retirement benefits schemes	$ 33,391	$ 23,409	$ 21,864
Voluntary Defined Contribution Scheme Enrolled Employees Macau since July. 1, 2013 [Member] \| Minimum [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting period of employer voluntary contribution	4 years
Voluntary Defined Contribution Scheme Enrolled Employees Macau since July. 1, 2013 [Member] \| Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting period of employer voluntary contribution	10 years

DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reserve Quantities [Line Items]
Aggregate balance of legal reserves	$ 31,524	$ 31,522
Company Type One [Member]
Reserve Quantities [Line Items]
Allocation of profit after tax to legal reserve, minimum percentage	10.00%
Percentage of share capital as the limit of allocation of profit after tax to legal reserve	25.00%
Company Type Two [Member]
Reserve Quantities [Line Items]
Allocation of profit after tax to legal reserve, minimum percentage	25.00%
Percentage of share capital as the limit of allocation of profit after tax to legal reserve	50.00%

DIVIDENDS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands															12 Months Ended
	Feb. 20, 2020	Nov. 22, 2019	Aug. 15, 2019	May 30, 2019	Mar. 14, 2019	Nov. 29, 2018	Aug. 15, 2018	May 23, 2018	Mar. 07, 2018	Nov. 30, 2017	Aug. 23, 2017	May 31, 2017	Mar. 15, 2017	Feb. 10, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends [Line Items]
Dividends															$ 300,995	$ 271,531	$ 821,328
Retained Earnings (Accumulated losses) [Member]
Dividends [Line Items]
Dividends															300,995	270,317	733,265
Additional Paid-in Capital [Member]
Dividends [Line Items]
Dividends																1,214	88,063
Quarterly Dividend [Member]
Dividends [Line Items]
Dividends paid amount per share		$ 0.05504	$ 0.05504	$ 0.0517	$ 0.0517	$ 0.04835	$ 0.04835	$ 0.045	$ 0.045	$ 0.03	$ 0.03	$ 0.03	$ 0.03
Dividends																271,531
Quarterly Dividend [Member] \| Retained Earnings (Accumulated losses) [Member]
Dividends [Line Items]
Dividends															$ 300,995	270,317
Quarterly Dividend [Member] \| Additional Paid-in Capital [Member]
Dividends [Line Items]
Dividends																$ 1,214
Special Dividend [Member]
Dividends [Line Items]
Dividends paid amount per share														$ 0.4404
Special And Quarterly Dividend [Member]
Dividends [Line Items]
Dividends																	821,328
Special And Quarterly Dividend [Member] \| Retained Earnings (Accumulated losses) [Member]
Dividends [Line Items]
Dividends																	733,265
Special And Quarterly Dividend [Member] \| Additional Paid-in Capital [Member]
Dividends [Line Items]
Dividends																	$ 88,063
Subsequent Event [Member] \| Quarterly Dividend [Member]
Dividends [Line Items]
Dividends paid amount per share	$ 0.05504
Dividends payable, date of record	Mar. 02, 2020

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019
Provisional License [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
Regular License [Member]
Agreements [Line Items]
Date of agreement	Apr. 29, 2015
Expected expiry date of agreement	Jul. 11, 2033
Cooperation Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
Operating Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
MRP Lease Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033

COMMITMENTS AND CONTINGENCIES - Additional Information -Capital Commitments (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Capital commitments	$ 818,281

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Gaming Subconcession (Detail)	12 Months Ended
	Dec. 31, 2019 USD ($) Table	Dec. 31, 2019 MOP (MOP$) Table	Dec. 31, 2019 MOP (MOP$)
Guarantee until the 180th day after the termination date of the gaming subconcession [Member]
Commitments And Contingencies [Line Items]
Maximum beneficiary amount	$ 37,394,000		MOP$ 300,000,000
Percentage of guarantee amount payable quarterly to bank	1.75%	1.75%
Special gaming tax [Member]
Commitments And Contingencies [Line Items]
Percentage of gross revenues of the gaming business operations	35.00%	35.00%
Utilities designated by the local government [Member]
Commitments And Contingencies [Line Items]
Percentage of gross revenues of the gaming business operations	4.00%	4.00%
Gaming table reserved exclusively for certain kind of games or to certain players [Member]
Commitments And Contingencies [Line Items]
Variable annual premium per unit	$ 37,000	MOP$ 300,000
Minimum number of tables	100	100
Gaming table not reserved exclusively for certain kind of games or to certain players [Member]
Commitments And Contingencies [Line Items]
Variable annual premium per unit	$ 19,000	MOP$ 150,000
Minimum number of tables	100	100
Electrical or mechanical gaming machine [Member]
Commitments And Contingencies [Line Items]
Variable annual premium per unit	$ 100	MOP$ 1,000
Gaming subconcession agreement [Member]
Commitments And Contingencies [Line Items]
Fixed annual premium	$ 3,739,000	MOP$ 30,000,000

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Regular License (Detail) - 12 months ended Dec. 31, 2019 $ in Thousands	USD ($)	PHP (₱)
Commitments And Contingencies [Line Items]
Cultural heritage fee percentage of casino revenues generated from non-junket operation tables payable to a foundation	2.00%	2.00%
Additional fee percentage on non-gaming revenues payable to PAGCOR	5.00%	5.00%
Grounds for revocation of the regular license - Number of days of failing to remit the license fees upon the receipt of notice of default	30 days	30 days
Grounds for revocation of the regular license - Exceeding the Debt-to-equity ratio	2.33	2.33
Melco Resorts Leisure (PHP) Corporation [Member]
Commitments And Contingencies [Line Items]
Amount of surety bond required to ensure prompt and punctual remittance/payment of license fees	$ 1,971	₱ 100,000,000
Franchise tax on the gross revenue or earnings	5.00%	5.00%
PAGCOR [Member]
Commitments And Contingencies [Line Items]
Amount of surety bond required to ensure prompt and punctual remittance/payment of license fees	$ 1,971	₱ 100,000,000
High Roller Tables [Member]
Commitments And Contingencies [Line Items]
Monthly license fees range as a percentage of gross gaming revenue payable to PAGCOR	15.00%	15.00%
Non-High Roller Tables [Member]
Commitments And Contingencies [Line Items]
Monthly license fees range as a percentage of gross gaming revenue payable to PAGCOR	25.00%	25.00%
Slot Machines And Electronic Gaming Machines [Member]
Commitments And Contingencies [Line Items]
Monthly license fees range as a percentage of gross gaming revenue payable to PAGCOR	25.00%	25.00%
Junket Operation [Member]
Commitments And Contingencies [Line Items]
Monthly license fees range as a percentage of gross gaming revenue payable to PAGCOR	15.00%	15.00%

COMMITMENTS AND CONTINGENCIES - Additional Information - Guarantees (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2013 USD ($)	Oct. 31, 2013 HKD ($)	Dec. 31, 2019 USD ($) Agreement	Dec. 31, 2019 PHP (₱) Agreement	Dec. 31, 2019 MOP (MOP$) Agreement
Commitments And Contingencies [Line Items]
Amount of promissory note issued to a bank for bank guarantee to Macau Government under gaming subconcession			$ 68,556		MOP$ 550,000,000
Melco Resorts Leisure (PHP) Corporation [Member]
Commitments And Contingencies [Line Items]
Amount of surety bond required to ensure prompt and punctual remittance/payment of license fees			$ 1,971	₱ 100,000,000
City of Dreams [Member]
Commitments And Contingencies [Line Items]
Number of deeds of guarantee with third parties \| Agreement			2	2	2
Aggregate amount of deeds of guarantee with third parties to guarantee certain payment obligations			$ 35,000
Studio City [Member] \| Trade Credit Facility [Member]
Commitments And Contingencies [Line Items]
Amount entered with a bank to meet certain payment obligations	$ 25,677	$ 200,000,000
Credit facility utilized			$ 642
Credit facility, maturity date			Aug. 31, 2019	Aug. 31, 2019	Aug. 31, 2019
Studio City [Member] \| Trade Credit Facility [Member] \| Extended Maturity [Member]
Commitments And Contingencies [Line Items]
Credit facility, maturity date			Aug. 31, 2021	Aug. 31, 2021	Aug. 31, 2021

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Gaming License in Cyprus (Detail) - Cyprus License Agreement [Member] $ in Thousands				1 Months Ended
	Jul. 25, 2019	Jun. 26, 2017 USD ($) Satellite	Jun. 26, 2017 EUR (€)	Feb. 29, 2020 USD ($)	Feb. 29, 2020 EUR (€)	Jun. 26, 2017 EUR (€) Satellite
Commitments and Contingencies [Line Items]
Maximum number of satellite casino premises granted		4				4
Percentage of gross gaming revenues as the casino tax during the exclusive period		15.00%				15.00%
License term		30 years	30 years
Exclusive period commenced at the start of the license term		15 years	15 years
Penalty payable per day for failing to open by the opening date		$ 11				€ 10,000
Maximum Penalty Payable For Failing To Open By The Opening Date		$ 1,121				€ 1,000,000
Opening date of the integrated casino resort as defined in the license agreement		Apr. 30, 2021	Apr. 30, 2021
Number of business days past the opening date that the license may be terminated		100 days	100 days
Extended opening date of the integrated casino resort	Dec. 31, 2021
Three operating satellite casinos in Nicosia, Larnaca and Ayia Napa [Member]
Commitments and Contingencies [Line Items]
Annual license fee		$ 2,242	€ 2,000,000
The fourth satellite casino in Paphos [Member] \| Subsequent Event [Member]
Commitments and Contingencies [Line Items]
Annual license fee				$ 561	€ 500,000
First Four Years [Member] \| Temporary Casino And Integrated Casino Resort [Member]
Commitments and Contingencies [Line Items]
Annual license fee		2,802	2,500,000
Second Four Years [Member] \| Temporary Casino And Integrated Casino Resort [Member]
Commitments and Contingencies [Line Items]
Annual license fee		5,604	5,000,000
After completion of the first eight years [Member]
Commitments and Contingencies [Line Items]
Minimum annual license fee		$ 5,604	€ 5,000,000
Maximum increase in annual license fee compared to license fee paid annually during the previous four-year period		20.00%	20.00%
Duration that the license fee may be reviewed periodically		4 years	4 years

RELATED PARTY TRANSACTIONS - Schedule of Significant Related Party Transactions (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Costs and expenses (services provided to the Company):

Share-based compensation expenses

$ 31,797

$ 25,143

$ 17,305

Purchase of property and equipment

471,121

562,972

623,325

Melco International and its Subsidiaries | Transactions with affiliated companies [Member]

Revenues (services provided by the Company):

Shared service fee income for corporate office

1,366

3,044

951

Costs and expenses (services provided to the Company):

Management fee expenses

2,798

^[1]

4,339

^[1]

1,787

^[2]

Share-based compensation expenses

^[3]

2,218

Melco International and its Subsidiaries | Transactions with affiliated companies [Member] | Cyprus Project [Member]

Revenues (services provided by the Company):

Management fee income

^[4]

1,056

1,903

1,487

Costs and expenses (services provided to the Company):

Management fee expenses

^[4]

1,316

3,790

A joint venture and a subsidiary of MECOM Power and Construction Limited ("MECOM")( [Member] | Transactions with affiliated companies [Member]

Costs and expenses (services provided to the Company):

Consultancy fee expense

^[5],[6]

10,031

11,723

2,228

Purchase of property and equipment

^[5],[6]

$ 10,174

$ 13,481

$ 35,510

[1]	The amount mainly represents management fee expenses for the services provided by the senior management of Melco International and for the operation of the office of Melco’s Chief Executive Officer.
[2]	The amount mainly included Melco’s reimbursement to Melco International’s subsidiary for service fees incurred on its behalf for the operation of the office of Melco’s Chief Executive Officer.
[3]	The amount represents the share-based compensation expenses related to the grant of certain share-based awards under Melco International Share Incentive Plan to an employee of the Company. Further information on the share-based compensation arrangements is included in Note 17.
[4]	The amount mainly represents management fee income for services provided by the Company to Melco International for management and operation for the project in Cyprus, and such amount was further recharged with mark-up by a subsidiary of Melco International to ICR Cyprus Group. The amount represents the transactions for the period up to the completion of the Acquisition of ICR Cyprus as described in Note 25.
[5]	A company in which Mr. Lawrence Yau Lung Ho, Melco’s Chief Executive Officer, had beneficial interest of approximately 20% until December 10, 2019, the date on which Mr. Lawrence Yau Lung Ho disposed his entire beneficial interest in MECOM. The amount in 2019 represents the transaction with a joint venture and a subsidiary of MECOM during the period from January 1, 2019 to December 10, 2019.
[6]	In July 2018, the Company entered into a term contract with EHY Construction and Engineering Company Limited (“EHY Construction”), a subsidiary of MECOM, pursuant to which EHY Construction agreed to provide certain services to the Company, including but not limited to structural steelworks, civil engineering construction and fitting out and renovation work for a term of three years. The performance by EHY Construction of these services under the term contract is subject to (i) individual work orders as may be issued to EHY Construction from time to time; and (ii) the maximum aggregate contract amount of HK$600,000,000 (equivalent to $77,032). The amounts included the services provided by EHY Construction of $16,362 and $23,042 during the period from January 1, 2019 to December 10, 2019 and the year ended December 31, 2018, respectively.

RELATED PARTY TRANSACTIONS - Schedule of Significant Related Party Transactions (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 USD ($)
EHY Construction and Engineering Company Limited [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Contractual term	3 years
Aggregate contract amount	$ 16,362		$ 23,042
EHY Construction and Engineering Company Limited [Member] \| Maximum [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Aggregate contract amount	$ 77,032	$ 600,000,000
Subsidiary of MECOM Power and Construction Limited [Member] \| Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Share percentage holding by chief executive officer	20.00%	20.00%

RELATED PARTY TRANSACTIONS - Schedule of Outstanding Balances Arising from Operating Income or Prepayment of Operating Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 442	$ 87,394
Melco International and its subsidiaries \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 442	$ 87,394

RELATED PARTY TRANSACTIONS - Schedule of Current Portion of Amounts Due to Affiliated Companies Arising from Construction and Renovation Works Performed (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Amounts due to affiliated companies	$ 1,523	$ 15,186
A joint venture and a subsidiary of MECOM Power and Construction Limited ("MECOM")( [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due to affiliated companies	0	8,118
Melco International and its subsidiaries [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due to affiliated companies	1,088	7,057
Other [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due to affiliated companies	$ 435	$ 11

SEGMENT INFORMATION - Additional Information (Detail)	Dec. 31, 2019 Region
Geographic [Member]
Concentration Risk [Line Items]
Number of geographic areas	3

SEGMENT INFORMATION - Total Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total consolidated assets	$ 9,488,422	$ 9,121,996	$ 9,150,822
Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	7,191,107	7,512,822	7,478,104
Mocha Clubs [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	145,919	120,789	121,980
Altira Macau [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	429,980	376,655	427,668
City of Dreams [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	3,461,487	3,636,732	3,453,135
Studio City [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	3,153,721	3,378,646	3,475,321
City of Dreams Manila [Member] \| The Philippines [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	721,205	644,481	682,204
Cyprus Operations [Member] \| Cyprus [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	261,106	247,729	255,766
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	$ 1,315,004	$ 716,964	$ 734,748

SEGMENT INFORMATION - Capital Expenditures (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total capital expenditures	$ 471,121	$ 562,972	$ 623,325
Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	248,248	418,053	515,420
Mocha Clubs [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	6,620	8,973	4,690
Altira Macau [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	17,707	24,450	5,776
City of Dreams [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	134,075	311,441	467,780
Studio City [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	89,846	73,189	37,174
City of Dreams Manila [Member] \| The Philippines [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	58,697	22,572	13,571
Cyprus Operations [Member] \| Cyprus [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	39,911	68,238	64,283
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	$ 124,265	$ 54,109	$ 30,051

SEGMENT INFORMATION - Results of Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

NET REVENUES

Total net revenues

$ 5,736,801

$ 5,188,942

$ 5,284,823

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

1,689,472

1,486,363

1,422,754

OPERATING COSTS AND EXPENSES

Payments to the Philippine Parties

(57,428)

(60,778)

(51,661)

Pre-opening costs

(4,847)

(55,390)

(5,331)

Development costs

(57,433)

(23,029)

(31,115)

Amortization of gaming subconcession

(56,841)

(56,809)

(57,237)

Amortization of land use rights

(22,659)

(22,646)

(22,817)

Depreciation and amortization

(571,705)

(488,446)

(460,521)

Land rent to Belle

(3,061)

(3,001)

(3,143)

Share-based compensation

(31,797)

(25,143)

(17,305)

Property charges and other

(20,815)

(29,147)

(31,616)

Corporate and Other expenses

(115,208)

(108,527)

(137,468)

Total operating costs and expenses

(941,794)

(872,916)

(818,214)

OPERATING INCOME

747,678

613,447

604,540

NON-OPERATING INCOME (EXPENSES)

Interest income

9,311

5,471

3,580

Interest expenses, net of capitalized interest

(310,102)

(264,880)

(255,764)

Loan commitment and other finance fees

(2,738)

(4,630)

(6,079)

Foreign exchange (losses) gains, net

(10,756)

(10,497)

12,781

Other (expenses) income, net

(23,914)

3,684

5,282

Loss on extinguishment of debt

(6,333)

(3,461)

(49,337)

Costs associated with debt modification

(579)

(2,793)

Total non-operating expenses, net

(345,111)

(274,313)

(292,330)

INCOME BEFORE INCOME TAX

402,567

339,134

312,210

INCOME TAX (EXPENSE) CREDIT

(8,339)

(238)

NET INCOME

394,228

338,896

312,220

NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS

(21,055)

1,403

32,608

NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED

373,173

340,299

344,828

Corporate and Other [Member]

NET REVENUES

Total net revenues

51,250

46,271

38,451

Macau [Member]

NET REVENUES

Total net revenues

4,988,341

4,496,773

4,597,096

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

1,412,624

1,208,703

1,187,750

Macau [Member] | Mocha Clubs [Member]

NET REVENUES

Total net revenues

117,473

113,432

121,250

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

23,280

21,490

26,639

Macau [Member] | Altira Macau [Member]

NET REVENUES

Total net revenues

465,056

471,292

446,132

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

51,470

55,547

20,671

Macau [Member] | City of Dreams [Member]

NET REVENUES

Total net revenues

3,050,491

2,543,649

2,666,309

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

922,776

756,378

804,872

Macau [Member] | Studio City [Member]

NET REVENUES

Total net revenues

1,355,321

1,368,400

1,363,405

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

415,098

375,288

335,568

The Philippines [Member] | City of Dreams Manila [Member]

NET REVENUES

Total net revenues

602,479

612,947

649,276

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

247,091

269,199

235,019

Cyprus [Member] | Cyprus Operations [Member]

NET REVENUES

Total net revenues

94,731

32,951

ADJUSTED PROPERTY EBITDA

Total adjusted property EBITDA

^[1]

$ 29,757

$ 8,461

$ (15)

[1]

SEGMENT INFORMATION - Long-Lived Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-Lived Assets [Line Items]
Total long-lived assets	$ 6,844,648	$ 6,854,357	$ 6,924,760
Macau [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	6,207,746	6,287,324	6,389,846
The Philippines [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	398,110	381,866	458,242
Cyprus [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	152,066	124,072	64,283
Hong Kong and other foreign countries [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	$ 86,726	$ 61,095	$ 12,389

ACQUISITION OF SUBSIDIARIES - Additional Information (Detail) $ in Thousands			1 Months Ended
	Nov. 28, 2019 USD ($)	Nov. 28, 2019 JPY (¥)	Jul. 31, 2019 USD ($) shares
ICR Cyprus [Member]
Business Acquisition [Line Items]
Percentage of voting interest acquired			75.00%
Acquisition shares issued \| shares			55,500,738
Increase in additional paid in capital \| $			$ 192,304
ICR Cyprus [Member] \| American Depositary Share ADS [Member]
Business Acquisition [Line Items]
Acquisition shares issued \| shares			18,500,246
Japan Ski Resort [Member]
Business Acquisition [Line Items]
Percentage of voting interest acquired	100.00%	100.00%
Business acquisition consideration	$ 15,394	¥ 1,685,000,000
Goodwill from acquisition \| $	$ 13,731

CHANGE IN SHAREHOLDING OF THE SUBSIDIARIES - Additional Information (Detail) ₱ / shares in Units, $ / shares in Units, $ in Thousands							12 Months Ended
	Dec. 10, 2018 USD ($) shares	Dec. 10, 2018 PHP (₱) shares	Dec. 10, 2018 USD ($) shares	Oct. 31, 2018 $ / shares shares	Oct. 31, 2018 ₱ / shares shares	May 15, 2017 shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 PHP (₱) ₱ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 10, 2018 PHP (₱)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares						165,303,543
Stock issued during period, Value \| $										$ 1,163,186
Studio City [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease in additional paid-in capital resulting from an initial public offering of Studio City International \| $							$ 0		$ 31,845	$ 0
Studio City [Member] \| Class A Ordinary Shares [Member] \| IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares									115,000,000
Studio City [Member] \| Class A Ordinary Shares [Member] \| Private Placement [Member] \| Melco International [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares									800,376
Studio City [Member] \| Class A Ordinary Shares [Member] \| Over-Allotment Option [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares									17,250,000
Studio City [Member] \| American Depositary Share (ADS) [Member] \| IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares									28,750,000
Studio City [Member] \| American Depositary Share (ADS) [Member] \| Over-Allotment Option [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares									4,312,500
MRP Share Incentive Plan [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Share options exercised										1,040,485
Increase in additional paid in capital resulting from exercise of share options \| $										$ 96
MRP Share Incentive Plan [Member] \| Restricted shares [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of restricted shares, Vested									20,506,393	2,826,644
Decrease in additional paid in capital resulting from vesting of restricted shares \| $									$ 573	$ 67
Melco Resorts and Entertainment (Philippines).[Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Increase in additional paid in capital resulting from exercise of share options \| $							0		0	96
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market and the Tender Offer \| $							0		140,999	0
Total transfer from (to) noncontrolling interests of Melco Resorts & Entertainment Limited \| $							(30)		(141,572)	29
Decrease in additional paid-in capital resulting from issuance of common shares of MRP to the independent directors \| $							$ 30		0	0
Melco Resorts and Entertainment (Philippines).[Member] \| Tender Offer and purchases from the open market [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market and the Tender Offer \| $									140,999
Melco Resorts and Entertainment (Philippines).[Member] \| Purchases from the open market [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock purchased, shares	107,475,300	107,475,300
Common stock purchased, value	$ 14,779	₱ 779,196,000
Melco Resorts and Entertainment (Philippines).[Member] \| Tender Offer [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Outstanding number of common shares to be acquired				1,569,786,768	1,569,786,768
Price per share \| (per share)				$ 0.14	₱ 7.25
Outstanding number of common shares acquired, price	$ 184,055		$ 184,055								₱ 9,703,963,000
Number of common shares tendered			1,338,477,668
Melco Resorts and Entertainment (Philippines).[Member] \| Shares issued to Independent Directors [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares							1,493,900	1,493,900
Price per share \| ₱ / shares								₱ 1
Stock issued during period, Value							$ 30	₱ 1,494,000
Decrease in additional paid-in capital resulting from issuance of common shares of MRP to the independent directors \| $							30
Melco Resorts and Entertainment (Philippines).[Member] \| Restricted shares [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease in additional paid in capital resulting from vesting of restricted shares \| $							$ 0		$ 573	$ 67

CHANGE IN SHAREHOLDING OF THE SUBSIDIARIES - Effects of Changes in Company's Ownership Interest (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income attributable to Melco Resorts & Entertainment Limited	$ 373,173	$ 340,299	$ 344,828
transfers (to) from noncontrolling interests:
Changes from net income attributable to Melco Resorts & Entertainment Limited's shareholders and transfers from noncontrolling interests	373,143	166,882	344,857
Melco Resorts and Entertainment (Philippines) [Member]
transfers (to) from noncontrolling interests:
Decrease in additional paid-in capital resulting from the issuance of common shares of MRP to independent directors	(30)	0	0
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market and the Tender Offer	0	(140,999)	0
Increase in additional paid-in capital resulting from the exercise of share options under the MRP Share Incentive Plan	0	0	96
Sub-total	(30)	(141,572)	29
Restricted shares [Member] \| Melco Resorts and Entertainment (Philippines) [Member]
transfers (to) from noncontrolling interests:
Decrease in additional paid-in capital resulting from the vesting of restricted shares under the MRP Share Incentive Plan	0	(573)	(67)
Studio City [Member]
transfers (to) from noncontrolling interests:
Decrease in additional paid-in capital resulting from an initial public offering of Studio City International	0	(31,845)	0
Sub-total	$ 0	$ (31,845)	$ 0