0001193125-23-086859 | 20-F | XBRL Viewer | Melco Resorts Entertainment LTD

Other long-term liabilities

8,090,008

6,559,854

33,712

30,520

Deferred tax liabilities, net

39,677

41,030

Operating lease liabilities, non-current

55,832

62,889

Finance lease liabilities, non-current

198,291

347,629

Total liabilities

9,616,146

8,063,805

Commitments and contingencies (Note 23)

(Deficit) equity:

Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,445,052,143 and 1,456,547,942 shares issued; 1,335,307,327 and 1,423,370,314 shares outstanding, respectively

14,451

14,565

Treasury shares, at cost; 109,744,816 and 33,177,628 shares, respectively

(241,750)

(132,856)

Additional paid-in capital

3,218,895

3,238,600

Accumulated other comprehensive losses

(111,969)

(76,008)

Accumulated losses

(3,729,952)

(2,799,555)

Total Melco Resorts & Entertainment Limited shareholders' (deficit) equity

(850,325)

244,746

Noncontrolling interests

535,963

575,139

Total (deficit) equity

(314,362)

819,885

Total liabilities and (deficit) equity

$ 9,301,784

$ 8,883,690

[1]

As of December 31, 2022 and 2021, the current portion of restricted cash included bank time deposits of $50,971 and $275, respectively. On September 20, 2022, Melco Resorts Macau provided a bank guarantee in an amount of MOP820,000 (equivalent to $101,942) to the Macau government to guarantee the satisfaction of any labor liabilities upon expiry of the subconcession. As stipulated in the bank guarantee contract, MOP410,000 (equivalent to $50,971) was required to be held in a cash deposit account as collateral to secure the bank guarantee. In January 2023, such bank guarantee and the cash deposited in the collateral bank account were released. The cash of MOP410,000 (equivalent to $50,971) deposited in the collateral account was included in the current portion of restricted cash in the accompanying consolidated balance sheets as of December 31, 2022.

[2]

As of December 31, 2022 and 2021, the non-current portion of restricted cash included bank time deposits of $124,592 and nil, respectively. On December 9, 2022, as required by the Concession, Melco Resorts Macau provided a bank guarantee in favor of the Macau government of MOP1,000,000 (equivalent to $124,319) to secure the fulfillment of performance of certain of its legal and contractual obligations, including labor obligations. As stipulated in the bank guarantee contract, MOP1,000,000 (equivalent to $124,319), or an equivalent amount in other currencies, is required to be held in a cash deposit account as collateral in order to secure the bank guarantee. The bank guarantee will remain in effect until 180 days after the earlier of the expiration and termination of the Concession. The cash of HK$970,874 (equivalent to $124,319) deposited in the collateral bank account was included in the non-current portion of restricted cash in the accompanying consolidated balance sheets as of December 31, 2022.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowances for credit losses	$ 202,278	$ 253,424
Long-term prepayments, deposits and other assets, allowances for credit losses	$ 14,966	$ 14,989
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,445,052,143	1,456,547,942
Ordinary shares, outstanding	1,335,307,327	1,423,370,314
Treasury shares, shares	109,744,816	33,177,628

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating revenues:
Operating revenues	$ 1,349,977	$ 2,012,356	$ 1,727,923
Operating costs and expenses:
General and administrative	(423,225)	(426,407)	(424,398)
Payments to the Philippine Parties	(28,894)	(26,371)	(12,989)
Pre-opening costs	(15,585)	(4,157)	(1,322)
Development costs	0	(30,677)	(25,616)
Amortization of gaming subconcession	(32,785)	(57,276)	(57,411)
Amortization of land use rights	(22,662)	(22,832)	(22,886)
Depreciation and amortization	(466,492)	(499,739)	(538,233)
Property charges and other	(39,982)	(30,575)	(47,223)
Total operating costs and expenses	(2,093,082)	(2,589,807)	(2,668,480)
Operating loss	(743,105)	(577,451)	(940,557)
Non-operating income (expenses):
Interest income	26,458	6,618	5,134
Interest expenses, net of amounts capitalized	(376,722)	(350,544)	(340,839)
Other financing costs	(6,396)	(11,033)	(7,955)
Foreign exchange gains (losses), net	3,904	4,566	(2,079)
Other income (expenses), net	3,930	3,082	(150,969)
Loss on extinguishment of debt	0	(28,817)	(19,952)
Costs associated with debt modification	0	0	(310)
Total non-operating expenses, net	(348,826)	(376,128)	(516,970)
Loss before income tax	(1,091,931)	(953,579)	(1,457,527)
Income tax (expense) benefit	(5,236)	(2,885)	2,913
Net loss	(1,097,167)	(956,464)	(1,454,614)
Net loss attributable to noncontrolling interests	166,641	144,713	191,122
Net loss attributable to Melco Resorts & Entertainment Limited	$ (930,526)	$ (811,751)	$ (1,263,492)
Net loss attributable to Melco Resorts & Entertainment Limited per share:
Basic	$ (0.669)	$ (0.566)	$ (0.882)
Diluted	$ (0.669)	$ (0.566)	$ (0.884)
Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic	1,391,154,836	1,434,087,641	1,432,052,735
Diluted	1,391,154,836	1,434,087,641	1,432,052,735
Casino [Member]
Operating revenues:
Operating revenues	$ 1,076,398	$ 1,676,263	$ 1,471,356
Operating costs and expenses:
Cost of revenue	(912,839)	(1,320,882)	(1,350,210)
Rooms [Member]
Operating revenues:
Operating revenues	116,552	157,501	108,593
Operating costs and expenses:
Cost of revenue	(46,199)	(49,895)	(46,690)
Food and Beverage [Member]
Operating revenues:
Operating revenues	85,518	97,665	74,528
Operating costs and expenses:
Cost of revenue	(82,000)	(91,533)	(86,123)
Entertainment, Retail and Other [Member]
Operating revenues:
Operating revenues	71,509	80,927	73,446
Operating costs and expenses:
Cost of revenue	$ (22,419)	$ (29,463)	$ (55,379)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,097,167)	$ (956,464)	$ (1,454,614)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(41,082)	(78,992)	20,394
Other comprehensive (loss) income	(41,082)	(78,992)	20,394
Total comprehensive loss	(1,138,249)	(1,035,456)	(1,434,220)
Comprehensive loss (income) attributable to noncontrolling interests	171,762	159,029	178,199
Comprehensive loss attributable to Melco Resorts & Entertainment Limited	$ (966,487)	$ (876,427)	$ (1,256,021)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATED STATEMENTS OF (DEFICIT) 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]	Accumulated Losses [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member] Philippine Subsidiaries [Member]	Noncontrolling Interests [Member] Studio City International [Member]
Beginning balance at Dec. 31, 2019	$ 3,143,228			$ 14,565	$ (90,585)	$ 3,178,579			$ (18,803)	$ (644,788)	$ 704,260
Beginning balance (in shares) at Dec. 31, 2019				1,456,547,942	(19,219,846)
Net loss	(1,454,614)									(1,263,492)	(191,122)
Foreign currency translation adjustments	20,394								7,471		12,923
Share-based compensation	42,285					42,276					9
Shares repurchased by the Company (in shares)					(9,446,472)
Shares repurchased by the Company	(44,977)				$ (44,977)
Issuance of shares for restricted shares vested (in shares)					2,694,507
Issuance of shares for restricted shares vested	(50)				$ 12,700	(12,750)
Exercise of share options (in shares)					389,181
Exercise of share options	1,061				$ 1,834	(773)
Changes in shareholdings of subsidiaries		$ (43)	$ 218,146				$ (62)	$ 42				$ 19	$ 218,104
Dividends declared	(79,116)									(79,116)
Dividends declared to noncontrolling interests	(8,243)										(8,243)
Ending balance at Dec. 31, 2020	1,838,071			$ 14,565	$ (121,028)	3,207,312			(11,332)	(1,987,396)	735,950
Ending balance (in shares) at Dec. 31, 2020				1,456,547,942	(25,582,630)
Net loss	(956,464)									(811,751)	(144,713)
Foreign currency translation adjustments	(78,992)								(64,676)		(14,316)
Share-based compensation	71,908					71,894					14
Shares repurchased by the Company (in shares)					(16,116,135)
Shares repurchased by the Company	(52,026)				$ (52,026)
Issuance of shares for restricted shares vested (in shares)					6,042,543
Issuance of shares for restricted shares vested	(233)				$ 28,516	(28,749)
Exercise of share options (in shares)					2,478,594
Exercise of share options	6,368				$ 11,682	(5,314)
Changes in shareholdings of subsidiaries		(8,518)					(6,951)					(1,567)
Restricted shares granted to employees of an affiliated company, net of adjustment						408				(408)
Dividends declared to noncontrolling interests	(229)										(229)
Ending balance at Dec. 31, 2021	819,885			$ 14,565	$ (132,856)	3,238,600			(76,008)	(2,799,555)	575,139
Ending balance (in shares) at Dec. 31, 2021				1,456,547,942	(33,177,628)
Net loss	(1,097,167)									(930,526)	(166,641)
Foreign currency translation adjustments	(41,082)								(35,961)		(5,121)
Share-based compensation	62,841					62,831					10
Shares repurchased by the Company (in shares)					(102,783,027)
Shares repurchased by the Company	(189,161)				$ (189,161)
Retirement of repurchased shares (in shares)				(11,495,799)	11,495,799
Retirement of repurchased shares				$ (114)	$ 21,971	(21,857)
Issuance of shares for restricted shares vested (in shares)					14,720,040
Issuance of shares for restricted shares vested	(460)				$ 58,296	(58,756)
Exercise of share options (in shares)					0
Changes in shareholdings of subsidiaries		$ (3,310)	$ 134,103				$ (2,952)	$ 879				$ (358)	$ 133,224
Restricted shares granted to employees of an affiliated company, net of adjustment						(129)				129
Reimbursement from an affiliated company for restricted shares granted to its employees	279					279
Dividends declared to noncontrolling interests	(290)										(290)
Ending balance at Dec. 31, 2022	$ (314,362)			$ 14,451	$ (241,750)	$ 3,218,895			$ (111,969)	$ (3,729,952)	$ 535,963
Ending balance (in shares) at Dec. 31, 2022				1,445,052,143	(109,744,816)

CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2020 $ / shares
Statement of Equity [Abstract]
Dividends declared per share	$ 0.05504

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (1,097,167)	$ (956,464)	$ (1,454,614)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	521,939	579,847	618,530
Amortization of deferred financing costs and original issue premiums	17,056	16,276	17,646
(Payment for) interest accretion on finance lease liabilities	(16,843)	17,218	30,952
Net loss on disposal of property and equipment	476	807	987
Impairment loss recognized on property and equipment	3,595	3,643	8,127
Impairment loss recognized on assets held for sale	6,794	0	0
Impairment loss recognized on goodwill	0	0	13,867
Net loss on disposal of assets held for sale	477	0	0
(Reversal of) provision for credit losses	(433)	6,450	133,597
Provision for input value-added tax	5,714	3,023	5,786
Loss on extinguishment of debt	0	28,817	19,952
Costs associated with debt modification	0	0	310
Share-based compensation	71,809	67,957	54,392
Net losses recognized on investment securities	0	0	165,440
Changes in operating assets and liabilities:
Accounts receivable	(396)	67,571	27,503
Inventories, prepaid expenses and other	4,187	16,134	(2,187)
Long-term prepayments, deposits and other	(16,405)	61,952	(29,606)
Accounts payable, accrued expenses and other	(121,288)	(178,853)	(470,570)
Other long-term liabilities	1,051	(3,152)	(1,075)
Net cash used in operating activities	(619,434)	(268,774)	(860,963)
Cash flows from investing activities:
Payments for capitalized construction costs	(479,883)	(532,660)	(227,672)
Loans to an affiliated company	(200,000)	0	0
Acquisition of property and equipment	(129,731)	(139,155)	(208,860)
Acquisition of intangible and other assets	(12,478)	(7,579)	(27,335)
Proceeds from sale of property and equipment	423	4,843	554
Proceeds from sale of assets held for sale	15,562	0	0
Placement of bank deposits with original maturities over three months	0	(298,666)	(150,000)
Withdrawals of bank deposits with original maturities over three months	0	298,666	150,000
Proceeds from sale of investment securities	0	0	410,001
Net cash used in investing activities	(806,107)	(674,551)	(53,312)
Cash flows from financing activities:
Repurchase of shares	(189,161)	(52,026)	(44,977)
Payments of deferred financing costs	(7,990)	(37,396)	(84,057)
Purchase of shares of a subsidiary	(3,310)	(8,518)	0
Dividends paid	(196)	0	(79,116)
Net proceeds from (payments for) issuance of shares of subsidiaries	134,103	(445)	218,441
Proceeds from long-term debt	1,849,839	1,416,012	2,707,165
Principal payments on long-term debt	0	(502,831)	(1,454,837)
Principal payments on finance lease liabilities	0	(152)	(73)
Proceeds from exercise of share options	0	7,101	1,061
Net cash provided by financing activities	1,783,285	821,745	1,263,607
Effect of exchange rate on cash, cash equivalents and restricted cash	(22,602)	19,359	(26,064)
Increase (decrease) in cash, cash equivalents and restricted cash, including those classified within assets held for sale	335,142	(102,221)	323,268
Cash, cash equivalents and restricted cash at beginning of year	1,653,315	1,755,770	1,432,502
Cash, cash equivalents and restricted cash at end of year, including those classified within assets held for sale	1,988,457	1,653,549	1,755,770
Less: cash and cash equivalents classified within assets held for sale	0	(234)	0
Cash, cash equivalents and restricted cash at end of year	1,988,457	1,653,315	1,755,770
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	(350,737)	(310,319)	(251,438)
Cash paid for income taxes, net of refunds	(2,989)	(4,524)	(5,364)
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows from operating leases	(15,393)	(23,398)	(22,362)
Change in operating lease liabilities arising from obtaining operating lease right-of-use assets and lease modification or other reassessment events	9,425	8,849	3,549
Change in right-of-use assets held under finance lease and finance lease liabilities arising from lease modification	106,407	0	0
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	32,042	29,251	34,241
Change in input value-added tax related to acquisition of property and equipment	0	8,276	0
Change in accrued expenses and other current liabilities and other long-term liabilities related to construction costs	107,158	145,284	66,960
Change in accrued expenses and other current liabilities related to acquisition of intangible assets	0	0	6,356
Deferred financing costs included in accrued expenses and other current liabilities	0	211	1,356
Change in accrued expenses and other current liabilities related to dividends declared to noncontrolling interests	290	0	8,243
Offering expenses capitalized for the issuance of shares of a subsidiary included in accrued expenses and other current liabilities	$ 0	$ 0	$ 445

ORGANIZATION AND BUSINESS

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

(a)

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 (the “U.S.”).

Melco together with its subsidiaries (collectively referred to as the “Company”) is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau, an integrated resort located at Taipa, the Macau Special Administrative Region of the People’s Republic of China (“Macau”), City of Dreams, an integrated 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 is majority-owned by Melco and with its ADSs listed on the New York Stock Exchange in the U.S., also operates Studio City, a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a majority-owned subsidiary of Melco operates and manages City of Dreams Manila, an 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, an integrated resort in Limassol, in the Republic of Cyprus (“Cyprus”). ICR Cyprus Group is currently operating a temporary casino in Limassol and is licensed to operate four satellite casinos in Cyprus (“Cyprus Operations”). Upon the opening of City of Dreams Mediterranean, ICR Cyprus Group will continue to operate the satellite casinos while operation of the temporary casino will cease.

As of December 31, 2022 and 2021, 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.

(b)

Recent Developments Related to

COVID-19

and Other Business Operations

The disruptions to the Company’s business caused by the

COVID-19

outbreak continued to have a material effect on its financial condition and operations during 2022.

In Macau, the Company’s operations

were

significantly impacted by travel restrictions and quarantine requirements as imposed by the governments of Macau, Hong Kong and the People’s Republic of China (the “PRC”)

during 2022

A stream of

COVID-19

outbreaks in the PRC in the first half of 2022 led to a tightening of border controls for entry from Guangdong province. In June 2022, the resurgence of

COVID-19

cases in Macau led to citywide mandatory testing and strict travel restrictions and requirements implemented to enter and exit Macau. On June 23, 2022, the Macau government issued a mandatory closure order for entertainment and leisure venues, with casinos and gaming areas excluded. During the period from July 11, 2022 to July 22, 2022, such mandatory closure order was further extended to almost all entities including gaming. The Company’s casinos in Macau were closed for 12 days and resumed operations on July 23, 2022. From August 2, 2022, all closure orders were lifted but health-related precautionary measures remained in place. The validity of nucleic acid tests to enter Macau varied from time to time. Since September 1, 2022, certain

non-Macau

resident individuals who are not residents of Taiwan, Hong Kong, and the PRC became eligible to enter Macau without prior approval provided they comply with certain conditions imposed by the Macau government, subject to valid nucleic acid tests, and, from November 12, 2022, a

five-day

quarantine at a government

designated facility and a

three-day

home quarantine period. On November 1, 2022, China’s National Immigration Administration commenced electronic processing of visa applications for individual or group travel to Macau. Since January 8, 2023, travelers arriving in Macau from Taiwan, Hong Kong and the PRC were no longer required to present negative nucleic acid tests. From February 27, 2023, masks were not required in outdoor places. However, masks are still required on public transportation (except taxis) and in certain indoor areas. The requirement to wear masks was waived in most private indoor areas by their operators or supervisory entities.

In the Philippines, during the period from January 1, 2022 to February 28, 2022, City of Dreams Manila’s operations were impacted by on and off travel restrictions and operated at limited capacity under different levels of community quarantine measures in Metro Manila as imposed by the Philippine government in response to

COVID-19

cases. The Philippine government

re-opened

borders to fully vaccinated international tourists with a negative

RT-PCR

test taken within 48 hours of departure of their country of origin effective on February 10, 2022 and lowered

COVID-19

restrictions to Alert Level 1 starting from March 1, 2022 which allowed casinos to operate at 100% capacity, subject to certain guidelines. As of May 30, 2022, restrictions for inbound travelers into the Philippines were eased and negative

RT-PCR

test results were no longer required for individuals who were fully vaccinated. In addition, as of October 28, 2022, the mandatory wearing of masks in the Philippines was limited to healthcare facilities, medical transport vehicles and public transport.

In Cyprus, with a surge in

COVID-19

cases, authorities increased

COVID-19

restrictions from the end of December 2021 by reducing the capacity at certain venues and increasing restrictions for unvaccinated people. However, the casinos of the Cyprus Operations remained open and such restrictions were eased from February 21, 2022. Travel restrictions into Cyprus were eased on April 18, 2022 and as of June 1, 2022, passengers traveling to Cyprus were not required to present any vaccination or recovery certificates nor negative

COVID-19

test results. Furthermore, the requirement to wear masks was no longer mandatory other than in healthcare facilities, pharmacies and public transport.

While quarantine-free travel to and from the PRC has resumed and pandemic measures in Macau, the Philippines and Cyprus eased significantly, the pace of recovery from

COVID-19

related disruptions remains highly uncertain.

As announced by Studio City International in May 2022, the Macau government granted a further extension of the development period under the Studio City land concession to June 30, 2023. The first stage opening of Studio City Phase 2 is expected to be in the second quarter of 2023, with the second stage opening expected in the third quarter of 2023.

The Company was informed that the Council of Ministers of the Cyprus government approved an extension of the deadline to open City of Dreams Mediterranean under the terms of the gaming license to June 30, 2023 and the Company currently expects to open City of Dreams Mediterranean within that timeline.

Also, there have been concerns over the military conflict between Russia and Ukraine which led to sanctions and export controls imposed by the U.S., the European Union, the United Kingdom and other countries targeting Russia, its financial system and major financial institutions and certain Russian entities and persons. Such military conflict and the growing lists of sanctions and measures are

extensive and rapidly changing. These could be difficult to comply with and could also significantly increase the Company’s business and compliance costs as well as having a negative impact on the Company’s business and ability to accept certain customers from Russia, and may materially and adversely affect the Company’s business in Cyprus.

The Company is currently unable to reasonably estimate the financial impact to its future results of operations, cash flows and financial condition from these disruptions

As of December 31, 2022, the Company had cash and cash equivalents of $1,812,729

and available unused borrowing capacity of

$71,838, subject to the satisfaction of certain conditions precedent.

The Company has taken various mitigating measures to manage through the

COVID-19

outbreak challenges, such as implementing cost reduction programs to minimize cash outflows for

non-essential

items, rationalizing the Company’s capital expenditure programs with deferrals and reductions and raising additional capital through debt and equity offerings.

The Company believes it will be able to support continuing operations and capital expenditures for at least twelve months after the date that these consolidated financial statements are issued. Accordingly, the accompanying consolidated financial statements are prepared on a going concern basis.

(c)

Macau Gaming Subconcession and Concession Contract

On September 8, 2006, Melco Resorts (Macau) Limited (“Melco Resorts Macau”), a subsidiary of Melco, entered into a subconcession contract to operate its gaming business in Macau, which expired on June 26, 2022. This subconcession contract was extended to December 31, 2022 by order of the Macau Chief Executive under the Macau gaming law pursuant to an amendment agreement entered into by Melco Resorts Macau on June 23, 2022. Such extension coincided with the extended expiration date of all the other concessions and subconcessions in Macau. Melco Resorts Macau paid a premium of Macau Patacas (“MOP”)

47,000

(

equivalent to

$5,815

)

to the Macau government in June 2022 for the extension. Melco Resorts Macau also submitted a bank guarantee in an amount of MO

P820,000 (equivalent to $101,942

)

to the Macau government on September 20, 2022 to guarantee the satisfaction of any labor liabilities upon expiry of the subconcession (see Note 23(b)). After the award of the Concession, as described below, the bank guarantee of MO

P820,000 (equivalent to $101,942) as described above

together with another bank guarantee of MOP300,000 (equivalent to $37,296) as disclosed in Note 23(

(

)

provided to the Macau government under its subconcession, and

along

with

any

cash

collateral

were released in January 2023.

On December 16, 2022, the Macau government awarded a ten-year concession to operate games of fortune and chance in casinos in Macau (the “Concession”) to Melco Resorts Macau. The term of the Concession commenced on January 1, 2023 and ends on December 31, 2032. Under the Concession, Melco Resorts Macau is authorized to operate the Altira Casino, the City of Dreams Casino and the Studio City Casino as well as the Grand Dragon Casino and the Mocha Clubs.

On December 30, 2022, in accordance with the obligations under letter of undertakings dated June 23, 2022, Melco Resorts Macau and each of Altira Resorts Limited, COD Resorts Limited and Studio City Developments Limited, subsidiaries of Melco, which holds the land lease rights for the properties on which the Altira Casino, City of Dreams Casino and Studio City Casino are located, respectively, executed a public deed pursuant to which the gaming and gaming support areas comprising the Altira Casino, City of Dreams Casino and Studio City Casino with an area of

17,128.8 square meters,

31,227.3

square meters and

28,784.3

square meters, respectively, and related gaming equipment and utensils (collectively as referred to the “Reversion Assets”), reverted to the Macau government, without compensation and free and clear from any charges or encumbrances, at the expiration of the subconcession in accordance with the Macau gaming law. Under the terms of the Macau gaming law and the Concession, effective as of January 1, 2023, the Reversion Assets have been transferred by the Macau government to Melco Resorts Macau for use in its operations during the Concession for a fee of MOP

0.75

per square meter of the casino for years 1 to 3 of the Concession, subject to a consumer price index increase in years 2 and 3 of the Concession. The fee will increase to MO

2.5

per square meter of the casino for years 4 to 10 of the Concession, subject to a consumer price index increase in years 5 to 10 of the Concession.

Melco Resorts Macau and Studio City Entertainment Limited (“Studio City Entertainment”), a subsidiary of Melco, entered into a services and right to use agreement dated May 11, 2007, as amended on June 15, 2012, together with related agreements, under which Melco Resorts Macau agreed to operate the Studio City Casino since Studio City Entertainment does not hold a gaming concession in Macau. Under such arrangements, Melco Resorts Macau deducts gaming taxes and the costs incurred in connection with its operations from Studio City Casino’s gross gaming revenues and Studio City Entertainment receives the residual amount. These arrangements were amended on June 23, 2022 to align such agreement with the enacted amendments to the Macau gaming law and the residual amount which Studio City Entertainment receives as revenue. In addition, certain conditions imposed by the Macau government relating to the previously existing agreement, including in relation to shareholding requirements for certain direct and indirect shareholders of Studio City Entertainment, are no longer applicable.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

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 in consolidation.

(b)

Use of Estimates

The preparation of the 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 consist of bank time deposists 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

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 in the accompanying consolidated statements of operations.

(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 represents cash deposits in (i) collateral bank accounts for bank guarantees as disclosed in Note 3; and (ii) collateral bank accounts associated with borrowings under the credit facilities as disclosed in Note 13.

(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 the Philippines, and historically, to gaming promoters in Macau, 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, 2022 and 2021, 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 recorded at amortized cost. Accounts are written off when management deems it is probable the receivables are uncollectible. Recoveries of accounts previously written off are recorded w

hen

received. An estimated allowance for credit losses is maintained to reduce the Company’s receivables to their carrying amounts, which reflects the net amount the Company expects to collect. The allowance is estimated based on specific reviews of the age of the balances owed, the customers’ financial condition, management’s experience with the collection trends of the customers and management’s expectations of current and future economic conditions.

Management believes that as of December 31, 2022 and 2021, 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)

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets represent current assets that are typically used up or expire within the normal operating cycle of the Company. The prepaid expenses as of December 31, 2022 and 2021 were

77,767 and

73,092, respectively, and the other current assets as of December 31, 2022 and 2021 were

41,643 and

36,238, respectively.

(j)

Assets Held For Sale

Assets (disposal group) classified as held for sale are measured at the lower of their carrying amounts or fair values less costs to sell. Losses are recognized for any initial or subsequent write-down to fair values less costs to sell, while gains are recognized for any subsequent increases in fair values less costs to sell, but not in excess of the cumulative losses previously recognized. Assets are not depreciated and amortized while classified as held for sale.

During the year ended December 31, 2022, an impairment loss on assets held for sale of $6,794

was recognized which related to a significant decrease in the market value of a piece of freehold land as described in Note 6. No impairment losses on assets held for sale were recognized during the years ended December 31, 2021 and 2020.

(

)

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 integrated resort facilities, direct and incremental costs related to the design and construction, including costs under construction contracts, duties and tariffs, equipment installations, shipping costs, payroll and payroll-benefit related costs, applicable portions of interest, including 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 substantially suspended.

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 integrated 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

(l)

Capitalized Interest

Interest, including amortization of deferred 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 substantially suspended. 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 $440,654, $380,904 and $352,673, of which $63,932, $30,360 and $11,834 were capitalized during the years ended December 31, 2022, 2021 and 2020, respectively.

(

)

Gaming Subconcession

The deemed cost of the gaming subconcession in Macau was capitalized based on the fair value of the gaming subconcession agreement as of the date of acquisition of Melco Resorts Macau in 2006, and amortized over the term of agreement, which expired on June 26, 2022 on a straight-line basis. Melco Resorts Macau paid a premium of MOP

47,000 (equivalent to $5,815) to the Macau government

in June 2022 for the extension of the subconcession contract to December 31, 2022 and such premium was amortized on a straight-line basis from June 27, 2022 to the extended expiration date on December 31, 2022.

(

)

Internal-Use

Software

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software of 3 to 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.

(

)

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 for the period up to its expiry on December 31, 2022,

internal-use

software and proprietary rights. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives on a straight-line basis. 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 will first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative factors indicate that the

carrying amount

of the reporting unit is more likely than not to exceed the

fair value

, then a quantitative impairment test is performed. To perform a quantitative impairment test of intangible assets with indefinite lives, the Company performs an assessment that consists of a comparison of 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 amounts over the fair values of the intangible assets with indefinite lives. To perform a quantitative impairment test of goodwill, the Company performs an assessment that consists of a comparison of the carrying value of a reporting unit with its fair value. The fair values of the reporting units are determined using income valuation approaches through the application of the discounted cash flow method. Estimating fair values of the reporting units involves significant assumptions, including future revenue growth rates, gross margins, terminal growth rates and discount rates. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized 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.

No impairment losses on goodwill and intangible assets were recognized during the years ended December 31, 2022 and 2021. During the year ended December 31, 2020, an impairment loss of

13,867

was recognized against goodwill of the Japan Ski Resort

as a result of a significant decline in profits due in large part to the

COVID-19

outbreak.

(

)

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. Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates and gross margins. If the undiscounted cash flows exceed the carrying values, no 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 involving significant assumptions, such as discount rates and capitalization rates. If an asset is still under development, future cash flows include remaining construction costs.

During the year ended December 31, 2022, an impairment loss on property and equipment of $3,595 was recognized which related to a significant decrease in the market value of an aircraft as described in Note 6. The fair value of the aircraft was estimated by using level 2 inputs based on the buyer indicative purchase price. During the years ended December 31, 2021 and

2020, impairment losses on property and equipment of

3,643

and $

8,127

were recognized, respectively, mainly due to reconfigurations and renovations at the Company’s operating properties, and of which

1,147

in the year ended December 31, 2021, related to a significant decrease in the market value of a piece of freehold land as described in Note 6. The fair value of the freehold land was calculated by using level 3 inputs based on the direct comparison method. The impairment losses are included in property charges and other in the accompanying consolidated statements of operations. As a result of the

COVID-19

outbreak as disclosed in Note 1(b) and the earlier cessation of gaming promoter arrangements in Macau by Melco Resorts Macau, the Company evaluated its long-lived assets for recoverability as of December 31, 2022 and 2021 and concluded no other impairment charges to be recorded.

(

)

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.

(

)

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

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 the 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.

(

)

Revenue Recognition

The Company’s revenues from co

ntr

acts 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 reductions of casino revenues. In addition to the wagers, casino transactions typically include performance obligations related to complimentary goods or services provided to incentivize

future

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

non-discretionary

incentive 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

incentive 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 one of its hotels and Grand Dragon Casino and concluded that it is the controlling entity and is the principal to these arrangements. For the operations of one of its hotels, the Company is the owner of the hotel property, and the hotel manager operates the hotel

under a management agreement providing management services to the Company, and the Company receives all rewards and takes substantial risks associated with the hotel’s 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 or concession, 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

In providing goods and services to 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, 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 incentives 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 in the accompanying consolidated balance sheets. Decreases in these balances generally represent the recognition of revenues and increases in the balances represent additional chips 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:


	Outstanding gaming chips						Loyalty program liabilities						Advance customer deposits and ticket sales
	2022			2021			2022			2021			2022			2021
Balance at January 1	$	72,147		$	205,780		$	24,350		$	29,175		$	309,718		$	277,867
Balance at December 31		37,354			72,147			15,568			24,350			278,591			309,718

(Decrease) increase	$	(34,793	)	$	(133,633	)	$	(8,782	)	$	(4,825	)	$	(31,127	)	$	31,851

(

)

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 $489,730, $842,722 and $754,733 for the years ended December 31, 2022, 2021 and 2020, respectively.

(

)

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, 2022, 2021 and 2020, 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

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

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 $29,421, $39,811 and $34,061 for the years ended December 31, 2022, 2021 and 2020, respectively.

(

)

Interest

ncome

Interest income is recorded on an accrual basis at the stated interest rate and is recorded in interest income in the accompanying consolidated statements of operations.

(z)

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 loss.

(aa)

Comprehensive Loss and Accumulated Other Comprehensive Losses

Comprehensive loss includes net loss and other

non-shareholder

changes in equity, or other comprehensive loss and is reported in the accompanying consolidated statements of comprehensive loss.

As of December 31, 2022 and 2021, the Company’s accumulated other comprehensive losses consisted solely of foreign currency translation adjustments, net of tax and noncontrolling interests.

(ab)

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 18.

(ac)

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 the 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.

(ad)

Net Loss Attributable to Melco Resorts

& Entertainment Limited Per Share

Basic net loss attributable to Melco Resorts & Entertainment Limited per share is

calculated

by dividing the net loss attributable to Melco Resorts & Entertainment Limited by the weighted average number of ordinary shares outstanding during the year.

Diluted net loss attributable to Melco Resorts & Entertainment Limited per share is calculated by dividing the net loss 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 and ordinary equivalent shares used in the calculation of basic and diluted net loss attributable to Melco Resorts & Entertainment Limited per share consisted of the following:


	Year Ended December 31,
	2022		2021		2020
Weighted average number of ordinary shares outstanding used in the calculation of basic net loss attributable to Melco Resorts & Entertainment Limited per share		1,391,154,836		1,434,087,641		1,432,052,735

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		—		—		—

Weighted average number of ordinary shares outstanding used in the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share		1,391,154,836		1,434,087,641		1,432,052,735

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share		44,366,752		46,532,956		40,618,693

(ae)

Recent Changes in Accounting Standards

Recent Accounting Pronouncement Not Yet Adopted

The Company has evaluated the recently issued, but not yet effective, accounting pronouncements that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements, and anticipated the future adoption of these pronouncements will not have a material effect on the Company’s financial position,

results

of operations and cash flows.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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,
	2022		2021
Cash	$	1,179,491	$	657,013
C ash equivalents		633,238		995,877
Total c ash and cash equivalents		1,812,729		1,652,890
Current portion of restricted cash (1)		50,992		285
Non-current portion of restricted cash ( 2 )		124,736		140

Total cash, cash equivalents and restricted cash	$	1,988,457	$	1,653,315

Note

(1)

As of December 31, 2022 and 2021, the current portion of restricted cash included bank time deposits of $50,971 and $275, respectively.

On September 20, 2022, Melco Resorts Macau provided a bank guarantee in an amount of MOP820,000 (equivalent to $101,942) to the Macau government to guarantee the satisfaction of any labor liabilities upon expiry of the subconcession. As stipulated in the bank guarantee contract, MOP410,000 (equivalent to $50,971) was required to be held in a cash deposit account as collateral to secure the bank guarantee. In January 2023, such bank guarantee and the cash deposited in the collateral bank account were released. The cash of MOP410,000 (equivalent to $50,971) deposited in the collateral account was included in the current portion of restricted cash in the accompanying consolidated balance sheets as of December 31, 2022.

(2)

As of December 31, 2022 and 2021, the non-current portion of restricted cash included bank time deposits of $124,592 and nil, respectively.

On December 9, 2022, as required by the Concession, Melco Resorts Macau provided a bank guarantee in favor of the Macau government of MOP1,000,000 (equivalent to $124,319) to secure the fulfillment of performance of certain of its legal and contractual obligations, including labor obligations. As stipulated in the bank guarantee contract, MOP1,000,000 (equivalent to $124,319), or an equivalent amount in other currencies, is required to be held in a cash deposit account as collateral in order to secure the bank guarantee. The bank guarantee will remain in effect until 180 days after the earlier of the expiration and termination of the Concession. The cash of HK$970,874 (equivalent to $124,319) deposited in the collateral bank account was included in the non-current portion of restricted cash in the accompanying consolidated balance sheets as of December 31, 2022.

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

4.	INVESTMENT 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 at Australian dollars (“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 AUD880,640 (equivalent to $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.

On April 29, 2020, the Company disposed of the first tranche of approximately 9.99% issued shares of Crown at AUD8.15 per share to an independent third party. The aggregate consideration was AUD551,551 (equivalent to $359,060). Upon completion of this disposal, the Company ceased to be a shareholder of

Crown.

During the year ended December 31, 2020, the Company disposed of all of its investments in mutual funds that were mainly invested in bonds and fixed interest securities.

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


	Year Ended
	December 31, 2020
Net losses recognized on market equity securities	$	(165,440	)
Less: Net losses recognized on marketable equity securities sold during the year		165,440

Unrealized losses recognized on marketable equity securities still held at the reporting date	$	—

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

5.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	December 31,
	2022			2021
Casino	$	271,653		$	321,808
Hotel		1,365			907
Other		218			189

Sub-total		273,236			322,904
Less: allowances for credit losses (1)		(217,244	)		(268,413	)

		55,992			54,491
Non-current portion		—			—

Current portion	$	55,992		$	54,491

Note

(1)

As of December 31, 2022 and 2021, the allowances for credit losses of $14,966

and $14,989 are recorded as a reduction of the long-term casino accounts receivables, which are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

The Company’s allowances for casino credit losses were 80.0% and 83.4% of gross casino accounts receivables as of December 31, 2022 and 2021, respectively. The Company’s allowances for credit losses from its hotel and other receivables are not material.

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2022			2021			2020
Balance at beginning of year	$	268,413		$	333,792		$	258,019
(Reversal of) provision for credit losses		(892	)		6,426			131,845
Write-offs, net of recoveries		(49,608	)		(69,712	)		(57,868	)
Effect of exchange rate		(669	)		(2,093	)		1,796

Balance at end of year	$	217,244		$	268,413		$	333,792

ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]

ASSETS HELD FOR SALE

6.	ASSETS HELD FOR SALE

In September 2021, the Company announced discontinuing its pursuit of a Yokohama integrated resort development in Japan. In December 2021, an external advisor was engaged to locate potential buyers and prepare marketing materials for the disposal of the Company’s assets in Japan, including Kabushiki Kaisha Okushiga Kogen Resort, a company which operates a ski resort in Nagano, Japan (the “Japan Ski Resort”) and a parcel of freehold land together with the accompanying building structures in Hakone, Japan (the “Hakone Assets”). After consideration of the relevant facts, the Company concluded the assets and liabilities of the Japan Ski Resort and the Hakone Assets met the criteria for classification as held for sale as of December 31, 2021 which is reported under the Corporate and Other segment.

The major classes of assets of the Japan Ski Resort classified as assets held for sale as of December 31, 2021 were mainly comprised of:


Property and equipment, net	$	2,217
Operating lease right-of-use assets		672
Cash and cash equivalents		234
Others		949

	$	4,072

As of December 31, 2021, the liabilities related to assets held for sale of

$1,497

mainly represented accounts payable, accrued expenses and other current liabilities, and operating lease liabilities.

On December 8, 2022, the Company entered into an agreement with an independent third party (the “Buyer”) to dispose of its entire interest in the Japan Ski Resort with net liabilities of $13,663 (including a loan payable to the Company of Japanese Yen (“JPY”) 2,215,180 (equivalent to $16,876)) for a consideration of JPY 0.001; and to transfer the loan receivable from the Japan Ski Resort as mentioned above of JPY2,215,180 (equivalent to $16,876) to the Buyer for a consideration of JPY0.001. The disposal was completed on December 30, 2022 and the Company recorded a loss on disposal of assets held for sale of $3,106 which is included in property charges and other in the accompanying consolidated statements of operations during the year ended December 31, 2022.

As of December 31, 2022 and 2021, the Hakone Assets classified as assets held for sale were comprised of property and equipment, with carrying values of $8,503 and $17,705, respectively. Due to a significant decrease in the market value of the freehold land included in Hakone Assets as of December 31, 2022

and 2021, an impairment loss on assets held for sale of $

6,794

and an impairment loss on property and equipment of $

1,147

was provided during the years ended December 31, 2022 and 2021, respectively. The fair value of the freehold land was calculated by using level 3 input based on the direct comparison method. The impairment losses are included in property charges and other in the accompanying consolidated statements of operations.

As of December 31, 2022, the disposal of the Hakone Assets was in progress and was anticipated to be completed within one year.

In June and August 2022, the Company signed the sale and purchase agreements with buyers to sell two aircraft (the “Aircraft”) with an aggregate selling price of $15,800. Before the completion of the disposals of the Aircraft in September 2022, the Company concluded the Aircraft met the criteria for classification as assets held for sale which

were

reported under the Corporate and Other segment, and an impairment loss of $3,595 was provided for one of the aircraft due to a decrease in its market value

Company recorded a gain on disposal of assets held for sale of $2,629

on the Aircraft. The impairment loss and gain on disposal of assets held for sale are both included in property charges and other in the accompanying consolidated statements of operations for the year ended December 31, 2022.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

7.	PROPERTY AND EQUIPMENT, NET


	December 31,
	2022			2021
Cost
Buildings	$	6,186,373		$	6,312,791
Furniture, fixtures and equipment		1,112,670			1,077,769
Leasehold improvements		1,080,737			1,165,452
Plant and gaming machinery		246,255			267,838
Transportation		190,843			218,017
Construction in progress		1,464,866			1,020,551
Freehold land		56,533			59,809

Sub-total		10,338,277			10,122,227
Less: accumulated depreciation and amortization		(4,467,372	)		(4,211,543	)

Property and equipment, net	$	5,870,905		$	5,910,684

As of December 31, 2022 and 2021, 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 $

176,538

and $

93,207

, respectively.

The depreciation and amortization expenses of property and equipment recognized for the years ended December 31, 2022, 2021 and 2020 were $454,194, $487,130 and $526,257, respectively.

The cost and accumulated amortization of

right-of-use

assets held under finance lease arrangements were $

145,660

and $

95,310

as of December 31, 2022 and $

276,838

and $

91,530

as of December 31, 2021, respectively. Further information on the lease arrangements is included in Note

The Reversion Assets that reverted to the Macau government at the expiration of the subconcession are owned by the Macau government. Effective as of January 1, 2023, the Reversion Assets were transferred to Melco Resorts Macau for the duration of the Concession, in return for annual payments for the right to operate the Reversion Assets as part of the Concession as disclosed in Note 1(c).

The Reversion Assets that reverted to the Macau government on

December

31, 2022, and included in the above table, consisted of the following:


Buildings	$	349,129
Furniture, fixtures and equipment		39,008
Plant and gaming machinery		109,901

		498,038
Less: accumulated depreciation		(276,581	)

	$	221,457

As Melco Resorts Macau will continue to operate the Reversion Assets in the same manner as under the previous subconcession, obtain substantially all of the economic benefits and bear all of the risks arising from the use of these assets, as well as assuming it will be successful in the awarding of a new concession upon expiry of the Concession, the Company will continue to recognize these Reversion Assets as property and equipment over their remaining estimated useful lives.

GAMING SUBCONCESSION, NET

12 Months Ended

Dec. 31, 2022

GAMING SUBCONCESSION, NET

8.	GAMING SUBCONCESSION, NET


	December 31,
	2022			2021
Deemed cost	$	902,441		$	897,866
Less: accumulated amortization		(902,441	)		(870,801	)

Gaming subconcession, net	$	—		$	27,065

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

GOODWILL AND INTANGIBLE ASSETS, NET

9.	GOODWILL AND INTANGIBLE ASSETS, NET

(a) Goodwill

The changes in the carrying amounts of goodwill by segment are as follows:


	Mocha and Other (1)			Corporate and Other (2)			Total

Balance at January 1, 2020	$	81,820		$	13,800		$	95,620
Impairment		—			(13,867	)		(13,867	)
Foreign currency translations		383			67			450

Balance at December 31, 2020		82,203			—			82,203
Foreign currency translations		(482	)		—			(482	)

Balance at December 31, 2021		81,721			—			81,721
Foreign currency translations		(115	)		—			(115	)

Balance at December 31, 2022	$	81,606		$	—		$	81,606

Notes

(1)

The amount represents goodwill which arose from the acquisition of Mocha Slot Group Limited and its subsidiaries by the Company in 2006. As of December 31, 2022, the gross amount of goodwill and accumulated impairment losses were $81,606

and nil, respectively.

(2)

The amount represents goodwill which arose from the acquisition of Japan Ski Resort in 2019. The disposal of the Japan Ski Resort was completed on December 30, 2022 as disclosed in Note 6.

(b) Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31,
	2022			2021
Indefinite-lived intangible assets:
Trademarks of Mocha Clubs	$	4,204		$	4,210

Total indefinite-lived intangible assets		4,204			4,210

Finite-lived intangible assets:
Internal-use software		59,434			56,106
Less: accumulated amortization		(29,383	)		(19,331	)

		30,051			36,775

Proprietary rights		11,926			11,942
Less: accumulated amortization		(2,571	)		(1,380	)

		9,355			10,562

Total finite-lived intangible assets		39,406			47,337

Total intangible assets, net	$	43,610		$	51,547

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 translations at the balance sheet date.

In November 2020, the Company completed an asset acquisition of the proprietary rights relating to an entertainment show in City of Dreams for a cash consideration of $12,000. The estimated useful life of the proprietary rights is 10 years. The carrying amount of the proprietary rights included the exchange differences arising from foreign currency translations at the balance sheet date.

The amortization expenses of finite-lived intangible assets (other than gaming subconcession) recognized for the years ended December 31, 2022, 2021 and 2020 were $11,343, $11,555 and $6,342, respectively.

As of December 31, 2022, the estimated future amortization expenses of finite-lived intangible assets are as follows:


Year ending December 31,
2023	$	8,970
2024		4,692
2025		3,815
2026		3,371
2027		3,342
Over 2027		15,216

	$	39,406

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2022

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

10.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

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


	December 31,
	2022		2021
Long-term prepayments	$	31,191	$	24,978
Deferred financing costs, net		27,218		35,987
Deferred rent assets		25,904		30,647
Advance payments for construction costs		25,602		27,993
Deposits for acquisition of property and equipment		19,494		20,332
Other long-term assets and other		19,298		23,677
Other deposits		9,971		11,581
Input value-added tax, net		1,019		1,947
Long-term casino accounts receivables, net of allowances for credit losses of $14,966 and $14,989		—		—

Long-term prepayments, deposits and other assets	$	159,697	$	177,142

During the years ended December 31, 2022, 2021 and 2020, provisions for input value-added tax expected to be

non-recoverable

from the tax authority in the Philippines for City of Dreams Manila amounting to $

5,714, $3,023 and $5,786, respectively, were recognized in the accompanying consolidated statements of operations.

Long-term casino accounts receivables, net represent receivables from casino customers where settlements are not expected within the next year. 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, 2022

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

LAND USE RIGHTS, NET

11.	LAND USE RIGHTS, NET


	December 31,
	2022			2021
Altira Macau	$	145,922		$	146,128
City of Dreams		398,068			398,630
Studio City		651,094			652,014

		1,195,084			1,196,772
Less: accumulated amortization		(524,212	)		(502,190	)

Land use rights, net	$	670,872		$	694,582

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

12.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2022		2021
Advance customer deposits and ticket sales	$	278,591	$	309,718
Interest expenses payable		123,032		105,637
Operating expense and other accruals and liabilities		97,933		87,089
Staff cost accruals		96,219		86,294
Construction cost payables		76,173		128,383
Gaming tax and license fee accruals		48,688		85,468
Outstanding gaming chips		37,354		72,147
Property and equipment payables		35,747		36,397
Loyalty program liabilities		15,568		24,350

	$	809,305	$	935,483

LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

13.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:


	December 31,
	2022			2021
Senior Notes
2017 4.875% Senior Notes, due 2025 (net of unamortized deferred financing costs and original issue premiums of $9,552 and $13,161, respectively)	$	990,448		$	986,839
2019 5.250% Senior Notes, due 2026 (net of unamortized deferred financing costs of $2,981 and $3,776, respectively)		497,019			496,224
2019 5.625% Senior Notes, due 2027 (net of unamortized deferred financing costs of $4,178 and $4,954, respectively)		595,822			595,046
2019 5.375% Senior Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $1,845 and $2,041, respectively)		1,148,155			1,147,959
2020 5.750% Senior Notes, due 2028 (net of unamortized deferred financing costs and original issue premiums of $2,743 and $3,393, respectively)		847,257			846,607
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $2,692 and $3,658, respectively)		497,308			496,342
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $3,598 and $4,186, respectively)		496,402			495,814
2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $4,228 and $4,798, respectively)		1,095,772			1,095,202
2022 7.000% Studio City Secured Notes, due 2027 (net of unamortized deferred financing costs of $5,134)		344,866			—

Credit Facilities
2015 Credit Facilities		128			128
2020 Credit Facilities (1)		1,899,203			399,693
2016 Studio City Credit Facilities (2)		128			128

		8,412,508			6,559,982
Current portion of long-term debt		(322,500	)		(128	)

	$	8,090,008		$	6,559,854

Notes

(1)

As of December 31, 2022 and 2021, the unamortized deferred financing costs related to the revolving credit facility of the 2020 Credit Facilities of $26,885

and $35,598 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheet, respectively.

(2)

As of December 31, 2022 and 2021, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $333

and $389 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

(a) Senior Notes

2017 4.875% 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 at an issue price of 100% of the principal amount (the “First 2017 4.875% 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 at an issue price of 100.75% of the principal amount (the “Second 2017 4.875% Senior Notes” and together with the First 2017 4.875% Senior Notes, collectively referred to as the “2017 4.875% Senior Notes”). The interest on the 2017 4.875% Senior Notes is accrued at a rate of 4.875% per annum and is payable semi-annually in arrears on June 6 and December 6 of each year. The 2017 4.875% 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 are 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 4.875% 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 4.875% Senior Notes were used to repay the 2015 Revolving Credit Facility (as described below).

Melco Resorts Finance had the option to redeem all or a portion of the 2017 4.875% 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 4.875% Senior Notes at any time at fixed redemption prices that decline ratably over time. In addition, Melco Resorts Finance had the option to redeem up to 35% of the 2017 4.875% 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 4.875% Senior Notes at fixed redemption prices. In certain events that relate to a change of control or a termination of the gaming concession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture, each holder of the 2017 4.875% Senior Notes will have the right to require Melco Resorts Finance to repurchase all or any part of such holder’s 2017 4.875% Senior Notes at a fixed redemption price.

The indenture governing the 2017 4.875% 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 4.875% Senior Notes also contains conditions and events of default customary for such financings.

2019 5.250% Senior Notes

On April 26, 2019, Melco Resorts Finance issued $500,000 in aggregate principal amount of 5.250% senior notes due April 26, 2026 at an issue price of 100% of the principal amount (the “2019 5.250% Senior Notes”). The interest on the 2019 5.250% Senior Notes is accrued at a rate of 5.250% per annum, payable semi-annually in arrears on April 26 and October 26 of each year. 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 are 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 had 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 had 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 a change of control or a termination of the gaming concession 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 at an issue price of 100% of the principal amount (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 and 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 are 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 5.625% Senior Notes were used to partially repay the 2015 Revolving Credit Facility in July 2019.

Melco Resorts Finance had 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 had 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 a change of control or a termination of the gaming concession 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 at an issue price of 100% of the principal amount (the “First 2019 5.375% Senior Notes”); and on January 21, 2021, Melco Resorts Finance further issued $250,000 in aggregate principal amount of 5.375% senior notes due December 4, 2029 at an issue price of 103.25% of the principal amount (the “Additional 2019 5.375% Senior Notes” and together with the First 2019 5.375% Senior Notes, the “2019 5.375% Senior Notes”). The Additional 2019 5.375% Senior Notes are consolidated and form a single series with the First 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 and commenced 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 are 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 First 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 (as described below) in December 2019. The net proceeds from the offering of the Additional 2019 5.375% Senior Notes were used to repay the 2020 Credit Facilities (as described below) in January 2021.

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 redemption prices. In certain events that relate to a change of control or a termination of the gaming concession 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.

2020 5.750% Senior Notes

On July 21, 2020, Melco Resorts Finance issued $500,000 in aggregate principal amount of 5.750% senior notes due July 21, 2028 at an issue price of 100% of the principal amount (the “First 2020 5.750% Senior Notes”); and on August 11, 2020, Melco Resorts Finance further issued $350,000 in aggregate principal amount of 5.750% senior notes due July 21, 2028 at an issue price of 101% of the principal amount (the “Second 2020 5.750% Senior Notes” and together with the First 2020 5.750% Senior Notes, the “2020 5.750% Senior Notes”). The Second 2020 5.750% Senior Notes are consolidated and form a single series with the First 2020 5.750% Senior Notes. The interest on the 2020 5.750% Senior Notes is accrued at a rate of 5.750% per annum, payable semi-annually in arrears on January 21 and July 21 of each year and commenced on January 21, 2021. The 2020 5.750% 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 are 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 2020 5.750%

Senior Notes were partially used to repay the 2020 Credit Facilities in July 2020 and with the remaining amount used for general corporate purposes.

Melco Resorts Finance has the option to redeem all or a portion of the 2020 5.750% Senior Notes at any time prior to July 21, 2023 at a “make-whole” redemption price. On or after July 21, 2023, Melco Resorts Finance has the option to redeem all or a portion of the 2020 5.750% 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 2020 5.750% Senior Notes with the net cash proceeds from one or more equity offerings at a fixed redemption price at any time prior to July 21, 2023. 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 2020 5.750% Senior Notes at fixed redemption prices. In certain events that relate to a change of control or a termination of the gaming concession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture, each holder of the 2020 5.750% Senior Notes will have the right to require Melco Resorts Finance to repurchase all or any part of such holder’s 2020 5.750% Senior Notes at a fixed redemption price.

The indenture governing the 20

5.75

% 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 20

5.75

% Senior Notes also contains conditions and events of default customary for such financings.

2020 Studio City Notes

On July 15, 2020, Studio City Finance Limited (“Studio City Finance”), a subsidiary of Melco, issued $

500,000

in aggregate principal amount of

6.000

% senior notes due

July 15, 2025

at an issue price of

100

% of

the principal amount (the “2020 6.000% SC Notes”) and $

500,000

in aggregate principal amount of

6.500

% senior notes due

January 15, 2028

at an issue price of

100

% of the principal amount (the “2020 6.500% SC Notes” and together with 2020 6.000% SC Notes, the “2020 Studio City Notes”). The interest on the 2020 6.000% SC Notes and 2020 6.500% SC Notes is accrued at a rate of 6.000% and 6.500% per annum, respectively, payable semi-annually in arrears on January 15 and July 15 of each year and commenced on January 15, 2021. The 2020 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 are 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 2020 Studio City Notes were partially used to redeem in full the previous senior secured notes of Studio City Company Limited (“Studio City Company”), a subsidiary of Melco, with accrued interest and redemption premium in August 2020 and with the remaining amount used for the capital expenditures of the remaining development project at Studio City.

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 as described below) (the “2020 Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2020 Studio City Notes on a senior basis (the “2020 Studio City Notes Guarantees”). The 2020 Studio City Notes Guarantees are general obligations of the 2020 Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2020 Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2020 Studio City Notes Guarantors. The 2020 Studio City Notes Guarantees are effectively subordinated to the 2020 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 July 15, 2022, Studio City Finance had the options i) to redeem all or a portion of the 2020 6.000% SC Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2020 6.000% SC 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 2020 6.000% SC Notes at any time at fixed redemption prices that decline ratably over time. At any time prior to July 15, 2023, Studio City Finance has the options i) to redeem all or a portion of the 2020 6.500% SC Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2020 6.500%

SC 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 2020 6.500% SC 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 2020 Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2020 Studio City Notes at fixed redemption prices. In certain events that relate to a change of control or a termination of the gaming concession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2020 Studio City Notes, each holder of the 2020 Studio City Notes will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2020 Studio City Notes at a fixed redemption price.

The indenture governing the 2020 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 governing the 2020 Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2020 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, 2022, the net assets of Studio City Finance and its restricted subsidiaries of approximately $887,000 were restricted from being distributed under the terms of the 2020 Studio City Notes.

2021 5.000% Studio City Notes

On January 14, 2021, Studio City Finance issued $750,000 in aggregate principal amount of 5.000% senior notes due January 15, 2029 at an issue price of 100% of the principal amount (the “First 2021 5.000% Studio City Notes”); and on May 20, 2021, Studio City Finance further issued $350,000 in aggregate principal amount of 5.000% senior notes due January 15, 2029 at an issue price of 101.50% of the principal amount (the “Additional 2021 5.000

% Studio City Notes” and together with the First 2021 5.000% Studio City Notes, the “2021 5.000% Studio City Notes”). The Additional 2021 5.000% Studio City Notes are consolidated and form a single series with the First 2021 5.000% Studio City Notes. The interest on the 2021 5.000% Studio City Notes is accrued at a rate of 5.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year and commenced on July 15, 2021. The 2021 5.000% 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 are 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 2021 5.000% Studio City Notes were partially used to fund the conditional tender offer and the remaining outstanding balance with accrued interest of previous senior notes of Studio City Finance in February 2021; and with the remaining balance to partially fund the capital expenditures of the remaining development project at Studio City and 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 “2021 5.000% Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2021 5.000% Studio City Notes on a senior basis (the “2021 5.000% Studio City Notes Guarantees”). The 2021 5.000% Studio City Notes Guarantees are general obligations of the 2021 5.000% Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2021 5.000% Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2021 5.000% Studio City Notes Guarantors. The 2021 5.000% Studio City

Notes Guarantees are effectively subordinated to the 2021 5.000% 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 January 15, 2024, Studio City Finance has the options i) to redeem all or a portion of the 2021 5.000% Studio City Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2021 5.000% 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 2021 5.000% 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 2021 5.000% Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2021 5.000% Studio City Notes at fixed redemption prices. In certain events that relate to a change of control or a termination of the gaming concession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2021 5.000% Studio City Notes, each holder of the 2021 5.000% Studio City Notes will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2021 5.000% Studio City Notes at a fixed redemption price.

The indenture governing the 2021 5.000% 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 governing the 2021 5.000% Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2021 5.000% 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, 2022, the net assets of Studio City Finance and its restricted subsidiaries of approximately $887,000 were restricted from being distributed under the terms of the 2021 5.000% Studio City Notes.

2022 7.000% Studio City Secured Notes

On February 16, 2022, Studio City Company issued $350,000 in aggregate principal amount of 7.000% senior secured notes due February 15, 2027 at an issue price of 100

% of the principal amount (the “2022 7.000% Studio City Secured Notes”). The interest on the 2022 7.000% Studio City Secured Notes is accrued at a rate of 7.000% per annum, payable semi-annually in arrears on February 15 and August 15 of each year and commenced on August 15, 2022. The 2022

7.000

% Studio City 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 (as described below) that are secured by common collateral securing the 2022 7.000% Studio City Secured Notes will have priority over the 2022 7.000% Studio City 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 2022 7.000% Studio City Secured Notes, to the extent of the assets securing such indebtedness. The net proceeds from the offering of the 2022 7.000% Studio City Secured Notes will be used to fund the capital expenditures of the remaining development project at Studio City and for general corporate purposes.

Studio City Investments Limited (“Studio City Investments”), a subsidiary of Melco, all of its existing subsidiaries (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 “2022 7.000% Studio City Secured Notes Guarantors”) jointly, severally and unconditionally guarantee the 2022 7.000% Studio City Secured Notes on a senior basis (the “2022 7.000% Studio City Secured Notes Guarantees”). The 2022 7.000% Studio City Secured Notes Guarantees are senior obligations of the 2022 7.000% Studio City Secured Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2022 7.000% Studio City Secured Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2022 7.000% Studio City Secured Notes Guarantors. The 2022 7.000% Studio City Secured Notes Guarantees are pari passu to the 2022 7.000% Studio City Secured Notes 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 2022 7.000% Studio City Secured Notes and the 2022 7.000% Studio City Secured Notes Guarantees, to the extent of the value of the assets.

The 2022 7.000% Studio City 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 the common collateral securing the 2022 7.000% Studio City Secured Notes will have priority over the 2022 7.000% Studio City Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral); in addition, in line with the 2016 Studio City Credit Facilities, the 2022 7.000% Studio City Secured Notes are also secured by certain specified bank accounts.

At any time prior to February 15, 2024, Studio City Company has the options i) to redeem all or a portion of the 2022 7.000% Studio City Secured Notes at a “make-whole” redemption price; and ii) to redeem up to 35

of the 2022 7.000% Studio City 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 2022 7.000% Studio City 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 2022 7.000% Studio City Secured Notes, Studio City Company also has the option to redeem in whole, but not in part the 2022 7.000% Studio City Secured Notes at fixed redemption prices. In certain events that relate to a change of control or a termination of the gaming concession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2022 7.000% Studio City Secured Notes, each holder of the 2022 7.000% Studio City Secured Notes will have the

right to require Studio City Company to repurchase all or any part of such holder’s 2022 7.000% Studio City Secured Notes at a fixed redemption price.

The indenture governing the 2022 7.000% Studio City 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 2022 7.000% Studio City Secured Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2022 7.000% Studio City 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, 2022, the net assets of Studio City Investments and its restricted subsidiaries of approximately $821,000 were restricted from being distributed under the terms of the 2022 7.000% Studio City Secured Notes.

(b) 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 Hong Kong dollars (“HK$”) 9,362,160 (equivalent to $1,203,362) to a HK$13,650,000 (equivalent to $1,750,000) senior secured credit facilities agreement (the “2015 Credit Facilities”), comprising a HK$3,900,000 (equivalent to $500,000) term loan facility (the “2015 Term Loan Facility”) and a HK$9,750,000 (equivalent to $1,250,000) multicurrency revolving credit facility (the “2015 Revolving Credit Facility”).

On May 6, 2020, MCO Nominee One Limited (“MCO Nominee One”), a subsidiary of Melco, drew down HK$

2,730,000

(

equivalent to $

352,189

) of the revolving credit facility under the 2020 Credit Facilities (as described below) and, on May 7, 2020, the Company used a portion of the proceeds from such drawdown to repay all outstanding loan amounts under the 2015 Credit Facilities, together with accrued interest and associated costs, other than HK

$1,000 (equivalent to $129

) which remained outstanding under the 2015 Term Loan Facility. Following the repayment of outstanding amounts under the 2015 Credit Facilities, together with accrued interest and associated costs, on May 7, 2020, all other commitments under the 2015 Term Loan Facility and a part of the commitments under the 2015 Revolving Credit Facility were cancelled. Post-cancellation, the available commitments under the 2015 Revolving Credit Facility were H

K$1,000 (equivalent to $128), collateralized by cash of HK$2,130 (equivalent to $273

). The Company recorded a

loss on extinguishment of debt of

$1,236

and a cost associated with debt modification of

$310

during the

year ended December 31, 2020 in connection with this repayment and a part of the 2015 Revolving Credit Facility commitment cancellation.

Compliance with certain provisions of the 2015 Credit Facilities were waived pursuant to a waiver letter from Bank of China Limited, Macau Branch (in its capacity as the sole lender under the 2015 Credit Facilities) (“BOC Macau”) to the Borrower dated April 29, 2020 (the “Waiver Letter”), as subsequently extended pursuant to extension request letters dated April 6, 2022 and December 14, 2022. Pursuant to the terms of the Waiver Letter, BOC Macau agreed, among other things, to relax the Borrower’s obligations under the 2015 Credit Facilities by way of a waiver of (i) the maturity date of the 2015 Credit Facilities; (ii) the repayment term of the 2015 Term Loan Facility; (iii) interest rate of the borrowings; (iv) the requirement to comply with substantially all information undertakings, financial covenants, general undertakings and mandatory prepayment provisions; (v) the requirement to make substantially all of the representations, and (vi) certain current and/or future defaults and events of default that may arise under the terms of the 2015 Credit Facilities, subject to certain conditions and terms.

Pursuant to the terms of the Waiver Letter, the maturity date of the 2015 Credit Facilities was extended from (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, in each case to June 24, 2022. Subsequent to that, the maturity date of the 2015 Credit Facilities, and the continuing applicability of the various waivers provided under the Waiver Letter, were further extended to a later date (the “Extended Termination Date”), being (i) December 31, 2022 pursuant to an extension request letter dated April 6, 2022; and (ii) June 24, 2024 pursuant to a further extension request letter dated December 14, 2022. The 2015 Term Loan Facility was originally repayable in quarterly instalments according to an amortization schedule. Pursuant to the terms of the Waiver Letter (as amended and extended), the 2015 Term Loan Facility is repayable in full on the Extended Termination Date (as amended and extended). 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.

Borrowings under the 2015 Credit Facilities bore interest at the 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 (as described below). The Borrower was permitted to select an interest period for borrowings under the 2015 Credit Facilities ranging from one to six months or any other agreed period. Pursuant to the Waiver Letter, borrowings under the 2015 Credit Facilities bear interest at HIBOR plus a margin of 1% per annum

As of December 31, 2022, the outstanding principal amount of the 2015 Term Loan Facility and the 2015 Revolving Credit Facility was HK$1,000 (equivalent to $128) and nil, respectively, and the available borrowing capacity under 2015 Revolving Credit Facility was HK$1,000 (equivalent to $128).

The indebtedness under the 2015 Credit Facilities is guaranteed by the borrowing group which includes the Borrower and certain of its subsidiaries as defined under the 2015 Credit Facilities (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.

With effect from May 7, 2020, the provisions that limited certain payments of dividends and other distributions by the 2015 Borrowing Group to companies or persons who were not members of the 2015 Borrowing Group were waived pursuant to the terms of the Waiver Letter.

Under the 2015 Credit Facilities, 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. In addition, termination or rescission of Melco Resort Macau’s concession contract or land concessions would constitute an event of default. As with substantially all of the undertakings and covenants under the 2015 Credit Facilities, however, these provisions are subject to a continuing waiver under the terms of the Waiver Letter.

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

$1, $1 and $1,512

during the years ended December 31, 2022, 2021 and 2020, respectively.

2020 Credit Facilities

On April 29, 2020, MCO Nominee One entered into a senior credit facilities agreement with a syndicate of banks (the “2020 Credit Facilities”) for a HK$14,850,000 (equivalent to $1,915,947) revolving credit facility with a term of five years. The maturity date of the 2020 Credit Facilities is April 29, 2025. Each loan made under the 2020 Credit Facilities 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. MCO Nominee One is also subject to mandatory prepayment requirements in respect of various amounts as specified in the 2020 Credit Facilities. In the event of a change of control or if Melco Resorts Macau’s concession contract or land concessions are terminated or otherwise expire on its terms, MCO Nominee One may be required, at the election of any lender under the 2020 Credit Facilities, to repay such lender in full.

The indebtedness under the 2020 Credit Facilities is guaranteed by Melco Resorts Macau and MCO Investments Limited (“MCO Investments”), a subsidiary of Melco. The 2020 Credit Facilities are unsecured.

The 2020 Credit Facilities contain certain covenants customary for such financings including, but not limited to, limitations on, except as permitted (i) incurring additional liens; (ii) incurring additional indebtedness (including guarantees); (iii) the disposal of certain key assets; and (iv) carrying on businesses which are not the permitted business activities of MCO Investments and its subsidiaries. The 2020 Credit Facilities also contain conditions and events of default customary for such financings and the financial covenants including a leverage ratio, total leverage ratio and interest cover ratio.

Borrowings under the 2020 Credit Facilities bear interest at HIBOR plus a margin ranging from 1.00% to 2.00% per annum as adjusted in accordance with the leverage ratio in respect of MCO Nominee One and certain of its specified subsidiaries. MCO Nominee One may select an interest period for borrowings under the 2020 Credit Facilities ranging from one to six months or any other agreed period. MCO Nominee One is obligated to pay a commitment fee quarterly in arrears from April 29, 2020 on the undrawn amount of the 2020 Credit Facilities and recognized loan commitment fees of $5,978, $10,613 and $6,022 during the years ended December 31, 2022, 2021 and 2020

respectively.

On November 26, 2020, MCO Nominee One received confirmation that the majority of lenders of the 2020 Credit Facilities consented and agreed to waive certain financial condition covenants contained in the facility agreement under the 2020 Credit Facilities, in each case in respect of the relevant periods ended on the following applicable test dates: (a) December 31, 2020; (b) March 31, 2021; (c) June 30, 2021; (d) September 30, 2021; and (e) December 31, 2021. Such consent became effective on December 2, 2020.

On November 5, 2021, MCO Nominee One received confirmation that the majority of lenders of the 2020 Credit Facilities consented and agreed to waive certain financial condition covenants contained in the facility agreement under the 2020 Credit Facilities, in each case in respect of the relevant periods ended on the following applicable test dates: (a) March 31, 2022; (b) June 30, 2022; (c) September 30, 2022; and (d) December 31, 2022. Such consent became effective on November 9, 2021.

On August 16, 2022, the MCO Nominee One received confirmation that the majority of lenders of the 2020 Credit Facilities have consented and agreed to a waiver extension of certain financial condition covenants contained in the facility agreement under the 2020 Credit Facilities. The existing waiver remains valid in respect of the relevant periods ended on the December 31, 2022 test date, and the waiver extension granted extends the waiver for the relevant periods ended or ending on the following applicable test dates: (a) March 31, 2023; (b) June 30, 2023; (c) September 30, 2023; (d) December 31, 2023; and (e) March 31, 2024. Such consent became effective on August 17, 2022.

As of December 31, 2022, the outstanding principal amount of the 2020 Credit Facilities was $1,899,203, which consists of

$8,428,047

(equivalent to $1,079,203) and $820,000, and the available unused borrowing capacity under the 2020 Credit Facilities was

nil

2016 Studio City Credit Facilities

On November 30, 2016, Studio City Company (the “Studio City Borrower”) amended and restated the Studio City Borrower’s prior senior secured credit facilities agreement from HK$10,855,880 (equivalent to $1,395,357) to a HK$234,000 (equivalent to $30,077) senior secured credit facilities agreement (the “2016 Studio City Credit Facilities”), comprising a HK$1,000 (equivalent to $129) term loan facility (the “2016 SC Term Loan Facility”) and a HK$233,000 (equivalent to $29,948

)

revolving credit facility (the “2016 SC Revolving Credit Facility”). As of December 31, 2022, the outstanding principal amount of the 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility were HK$1,000 (equivalent to $128) and nil, respectively, and the available

unused

borrowing capacity under the 2016 SC Revolving Credit Facility was HK$233,000 (equivalent to $29,835).

On March 15, 2021, Studio City Company amended the terms of the 2016 Studio City Credit Facilities, including the extension of the maturity date for the 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility from November 30, 2021 to January 15, 2028 (the “Extended Maturity Date”). The 2016 SC Term Loan Facility shall be repaid at the Extended Maturity Date 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 Extended Maturity Date. Changes have also been made to the covenants in order to align them with those of certain other financings at Studio City Finance, including amending the threshold sizes and measurement dates of the

covenants.

The 2016 SC Term Loan Facility is collateralized by cash of HK

$1,012 (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 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 aligned with those of certain other financings at Studio City Finance. Certain specified bank accounts of Melco Resorts Macau are pledged under 2016 Studio City Credit Facilities and related finance documents. The 2016 Studio City Credit Facilities are secured by substantially all of the material assets of Studio City Investments and its subsidiaries.

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; (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 contain conditions and events of default customary for such financings.

In addition, modification, expiry, or termination of the gaming concession of Melco Resorts Macau in circumstances that have a material adverse effect on the 2016 Studio City Borrowing Group (as a whole) will allow lenders to elect for the mandatory prepayment of all outstanding loan amounts.

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, 2022, the net assets of Studio City Investments and its restricted subsidiaries of approximately $821,000

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 $

417, $419 and $421 during the years ended December 31, 2022, 2021 and 2020, respectively.

Philippine Credit Facility

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

on-demand,

unsecured credit facility agreement of Philippine Pesos (“PHP”)

2,350,000 (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 subsidiary of Melco. The available drawdown currencies under the Philippine Credit Facility are PHP and US$. As of December 31, 2022, the Philippine Credit Facility availability period, as amended from time to time, is up to January 31, 2023 and was further extended to May 1, 2023, in February 2023, and the maturity date of each individual drawdown, as amended from time to time, to be the earlier of: (i) the date which is 360 days 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 precedent, including issuance of a promissory note in favor of the lender evidencing such drawdown. As of December 31, 2022, 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 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, 2022, the Philippine Credit Facility had not yet been drawn and the available

unused

borrowing capacity under the Philippine Credit Facility was PHP2,350,000 (equivalent to $41,875).

During the years ended December 31, 2022, 2021 and 2020, the Company’s average borrowing rates were approximately 5.32%, 5.43% and 5.71% per annum, respectively.

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2022 are as follows:


Year ending December 31,
2023	$	322,500
2024		128
2025		3,076,703
2026		500,000
2027		950,000
Over 2027		3,600,128

	$	8,449,459

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

14.

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 structures for City of Dreams Manila under the MRP Lease Agreement as described in Note 22, Cyprus casino sites, Mocha Clubs sites, office

spaces

, 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 contractually agreed incremental rates and on the general inflation rate once agreed by the Company and its lessors

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 leas

costs are as follows:


	Year Ended December 31,
	2022		2021			2020
Operating lease costs:
Amortization of land use rights	$	22,662	$	22,832		$	22,886
Operating lease costs		14,614		29,401			31,039
Short-term lease costs		720		473			842
Variable lease costs		1,902		(629	)		(5,565	)
Finance lease costs:
Amortization of right-of-use assets		12,928		15,682			12,836
Interest costs		25,371		31,642			41,550

Total lease costs	$	78,197	$	99,401		$	103,588

Other information related to lease terms and discount rates is as follows:


	December 31,
	2022		2021
Weighted average remaining lease term
Operating leases		21.5 years		21.5 years
Finance leases		10.5 years		11.5 years
Weighted average discount rate
Operating leases		5.77%		5.73%
Finance leases		10.70%		7.09%

Maturities of lease liabilities as of December 31, 2022 are as follows:


	Operating Leases			Finance Leases
Year ending December 31,
2023	$	13,061		$	37,018
2024		9,179			37,018
2025		7,273			37,018
2026		7,206			37,018
2027		5,601			37,018
Over 2027		76,689			204,694

Total future minimum lease payments		119,009			389,784
Less: amounts representing interest		(50,416	)		(156,534	)

Present value of future minimum lease payments		68,593			233,250
Current portion		(12,761	)		(34,959	)

Non-current portion	$	55,832		$	198,291

Lessor Arrangements

The Company is the lessor under

non-cancellable

operating leases mainly for mall spaces in the sites of City of Dreams, City of Dreams Manila and Studio City with various retailers that expire at various dates through May 2035. Certain of the operating leases include minimum base fees with contingent fee clauses based on percentages of turnover.

During the years ended December 31, 2022, 2021 and 2020, the Company earned minimum operating lease income of $41,633, $45,019 and $37,257,

respectively, and contingent

operating lease income of $265, $5,080 and $(1,955), respectively. Total lease income for the years ended December 31, 2022, 2021 and 2020 were reduced by $3,076, $882 and $18,356

respectively

as a result of the rent concessions and uncollectible lease income related to the effects of the

COVID-19

outbreak.

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

non-cancellable

operating leases as of December 31, 2022 were as follows:


Year ending December 31,
2023	$	48,324
2024		48,126
2025		48,493
2026		23,841
2027		4,083
Over 2027		1,842

	$	174,709

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

15.	FAIR VALUE MEASUREMENTS

Authoritative literature provides a fair value hierarchy, which prioritizes the input to valuation techniques used to measure fair values into three broad levels. The level in the hierarchy within which the fair value measurements in its entirety 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 equivalents, bank time deposits included in restricted cash, 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 fair values adopted in impairment assessments of an aircraft and a piece of freehold land classified as assets held for sale were estimated by using level 2 and level 3 inputs respectively, details are disclosed in Note 2(p) and note 6.

The estimated fair value

of long-term debt as of December 31, 2022 and 2021, were approximately

$7,341,910 and $6,370,180, respectively, as compared to

their

carrying value

, excluding unamortized deferred financing costs and original issue premiums, of $8,449,459 and $6,599,949, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 2017 4.875% Senior Notes, the 2019 5.250% Senior Notes, the 2019 5.625% Senior Notes, the 2019 5.375% Senior Notes, the 2020 5.750% Senior Notes, the 2020 Studio City Notes, the 2021 5.000% Studio City Notes and the 2022 7.000% Studio City Secured Notes. Fair values for the 2015 Credit Facilities, the 2020 Credit Facilities and the 2016 Studio City Credit Facilities approximated the

carrying values as the instruments carried variable interest rates that approximated the market rates and were classified as level 2 in the fair value hierarchy.

As of December 31, 2022 and 2021, 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 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.

CAPITAL STRUCTURE

12 Months Ended

Dec. 31, 2022

CAPITAL STRUCTURE

16.	CAPITAL STRUCTURE

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.

No ordinary

shares were issued by Melco to its depositary bank for future vesting of restricted shares and exercise of share options during the years ended December 31, 2022, 2021 and 2020. Melco issued

14,720,040

6,042,543

and

2,694,507

ordinary shares upon vesting of restricted shares an

nil

2,478,594

and

389,181

ordinary shares upon exercise of share options during the years ended December 31, 2022, 2021 and 2020, respectively.

On March 21, 2018, the Board of Directors of Melco authorized the repurchase of Melco’s ordinary shares and/or ADSs

for

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

could

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 share repurchase program that was authorized on March 21, 2018 expired on March 21, 2021. The 2021 Share Repurchase Program (as described below) is effective on June 2, 2021 and replaced the share repurchase program that was authorized on November 8, 2018 and originally due to expire in November 2021.

On June 2, 2021, 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

perio

which commenced on June 2, 2021 under a share repurchase program (the “2021 Share Repurchase Program”). Purchases under the 2021 Share Repurchase Program 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

and/or Rule

10b5-1

On Augus

t 18, 2022, Melco, Melco International and Melco Leisure and Entertainment Group Limited (“Melco Leisure”), a subsidiary of Melco International, entered into a share repurchase agreement, pursuant to which Melco agreed to repurchase 9,995,799 ordinary shares of Melco and 25,000,000 ADSs of Melco (equivalent to 75,000,000 ordinary shares) from Melco Leisure (the “Share Repurchase”). On August 26, 2022, the Share Repurchase was completed for an aggregate consideration of $152,709, which represents an average price of $1.7967 per share or $5.39 per ADS. Following the completion of the Share Repurchase, 9,995,799 ordinary shares of Melco were retired (the “Share Retirement”).

In addition to

the Share Repurchase and the Share Retirement as described above, 5,929,076 ADSs, equivalent to 17,787,228 ordinary shares were repurchased under the 2021 Share Repurchase Program, of which 1,500,000 ordinary shares repurchased were retired during the year ended December 31, 2022. During the year ended December 31, 2021, 5,372,045 ADSs, equivalent to 16,116,135 ordinary shares were repurchased under the 2021 Share Repurchase Program, of which nil ordinary shares repurchased were retired. During the year ended December 31, 2020, 3,148,824 ADSs, equivalent to 9,446,472 ordinary

shares were repurchased under the 2018 Share Repurchase Programs, of which nil ordinary shares repurchased were

retired.

As of

December 31, 2022 and 2021, Melco had 1,445,052,143 and 1,456,547,942 issued ordinary shares, and 109,744,816 and 33,177,628 treasury shares, with 1,335,307,327 and 1,423,370,314 ordinary shares outstanding, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

17.	INCOME TAXES

Loss before income tax

consisted of:


	Year Ended December 31,
	2022			2021			2020
Macau operations	$	(720,470	)	$	(456,089	)	$	(772,988	)
Hong Kong operations		(400,725	)		(434,618	)		(342,715	)
Philippine operations		28,204			(51,436	)		(102,990	)
Cyprus operations		3,152			(13,454	)		(11,190	)
Other jurisdictions operations		(2,092	)		2,018			(227,644	)

Loss before income tax	$	(1,091,931	)	$	(953,579	)	$	(1,457,527	)

The income tax expense (benefit) consisted of:


	Year Ended December 31,
	2022			2021			2020
Income tax expense - current:
Macau Complementary Tax	$	9		$	172		$	6,402
Lump sum in lieu of Macau Complementary Tax on dividends		2,342			2,359			2,367
Hong Kong Profits Tax		528			48			38
Philippine Corporate Income Tax		5			1			59
Philippine withholding tax on dividends		—			2,937			—
Cyprus Corporate Income Tax		—			188			—
Income tax in other jurisdictions		219			323			2,182

Sub-total		3,103			6,028			11,048

Over provision of income taxes in prior years:
Macau Complementary Tax		(560	)		(874	)		(544	)
Hong Kong Profits Tax		(4	)		18			(2	)
Philippine Corporate Income Tax		300			(62	)		(5	)
Cyprus Corporate Income Tax		—			—			58
Income tax in other jurisdictions		98			14			482

Sub-total		(166	)		(904	)		(11	)

Income tax expense (benefit) - deferred:
Macau Complementary Tax		(768	)		(4,535	)		(9,762	)
Hong Kong Profits Tax		3,276			2,493			(26	)
Philippine Corporate Income Tax		(258	)		209			(3,774	)
Cyprus Corporate Income Tax		(578	)		—			(64	)
Income tax in other jurisdictions		627			(406	)		(324	)

Sub-total		2,299			(2,239	)		(13,950	)

Total income tax expense (benefit)	$	5,236		$	2,885		$	(2,913	)

A reconciliation of the income tax expense (

benefit

) from loss before income tax per the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
	2022			2021			2020
Loss before income tax	$	(1,091,931	)	$	(953,579	)	$	(1,457,527	)
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax benefit at Macau Complementary Tax rate		(131,032	)		(114,429	)		(174,903	)
Lump sum in lieu of Macau Complementary Tax on dividends		2,342			2,359			2,367
Effect of different tax rates of subsidiaries operating in other jurisdictions		(12,271	)		(31,653	)		(36,938	)
Over provision in prior years		(166	)		(904	)		(11	)
Effect of income for which no income tax expense is payable		(11,727	)		(6,308	)		(8,171	)
Effect of expenses for which no income tax benefit is receivable		70,687			101,111			107,037
Effect of profits generated by gaming operations exempted		(25,700	)		(10,851	)		—
Effect of tax losses that cannot be carried forward		15,553			6,742			32,605
Changes in valuation allowances		48,122			(13,360	)		32,166
Change in income tax rate		—			16,521			—
Expired tax losses		49,428			53,657			42,935

Income tax expense ( benefit )	$	5,236		$	2,885		$	(2,913	)

Melco and certain of its subsidiaries are exempt from tax in the Cayman Islands or British Virgin Islands, where they are incorporated, while 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, 2022, 2021 and 2020.

Macau Complementary Tax, Hong Kong Profits Tax, Cyprus Corporate Income Tax and income tax in other jurisdictions have been provided at 12%, 16.5%, 12.5% and the respective tax rates in other jurisdictions, on the estimated taxable income earned in or derived from the respective jurisdictions, during the years ended December 31, 2022, 2021 and 2020, if applicable.

On March 26, 2021, the Corporate Recovery and Tax Incentives for Enterprises (“CREATE”) was signed by President Duterte of the Philippines as Republic Act (RA) No. 11534 and took effect on April 11, 2021. CREATE reduced the minimum corporate income tax in the Philippines from 2% to 1% starting July 1, 2020 until June 30, 2023 and the corporate income tax rate in the Philippines from 30% to 25% starting July 1, 2020.

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. Studio City Entertainment was also 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 had been subject to gaming tax pursuant to a notice issued by the Macau government

in January 2017. The exemption coincided with Melco Resorts Macau’s exemption from Macau Complementary Tax. Pursuant to Dispatch of the Macau Chief Executive dated February 17, 2022 and September 1, 2022, Melco Resorts Macau was granted an extension of the Macau Complementary Tax exemption on profits generated from gaming operations for the period from January 1, 2022 to June 26, 2022 and from June 27, 2022 to December 31, 2022, respectively. Melco Resorts Macau applied for the Macau Complementary Tax exemption on profits generated from gaming operations for the period from January 1, 2023 to December 31, 2027 and Studio City Entertainment applied for an extension of the Macau Complementary Tax exemption for 2022 and for the period from January 1, 2023 through December 31, 2027. Both applications are currently pending approval by the Macau government. The

non-gaming

profits and dividend distributions of Studio City Entertainment 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 concession agreement.

The gaming operations of Melco Resorts Leisure, the operator of City of Dreams Manila, are exempt from Philippine Corporate Income Tax, among other taxes, pursuant to the Philippine Amusement and Gaming Corporation (“PAGCOR”) charter and are subject to license fees which are inclusive of the 5% franchise tax based on gross gaming revenue in the Philippines, in lieu of all other taxes.

During the years ended December 31, 2022, and 2021, Melco Resorts Macau and Studio City Entertainment in Macau did not have any profits generated by gaming operations exempted from Macau Complementary Tax, while had Melco Resorts Leisure not received the income tax exemption on profits generated by gaming operations in the Philippines, the Company’s consolidated net loss attributable to Melco Resorts & Entertainment Limited for the years ended December 31, 2022 and 2021 would have been increased b

$25,252 and $10,688, and diluted loss per share would have been increased by $0.018 and $0.007

per share, respectively. During the year ended December 31, 2020, Melco Resorts Macau, Melco Resorts Leisure and Studio City Entertainment did not have any profits generated by gaming operations exempted from Macau Complementary Tax and Philippine Corporate Income Tax.

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 provided for an annual payment of MOP

18,900

(equivalent to $

2,342

) 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. An amount of MOP

4,000

(equivalent to $

497) as payment for such arrangement for the period from January 1, 2022 to June 26, 2022 was paid by the shareholders of Melco Resorts Macau as of December 31, 2022.

In March 2023, Melco Resorts Macau received an extension of the agreement with the Macau government for an amount of M

4,167

(equivalent to $

518

)

as payment for such arrangement for the period from June 27, 2022 to December 31, 2022. Melco Resorts Macau applied for an extension of such arrangement for the period from January 1, 2023 through December 31, 2027 at an amount to be set by the Macau government.

The effective tax rates for the years ended December 31, 2022, 2021 and 2020 were (0.48)%, (0.30)% and 0.20%, respectively. Such rates differ from the statutory Macau Complementary Tax rate of 12

%, where the Company’s majority operations are located, primarily due to the effects of expired tax losses, changes in valuation allowances, expenses for which no income tax benefit is receivable, income for which no

income tax expense is payable, tax losses that cannot be carried forward and different tax rates of subsidiaries

operating in other jurisdictions for the relevant years together with the effects of profits generated by gaming operations being exempted from Philippine Corporate Income Tax for the year ended December 31, 2022 and the effects of profits generated by gaming operations being exempted from Philippine Corporate Income Tax and change in income tax rate for the year ended December 31, 2021.

The net deferred tax liabilities as of December 31, 2022 and 2021 consisted of the following:


	December 31,
	2022			2021
Deferred tax assets
Net operating losses carried forward	$	206,079		$	190,779
Depreciation and amortization		76,272			70,110
Lease liabilities		30,492			48,887
Others		13,052			4,159

Sub-total		325,895			313,935

Valuation allowances		(299,620	)		(267,316	)

Total deferred tax assets		26,275			46,619

Deferred tax liabilities
Right-of-use assets		(10,413	)		(25,817	)
Land use rights		(44,434	)		(45,963	)
Intangible assets		(505	)		(505	)
Unrealized capital allowances		(4,279	)		(5,141	)
Others		(5,683	)		(6,194	)

Total deferred tax liabilities		(65,314	)		(83,620	)

Deferred tax liabilities, net	$	(39,039	)	$	(37,001	)

As of December 31, 2022 and 2021, valuation allowances of $299,620 and $267,316 were provided, respectively, as management believes it is more likely than not that these deferred tax assets will not be realized. As of December 31, 2022, adjusted operating tax losses carried forward of $6,978 have no expiry date and the remaining tax losses amounting to $1,485,226 will expire by 2023 through 2032. Adjusted operating tax losses carried forward of $326,749 expired during the year ended December 31, 2022.

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 certain of Melco’s foreign subsidiaries available for distribution to Melco of approximately $745,425 and $846,735 as at December 31, 2022 and 2021, respectively, are considered to be indefinitely reinvested. 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 $89,449 and $101,608 as at December 31, 2022 and 2021, respectively.

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


	Year Ended December 31,
	2022			2021			2020
At beginning of year	$	16,342		$	15,132		$	7,504
Additions based on tax positions related to current year		6,810			2,028			8,057
Reductions due to expiry of the statute of limitations		(212	)		(818	)		(429	)

At end of year	$	22,940		$	16,342		$	15,132

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $22,940 and $16,342 as of December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, 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 Hong Kong, Macau, 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.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

18.	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. Melco adopted a share incentive plan in 2011 (“2011 Share Incentive Plan”) and a share incentive plan in 2021 (“2021 Share Incentive Plan”)

as described below and no further awards would be granted under the 2006 Share Incentive Plan and the 2011 Share Incentive Plan which was terminated on December 6, 2021. All subsequent awards will be issued under the 2021 Share Incentive Plan.

Share Options

As of December 31, 2022 and 2021, there were no outstanding share options under the 2006 Share Incentive Plan.

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


	Year Ended December 31,
	2022		2021		2020
Proceeds from the exercise of share options	$	—	$	2,756	$	397

Intrinsic value of share options exercised	$	—	$	7,370	$	747

As of December 31, 2022, 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 had been 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 was 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 was 100,000,000 over 10 years, which could be raised up to 10% of the issued share capital upon shareholders’ approval. The 2011 Share Incentive Plan would have expired ten years after December 7, 2011.

Melco adopted the 2021 Share Incentive Plan as described below, effective on December 6, 2021 (also the termination date of the 2011 Share Incentive Plan). Upon the termination of the 2011 Share Incentive Plan, no further awards may be granted under the 2011 Share Incentive Plan but the provisions of such plan shall remain in full force and effect in all other respects for any awards granted prior to the date of the termination of such plan.

Share Options

There were no share options granted under the 2011 Share Incentive Plan during the year ended December 31, 2022. During the years ended December 31, 2021 and 2020, 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:


	Year Ended December 31,
	2021			2020
Expected dividend yield		2.50	%		3.10	%
Expected stock price volatility		45.46	%		43.50	%
Risk-free interest rate		1.00	%		0.43	%
Expected term (years)		5.6			5.6

A summary of the share options activity under the 2011 Share Incentive Plan for the year ended December 31, 2022, 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, 2022		30,696,106		$	6.07
Forfeited or expired		(1,773,409	)		5.49
Cancelled under Option Exchange Program		(26,076,978	)		6.13

Outstanding as of December 31, 2022		2,845,719		$	5.89		6.13	$	—

Fully vested and expected to vest as of December 31, 2022		2,845,719		$	5.89		6.13	$	—

Exercisable as of December 31, 2022		2,262,303		$	6.02		5.72	$	—

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


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value	$	—	$	2.28	$	1.21

Proceeds from the exercise of share options	$	—	$	4,345	$	664

Intrinsic value of share options exercised	$	—	$	1,655	$	129

As of December 31, 2022, there were $132 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 1.06 years.

Restricted Shares

Certain restricted shares were approved by Melco to be granted under the 2011 Share Incentive Plan to the eligible management personnel of the Company in lieu of the 2020 bonus for their services performed during 2020. A total of 1,899,897 restricted shares were granted and vested immediately on March 31, 2021 (the “2020 Bonus Shares”) with the grant date fair value of $19.91 per ADS or $6.6367 per share, which was the closing price of Melco’s ADS trading on the Nasdaq Global Select Market on the date of grant. Share-based compensation expenses of $13,799, of which $921 were capitalized, were recognized for such grant during the year ended December 31, 2020 based on the estimated bonus amount.

On July 7, 2021, a total of 52,056 restricted shares were granted to employees of an affiliated company, a subsidiary of Melco International, for their services rendered to Melco International, with vesting periods of three months to twelve months. The grant date fair value for these restricted shares, which was determined with reference to the market closing price of Melco’s ADS trading on the Nasdaq Global Select Market on

the date of grant, were recognized as deemed distribution to Melco International in respect of share-based compensation against retained earnings over the vesting period. Deemed distribution to Melco International in respect of these restricted shares of $143 and $136 were recognized during the years ended December 31, 2022 and 2021, respectively. The reimbursement from Melco International of $279

for restricted shares granted to employees of an affiliated company were recognized as an increase in additional

paid-in

capital of the Company as deemed contribution from Melco International in respect of these restricted shares, with a corresponding increase in receivable from affiliated companies in the consolidated balance sheet.

There were no restricted shares granted under the 2011 Share Incentive Plan during the year ended December 31, 2022. Other than the restricted shares granted under the 2020 Bonus Shares as described above, the grant date fair values for restricted shares granted under the 2011 Share Incentive Plan during the years ended December 31, 2021 and 2020, with vesting periods of generally three months 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, 2022, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2022		18,531,384		$	5.35
Vested		(10,282,560	)		5.29
Forfeited		(543,504	)		5.57

Unvested as of December 31, 2022		7,705,320		$	5.42

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


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value	$	—	$	6.07	$	4.17

Grant date fair value of restricted shares vested	$	54,424	$	43,533	$	20,317

As of December 31, 2022, there were $13,119 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 1.05 years.

2021 Share Incentive Plan

Melco adopted the 2021 Share Incentive Plan, effective on December 6, 2021, 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 2021 Share Incentive Plan may be increased from time to time, provided that the maximum aggregate number of Melco’s ordinary shares which may be issued upon exercise of options granted under the 2021 Share Incentive Plan shall not be more than 10% of the total number of the issued share capital of Melco on the date the new plan limit is approved by the shareholders of Melco International in accordance with the applicable listing rules in Hong Kong. As of December 31, 2022, there were 115,536,483 ordinary shares available for grants of various share-based awards under the 2021 Share Incentive Plan.

Share Options

During the year ended December 31, 2022, the exercise prices for share options granted under the 2021 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 one to three years. The share options granted expire 10 years from the date of grant. There were

share options granted under the 2021 Share Incentive Plan during the year ended December 31, 2021.

The fair values of share options granted under the 2021 Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions:


	Year Ended December 31, 2022
Expected dividend yield		2.50	%
Expected stock price volatility		51.00	%
Risk-free interest rate		2.69	%
Expected term (years)		5.1

On March 28, 2022, the compensation committee of Melco approved a proposal to allow for an option exchange program, designed to provide the eligible participants an opportunity to exchange certain outstanding underwater share options for new share options and new restricted shares to be granted, subject to the eligible participants’ consent (the “Option Exchange Program”). The share options eligible for exchange under the Option Exchange Program were those that were granted during the years from 2012 to 2021 under the 2011 Share Incentive Plan, including those unvested, or vested but not exercised or the unexercised share options granted in 2012 but expired in March 2022. The Option Exchange Program became unconditional and effective on April 15, 2022, the date Melco accepted the eligible participants’ consent (the “Modification Date”), with a total of 26,076,978 eligible share options were tendered and surrendered by eligible participants (the “Cancelled Share Options”) and Melco granted an aggregate of 2,486,241 new share options (the “Replacement Share Options”) and 5,912,547

new restricted shares (the “Replacement Restricted Shares”) under the 2021 Share Incentive Plan. The Replacement Share Options

and Replacement Restricted Shares have vesting

periods of one to two years.

The Replacement Share Options expire 10 years from April 6, 2022. A total incremental share-based compensation expense resulting from the Option Exchange program was approximately $3,306, representing the excess of (i) the fair value of certain Replacement Share Options measured using the Black-Scholes valuation model on the Modification Date; and (ii) the fair value of certain Replacement Restricted Shares determined with reference to the market closing price of Melco’s ADS trading on the Nasdaq Global Select Market on the Modification Date, over the fair value of the Cancelled Share Options that were granted during 2013 to 2021 immediately before the exchange. The incremental share-based compensation expenses and the unrecognized compensation costs remaining from the Cancelled Share Options are being recognized over the new vesting periods of the Replacement Share Options and Replacement Restricted Shares. The weighted average fair value of the Replacement Share Options at the Modification Date was $0.82.

The fair values of the Replacement Share Options granted under the 2021 Share Incentive Plan were estimated on the Modification Date using the following weighted average assumptions:



Expected dividend yield	2.50	%
Expected stock price volatility	52.50	%
Risk-free interest rate	2.75	%
Expected term (years)	4.6

A summary of the share options activity under the 2021 Share Incentive Plan for the year ended December 31, 2022, 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, 2022		—	$	—
Granted		2,874,285		2.47
Granted under the Option Exchange Program		2,486,241		2.47

Outstanding as of December 31, 2022		5,360,526	$	2.47		9.26	$	7,326

Expected to vest as of December 31, 2022		5,360,526	$	2.47		9.26	$	7,326

Exercisable as of December 31, 2022		—	$	—		—	$	—

There were no share options exercised under the 2021 Share Incentive Plan during the year ended December 31, 2022. During the year ended December 31, 2022, the weighted average grant date fair value for share options (excluding the option granted under the Option Exchange Program) under the 2021 Share Incentive Plan was $0.94.

As of December 31, 2022, there were $3,247 unrecognized compensation costs related to share options under the 2021 Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 1.89 years.

Restricted Shares

Certain restricted shares were approved by Melco be granted under the 2021 Share Incentive Plan to the eligible management personnel of the Company and its affiliated company in lieu of the 2021 bonus for their services performed during 2021. A total of 4,578,543 restricted shares were granted and vested immediately on April 6, 2022 (the “2021 Bonus Shares”) with the grant date fair value of $7.40 per ADS or $2.47 per share, which was the closing price of Melco’s ADS trading on the Nasdaq Global Select Market on the date of grant. Based on the estimated bonus amount, share-based compensation expenses of $10,929, of which $729 were capitalized, were recognized for the restricted shares granted to the management personnel rendered services to the Company and deemed distribution to Melco International in respect of the restricted shares granted to employees of an affiliated company of $272

was recognized during the year ended December 31, 2021.

Certain restricted shares were approved by Melco be granted under the 2021 Share Incentive Plan to the eligible management personnel of the Company in lieu of the 2022 bonus for their services performed during 2022 (the “2022 Bonus Shares”). The 2022 Bonus Shares are expected to be granted in April 2023 and vest immediately on its grant date. Based on the estimated bonus amount, share-based compensation expenses of $17,926, of which $680 were capitalized, were recognized for such grant during the year ended December 31, 2022.

Other than the restricted shares granted under the 2021 Bonus Shares as described above, the fair values for restricted shares granted under the 2021 Share Incentive Plan during the year ended December 31, 2022, with vesting periods of generally

five months

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 or the Modification Date. There we

restricted shares granted under the 2021 Share Incentive Plan during the year ended December 31, 2021.

A summary of the restricted shares activity under the 2021 Share Incentive Plan for the year ended December 31, 2022, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date or Modification Date Fair Value
Unvested as of January 1, 2022		—		$	—
Granted		19,282,521			2.35
Granted under the Option Exchange Program		5,912,547			2.27
Vested		(5,574,357	)		2.33
Forfeited		(437,283	)		2.40

Unvested as of December 31, 2022		19,183,428		$	2.33

The grant

date fair value of restricted shares vested under the 2021 Share Incentive Plan during the year ended December 31, 2022 was $12,967.

As of December 31, 2022, there were $28,876 unrecognized compensation costs related to restricted shares under the 2021 Share Incentive Plan and the costs are expected to be recognized over a weighted average period of 1.93 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. On April 24, 2019 and June 24, 2019, the board and the shareholders of MRP approved an amendment to the Amended Articles of Incorporation of MRP, respectively, whereby, without changing the total amount of the authorized capital stock, the par value per MRP common share was increased from PHP1 (equivalent to $0.02) per share to PHP500,000 (equivalent to $9,857) per share, thereby decreasing the total number of MRP common shares on a

pro-rata

basis (“Reverse Stock Split”). The Reverse Stock Split was approved by the Philippine Securities and Exchange Commission (the “Philippine SEC”) on May 12, 2020. As of December 31, 2022, there were 305 MRP common shares available for grants of various share-based awards under the MRP Share Incentive Plan. All share and per share data of MRP common shares relating to the transactions carried out before May 12, 2020 as disclosed in the accompanying consolidated financial statements, represent the number of shares or value per share of MRP common shares before the Reverse Stock Split.

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. The acquiescence of such MRP SIP Retirement Arrangements was obtained from the Philippine SEC on May 17, 2019. As a result of all eligible participants electing 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.

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 a voluntary tender offer 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 (equivalent to $0.08) per option.

All accrued liability associated with the cash-settled share options and restricted shares in accordance with the original vesting schedules was fully vested and settled during the year ended December 31, 2021

air

value gain or loss on remeasurement of the liability associated with the cash-settled share options and restricted shares was recognized for the years ended December 31, 2021 and 2020.

Share Options

As of December 31, 2022 and 2021, there were no outstanding share options under the MRP Share Incentive Plan.

There were no share options granted or exercised under the MRP Share Incentive Plan during the years ended December 31, 2022, 2021 and 2020.

During the years ended December 31, 2021 and 2020, MRP paid $87 and $495 to settle the vested share options that are classified as cash-settled awards under the MRP Share Inventive Plan, respectively.

As of December 31, 2022, there were no unrecognized compensation costs related to share options under the MRP Share Incentive Plan.

Restricted Shares

As of December 31, 2022 and 2021, there were no unvested restricted shares under the MRP Share Incentive Plan.

There were no restricted shares granted under the MRP Share Incentive Plan during the years ended December 31, 2022, 2021, and 2020.

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


	Year Ended December 31,
	2022		2021		2020
Grant date fair value of restricted shares vested	$	—	$	351	$	1,030

During the years ended December 31, 2021 and 2020, MRP paid $346 and $871 to settle the vested restricted shares that are classified as cash-settled awards under the MRP Share Incentive Plan, respectively.

As of December 31, 2022, there were no unrecognized compensation costs related to restricted shares under the MRP Share Incentive Plan.

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 the 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

A summary of the share options activity under the Melco International Share Incentive Plan for the year ended December 31, 2022, 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, 2022		14,200,000	$	2.43

Outstanding as of December 31, 2022		14,200,000	$	2.43		6.69	$	—

Fully vested as of December 31, 2022		14,200,000	$	2.43		6.69	$	—

Exercisable as of December 31, 2022		14,200,000	$	2.43		6.69	$	—

There were no share options granted or exercised under the Melco International Share Incentive Plan during the years ended December 31, 2022, 2021 and 2020.

As of December 31, 2022, there were no unrecognized compensation costs related to share options under the Melco International Share Incentive Plan.

Restricted Shares

Under the existing arrangements of the Melco International Share Incentive Plan, a grantee shall satisfy any tax or other liabilities to which he or she may become subject to as a result of his or her participation in the Melco International Share Incentive Plan by his or her own cash.

During the year ended December 31, 2020, to enhance administration flexibility of the board of Melco International in the implementation of the Melco International Share Incentive Plan, Melco International revised the rules of the Melco International Share Incentive Plan so as to give authority to Melco International to deduct or withhold a portion of the awards granted to the grantee pursuant to the Melco International Share Incentive Plan (the “Awards”) if Melco International is statutorily required to deduct or withhold an amount to satisfy the tax obligation of any grantee arising from the grant of the Awards (the “Grantee Tax Obligation”), or if a grantee otherwise elects to satisfy his/her Grantee Tax Obligation (which is not statutorily required to be deducted or withheld) and/or exercise cost (in case a grantee exercises his/ her share options granted under the Melco International Share Incentive Plan) by way of deduction or withholding of the relevant portion of his/her Awards (the “Net Settlement Arrangement”). The Net Settlement Arrangement was approved by the board of Melco International on March 31, 2020 and further approved by the shareholders of Melco International for amendments to the Melco International Share Incentive Plan on June 5, 2020.

On June 30, 2020, an

employee of the Company, who was granted certain share-based awards under the Melco International Share Incentive Plan on September 6, 2019, elected the Net Settlement Arrangement on certain awards and approximately 2,569,000 restricted shares were modified from equity-settled to cash-settled with all other terms unchanged.

A summary of the restricted shares activity under the Melco International Share Incentive Plan for the year ended December 31, 2022, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2022		1,626,000		$	2.43
Vested		(1,626,000	)		2.43

Unvested as of December 31, 2022		—		$	—

During the years ended December 31, 2022, 2021 and 2020, the grant date fair value of restricted shares vested under the Melco International Share Incentive Plan were $3,948, $3,953 and $3,979, respectively.

There were no restricted shares granted under the Melco International Share Incentive Plan during the years ended December 31, 2022, 2021 and 2020.

As of December 31, 2022, there were no unrecognized compensation costs related to restricted shares under the Melco International Share Incentive Plan.

The share-based compensation expenses for the Company were recognized as follows:

	Year Ended December 31,
	2022			2021			2020
Share-based compensation expenses:
2011 Share Incentive Plan	$	38,823		$	53,466		$	49,579
2021 Share Incentive Plan		32,803			10,929			—
MRP Share Incentive Plan		—			108			671
Melco International Share Incentive Plan		2,865			6,641			7,021

Total share-based compensation expenses		74,491			71,144			57,271
Less: Share-based compensation expenses capitalized in property and equipment		(2,682	)		(3,187	)		(2,879	)

Share-based compensation expenses recognized in general and administrative expenses	$	71,809		$	67,957		$	54,392

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

19.	EMPLOYEE BENEFIT PLANS

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 vesting schedules, achieving full vesting ranging from upon contribution to 10 years from the date of employment effective in April 2021. 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 monthly fixed contributions or certain percentages of employee 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, 2022, 2021 and 2020, the Company’s contributions into the defined contribution retirement benefits schemes were $26,688, $26,984 and $30,310, respectively.

The entire disclosure for retirement benefits.

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DISTRIBUTION OF PROFITS

12 Months Ended

Dec. 31, 2022

DISTRIBUTION OF PROFITS

20.	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 shareholders of the relevant subsidiaries. As of December 31, 2022 and 2021, the aggregate balance of the reserves amounted to $31,524 and $31,524, 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 13 under each of the respective borrowings.

DIVIDENDS

12 Months Ended

Dec. 31, 2022

DIVIDENDS

21.

DIVIDENDS

In May 2020, the Company suspended its quarterly dividend program due to the impact of the

COVID-19

outbreak.

On March 12, 2020, Melco paid a quarterly dividend of $0.05504 per share, and during the year ended December 31, 2020, Melco recorded a total amount of quarterly dividends of $79,116 as a distribution against retained earnings.

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

12 Months Ended

Dec. 31, 2022

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

22.	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

On 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 23(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 23(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.

As a result of the disruptions and impact caused by the

COVID-19

outbreak, on March 22, 2021, Melco Resorts Leisure and PLAI entered into a supplemental agreement to the Operating Agreement where the monthly payments paid or payable by Melco Resorts Leisure from 2019 to 2022 were adjusted.

(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.

As a result of the disruptions and impact caused by the

COVID-19

outbreak, on March 22, 2021

, Melco Resorts Leisure and Belle entered into a supplemental agreement to the MRP Lease Agreement to make certain adjustments to the rental payments paid or payable by Melco Resorts Leisure for 2020 and 2021.

On August 19, 2022 and October 31, 2022, Melco Resorts Leisure and Belle entered into supplemental agreements to the MRP Lease Agreement to make certain adjustments to the rental payments paid or payable by Melco Resorts Leisure from 2022 to 2033.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

23.	COMMITMENTS AND CONTINGENCIES

(a)

Capital Commitments

As of December 31, 2022, 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 $78,497.

(b)

Other Commitments

Gaming Subconcession — Macau

On September 8, 2006, the Macau government granted a gaming subconcession to Melco Resorts Macau to operate its gaming business in Macau which expired on June 26, 2022 and was extended to December 31, 2022. Pursuant to the gaming subconcession agreement, Melco Resorts Macau committed to pay the Macau government the following:

A fixed annual premium of MOP30,000 (equivalent to $3,730).

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 (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 (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 (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 up to

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 was required to maintain a guarantee issued by a Macau bank in favor of the Macau government for a maximum amount of MOP300,000 (equivalent to $37,296) until the 180

day after the termination date of the gaming subconcession. This bank guarantee was not enforceable with effect from January 1, 2023 and was released in January 2023.

As a result of the bank guarantee issued by the bank to the Macau government as disclosed in Note 23(b)(v) above, a sum

f 1.75

% per annum of the guarantee amount w

payable by Melco Resorts Macau quarterly to the bank.

On September 20, 2022, Melco Resorts Macau provided a bank guarantee issued by a Macau bank in favor of the Macau government in an amount of MOP820,000 (equivalent to $101,942) to guarantee the satisfaction of any labor liabilities upon expiry of the subconcession and an aggregate sum of

0.9

% per annum of MOP410,000

(equivalent to $50,971) was payable by Melco Resorts Macau quarterly to the bank. This bank guarantee was not enforceable with effect from January 1, 2023 and was released in January 2023

Concession — Macau

Under the Concession awarded by the Macau government to Melco Resorts Macau on December 16, 2022, Melco Resorts Macau is obligated to pay the Macau government the following:

A fixed annual premium of MOP30,000 (equivalent to $3,730).

ii)

A variable annual premium depending on the number and type of gaming tables (subject to a minimum of 500 tables) and electronic gaming machines (subject to a minimum of 1,000) that Melco Resorts Macau operates. The variable annual premium is calculated

s follows:

•

MOP300 (equivalent to $37) per year for each gaming table reserved exclusively to certain kinds of games or players;

•

MOP150 (equivalent to $19) per year for each gaming table not reserved exclusively to certain kinds of games or players; and

•

MOP1 (equivalent to $0.1) per year for each electronic gaming machine.

iii)

Under the terms of the Macau gaming law and the Concession, the gaming and gaming support areas and equipment and utensils have been transferred by the Macau government to Melco Resorts Macau for use in its operations during the Concession for a fee of MOP0.75 (equivalent to $0.1) per square meter of the casino for years 1 to 3 of the Concession, subject to a consumer price index increase in years 2 and 3 of the Concession. The fee will increase to MOP2.5 (equivalent to $0.3) per square meter of the casino for years 4 to 10 of the Concession, subject to a consumer price index increase in years 5 to 10 of the Concession.

iv)

A special gaming tax of an amount equal to 35% of gross gaming revenue on a monthly basis.

Contributions of 2% and 3% of gross gaming revenue to a public fund, and to urban development, touristic promotion and social security, respectively on a monthly basis. These contributions may be waived or reduced with respect to gross gaming revenue generated by foreign patrons under certain circumstances.

vi)

A special premium in the event the average gross gaming revenue of Melco Resorts Macau’s gaming tables does not reach the annual minimum of MOP7,000 (equivalent to $870) and the average gross gaming revenue of the electronic gaming machines does not reach the annual minimum of MOP300 (equivalent to $37). The amount of the special premium is equivalent to the difference between the amount of the special gaming tax paid by Melco Resorts Macau and the amount that would be paid under the annual minimum set average gross gaming revenue for gaming tables and electronic gaming machines.

vii)

Melco Resorts Macau must maintain a guarantee issued by a Macau bank in favor of the Macau government in the amount of MOP1,000,000 (equivalent to $124,319) until 180 days after the earlier of the expiration and termination of the Concession to guarantee its performance of certain of its legal and contractual obligations, including labor obligations

As a

result of the bank guarantee issued by the bank to the Macau government as disclosed in Note 23(b)(vii) above, a sum of

0.03% per annum of the guarantee amount

payable by Melco Resorts Macau yearly to the bank.

In addition, under the Concession, it requires i) the registered share capital and net asset value of Melco Resorts Macau cannot be less than MOP5,000,000 (equivalent to $621,597

); and ii) the managing director of Melco Resorts Macau must be a permanent resident of the Macau and must hold at least

15% of the registered share capital of Melco Resorts Macau. Melco Resorts Macau is compliant with these requirements.

Committed investment

In connection with the Concession, Melco Resorts Macau has undertaken to carry out investment in the overall amount of MOP11,823,700 (equivalent to $1,469,916). The investment plan include

gaming and non-gaming related projects in the expansion of foreign market patrons, conventions and exhibitions, entertainment shows, sports events, art and culture, health and well-being, thematic entertainment, gastronomy, community and maritime tourism and others. Out of the total investment amount referred to above, MOP10,008,000 (equivalent to $1,244,189) will be applied to non-gaming related projects, with the balance applied to gaming related projects.

Melco Resorts Macau has undertaken to carry out incremental additional non-gaming investment in the amount of approximately 20% of its initial non-gaming investment, or MOP2,003,000 (equivalent to $249,012), in the event the Macau government annual gross gaming revenue reaches MOP180,000,000 (equivalent to $22,377,500) (the “Incremental Investment Trigger”). This incremental investment amount is reduced to 16%, 12%, 8%, 4% of the initial non-gaming investment amount or

l, if the Incremental Investment Trigger occurs in year 6, year 7, year 8, year 9 or year 10 of the Concession, respectively.

Regular License — Philippines

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

•

To secure a surety bond in favor of PAGCOR in the amount of PHP100,000 (equivalent to $1,782) 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. In October 2021, certain terms under the Regular License were amended to include the monthly minimum guarantee fee of PHP300 (equivalent to $5) on certain games under the 25%

non-high

roller tables effective on March 15, 2022. This monthly minimum guarantee fee was discontinued in June 2022, but was reinstated on March 2, 2023 after the new and amended terms have been agreed to and finalized by the Licensees and PAGCOR.

•

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.

•

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) the holder has become bankrupt or insolvent; and (d) if the

debt-to-equity

ratio is more than 70:30. As of December 31, 2022 and 2021, 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 — Philippines

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 Licensee 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 — 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 Euros (“EUR”) 2,500 (equivalent to $2,676) per year for the first four years, and EUR5,000 (equivalent to $5,352) 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 (equivalent to $5,352) 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 annual license fee for three operating satellite casinos of EUR2,000 (equivalent to $2,141).

iii)

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

iv)

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 September 30, 2022 based on the approval of the Steering Committee and the Council of Ministers in Cyprus made in February 2021 (the “Opening Date”), the Cyprus Subsidiary shall pay to the Cyprus government the amount of EUR10 (equivalent to $11) for each day the integrated casino resort remains unopened past the Opening Date, up to a maximum of EUR1,000 (equivalent to $1,070). If the integrated casino resort does not open for 100

business days past the Opening Date, the Cyprus government may terminate the Cyprus License. In February 2023, the Company was informed that the Council of Ministers of the Cyprus government approved an extension of the deadline to open City of Dreams Mediterranean under the terms of the Cyprus License to June 30, 2023.

Studio City Land Concession — Macau

In accordance with the Studio City land concession and the further extension granted by the Macau government as announced by Studio City International in May 2022, the land on which Studio City is located must be fully developed by June 30, 2023.

(c)

Guarantees

Except

as disclosed in Notes 13 and 23(b), the Company has made the following significant guarantees as of December 31, 2022:

•

Melco Resorts Macau issued a promissory note (“Livrança”) of MOP550,000 (equivalent to $68,376

) to a bank in respect of the bank guarantee issued to the Macau government under its gaming subconcession. This promissory note was not enforceable with effect from January 1, 2023 and was released in January 2023.

•

Melco Resorts Macau issued a promissory note (“Livrança”) of MOP820,000 (equivalent to $101,942) to a bank in respect of the bank guarantee issued on September 2

, 2022 to the Macau government

as disclosed in Note 23(b).

This promissory note was not enforceable with effect from January 1, 2023 and was released in January 2023

•

Melco 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 (equivalent to $25,610) (“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, 2021 was further extended to August 31, 2023, and is guaranteed by Studio City Company. As of December 31, 2022, approximately $640 of the Trade Credit Facility had been utilized.

•

Melco Resorts Leisure issued a corporate guarantee of PHP100,000 (equivalent to $1,782) to a bank in respect of a surety bond issued to PAGCOR as disclosed in Note 23(b) under Regular License.

(d)

Litigation

On December 7, 2021, the Independent Liquor and Gaming Authority in Australia (“ILGA”) commenced proceedings in the Supreme Court of New South Wales against Melco and six individual

directors and/or officers of Melco, principally seeking a payment of

AUD3,676 (equivalent to $2,664) together with (i) the corresponding interest on such amount from August 3, 2020 to the date of judgment, and (ii) ILGA’s legal costs in the proceedings by ILGA allegedly associated with its seeking in its assessment of whether a major change was proposed or occurred as a result of Melco’s acquisition of shares in Crown in 2019. Based on the progress of such proceedings to date, the Company is currently unable to determine the range of reasonably possible losses, if any, and believes that the outcomes of such proceedings will have no material financial impact on the Company. No provision for disputed costs has been made in these consolidated financial statements.

As of December 31, 2022, the Company was a party to certain other legal proceedings which relate to matters arising out of the ordinary course of its business. Management believes that the outcomes of such proceedings have been adequately provided for or have no material impacts on the Company’s consolidated financial statements as a whole.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

24.	RELATED PARTY TRANSACTIONS

During the years ended December 31, 2022, 2021 and 2020, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2022		2021		2020
Transactions with affiliated companies

Melco International and its subsidiaries	Revenues and income (services provided by the Company):
	Shared service fee income for corporate office	$	2,188	$	1,345	$	1,521
	Loan interest income		16,133		—		—
	Costs and expenses (services provided to the Company):
	Management fee expenses (1)		1,394		1,749		1,477
	Share-based compensation expenses (2)		2,865		6,641		7,021

Notes

(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 represents the share-based compensation expenses related to the grant of certain share-based awards under the Melco International Share Incentive Plan to an employee of the Company. Further information on the share-based compensation arrangements is included in Note 18.

Other Related Party Transactions

As of December 31, 2022, Mr. Lawrence Yau Lung Ho

, Melco’s Chief Executive Officer

and his controlled entity; and an independent director of Melco held an aggregate principal amount of $60,000 and $8,500 senior notes issued by the subsidiaries of Melco, respectively. As of December 31, 2021, Mr. Lawrence Yau Lung Ho and his controlled entity; and an independent director of Melco held an aggregate principal amount of $60,000 and $5,500 senior notes issued by the subsidiaries of Melco,

respectively.

During

the year ended December 31, 2022, total interest expenses of $3,300 and $497 in relation to the senior notes issued by subsidiaries of Melco, were paid o

payable to Mr. Lawrence Yau Lung Ho and his controlled entity; and an independent director of Melco, respectively.

During the year ended December 31, 2021, total interest expenses of $4,494 and $316 in relation to the senior notes issued by subsidiaries of Melco, were paid or payable to Mr. Lawrence Yau Lung Ho and his controlled entity; and an independent director of Melco, respectively. During the year ended December 31, 2020, total interest expenses of $1,740 and $258 in relation to the senior notes issued by subsidiaries of Melco, were paid or

payable to Mr. Lawrence Yau Lung Ho and his controlled entity; and an independent director of Melco, respectively.

(a)

Receivables from Affiliated Companies

The outstanding balances mainly arising from operating income or prepayment of operating expenses on behalf of the affiliated companies as of December 31, 2022 and 2021 are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2022		2021
Melco International and its subsidiaries and joint venture	$	563	$	384
Other		67		—

	$	630	$	384

(b)

Payables to Affiliated Companies

The outstanding balances mainly arising from operating expenses and expenses paid by affiliated companies on behalf of the Company as of December 31, 2022 and 2021, are unsecured, non-interest bearing and repayable on demand with details as follows:


	December 31,
	2022		2021
Subsidiaries of Melco International	$	761	$	1,536
Other		—		12

	$	761	$	1,548

(c)

Receivables from an Affiliated Company, Non-current

On March 28, 2022, Melco entered into a facility agreement (the “Facility Agreement”) with Melco International pursuant to which a $250,000

revolving loan facility was granted by Melco as lender to Melco International as borrower for a period of 12 months after the first utilization date (the last day of such period being the “Final Repayment Date”). Melco International could request utilization of all or part of the loan from the date of the Facility Agreement until one month prior to the Final Repayment Date for general corporate purposes of Melco International and its subsidiaries (excluding the Company). Principal amounts outstanding under the Facility Agreement bore interest at an annual rate

of 11%, with outstanding principal amounts and accrued interest payable by Melco International on the Final Repayment Date. On December 30, 2022, Melco and Melco International agreed to amend the Final Repayment Date to June 30, 2024, subject to certain conditions. As of December 31, 2022, the outstanding principal amount under the Facility Agreement

was

$200,000 and the remaining outstanding balance mainly represent

the accrued interest payable. No part of the amounts will be repayable within the next twelve months from the balance sheet date and accordingly, the amounts are shown as

non-current

assets in the accompanying consolidated balance sheets.

In March 2023, the Facility Agreement was terminated following the settlement of all amounts under the Facility Agreement due by Melco International to Melco in January and March 2023 as disclosed in Note 27(b).

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

25.	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, Altira Macau, City of Dreams, Studio City, City of Dreams Manila and Cyprus Operations. Japan development projects, including Japan Ski Resort, are included in the Corporate and Other category. Effective from June 27, 2022, the Grand Dragon Casino, which was previously reported under the Corporate and Other segment, has been included in the Mocha and Other segment as a result of the change of terms of the

right-to-use

agreement for the Grand Dragon Casino. Grand Dragon Casino’s total assets of $

4,966 and $2,990 were included the Corporate and Other segment as of December 31, 2021 and 2020, respectively. Grand Dragon Casino’s operating revenues $24,189 and $18,345 were included the Corporate and Other segment during the years ended December 31, 2021 and 2020,

respectively.

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


Total Assets	December 31,
	2022		2021		2020
Macau:
Mocha and Other	$	122,499	$	121,214	$	132,304
Altira Macau		239,575		266,161		307,657
City of Dreams		2,641,875		2,942,233		3,288,051
Studio City		3,924,262		3,668,526		3,407,884

Sub-total		6,928,211		6,998,134		7,135,896

The Philippines:
City of Dreams Manila		381,579		576,794		613,664

Cyprus:
Cyprus Operations		565,663		451,771		326,047

Corporate and Other		1,426,331		856,991		945,360

Total consolidated assets	$	9,301,784	$	8,883,690	$	9,020,967


Capital Expenditures	Year Ended December 31,
	2022		2021		2020
Macau:
Mocha and Other	$	1,704	$	1,368	$	3,490
Altira Macau		3,303		6,123		11,519
City of Dreams		21,684		52,520		119,014
Studio City		429,362		505,783		214,625

Sub-total		456,053		565,794		348,648

The Philippines:
City of Dreams Manila		4,986		22,912		15,622

Cyprus:
Cyprus Operations		131,419		186,361		74,523

Corporate and Other		5,956		7,083		25,460

Total capital expenditures	$	598,414	$	782,150	$	464,253

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


	Year Ended December 31,
	2022			2021			2020
Operating revenues
Macau:
Mocha and Other	$	76,403		$	84,954		$	65,322
Altira Macau		32,615			56,205			108,854
City of Dreams		559,684			1,146,919			985,619
Studio City		175,983			372,277			266,522

Sub-total		844,685			1,660,355			1,426,317

The Philippines:
City of Dreams Manila		396,392			268,597			224,688

Cyprus:
Cyprus Operations		91,255			52,631			51,005

Corporate and Other		17,645			30,773			25,913

Total operating revenues	$	1,349,977		$	2,012,356		$	1,727,923


Adjusted property EBITDA (1)
Macau:
Mocha and Other	$	10,291		$	17,054		$	3,560
Altira Macau		(43,020	)		(53,974	)		(58,773	)
City of Dreams		(32,160	)		201,954			(1,326	)
Studio City		(105,164	)		(20,490	)		(79,000	)

Sub-total		(170,053	)		144,544			(135,539	)

The Philippines:
City of Dreams Manila		146,926			88,962			28,983

Cyprus:
Cyprus Operations		23,696			1,593			2,280

Total adjusted property EBITDA		569			235,099			(104,276	)

Operating costs and expenses:
Payments to the Philippine Parties		(28,894	)		(26,371	)		(12,989	)
Pre-opening costs		(15,585	)		(4,157	)		(1,322	)
Development costs		—			(30,677	)		(25,616	)
Amortization of gaming subconcession		(32,785	)		(57,276	)		(57,411	)
Amortization of land use rights		(22,662	)		(22,832	)		(22,886	)
Depreciation and amortization		(466,492	)		(499,739	)		(538,233	)
Land rent to Belle		(2,318	)		(2,848	)		(3,195	)
Share-based compensation		(71,809	)		(67,957	)		(54,392	)
Property charges and other		(39,982	)		(30,575	)		(47,223	)
Corporate and Other expenses		(63,147	)		(70,118	)		(73,014	)

Total operating costs and expenses		(743,674	)		(812,550	)		(836,281	)

Operating loss	$	(743,105	)	$	(577,451	)	$	(940,557	)


	Year Ended December 31,
	2022			2021			2020
Non-operating income (expenses):
Interest income	$	26,458		$	6,618		$	5,134
Interest expenses, net of amounts capitalized		(376,722	)		(350,544	)		(340,839	)
Other financing costs		(6,396	)		(11,033	)		(7,955	)
Foreign exchange gains (losses), net		3,904			4,566			(2,079	)
Other income (expenses), net		3,930			3,082			(150,969	)
Loss on extinguishment of debt		—			(28,817	)		(19,952	)
Costs associated with debt modification		—			—			(310	)

Total non-operating expenses, net		(348,826	)		(376,128	)		(516,970	)

Loss before income tax		(1,091,931	)		(953,579	)		(1,457,527	)
Income tax (expense) benefit		(5,236	)		(2,885	)		2,913

Net loss		(1,097,167	)		(956,464	)		(1,454,614	)
Net loss attributable to noncontrolling interests		166,641			144,713			191,122

Net loss attributable to Melco Resorts & Entertainment Limited	$	(930,526	)	$	(811,751	)	$	(1,263,492	)

Note

(1)

“Adjusted property EBITDA” is net loss 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 and Other, 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,
	2022		2021		2020
Macau	$	6,068,502	$	6,080,616	$	6,054,014
The Philippines		141,765		341,307		369,664
Cyprus		485,570		378,738		232,374
Hong Kong and other foreign countries		29,871		32,972		64,702

Total long-lived assets	$	6,725,708	$	6,833,633	$	6,720,754

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES

12 Months Ended

Dec. 31, 2022

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES

26.	CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES

The Philippine subsidiaries

During the year ended December 31, 2020, certain transactions, which affected Melco’s shareholding in MRP, were carried out and the Company recognized a decrease of $62 in Melco’s additional

paid-in

capital which reflected the adjustment to the carrying amount of

the

noncontrolling interest in MRP.

As a result of the Reverse Stock Split, only those shareholders of MRP who originally owned 500,000 MRP common shares with a par value of PHP1 (equivalent to $0.02) per share (each an “Original Share”) and in multiples thereof immediately prior to the Reverse Stock Split would now own whole shares (each a “MRP Whole Share”) of stock of MRP. Other holders of the Original Shares could now only hold a fractional share of MRP (“MRP Fractional Share”). To facilitate the elimination of MRP Fractional Shares held by other shareholders of MRP, MPHIL Corporation (“MPHIL”), a subsidiary of Melco, offered to purchase the resulting MRP Fractional Shares at the purchase price to be calculated by multiplying the number of Original Shares represented by the relevant MRP Fractional Shares (which were equal to the number of Original Shares held by the relevant shareholder immediately prior to the Reverse Stock Split) by the price of PHP7.25 (equivalent to $0.14) per Original Share (“Fractional Share Elimination Plan”). A shareholder could also sell any MRP Whole Shares to MPHIL under the Fractional Share Elimination Plan. Any holder of MRP Fractional Shares and/or MRP Whole Shares may accept this offer during the

two-year

period commencing from June 5, 2020. The Fractional Share Elimination Plan expired on June 4, 2022 and was subsequently extended for the period from August 15, 2022 to November 15, 2022.

During the years ended December 31, 2022 and 2021, the Company through its subsidiaries, purchased 50.906 and 123.103 common shares of MRP at a total consideration of PHP175,173 (equivalent to $3,310

)

and PHP440,032 (equivalent to $8,518) from the noncontrolling interests, which increased Melco’s shareholding in MRP and the Company recognized a decrease of $2,952 and $6,951 in Melco’s additional

paid-in

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

The Company retains its controlling financial interests in MRP before and after the above transactions.

Studio City International

During July and August 2020, Studio City International

respectively

announced and completed a series of private offers of its 72,185,488 Class A ordinary shares and 14,087,299 ADSs, representing 56,349,196 Class A ordinary shares, to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $500,000, of which $219,198 was from noncontrolling interests (the “2020 Private Placements”). The 2020 Private Placements increased Melco’s shareholding in Studio City International and the Company recognized an increase of $42 in Melco’s additional

paid-in

capital which reflected the adjustment to the carrying amount of the noncontrolling interest in Studio City International.

During February and March 2022, Studio City International

respectively

announced and completed a series of private offers of its 400,000,000 Class A ordinary shares to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $300,000, of which $134,944 was from noncontrolling interests

(

the

“2022 Private Placements”).

The

2022 Private Placements increased Melco’s

shareholding in Studio City International and the Company recognized an increase of $879 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 interest 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 its equity:


	Year Ended December 31,
	2022			2021			2020
Net loss attributable to Melco Resorts & Entertainment Limited	$	(930,526	)	$	(811,751	)	$	(1,263,492	)

Transfers (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		—			—			(16	)
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market		(2,952	)		(6,951	)		(46	)

Sub-total		(2,952	)		(6,951	)		(62	)


Studio City International
Increase in additional paid-in capital resulting from the private placements		879			—			42

Sub-total		879			—			42

Changes from net loss attributable to Melco Resorts & Entertainment Limited’s shareholders and transfers from noncontrolling interests	$	(932,599	)	$	(818,702	)	$	(1,263,512	)

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

27.	SUBSEQUENT EVENTS

(a)

On January 5, 2023, MCO Nominee One repaid the outstanding principal amount of HK$5,311,047 (equivalent to $680,074) along with accrued interest under the 2020 Credit Facilities. On January

0, 2023, MCO Nominee One drew down $300,000 under the 2020 Credit Facilities for working capital purposes. On January 30, 2023, MCO Nominee One repaid the outstanding principal amount of $170,000 along with accrued interest under the 2020 Credit Facilities.

(b)

On March 8, 2023, Melco, Melco International and Melco Leisure entered into a share repurchase agreement, pursuant to which Melco agreed to repurchase 40,373,076 ordinary shares of Melco from Melco Leisure (the “2023 Share Repurchase”). On March 10, 2023, the 2023 Share Repurchase was completed for an aggregate consideration of $169,836, which represents an average price of $4.2067 per share or $12.62

per ADS and 40,373,076 ordinary shares of Melco repurchased from Melco Leisure were retired on the same date. The outstanding principal amount of $

200,000

under the Facility Agreement was fully repaid by Melco International on January 18, 2023

. The Facility Agreement was terminated on March 10, 2023 following the settlement of the related accrued loan interest under the Facility Agreement due by Melco International to Melco on the same date.

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2022

Parent Company [Member]

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED BALANCE SHEETS

(In thousands, except share and per share data)


	December 31,
	2022			2021
ASSETS

Current assets:
Cash and cash equivalents	$	7,407		$	4,069
Receivables from affiliated companies		779			390
Receivables from subsidiaries		157,737			200,913
Prepaid expenses and other current assets		9,527			9,467

Total current assets		175,450			214,839

Investments in subsidiaries		423,520			1,338,568
Receivables from an affiliated company		216,333			—
Receivables from a subsidiary		165,056			—
Deferred tax assets		—			3,314

Total assets	$	980,359		$	1,556,721


LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY

Current liabilities:
Accrued expenses and other current liabilities	$	26,811		$	17,440
Income tax payable		1,417			931
Payables to an affiliated company		75			60
Payables to subsidiaries		260,720			249,155

Total current liabilities		289,023			267,586

Other long-term liabilities		227			1,512
Payables to subsidiaries		1,541,434			1,042,877

Total liabilities		1,830,684			1,311,975


Shareholders’ (deficit) equity:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,445,052,143 and 1,456,547,942 shares issued; 1,335,307,327 and 1,423,370,314 shares outstanding, respectively		14,451			14,565
Treasury shares, at cost; 109,744,816 and 33,177,628 shares, respectively		(241,750	)		(132,856	)
Additional paid-in capital		3,218,895			3,238,600
Accumulated other comprehensive losses		(111,969	)		(76,008	)
Accumulated losses		(3,729,952	)		(2,799,555	)

Total shareholders’ (deficit) equity		(850,325	)		244,746

Total liabilities and shareholders’ (deficit) equity	$	980,359		$	1,556,721

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF OPERATIONS

(In thousands)


	Year Ended December 31,
	2022			2021			2020
Operating revenues	$	15,340		$	9,547		$	14,614

Operating costs and expenses:
General and administrative		(50,532	)		(51,285	)		(60,688	)
Development costs		—			(32,000	)		(30,242	)
Property charges and other		(406	)		(956	)		(3,782	)

Total operating costs and expenses		(50,938	)		(84,241	)		(94,712	)

Operating loss		(35,598	)		(74,694	)		(80,098	)

Non-operating income (expenses):
Interest income		16,151			20			58
Interest expenses		(3,165	)		—			—
Foreign exchange gains (losses), net		7,437			6,211			(4,871	)
Other income, net		11,220			15,092			14,530
Share of results of subsidiaries		(922,771	)		(755,678	)		(1,195,569	)

Total non-operating expenses, net		(891,128	)		(734,355	)		(1,185,852	)

Loss before income tax		(926,726	)		(809,049	)		(1,265,950	)
Income tax (expense) benefit		(3,800	)		(2,702	)		2,458

Net loss	$	(930,526	)	$	(811,751	)	$	(1,263,492	)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)


	Year Ended December 31,
	2022			2021			2020
Net loss	$	(930,526	)	$	(811,751	)	$	(1,263,492	)

Other comprehensive (loss) income:
Foreign currency translation adjustments		(35,961	)		(64,676	)		7,471

Other comprehensive (loss) income		(35,961	)		(64,676	)		7,471

Total comprehensive loss	$	(966,487	)	$	(876,427	)	$	(1,256,021	)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)


	Year Ended December 31,
	2022			2021			2020
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	86,252		$	(21,401	)	$	389,520

Cash flows from investing activities:
Advances to subsidiaries		(215,613	)		(20,005	)		(282,605	)
Loans to an affiliated company		(200,000	)		—			—

Cash used in investing activities		(415,613	)		(20,005	)		(282,605	)

Cash flows from financing activities:
Repurchase of shares		(189,161	)		(52,026	)		(44,977	)
Loan or advances from subsidiaries		521,860			54,187			3,685
Proceeds from exercise of share options		—			7,101			1,061
Dividends paid		—			—			(79,116	)

Net cash provided by (used in) financing activities		332,699			9,262			(119,347	)

Increase (decrease) in cash and cash equivalents		3,338			(32,144	)		(12,432	)

Cash and cash equivalents at beginning of year		4,069			36,213			48,645

Cash and cash equivalents at end of year	$	7,407		$	4,069		$	36,213

Supplemental cash flow disclosures:
Assignment of advance to subsidiary to offset with advance from subsidiary	$	—		$	235,897		$	—
Capitalization of advance to subsidiary as investment in subsidiary	$	—		$	235,897		$	—

SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

12 Months Ended

Dec. 31, 2022

Parent Company [Member]

SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

NOTES TO FINANCIAL STATEMENT SCHEDULE 1

(In thousands)

Schedule 1 has been provided pursuant to the requirements of Rule

12-04(a)

and

4-08(e)(3)

Regulation S-X,

which require condensed financial information as to financial position, cash flows and results and operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2022, approximately $887,000 of the restricted net assets were not available for distribution and as such, the condensed financial information of the Company has been presented for the years ended December 31, 2022, 2021 and 2020. The Company received cash dividends of nil, nil and $325,000 from its subsidiary during the years ended December 31, 2022, 2021 and 2020, respectively.

2.	Basis of Presentation

The accompanying condensed financial information has been prepared using the same accounting policies as set out in Melco’s consolidated financial statements except that the parent company has used the equity method to account for its investments in subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

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 in consolidation.

Use of Estimates

(b)

Use of Estimates

Fair Value of Financial Instruments

(c)

Fair Value of Financial Instruments

The Company estimated the fair values using appropriate valuation methodologies and market information available as of the balance sheet date.

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 consist of bank time deposists placed with financial institutions with high-credit ratings and quality.

Investment Securities

(e)

Investment Securities

re-evaluates

the classifications at each balance sheet date. Investment securities are classified as either current

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 in the accompanying consolidated statements of operations.

Restricted Cash

(f)

Restricted Cash

non-current

Accounts Receivable and Credit Risk

(g)

Accounts Receivable and Credit Risk

these

countries.

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

non-interest

hen

Management believes that as of December 31, 2022 and 2021, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

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.

Prepaid Expenses and Other Current Assets

(i)

Prepaid Expenses and Other Current Assets

77,767 and

73,092, respectively, and the other current assets as of December 31, 2022 and 2021 were

41,643 and

36,238, respectively.

Assets held for sale

(j)

Assets Held For Sale

During the year ended December 31, 2022, an impairment loss on assets held for sale of $6,794

Property and Equipment

(

)

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

Capitalized Interest

(l)

Capitalized Interest

Gaming Subconcession

(

)

Gaming Subconcession

47,000 (equivalent to $5,815) to the Macau government

Internal-Use Software

(

)

Internal-Use

Software

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

(

)

Goodwill and Intangible Assets

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.

internal-use

carrying amount

of the reporting unit is more likely than not to exceed the

fair value

No impairment losses on goodwill and intangible assets were recognized during the years ended December 31, 2022 and 2021. During the year ended December 31, 2020, an impairment loss of

13,867

was recognized against goodwill of the Japan Ski Resort

as a result of a significant decline in profits due in large part to the

COVID-19

outbreak.

Impairment of Long-lived Assets (Other Than Goodwill)

(

)

Impairment of Long-lived Assets (Other Than Goodwill)

2020, impairment losses on property and equipment of

3,643

and $

8,127

were recognized, respectively, mainly due to reconfigurations and renovations at the Company’s operating properties, and of which

1,147

COVID-19

Deferred Financing Costs

(

)

Deferred Financing Costs

Direct and incremental costs incurred in obtaining loans or in connection with the issuance of

long-term

non-current,

Land Use Rights

(

)

Land Use Rights

Land use rights represent the upfront land premium

Leases

(

)

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 the commencement date. The initial measurement of the

right-of-use

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

and

non-lease

components are accounted for

separately.

Revenue Recognition

(

)

Revenue Recognition

The Company’s revenues from co

ntr

acts 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

incentive programs (including loyalty programs).

The Company operates different

non-discretionary

Contract and Contract-Related Liabilities

In providing goods and services to 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 following table summarizes the activities related to contract and contract-related liabilities:


	Outstanding gaming chips						Loyalty program liabilities						Advance customer deposits and ticket sales
	2022			2021			2022			2021			2022			2021
Balance at January 1	$	72,147		$	205,780		$	24,350		$	29,175		$	309,718		$	277,867
Balance at December 31		37,354			72,147			15,568			24,350			278,591			309,718

(Decrease) increase	$	(34,793	)	$	(133,633	)	$	(8,782	)	$	(4,825	)	$	(31,127	)	$	31,851

Gaming Taxes and License Fees

(

)

Gaming Taxes and License Fees

Pre-opening Costs

(

)

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, 2022, 2021 and 2020, 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

(

)

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

(

)

Advertising and Promotional Costs

Interest Income

(

)

Interest

ncome

Interest income is recorded on an accrual basis at the stated interest rate and is recorded in interest income in the accompanying consolidated statements of operations.

Foreign Currency Transactions and Translations

(z)

Foreign Currency Transactions and Translations

Comprehensive Loss and Accumulated Other Comprehensive Losses

(aa)

Comprehensive Loss and Accumulated Other Comprehensive Losses

Comprehensive loss includes net loss and other

non-shareholder

changes in equity, or other comprehensive loss and is reported in the accompanying consolidated statements of comprehensive loss.

As of December 31, 2022 and 2021, the Company’s accumulated other comprehensive losses consisted solely of foreign currency translation adjustments, net of tax and noncontrolling interests.

Share-based Compensation Expenses

(ab)

Share-based Compensation Expenses

Further information on the Company’s share-based compensation arrangements is included in Note 18.

Income Tax

(ac)

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 Loss Attributable to Melco Resorts & Entertainment Limited Per Share

(ad)

Net Loss Attributable to Melco Resorts

& Entertainment Limited Per Share

Basic net loss attributable to Melco Resorts & Entertainment Limited per share is

calculated

by dividing the net loss attributable to Melco Resorts & Entertainment Limited by the weighted average number of ordinary shares outstanding during the year.


	Year Ended December 31,
	2022		2021		2020
Weighted average number of ordinary shares outstanding used in the calculation of basic net loss attributable to Melco Resorts & Entertainment Limited per share		1,391,154,836		1,434,087,641		1,432,052,735

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		—		—		—

Weighted average number of ordinary shares outstanding used in the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share		1,391,154,836		1,434,087,641		1,432,052,735

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share		44,366,752		46,532,956		40,618,693

Recent Changes in Accounting Standards

(ae)

Recent Changes in Accounting Standards

Recent Accounting Pronouncement Not Yet Adopted

results

of operations and cash flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Outstanding gaming chips						Loyalty program liabilities						Advance customer deposits and ticket sales
	2022			2021			2022			2021			2022			2021
Balance at January 1	$	72,147		$	205,780		$	24,350		$	29,175		$	309,718		$	277,867
Balance at December 31		37,354			72,147			15,568			24,350			278,591			309,718

(Decrease) increase	$	(34,793	)	$	(133,633	)	$	(8,782	)	$	(4,825	)	$	(31,127	)	$	31,851

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


	Year Ended December 31,
	2022		2021		2020
Weighted average number of ordinary shares outstanding used in the calculation of basic net loss attributable to Melco Resorts & Entertainment Limited per share		1,391,154,836		1,434,087,641		1,432,052,735

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		—		—		—

Weighted average number of ordinary shares outstanding used in the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share		1,391,154,836		1,434,087,641		1,432,052,735

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share		44,366,752		46,532,956		40,618,693

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Schedule of 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,
	2022		2021
Cash	$	1,179,491	$	657,013
C ash equivalents		633,238		995,877
Total c ash and cash equivalents		1,812,729		1,652,890
Current portion of restricted cash (1)		50,992		285
Non-current portion of restricted cash ( 2 )		124,736		140

Total cash, cash equivalents and restricted cash	$	1,988,457	$	1,653,315

Note

(1)

As of December 31, 2022 and 2021, the current portion of restricted cash included bank time deposits of $50,971 and $275, respectively.

(2)

As of December 31, 2022 and 2021, the non-current portion of restricted cash included bank time deposits of $124,592 and nil, respectively.

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

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


	Year Ended
	December 31, 2020
Net losses recognized on market equity securities	$	(165,440	)
Less: Net losses recognized on marketable equity securities sold during the year		165,440

Unrealized losses recognized on marketable equity securities still held at the reporting date	$	—

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	December 31,
	2022			2021
Casino	$	271,653		$	321,808
Hotel		1,365			907
Other		218			189

Sub-total		273,236			322,904
Less: allowances for credit losses (1)		(217,244	)		(268,413	)

		55,992			54,491
Non-current portion		—			—

Current portion	$	55,992		$	54,491

Note

(1)

As of December 31, 2022 and 2021, the allowances for credit losses of $14,966

Movement in Allowances for Credit Losses

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2022			2021			2020
Balance at beginning of year	$	268,413		$	333,792		$	258,019
(Reversal of) provision for credit losses		(892	)		6,426			131,845
Write-offs, net of recoveries		(49,608	)		(69,712	)		(57,868	)
Effect of exchange rate		(669	)		(2,093	)		1,796

Balance at end of year	$	217,244		$	268,413		$	333,792

ASSETS HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]

Summary of Major Classes of Assets Held for Sale

The major classes of assets of the Japan Ski Resort classified as assets held for sale as of December 31, 2021 were mainly comprised of:


Property and equipment, net	$	2,217
Operating lease right-of-use assets		672
Cash and cash equivalents		234
Others		949

	$	4,072

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	December 31,
	2022			2021
Cost
Buildings	$	6,186,373		$	6,312,791
Furniture, fixtures and equipment		1,112,670			1,077,769
Leasehold improvements		1,080,737			1,165,452
Plant and gaming machinery		246,255			267,838
Transportation		190,843			218,017
Construction in progress		1,464,866			1,020,551
Freehold land		56,533			59,809

Sub-total		10,338,277			10,122,227
Less: accumulated depreciation and amortization		(4,467,372	)		(4,211,543	)

Property and equipment, net	$	5,870,905		$	5,910,684

Reversion Asset Usage Rights

The Reversion Assets that reverted to the Macau government on

December

31, 2022, and included in the above table, consisted of the following:


Buildings	$	349,129
Furniture, fixtures and equipment		39,008
Plant and gaming machinery		109,901

		498,038
Less: accumulated depreciation		(276,581	)

	$	221,457

GAMING SUBCONCESSION, NET (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Gaming Subconcession, Net


	December 31,
	2022			2021
Deemed cost	$	902,441		$	897,866
Less: accumulated amortization		(902,441	)		(870,801	)

Gaming subconcession, net	$	—		$	27,065

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Changes in the Carrying Amounts of Goodwill

(a) Goodwill

The changes in the carrying amounts of goodwill by segment are as follows:


	Mocha and Other (1)			Corporate and Other (2)			Total

Balance at January 1, 2020	$	81,820		$	13,800		$	95,620
Impairment		—			(13,867	)		(13,867	)
Foreign currency translations		383			67			450

Balance at December 31, 2020		82,203			—			82,203
Foreign currency translations		(482	)		—			(482	)

Balance at December 31, 2021		81,721			—			81,721
Foreign currency translations		(115	)		—			(115	)

Balance at December 31, 2022	$	81,606		$	—		$	81,606

Notes

(1)

and nil, respectively.

(2)

The amount represents goodwill which arose from the acquisition of Japan Ski Resort in 2019. The disposal of the Japan Ski Resort was completed on December 30, 2022 as disclosed in Note 6.

Summary of Intangible Assets, Net

(b) Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31,
	2022			2021
Indefinite-lived intangible assets:
Trademarks of Mocha Clubs	$	4,204		$	4,210

Total indefinite-lived intangible assets		4,204			4,210

Finite-lived intangible assets:
Internal-use software		59,434			56,106
Less: accumulated amortization		(29,383	)		(19,331	)

		30,051			36,775

Proprietary rights		11,926			11,942
Less: accumulated amortization		(2,571	)		(1,380	)

		9,355			10,562

Total finite-lived intangible assets		39,406			47,337

Total intangible assets, net	$	43,610		$	51,547

Summary of Estimated Future Amortization Expenses of Finite-Lived Intangible Assets

As of December 31, 2022, the estimated future amortization expenses of finite-lived intangible assets are as follows:


Year ending December 31,
2023	$	8,970
2024		4,692
2025		3,815
2026		3,371
2027		3,342
Over 2027		15,216

	$	39,406

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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

12 Months Ended

Dec. 31, 2022

Long-Term Prepayments, Deposits and Other Assets

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


	December 31,
	2022		2021
Long-term prepayments	$	31,191	$	24,978
Deferred financing costs, net		27,218		35,987
Deferred rent assets		25,904		30,647
Advance payments for construction costs		25,602		27,993
Deposits for acquisition of property and equipment		19,494		20,332
Other long-term assets and other		19,298		23,677
Other deposits		9,971		11,581
Input value-added tax, net		1,019		1,947
Long-term casino accounts receivables, net of allowances for credit losses of $14,966 and $14,989		—		—

Long-term prepayments, deposits and other assets	$	159,697	$	177,142

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Land Use Rights, Net


	December 31,
	2022			2021
Altira Macau	$	145,922		$	146,128
City of Dreams		398,068			398,630
Studio City		651,094			652,014

		1,195,084			1,196,772
Less: accumulated amortization		(524,212	)		(502,190	)

Land use rights, net	$	670,872		$	694,582

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2022		2021
Advance customer deposits and ticket sales	$	278,591	$	309,718
Interest expenses payable		123,032		105,637
Operating expense and other accruals and liabilities		97,933		87,089
Staff cost accruals		96,219		86,294
Construction cost payables		76,173		128,383
Gaming tax and license fee accruals		48,688		85,468
Outstanding gaming chips		37,354		72,147
Property and equipment payables		35,747		36,397
Loyalty program liabilities		15,568		24,350

	$	809,305	$	935,483

LONG-TERM DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Long-Term Debt, Net

Long-term debt, net consisted of the following:


	December 31,
	2022			2021
Senior Notes
2017 4.875% Senior Notes, due 2025 (net of unamortized deferred financing costs and original issue premiums of $9,552 and $13,161, respectively)	$	990,448		$	986,839
2019 5.250% Senior Notes, due 2026 (net of unamortized deferred financing costs of $2,981 and $3,776, respectively)		497,019			496,224
2019 5.625% Senior Notes, due 2027 (net of unamortized deferred financing costs of $4,178 and $4,954, respectively)		595,822			595,046
2019 5.375% Senior Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $1,845 and $2,041, respectively)		1,148,155			1,147,959
2020 5.750% Senior Notes, due 2028 (net of unamortized deferred financing costs and original issue premiums of $2,743 and $3,393, respectively)		847,257			846,607
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $2,692 and $3,658, respectively)		497,308			496,342
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $3,598 and $4,186, respectively)		496,402			495,814
2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $4,228 and $4,798, respectively)		1,095,772			1,095,202
2022 7.000% Studio City Secured Notes, due 2027 (net of unamortized deferred financing costs of $5,134)		344,866			—

Credit Facilities
2015 Credit Facilities		128			128
2020 Credit Facilities (1)		1,899,203			399,693
2016 Studio City Credit Facilities (2)		128			128

		8,412,508			6,559,982
Current portion of long-term debt		(322,500	)		(128	)

	$	8,090,008		$	6,559,854

Notes

(1)

As of December 31, 2022 and 2021, the unamortized deferred financing costs related to the revolving credit facility of the 2020 Credit Facilities of $26,885

and $35,598 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheet, respectively.

(2)

As of December 31, 2022 and 2021, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $333

and $389 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

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, 2022 are as follows:


Year ending December 31,
2023	$	322,500
2024		128
2025		3,076,703
2026		500,000
2027		950,000
Over 2027		3,600,128

	$	8,449,459

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.

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Schedule of components of lease cost

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

The components of leas

costs are as follows:


	Year Ended December 31,
	2022		2021			2020
Operating lease costs:
Amortization of land use rights	$	22,662	$	22,832		$	22,886
Operating lease costs		14,614		29,401			31,039
Short-term lease costs		720		473			842
Variable lease costs		1,902		(629	)		(5,565	)
Finance lease costs:
Amortization of right-of-use assets		12,928		15,682			12,836
Interest costs		25,371		31,642			41,550

Total lease costs	$	78,197	$	99,401		$	103,588

Disclosure of other information related to lease term and discount rate

Other information related to lease terms and discount rates is as follows:


	December 31,
	2022		2021
Weighted average remaining lease term
Operating leases		21.5 years		21.5 years
Finance leases		10.5 years		11.5 years
Weighted average discount rate
Operating leases		5.77%		5.73%
Finance leases		10.70%		7.09%

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2022 are as follows:


	Operating Leases			Finance Leases
Year ending December 31,
2023	$	13,061		$	37,018
2024		9,179			37,018
2025		7,273			37,018
2026		7,206			37,018
2027		5,601			37,018
Over 2027		76,689			204,694

Total future minimum lease payments		119,009			389,784
Less: amounts representing interest		(50,416	)		(156,534	)

Present value of future minimum lease payments		68,593			233,250
Current portion		(12,761	)		(34,959	)

Non-current portion	$	55,832		$	198,291

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, 2022 were as follows:


Year ending December 31,
2023	$	48,324
2024		48,126
2025		48,493
2026		23,841
2027		4,083
Over 2027		1,842

	$	174,709

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Loss before Income Tax

Loss before income tax

consisted of:


	Year Ended December 31,
	2022			2021			2020
Macau operations	$	(720,470	)	$	(456,089	)	$	(772,988	)
Hong Kong operations		(400,725	)		(434,618	)		(342,715	)
Philippine operations		28,204			(51,436	)		(102,990	)
Cyprus operations		3,152			(13,454	)		(11,190	)
Other jurisdictions operations		(2,092	)		2,018			(227,644	)

Loss before income tax	$	(1,091,931	)	$	(953,579	)	$	(1,457,527	)

Summary of Income Tax Expense (Benefit)

The income tax expense (benefit) consisted of:


	Year Ended December 31,
	2022			2021			2020
Income tax expense - current:
Macau Complementary Tax	$	9		$	172		$	6,402
Lump sum in lieu of Macau Complementary Tax on dividends		2,342			2,359			2,367
Hong Kong Profits Tax		528			48			38
Philippine Corporate Income Tax		5			1			59
Philippine withholding tax on dividends		—			2,937			—
Cyprus Corporate Income Tax		—			188			—
Income tax in other jurisdictions		219			323			2,182

Sub-total		3,103			6,028			11,048

Over provision of income taxes in prior years:
Macau Complementary Tax		(560	)		(874	)		(544	)
Hong Kong Profits Tax		(4	)		18			(2	)
Philippine Corporate Income Tax		300			(62	)		(5	)
Cyprus Corporate Income Tax		—			—			58
Income tax in other jurisdictions		98			14			482

Sub-total		(166	)		(904	)		(11	)

Income tax expense (benefit) - deferred:
Macau Complementary Tax		(768	)		(4,535	)		(9,762	)
Hong Kong Profits Tax		3,276			2,493			(26	)
Philippine Corporate Income Tax		(258	)		209			(3,774	)
Cyprus Corporate Income Tax		(578	)		—			(64	)
Income tax in other jurisdictions		627			(406	)		(324	)

Sub-total		2,299			(2,239	)		(13,950	)

Total income tax expense (benefit)	$	5,236		$	2,885		$	(2,913	)

Schedule of Reconciliation of Income Tax Expense (Benefit) from Loss Before Income Tax

A reconciliation of the income tax expense (

benefit

) from loss before income tax per the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
	2022			2021			2020
Loss before income tax	$	(1,091,931	)	$	(953,579	)	$	(1,457,527	)
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax benefit at Macau Complementary Tax rate		(131,032	)		(114,429	)		(174,903	)
Lump sum in lieu of Macau Complementary Tax on dividends		2,342			2,359			2,367
Effect of different tax rates of subsidiaries operating in other jurisdictions		(12,271	)		(31,653	)		(36,938	)
Over provision in prior years		(166	)		(904	)		(11	)
Effect of income for which no income tax expense is payable		(11,727	)		(6,308	)		(8,171	)
Effect of expenses for which no income tax benefit is receivable		70,687			101,111			107,037
Effect of profits generated by gaming operations exempted		(25,700	)		(10,851	)		—
Effect of tax losses that cannot be carried forward		15,553			6,742			32,605
Changes in valuation allowances		48,122			(13,360	)		32,166
Change in income tax rate		—			16,521			—
Expired tax losses		49,428			53,657			42,935

Income tax expense ( benefit )	$	5,236		$	2,885		$	(2,913	)

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of December 31, 2022 and 2021 consisted of the following:


	December 31,
	2022			2021
Deferred tax assets
Net operating losses carried forward	$	206,079		$	190,779
Depreciation and amortization		76,272			70,110
Lease liabilities		30,492			48,887
Others		13,052			4,159

Sub-total		325,895			313,935

Valuation allowances		(299,620	)		(267,316	)

Total deferred tax assets		26,275			46,619

Deferred tax liabilities
Right-of-use assets		(10,413	)		(25,817	)
Land use rights		(44,434	)		(45,963	)
Intangible assets		(505	)		(505	)
Unrealized capital allowances		(4,279	)		(5,141	)
Others		(5,683	)		(6,194	)

Total deferred tax liabilities		(65,314	)		(83,620	)

Deferred tax liabilities, net	$	(39,039	)	$	(37,001	)

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,
	2022			2021			2020
At beginning of year	$	16,342		$	15,132		$	7,504
Additions based on tax positions related to current year		6,810			2,028			8,057
Reductions due to expiry of the statute of limitations		(212	)		(818	)		(429	)

At end of year	$	22,940		$	16,342		$	15,132

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Impact of Share Options and Restricted Shares

The share-based compensation expenses for the Company were recognized as follows:

	Year Ended December 31,
	2022			2021			2020
Share-based compensation expenses:
2011 Share Incentive Plan	$	38,823		$	53,466		$	49,579
2021 Share Incentive Plan		32,803			10,929			—
MRP Share Incentive Plan		—			108			671
Melco International Share Incentive Plan		2,865			6,641			7,021

Total share-based compensation expenses		74,491			71,144			57,271
Less: Share-based compensation expenses capitalized in property and equipment		(2,682	)		(3,187	)		(2,879	)

Share-based compensation expenses recognized in general and administrative expenses	$	71,809		$	67,957		$	54,392

2006 Share Incentive Plan [Member]

2011 Share Incentive Plan [Member]

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


	Year Ended December 31,
	2022		2021		2020
Proceeds from the exercise of share options	$	—	$	2,756	$	397

Intrinsic value of share options exercised	$	—	$	7,370	$	747

Summary of Assumptions Used to Estimate Fair Values of Stock Options

A summary of the share options activity under the 2011 Share Incentive Plan for the year ended December 31, 2022, 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, 2022		30,696,106		$	6.07
Forfeited or expired		(1,773,409	)		5.49
Cancelled under Option Exchange Program		(26,076,978	)		6.13

Outstanding as of December 31, 2022		2,845,719		$	5.89		6.13	$	—

Fully vested and expected to vest as of December 31, 2022		2,845,719		$	5.89		6.13	$	—

Exercisable as of December 31, 2022		2,262,303		$	6.02		5.72	$	—

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


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value	$	—	$	2.28	$	1.21

Proceeds from the exercise of share options	$	—	$	4,345	$	664

Intrinsic value of share options exercised	$	—	$	1,655	$	129

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:


	Year Ended December 31,
	2021			2020
Expected dividend yield		2.50	%		3.10	%
Expected stock price volatility		45.46	%		43.50	%
Risk-free interest rate		1.00	%		0.43	%
Expected term (years)		5.6			5.6

2021 Share Incentive Plan [Member]

A summary of the restricted shares activity under the 2011 Share Incentive Plan for the year ended December 31, 2022, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2022		18,531,384		$	5.35
Vested		(10,282,560	)		5.29
Forfeited		(543,504	)		5.57

Unvested as of December 31, 2022		7,705,320		$	5.42

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


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value	$	—	$	6.07	$	4.17

Grant date fair value of restricted shares vested	$	54,424	$	43,533	$	20,317

Summary of Assumptions Used to Estimate Fair Values of Stock Options

A summary of the share options activity under the 2021 Share Incentive Plan for the year ended December 31, 2022, 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, 2022		—	$	—
Granted		2,874,285		2.47
Granted under the Option Exchange Program		2,486,241		2.47

Outstanding as of December 31, 2022		5,360,526	$	2.47		9.26	$	7,326

Expected to vest as of December 31, 2022		5,360,526	$	2.47		9.26	$	7,326

Exercisable as of December 31, 2022		—	$	—		—	$	—

The fair values of share options granted under the 2021 Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions:


	Year Ended December 31, 2022
Expected dividend yield		2.50	%
Expected stock price volatility		51.00	%
Risk-free interest rate		2.69	%
Expected term (years)		5.1

2021 Share Incentive Plan [Member] | Replacement Share Options [Member]

A summary of the restricted shares activity under the 2021 Share Incentive Plan for the year ended December 31, 2022, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date or Modification Date Fair Value
Unvested as of January 1, 2022		—		$	—
Granted		19,282,521			2.35
Granted under the Option Exchange Program		5,912,547			2.27
Vested		(5,574,357	)		2.33
Forfeited		(437,283	)		2.40

Unvested as of December 31, 2022		19,183,428		$	2.33

Summary of Assumptions Used to Estimate Fair Values of Stock Options

The fair values of the Replacement Share Options granted under the 2021 Share Incentive Plan were estimated on the Modification Date using the following weighted average assumptions:



Expected dividend yield	2.50	%
Expected stock price volatility	52.50	%
Risk-free interest rate	2.75	%
Expected term (years)	4.6

Melco International Share Incentive Plan [Member]

A summary of the share options activity under the Melco International Share Incentive Plan for the year ended December 31, 2022, 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, 2022		14,200,000	$	2.43

Outstanding as of December 31, 2022		14,200,000	$	2.43		6.69	$	—

Fully vested as of December 31, 2022		14,200,000	$	2.43		6.69	$	—

Exercisable as of December 31, 2022		14,200,000	$	2.43		6.69	$	—

MRP SIP Retirement Arrangement [Member]

A summary of the restricted shares activity under the Melco International Share Incentive Plan for the year ended December 31, 2022, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2022		1,626,000		$	2.43
Vested		(1,626,000	)		2.43

Unvested as of December 31, 2022		—		$	—

Schedule of Significant Related Party Transactions

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


	Year Ended December 31,
	2022		2021		2020
Grant date fair value of restricted shares vested	$	—	$	351	$	1,030

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

During the years ended December 31, 2022, 2021 and 2020, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2022		2021		2020
Transactions with affiliated companies

Melco International and its subsidiaries	Revenues and income (services provided by the Company):
	Shared service fee income for corporate office	$	2,188	$	1,345	$	1,521
	Loan interest income		16,133		—		—
	Costs and expenses (services provided to the Company):
	Management fee expenses (1)		1,394		1,749		1,477
	Share-based compensation expenses (2)		2,865		6,641		7,021

Notes

(1)

(2)

Summary of Receivables from Affiliated Companies

(a)

Receivables from Affiliated Companies

The outstanding balances mainly arising from operating income or prepayment of operating expenses on behalf of the affiliated companies as of December 31, 2022 and 2021 are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2022		2021
Melco International and its subsidiaries and joint venture	$	563	$	384
Other		67		—

	$	630	$	384

Summary of Payables to Affiliated Companies

(b)

Payables to Affiliated Companies


	December 31,
	2022		2021
Subsidiaries of Melco International	$	761	$	1,536
Other		—		12

	$	761	$	1,548

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Total Assets


Total Assets	December 31,
	2022		2021		2020
Macau:
Mocha and Other	$	122,499	$	121,214	$	132,304
Altira Macau		239,575		266,161		307,657
City of Dreams		2,641,875		2,942,233		3,288,051
Studio City		3,924,262		3,668,526		3,407,884

Sub-total		6,928,211		6,998,134		7,135,896

The Philippines:
City of Dreams Manila		381,579		576,794		613,664

Cyprus:
Cyprus Operations		565,663		451,771		326,047

Corporate and Other		1,426,331		856,991		945,360

Total consolidated assets	$	9,301,784	$	8,883,690	$	9,020,967

Capital Expenditures


Capital Expenditures	Year Ended December 31,
	2022		2021		2020
Macau:
Mocha and Other	$	1,704	$	1,368	$	3,490
Altira Macau		3,303		6,123		11,519
City of Dreams		21,684		52,520		119,014
Studio City		429,362		505,783		214,625

Sub-total		456,053		565,794		348,648

The Philippines:
City of Dreams Manila		4,986		22,912		15,622

Cyprus:
Cyprus Operations		131,419		186,361		74,523

Corporate and Other		5,956		7,083		25,460

Total capital expenditures	$	598,414	$	782,150	$	464,253

Results of Operations of Segments

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


	Year Ended December 31,
	2022			2021			2020
Operating revenues
Macau:
Mocha and Other	$	76,403		$	84,954		$	65,322
Altira Macau		32,615			56,205			108,854
City of Dreams		559,684			1,146,919			985,619
Studio City		175,983			372,277			266,522

Sub-total		844,685			1,660,355			1,426,317

The Philippines:
City of Dreams Manila		396,392			268,597			224,688

Cyprus:
Cyprus Operations		91,255			52,631			51,005

Corporate and Other		17,645			30,773			25,913

Total operating revenues	$	1,349,977		$	2,012,356		$	1,727,923


Adjusted property EBITDA (1)
Macau:
Mocha and Other	$	10,291		$	17,054		$	3,560
Altira Macau		(43,020	)		(53,974	)		(58,773	)
City of Dreams		(32,160	)		201,954			(1,326	)
Studio City		(105,164	)		(20,490	)		(79,000	)

Sub-total		(170,053	)		144,544			(135,539	)

The Philippines:
City of Dreams Manila		146,926			88,962			28,983

Cyprus:
Cyprus Operations		23,696			1,593			2,280

Total adjusted property EBITDA		569			235,099			(104,276	)

Operating costs and expenses:
Payments to the Philippine Parties		(28,894	)		(26,371	)		(12,989	)
Pre-opening costs		(15,585	)		(4,157	)		(1,322	)
Development costs		—			(30,677	)		(25,616	)
Amortization of gaming subconcession		(32,785	)		(57,276	)		(57,411	)
Amortization of land use rights		(22,662	)		(22,832	)		(22,886	)
Depreciation and amortization		(466,492	)		(499,739	)		(538,233	)
Land rent to Belle		(2,318	)		(2,848	)		(3,195	)
Share-based compensation		(71,809	)		(67,957	)		(54,392	)
Property charges and other		(39,982	)		(30,575	)		(47,223	)
Corporate and Other expenses		(63,147	)		(70,118	)		(73,014	)

Total operating costs and expenses		(743,674	)		(812,550	)		(836,281	)

Operating loss	$	(743,105	)	$	(577,451	)	$	(940,557	)


	Year Ended December 31,
	2022			2021			2020
Non-operating income (expenses):
Interest income	$	26,458		$	6,618		$	5,134
Interest expenses, net of amounts capitalized		(376,722	)		(350,544	)		(340,839	)
Other financing costs		(6,396	)		(11,033	)		(7,955	)
Foreign exchange gains (losses), net		3,904			4,566			(2,079	)
Other income (expenses), net		3,930			3,082			(150,969	)
Loss on extinguishment of debt		—			(28,817	)		(19,952	)
Costs associated with debt modification		—			—			(310	)

Total non-operating expenses, net		(348,826	)		(376,128	)		(516,970	)

Loss before income tax		(1,091,931	)		(953,579	)		(1,457,527	)
Income tax (expense) benefit		(5,236	)		(2,885	)		2,913

Net loss		(1,097,167	)		(956,464	)		(1,454,614	)
Net loss attributable to noncontrolling interests		166,641			144,713			191,122

Net loss attributable to Melco Resorts & Entertainment Limited	$	(930,526	)	$	(811,751	)	$	(1,263,492	)

Note

(1)

“Adjusted property EBITDA” is net loss 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

Long-Lived Assets

Long-lived Assets


	December 31,
	2022		2021		2020
Macau	$	6,068,502	$	6,080,616	$	6,054,014
The Philippines		141,765		341,307		369,664
Cyprus		485,570		378,738		232,374
Hong Kong and other foreign countries		29,871		32,972		64,702

Total long-lived assets	$	6,725,708	$	6,833,633	$	6,720,754

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2022

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 its equity:


	Year Ended December 31,
	2022			2021			2020
Net loss attributable to Melco Resorts & Entertainment Limited	$	(930,526	)	$	(811,751	)	$	(1,263,492	)

Transfers (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		—			—			(16	)
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market		(2,952	)		(6,951	)		(46	)

Sub-total		(2,952	)		(6,951	)		(62	)


Studio City International
Increase in additional paid-in capital resulting from the private placements		879			—			42

Sub-total		879			—			42

Changes from net loss attributable to Melco Resorts & Entertainment Limited’s shareholders and transfers from noncontrolling interests	$	(932,599	)	$	(818,702	)	$	(1,263,512	)

ORGANIZATION AND BUSINESS - Additional Information (Detail) MOP$ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Feb. 10, 2022	Jun. 30, 2022 USD ($)	Jun. 30, 2022 MOP (MOP$)	Dec. 31, 2022 USD ($) m²	Jan. 01, 2023 USD ($)	Jan. 01, 2023 MOP (MOP$)	Dec. 30, 2022 m²	Dec. 09, 2022 USD ($)	Dec. 09, 2022 MOP (MOP$)	Sep. 20, 2022 USD ($)	Sep. 20, 2022 MOP (MOP$)	Dec. 31, 2021 USD ($)
Cash and cash equivalents \| $				$ 1,812,729								$ 1,652,890
Borrowing capacity \| $				$ 71,838
Operation capacity of casinos percentage	100.00%
Extension premium paid for subconcession contract		$ 5,815	MOP$ 47,000
Period that the bank guarantee was released				2023-01
Bank guarantee								$ 124,319	MOP$ 1,000,000	$ 101,942	MOP$ 820,000
One To Three Years [Member]
Concession Fee Per Square Meter				0.75
Four To Ten Years [Member]
Concession Fee Per Square Meter				2.5
Altira Macau [Member]
Area of Land							17,128.8
Studio City [Member]
Area of Land							28,784.3
City Of Dreams [Member]
Area of Land							31,227.3
Subsequent Event [Member]
Bank guarantee					$ 37,296	MOP$ 300,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
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) MOP$ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 MOP (MOP$)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Interest expenses incurred	$ 440,654		$ 380,904	$ 352,673
Interest expenses capitalized	63,932		30,360	11,834
Impairment loss recognized on goodwill and intangible assets	0		0	13,867
Impairment loss recognized on assets held for sale			3,643	8,127
Gaming taxes and license fees	489,730		842,722	754,733
Advertising and promotional expenses	29,421		39,811	34,061
Other current assets	41,643		36,238
Prepaid expenses	77,767		73,092
Payment of premium on extension of subconcession contract	5,815	MOP$ 47,000
Impairment loss recognized on assets held for sale	6,794		0	0
Impairment loss recognized on property and equipment	$ 3,595		3,643	8,127
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Japan Ski Resort [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment loss recognized on goodwill and intangible assets				$ 13,867
Freehold land [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment loss recognized on property and equipment			$ 1,147
Internal-use Software [Member] \| Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years	3 years
Internal-use Software [Member] \| Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years	15 years
Land Use Rights [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life	40 years	40 years
Amortization method	straight-line basis	straight-line basis

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of contracts and contract-related liabilities with customers (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Outstanding Gaming Chips And Tokens [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	$ 37,354	$ 72,147	$ 205,780
Increase/ (Decrease), Contract with Customer Liability	(34,793)	(133,633)
Loyalty Program Liabilities [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	15,568	24,350	29,175
Increase/ (Decrease), Contract with Customer Liability	(8,782)	(4,825)
Advanced Customer Deposits And Ticket Sales [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	278,591	309,718	$ 277,867
Increase/ (Decrease), Contract with Customer Liability	$ (31,127)	$ 31,851

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Number of Ordinary and Ordinary Equivalent Shares Used in Calculation of Basic and Diluted Net Loss (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted average number of ordinary shares outstanding used in the calculation of basic net loss attributable to Melco Resorts & Entertainment Limited per share	1,391,154,836	1,434,087,641	1,432,052,735
Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method	0	0	0
Weighted average number of ordinary shares outstanding used in the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share	1,391,154,836	1,434,087,641	1,432,052,735
Anti-dilutive share options and restricted shares excluded from the calculation of diluted net loss attributable to Melco Resorts & Entertainment Limited per share	44,366,752	46,532,956	40,618,693

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash

$ 1,179,491

$ 657,013

Cash equivalents

633,238

995,877

Total cash and cash equivalents

1,812,729

1,652,890

Current portion of restricted cash

^[1]

50,992

285

Non-current portion of restricted cash

^[2]

124,736

140

Total cash, cash equivalents and restricted cash

$ 1,988,457

$ 1,653,315

$ 1,755,770

$ 1,432,502

[1]

[2]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Cash Equivalents (Parenthetical) (Detail)
MOP$ in Thousands, $ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

HKD ($)

Dec. 31, 2022

MOP (MOP$)

Dec. 09, 2022

USD ($)

Dec. 09, 2022

MOP (MOP$)

Sep. 20, 2022

USD ($)

Sep. 20, 2022

MOP (MOP$)

Dec. 31, 2021

USD ($)

Cash and Cash Equivalents [Line Items]

Guarantee obligations collateral held directly or by third party

$ 124,319

$ 970,874

Period that the bank guarantee was released

2023-01

Non-current portion of restricted cash

^[1]

$ 124,736

$ 140

Current portion of restricted cash

^[2]

50,992

285

Cash Deposit

$ 124,319

MOP$ 1,000,000

$ 101,942

MOP$ 820,000

Bank guarantee

101,942

MOP$ 820,000

Bank Guarantee [Member]

Cash and Cash Equivalents [Line Items]

Guarantee obligations collateral held directly or by third party

50,971

410,000

Cash Deposit

124,319

1,000,000

Non-current restricted cash

50,971

MOP$ 410,000

Bank Time Deposits [Member]

Cash and Cash Equivalents [Line Items]

Non-current portion of restricted cash

124,592

Current portion of restricted cash

$ 50,971

$ 275

[1]

[2]

INVESTMENT SECURITIES - Additional Information (Detail) $ / shares in Units, $ in Thousands, $ in Thousands				1 Months Ended
	Apr. 29, 2020 USD ($)	Apr. 29, 2020 AUD ($) $ / shares	May 30, 2019 $ / shares	May 30, 2019 shares	Feb. 06, 2020	Jun. 06, 2019 USD ($)	Jun. 06, 2019 AUD ($)
Investments in Equity Securities [Line Items]
Investment in equity securities, shares acquired, price per share			$ 13
Proceeds from disposal of investment securities	$ 359,060	$ 551,551
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	$ 880,640
Tranche One [Member]
Investments in Equity Securities [Line Items]
Investment in equity securities, percentage of ownership transferred on shares acquired						9.99%	9.99%
Investment in equity securities percentage of ownership disposed	9.99%	9.99%
Investment in equity securities shares sold price per share		$ 8.15
Tranche Two [Member] \| Termination Of Obligation [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) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Investments, Debt and Equity Securities [Abstract]
Net losses recognized on market equity securities	$ (165,440)
Less: Net losses recognized on marketable equity securities sold during the year	165,440
Unrealized losses recognized on marketable equity securities still held at the reporting date	$ 0

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Less: allowances for credit losses

$ 273,236

$ 322,904

(217,244)

^[1]

(268,413)

^[1]

$ (333,792)

$ (258,019)

Accounts receivable, net

55,992

54,491

Non-current portion

Current portion

55,992

54,491

Casino [Member]

271,653

321,808

Hotel [Member]

1,365

907

Other [Member]

Balance at beginning of year

$ 218

$ 189

[1]	As of December 31, 2022 and 2021, the allowances for credit losses of $14,966 and $14,989 are recorded as a reduction of the long-term casino accounts receivables, which are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Allowances for credit losses, non-current	$ 14,966	$ 14,989

ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Receivables [Abstract]

$ 268,413

^[1]

$ 333,792

$ 258,019

(Reversal of) provision for credit losses

(892)

6,426

131,845

Write-offs, net of recoveries

(49,608)

(69,712)

(57,868)

Effect of exchange rate

(669)

(2,093)

1,796

Balance at end of year

$ 217,244

^[1]

$ 268,413

^[1]

$ 333,792

[1]	As of December 31, 2022 and 2021, the allowances for credit losses of $14,966 and $14,989 are recorded as a reduction of the long-term casino accounts receivables, which are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

ACCOUNTS RECEIVABLE, NET - Additional Information (Detail)	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable [Line Items]
Percentage of allowances for casino credit losses	80.00%	83.40%

ASSETS HELD FOR SALE - Summary Of Major Classes Of Assets Held For Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 8,503	$ 21,777
Japan Ski Resort [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		4,072
Property and equipment, net [Member] \| Japan Ski Resort [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		2,217
Operating lease right-of-use assets [Member] \| Japan Ski Resort [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		672
Cash and cash equivalents [Member] \| Japan Ski Resort [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		234
Other [Member] \| Japan Ski Resort [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		$ 949

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

Foreign currency translations

ASSETS HELD FOR SALE - Additional Information (Detail) ¥ / shares in Units, ¥ in Thousands, $ in Thousands		12 Months Ended
	Dec. 08, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 08, 2022 JPY (¥) ¥ / shares	Sep. 30, 2022 USD ($)
Liabilities related to assets held for sale		$ 0	$ 1,497
Consideration for disposal of assets held for sale \| ¥ / shares					¥ 0.001
Impairment loss recognized on assets held for sale		3,595	3,643	$ 8,127
Assets held for sales		8,503	21,777
Loss On Disposal Of Asset		3,106
Air Transportation Equipment [Member]
Gain (loss) on disposal of assets held for sale		2,629
Impairment loss recognized on assets held for sale		3,595
Consideration for disposal of assets held for sale						$ 15,800
Freehold Land [Member]
Impairment loss recognized on assets held for sale			1,147
Japan Ski Resort [Member]
Loan payable	$ 16,876				¥ 2,215,180
Disposal of interest	$ 13,663
Assets held for sales			4,072
Hakone Assets [Member]
Assets held for sales		8,503	$ 17,705
Free Hold Land Held For Sale [Member]
Impairment loss recognized on assets held for sale		$ 6,794

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment, Net
Cost	$ 10,338,277	$ 10,122,227
Less: accumulated depreciation and amortization	(4,467,372)	(4,211,543)
Property and equipment, net	5,870,905	5,910,684
Buildings [Member]
Property and Equipment, Net
Cost	6,186,373	6,312,791
Furniture, fixtures and equipment [Member]
Property and Equipment, Net
Cost	1,112,670	1,077,769
Leasehold improvements [Member]
Property and Equipment, Net
Cost	1,080,737	1,165,452
Plant and gaming machinery [Member]
Property and Equipment, Net
Cost	246,255	267,838
Transportation [Member]
Property and Equipment, Net
Cost	190,843	218,017
Construction in progress [Member]
Property and Equipment, Net
Cost	1,464,866	1,020,551
Freehold land [Member]
Property and Equipment, Net
Cost	$ 56,533	$ 59,809

PROPERTY AND EQUIPMENT, NET - Summary Of Reversion Assets (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Disclosure Of Tabular Form Reversion Asset Usage Rights [Line Items]
Gross	$ 498,038
Accumulated Depreciation	(276,581)
Total	221,457
Building [Member]
Disclosure Of Tabular Form Reversion Asset Usage Rights [Line Items]
Gross	349,129
Furniture and Fixtures [Member]
Disclosure Of Tabular Form Reversion Asset Usage Rights [Line Items]
Gross	39,008
Plant And Gaming Machinery [Member]
Disclosure Of Tabular Form Reversion Asset Usage Rights [Line Items]
Gross	$ 109,901

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Costs capitalized to construction in progress	$ 176,538	$ 93,207
Cost of property and equipment held under finance lease	145,660	276,838
Accumulated depreciation and amortization of property and equipment held under finance lease	95,310	91,530
Depreciation and amortization expenses	$ 454,194	$ 487,130	$ 526,257

GAMING SUBCONCESSION, NET - Schedule of Gaming Subconcession, Net (Detail) - Gaming Subconcession [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Deemed cost	$ 902,441	$ 897,866
Less: accumulated amortization	$ (902,441)	(870,801)
Gaming subconcession, net		$ 27,065

GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Changes in the Carrying Amounts of Goodwill (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Goodwill [Line Items]

Beginning balance

$ 81,721

$ 82,203

$ 95,620

Impairment

(13,867)

(115)

(482)

450

Ending balance

81,606

81,721

82,203

Mocha and Other [Member]

Goodwill [Line Items]

Beginning balance

^[1]

81,721

82,203

81,820

Foreign currency translations

^[1]

(115)

(482)

383

Ending balance

^[1]

81,606

81,721

82,203

Corporate and Other [Member]

Goodwill [Line Items]

Beginning balance

^[2]

13,800

Impairment

^[2]

(13,867)

Foreign currency translations

^[2]

Ending balance

^[2]

$ 0

[1]	The amount represents goodwill which arose from the acquisition of Mocha Slot Group Limited and its subsidiaries by the Company in 2006. As of December 31, 2022, the gross amount of goodwill and accumulated impairment losses were $81,606 and nil, respectively.
[2]	The amount represents goodwill which arose from the acquisition of Japan Ski Resort in 2019. The disposal of the Japan Ski Resort was completed on December 30, 2022 as disclosed in Note 6.

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Changes in the Carrying Amounts of Goodwill (Parenthetical) (Detail) - Mocha and Other [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill [Line Items]
Goodwill, Gross	$ 81,606
Goodwill, Accumulated Impairment Loss	$ 0

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Nov. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
Amortization of finite lived intangible assets		$ 11,343	$ 11,555	$ 6,342
Proprietary rights [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 12,000
Finite-Lived Intangible Asset, Useful Life	10 years

GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	$ 4,204	$ 4,210
Total intangible assets, net	43,610	51,547
Internal-use Software [Member]
Goodwill And Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	59,434	56,106
Finite-Lived Intangible Assets, Accumulated Amortization	(29,383)	(19,331)
Finite-Lived Intangible Assets, Net	30,051	36,775
Proprietary rights [Member]
Goodwill And Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	11,926	11,942
Finite-Lived Intangible Assets, Accumulated Amortization	(2,571)	(1,380)
Finite-Lived Intangible Assets, Net	9,355	10,562
Trademarks [Member] \| Mocha Clubs [Member]
Goodwill And Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	4,204	4,210
Finite-Lived Intangible Assets Other Than Gaming Sub concession [Member]
Goodwill And Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 39,406	$ 47,337

GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Estimated Future Amortization Expenses of Finite-Lived Intangible Assets (Detail) - Finite-Lived Intangible Assets Other Than Gaming Sub concession [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
2023	$ 8,970
2024	4,692
2025	3,815
2026	3,371
2027	3,342
Over 2027	15,216
Finite lived intangible assets, net	$ 39,406	$ 47,337

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Schedule of Long-Term Prepayments, Deposits and Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long Term Prepayment Deposits and Other Assets [Abstract]
Long-term prepayments	$ 31,191	$ 24,978
Deferred financing costs, net	27,218	35,987
Deferred rent assets	25,904	30,647
Advance payments for construction costs	25,602	27,993
Deposits for acquisition of property and equipment	19,494	20,332
Other long-term assets and other	19,298	23,677
Other deposits	9,971	11,581
Input value-added tax, net	1,019	1,947
Long-term casino accounts receivables, net of allowances for credit losses of $14,966 and $14,989	0	0
Long-term prepayments, deposits and other assets	$ 159,697	$ 177,142

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Schedule of Long-Term Prepayments, Deposits and Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long Term Prepayment Deposits and Other Assets [Abstract]
Allowances for credit losses, non-current	$ 14,966	$ 14,989

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long Term Prepayment Deposits and Other Assets [Abstract]
Provision for value-added tax receivables	$ 5,714	$ 3,023	$ 5,786

LAND USE RIGHTS, NET - Schedule of Land Use Rights, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Land Use Rights [Line Items]
Land use rights, gross	$ 1,195,084	$ 1,196,772
Less: accumulated amortization	(524,212)	(502,190)
Land use rights, net	670,872	694,582
Altira Macau - Taipa Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	145,922	146,128
City of Dreams - Cotai Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	398,068	398,630
Studio City - Studio City Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	$ 651,094	$ 652,014

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest expenses payable	$ 123,032	$ 105,637
Operating expense and other accruals and liabilities	97,933	87,089
Staff cost accruals	96,219	86,294
Construction cost payables	76,173	128,383
Gaming tax and license fee accruals	48,688	85,468
Property and equipment payables	35,747	36,397
Total accrued expenses and other current liabilities	809,305	935,483
Advance Customer Deposits And Ticket Sales [Member]
Contract with Customer Liability	278,591	309,718	$ 277,867
Outstanding Gaming Chips [Member]
Contract with Customer Liability	37,354	72,147	205,780
Loyalty Program Liabilities [Member]
Contract with Customer Liability	$ 15,568	$ 24,350	$ 29,175

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Current portion of long-term debt, net

$ 8,412,508

$ 6,559,982

(322,500)

(128)

Non current portion of long-term debt, net

8,090,008

6,559,854

Total Credit Facility [Member] | 2015 Credit Facilities [Member]

Total Credit Facility [Member] | 2020 Credit Facilities [Member]

128

Total Credit Facility [Member] | 2016 Studio City Credit Facilities [Member]

^[1]

1,899,203

399,693

Senior Notes [Member] | 2017 4.875% Senior Notes, due 2025 [Member]

^[2]

128

Senior Notes [Member] | 2019 5.250% Senior Notes, due 2026 [Member]

990,448

986,839

Senior Notes [Member] | 2019 5.625% Senior Notes, due 2027 [Member]

497,019

496,224

Senior Notes [Member] | 2019 5.375% Senior Notes, due 2029 [Member]

595,822

595,046

Senior Notes [Member] | 2020 5.750% Senior Notes, due 2028 [Member]

1,148,155

1,147,959

Senior Notes [Member] | 2020 6.000% SC Notes, due 2025 [Member]

847,257

846,607

Senior Notes [Member] | 2020 6.500% SC Notes, due 2028 [Member]

497,308

496,342

Senior Notes [Member] | 2021 5.000% Studio City Notes, due 2029 [Member]

496,402

495,814

Senior Notes [Member] | 2022 7.000% Studio City Secured Notes, due 2027 [Member]

1,095,772

$ 1,095,202

$ 344,866

[1]	As of December 31, 2022 and 2021, the unamortized deferred financing costs related to the revolving credit facility of the 2020 Credit Facilities of $26,885 and $35,598 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheet, respectively.
[2]	As of December 31, 2022 and 2021, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $333 and $389 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, 2022	Dec. 31, 2021
2017 4.875% Senior Notes, due 2025 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	$ 9,552	$ 13,161
2019 5.250% Senior Notes, due 2026 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	2,981	3,776
2019 5.625% Senior Notes, due 2027 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	4,178	4,954
2019 5.375% Senior Notes, due 2029 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	1,845	2,041
2020 5.750% Senior Notes, due 2028 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	2,743	3,393
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	2,692	3,658
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	3,598	4,186
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	4,228	4,798
2022 7.000% Studio City Secured Notes, due 2027 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	5,134
Revolving Credit Facility [Member] \| 2020 Credit Facilities [Member] \| Long-term Prepayments, Deposits and Other Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	26,885	35,598
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	$ 333	$ 389

LONG-TERM DEBT, NET (2017 4.875% Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jul. 03, 2017	Jun. 06, 2017	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt			$ 8,449,459	$ 6,599,949
2017 4.875% Senior Notes, due 2025 [Member] \| First 2017 Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 650,000
Purchase price as percentage of principal		100.00%
Maturity date			Jun. 06, 2025
2017 4.875% Senior Notes, due 2025 [Member] \| Second 2017 Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 350,000
Purchase price as percentage of principal	100.75%
Maturity date			Jun. 06, 2025
2017 4.875% Senior Notes, due 2025 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Interest rate per annum	4.875%	4.875%
2017 4.875% Senior Notes, due 2025 [Member] \| Senior Notes [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%

LONG-TERM DEBT, NET (2019 5.250% Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Apr. 26, 2019	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt		$ 8,449,459	$ 6,599,949
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, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt		$ 8,449,459	$ 6,599,949
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
	Jan. 21, 2021	Dec. 04, 2019	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt			$ 8,449,459	$ 6,599,949
Additional 2019 Senior Notes [Member] \| 2019 5.375% Senior Notes, due 2029 [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 250,000
Maturity date			Dec. 04, 2029
Interest rate per annum	5.375%
Purchase price as percentage of principal	103.25%
First 2019 Senior Notes [Member] \| 2019 5.375% Senior Notes, due 2029 [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%
Senior Notes [Member] \| 2019 5.375% Senior Notes, due 2029 [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%	35.00%

LONG-TERM DEBT, NET (2020 5.750% Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Aug. 11, 2020	Jul. 21, 2020	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt			$ 8,449,459	$ 6,599,949
2020 5.750% Senior Notes, due 2028 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Interest rate per annum	5.75%	5.75%
2020 5.750% Senior Notes, due 2028 [Member] \| Senior Notes [Member] \| Prior to July 21, 2023 [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%
2020 5.750% Senior Notes, due 2028 [Member] \| Second 2020 Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 350,000
Maturity date			Jul. 21, 2028
Purchase price as percentage of principal	101.00%
2020 5.750% Senior Notes, due 2028 [Member] \| First 2020 Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 500,000
Maturity date			Jul. 21, 2028
Purchase price as percentage of principal		100.00%

LONG-TERM DEBT, NET (2020 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jul. 15, 2020	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt		$ 8,449,459	$ 6,599,949
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 500,000
Purchase price as percentage of principal	100.00%
Maturity date		Jul. 15, 2025
Interest rate per annum	6.00%
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member] \| Prior to July 15, 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%
2020 Studio City Notes [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Net assets restricted from distribution		$ 887,000
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 500,000
Purchase price as percentage of principal	100.00%
Maturity date		Jan. 15, 2028
Interest rate per annum	6.50%
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member] \| Prior to July 15, 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 (2021 5.000% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	May 20, 2021	Jan. 14, 2021	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt			$ 8,449,459	$ 6,599,949
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member]
Long-Term Debt [Line Items]
Net assets restricted from distribution			$ 887,000
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member] \| Prior to January 15, 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%	35.00%
2021 5.000% Studio City Notes, due 2029 [Member] \| First 2021 Studio City Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 750,000
Interest rate per annum		5.00%
Purchase price as percentage of principal		100.00%
Maturity date			Jan. 15, 2029
2021 5.000% Studio City Notes, due 2029 [Member] \| Additional 2021 Studio City Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 350,000
Interest rate per annum	5.00%
Purchase price as percentage of principal	101.50%
Maturity date			Jan. 15, 2029

LONG-TERM DEBT, NET (2022 7.000% Studio City Secured Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 16, 2022	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Total long-term debt		$ 8,449,459	$ 6,599,949
Senior Notes [Member] \| 2022 7.000% Studio City Secured Notes, due 2027 [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 350,000
Maturity date		Feb. 15, 2027
Purchase price as percentage of principal	100.00%
Interest rate per annum	7.00%
Net assets restricted from distribution		$ 821,000
Senior Notes [Member] \| 2022 7.000% Studio City Secured Notes, due 2027 [Member] \| Prior to February 15, 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 (2015 Credit Facilities) - Additional Information (Detail) $ in Thousands, $ in Thousands				12 Months Ended
	May 07, 2020 USD ($)	Apr. 29, 2020 USD ($)	Jun. 29, 2015 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 HKD ($)	May 07, 2020 HKD ($)	May 06, 2020 USD ($)	May 06, 2020 HKD ($)	Apr. 29, 2020 HKD ($)	Jun. 29, 2015 HKD ($)
Long-Term Debt [Line Items]
Total outstanding borrowings				$ 8,449,459	$ 6,599,949
Amount available for future drawdown				71,838
Loss on extinguishment of debt				0	28,817	$ 19,952
Costs associated with debt modification				0	0	310
2015 Credit Facilities [Member] \| Term Loan Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 500,000									$ 3,900,000
Total outstanding borrowings	$ 129			128			$ 1,000	$ 1,000
2015 Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	128		1,250,000					1,000				9,750,000
Total outstanding borrowings							0
Amount available for future drawdown				128			$ 1,000
Loan commitment fees recognized				$ 1	1	1,512
Revolving credit facility, cash collateral	$ 273							$ 2,130
2015 Credit Facilities [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 1,750,000									13,650,000
Loss on extinguishment of debt						1,236
Costs associated with debt modification						310
2015 Credit Facilities [Member] \| Total Credit Facility [Member] \| Extended Maturity [Member]
Long-Term Debt [Line Items]
Maturity date				Jun. 24, 2022
2015 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	1.00%
2015 Credit Facilities [Member] \| Total Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Minimum [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]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate			2.50%
2011 Credit Facilities [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 1,203,362									$ 9,362,160
2020 Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity		$ 1,915,947									$ 14,850,000
Maturity date				Apr. 29, 2025
Total outstanding borrowings				$ 1,899,203					$ 352,189	$ 2,730,000
Amount available for future drawdown				0
Loan commitment fees recognized				$ 5,978	$ 10,613	$ 6,022
2020 Credit Facilities [Member] \| Revolving Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Minimum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		1.00%
2020 Credit Facilities [Member] \| Revolving Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Maximum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		2.00%

LONG-TERM DEBT, NET (2020 Credit Facilities) - Additional Information (Detail) $ in Thousands, $ in Thousands		12 Months Ended
	Apr. 29, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 HKD ($)	May 06, 2020 USD ($)	May 06, 2020 HKD ($)	Apr. 29, 2020 HKD ($)
Long-Term Debt [Line Items]
Total long-term debt		$ 8,449,459	$ 6,599,949
Amount available for future drawdown		$ 71,838
2020 Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 1,915,947							$ 14,850,000
Term of maturity	5 years
Maturity date		Apr. 29, 2025
Loan commitment fees recognized		$ 5,978	$ 10,613	$ 6,022
Total long-term debt		1,899,203				$ 352,189	$ 2,730,000
Amount available for future drawdown		0
2020 Credit Facilities [Member] \| Maximum [Member] \| Revolving 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	2.00%
2020 Credit Facilities [Member] \| Minimum [Member] \| Revolving 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	1.00%
2020 Credit Facilities [Member] \| USD Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Total long-term debt		820,000
2020 Credit Facilities [Member] \| HKD Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 1,079,203			$ 8,428,047

LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail) $ in Thousands, $ in Thousands		12 Months Ended
	Nov. 30, 2016 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 HKD ($)	Nov. 30, 2016 HKD ($)	Jan. 28, 2013 USD ($)	Jan. 28, 2013 HKD ($)
Long-Term Debt [Line Items]
Total outstanding borrowings		$ 8,449,459	$ 6,599,949
Amount available for future drawdown		71,838
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
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 30,077					$ 234,000
Net assets restricted from distribution		$ 821,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member] \| Extended Maturity [Member]
Long-Term Debt [Line Items]
Maturity date		Jan. 15, 2028
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
Total outstanding borrowings		$ 128			$ 1,000
Term loan facility, cash collateral	130					1,012
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 29,948					$ 233,000
Total outstanding borrowings					0
Amount available for future drawdown		29,835			$ 233,000
Loan commitment fees recognized		$ 417	$ 419	$ 421

LONG-TERM DEBT, NET (Philippine Credit Facility) - Additional Information (Detail) ₱ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PHP (₱)	Oct. 14, 2015 USD ($)	Oct. 14, 2015 PHP (₱)
Long-Term Debt [Line Items]
Amount available for future drawdown	$ 71,838
Philippine Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 49,824	₱ 2,350,000
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) Philippines 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.
Maturity date, description	the Philippine Credit Facility availability period, as amended from time to time, is up to January 31, 2023 and was further extended to May 1, 2023, in February 2023, and the maturity date of each individual drawdown, as amended from time to time, to be the earlier of: (i) the date which is 360 days from the date of drawdown, and (ii) the date which is 360 days after the end of the availability period
Amount available for future drawdown	$ 41,875	₱ 2,350,000

LONG-TERM DEBT, NET - Borrowing Rates of Long-Term Debt - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Average borrowing rate per annum	5.32%	5.43%	5.71%

LONG-TERM DEBT, NET - Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs and Original Issue Premiums) (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 322,500
2024	128
2025	3,076,703
2026	500,000
2027	950,000
Over 2027	3,600,128
Total long-term debt	$ 8,449,459	$ 6,599,949

LEASES - Schedule Of Components Of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Lease, Costs [Abstract]
Amortization of land use rights	$ 22,662	$ 22,832	$ 22,886
Operating lease costs	14,614	29,401	31,039
Short-term lease costs	720	473	842
Variable lease costs	1,902	(629)	(5,565)
Finance Lease, Costs [Abstract]
Amortization of right-of-use assets	12,928	15,682	12,836
Interest cost	25,371	31,642	41,550
Total lease costs	$ 78,197	$ 99,401	$ 103,588

LEASES - Disclosure of Other Information Related to Lease Term and Discount Rate (Detail)	Dec. 31, 2022	Dec. 31, 2021
Lessee Operating Lease and Finance Lease Other Information Related to Lease Term and Discount Rate [Abstract]
Operating leases, Weighted average remaining lease term	21 years 6 months	21 years 6 months
Operating leases, Weighted average discount rate	5.77%	5.73%
Finance leases, Weighted average remaining lease term	10 years 6 months	11 years 6 months
Finance leases, Weighted average discount rate	10.70%	7.09%

LEASES - Schedule Of Maturities Of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Year ending December 31, 2023	$ 13,061
Year ending December 31, 2024	9,179
Year ending December 31, 2025	7,273
Year ending December 31, 2026	7,206
Year ending December 31, 2027	5,601
Over year ending December 31, 2027	76,689
Total future minimum lease payments	119,009
Less: amounts representing interest	(50,416)
Present value of future minimum lease payments	68,593
Present value of future minimum lease payments current portion	(12,761)	$ (16,771)
Present value of future minimum lease payments non-current portion	55,832	62,889
Year ending December 31, 2023	37,018
Year ending December 31, 2024	37,018
Year ending December 31, 2025	37,018
Year ending December 31, 2026	37,018
Year ending December 31, 2027	37,018
Over year ending December 31, 2027	204,694
Total future minimum lease payments	389,784
Less: amounts representing interest	(156,534)
Present value of future minimum lease payments	233,250
Present value of future minimum lease payments current portion	(34,959)	(48,551)
Present value of future minimum lease payments non-current portion	$ 198,291	$ 347,629

LEASES - LEASES - Summary of Future Minimum Fees, Excluding the Contingent Fees to be Received under Non-Cancellable Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Year ending December 31, 2023	$ 48,324
Year ending December 31, 2024	48,126
Year ending December 31, 2025	48,493
Year ending December 31, 2026	23,841
Year ending December 31, 2027	4,083
Over year ending December 31, 2027	1,842
Total minimum future fees to be received	$ 174,709

LEASES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Minimum operating lease income	$ 41,633	$ 45,019	$ 37,257
Contingent operating lease income	$ 265	5,080	(1,955)
Operating leases - as lessor, last expiry date	2035-05
Amount of reduction in lease income as a result of the rent concession and uncollectible lease income	$ 3,076	$ 882	$ 18,356
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, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 7,341,910	$ 6,370,180
The carrying value of long-term debt, excluding unamortized deferred financing costs and original issue premiums	$ 8,449,459	$ 6,599,949

CAPITAL STRUCTURE - Shares Issued By Company - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Ordinary Shares [Member]
Capital Structure [Line Items]
Shares issued for future vesting of restricted shares and exercise of share options (in shares)	0	0	0
Treasury Shares [Member]
Capital Structure [Line Items]
Issuance of shares for restricted shares vested (in shares)	14,720,040	6,042,543	2,694,507
Exercise of share options (in shares)	0	2,478,594	389,181

CAPITAL STRUCTURE - Shares Repurchased by the Company - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Aug. 26, 2022	Aug. 18, 2022	Jun. 02, 2021	Nov. 08, 2018	Mar. 21, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capital Structure [Line Items]
Treasury shares, shares						109,744,816	33,177,628
Ordinary shares, issued						1,445,052,143	1,456,547,942
Ordinary shares, outstanding						1,335,307,327	1,423,370,314
Shares repurchased by the Company						$ 189,161	$ 52,026	$ 44,977
Treasury Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)						102,783,027	16,116,135	9,446,472
Shares repurchased by the Company						$ 189,161	$ 52,026	$ 44,977
Treasury Shares [Member] \| 2018 Share Repurchase Program [Member]
Capital Structure [Line Items]
Stock repurchase program authorized amount				$ 500,000	$ 500,000
Stock repurchase program period				3 years	3 years
Retirement of shares (in shares)								0
Treasury Shares [Member] \| 2018 Share Repurchase Program [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)								3,148,824
Treasury Shares [Member] \| 2018 Share Repurchase Program [Member] \| Equivalent Ordinary Shares for ADS [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)								9,446,472
Treasury Shares [Member] \| Two Thousand And Twenty One Repurchase Program [Member]
Capital Structure [Line Items]
Stock repurchase program authorized amount			$ 500,000
Stock repurchase program period			3 years
Retirement of shares (in shares)						1,500,000	0
Treasury Shares [Member] \| Two Thousand And Twenty One Repurchase Program [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)						5,929,076	5,372,045
Treasury Shares [Member] \| Two Thousand And Twenty One Repurchase Program [Member] \| Equivalent Ordinary Shares for ADS [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)						17,787,228	16,116,135
Treasury Shares [Member] \| Melco International Repurchase Program [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)		9,995,799
Retirement of shares (in shares)	9,995,799
Shares repurchased by the Company	$ 152,709
Treasury stock acquired, Average cost per share	$ 1.7967
Treasury Shares [Member] \| Melco International Repurchase Program [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)		25,000,000
Treasury stock acquired, Average cost per share	$ 5.39
Treasury Shares [Member] \| Melco International Repurchase Program [Member] \| Equivalent Ordinary Shares for ADS [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)		75,000,000

INCOME TAXES - Summary of Loss before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Income Taxes [Line Items]
Loss before income tax	$ (1,091,931)	$ (953,579)	$ (1,457,527)
Macau Complementary Tax [Member]
Schedule of Income Taxes [Line Items]
Loss before income tax	(720,470)	(456,089)	(772,988)
Hong Kong Profits Tax [Member]
Schedule of Income Taxes [Line Items]
Loss before income tax	(400,725)	(434,618)	(342,715)
Philippine Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Loss before income tax	28,204	(51,436)	(102,990)
Cyprus Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Loss before income tax	3,152	(13,454)	(11,190)
Income Tax in Other Jurisdictions [Member]
Schedule of Income Taxes [Line Items]
Loss before income tax	$ (2,092)	$ 2,018	$ (227,644)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 25
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.5-03(10))
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Costs and expenses (services provided to the Company):

INCOME TAXES - Summary of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense - current:
Income tax expense - current	$ 3,103	$ 6,028	$ 11,048
Over provision of income taxes in prior years:
Over provision of income taxes in prior years	(166)	(904)	(11)
Income tax expense (benefit) - deferred:
Income tax expense (benefit) - deferred	2,299	(2,239)	(13,950)
Total income tax expense (benefit)	5,236	2,885	(2,913)
Macau Complementary Tax [Member]
Income tax expense - current:
Income tax expense - current	9	172	6,402
Over provision of income taxes in prior years:
Over provision of income taxes in prior years	(560)	(874)	(544)
Income tax expense (benefit) - deferred:
Income tax expense (benefit) - deferred	(768)	(4,535)	(9,762)
Lump sum in lieu of Macau Complementary Tax on dividends [Member]
Income tax expense - current:
Income tax expense - current	2,342	2,359	2,367
Hong Kong Profits Tax [Member]
Income tax expense - current:
Income tax expense - current	528	48	38
Over provision of income taxes in prior years:
Over provision of income taxes in prior years	(4)	18	(2)
Income tax expense (benefit) - deferred:
Income tax expense (benefit) - deferred	3,276	2,493	(26)
Philippine Corporate Income Tax [Member]
Income tax expense - current:
Income tax expense - current	5	1	59
Over provision of income taxes in prior years:
Over provision of income taxes in prior years	300	(62)	(5)
Income tax expense (benefit) - deferred:
Income tax expense (benefit) - deferred	(258)	209	(3,774)
Philippine withholding tax on dividends [Member]
Income tax expense - current:
Income tax expense - current	0	2,937	0
Cyprus Corporate Income Tax [Member]
Income tax expense - current:
Income tax expense - current	0	188	0
Over provision of income taxes in prior years:
Over provision of income taxes in prior years	0	0	58
Income tax expense (benefit) - deferred:
Income tax expense (benefit) - deferred	(578)	0	(64)
Income Tax in Other Jurisdictions [Member]
Income tax expense - current:
Income tax expense - current	219	323	2,182
Over provision of income taxes in prior years:
Over provision of income taxes in prior years	98	14	482
Income tax expense (benefit) - deferred:
Income tax expense (benefit) - deferred	$ 627	$ (406)	$ (324)

INCOME TAXES - Schedule of Reconciliation of Income Tax Expense (Benefit) from Loss Before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Loss before income tax	$ (1,091,931)	$ (953,579)	$ (1,457,527)
Macau Complementary Tax rate	12.00%	12.00%	12.00%
Income tax benefit at Macau Complementary Tax rate	$ (131,032)	$ (114,429)	$ (174,903)
Lump sum in lieu of Macau Complementary Tax on dividends	2,342	2,359	2,367
Effect of different tax rates of subsidiaries operating in other jurisdictions	(12,271)	(31,653)	(36,938)
Over provision in prior years	(166)	(904)	(11)
Effect of income for which no income tax expense is payable	(11,727)	(6,308)	(8,171)
Effect of expenses for which no income tax benefit is receivable	70,687	101,111	107,037
Effect of profits generated by gaming operations exempted	(25,700)	(10,851)	0
Effect of tax losses that cannot be carried forward	15,553	6,742	32,605
Changes in valuation allowances	48,122	(13,360)	32,166
Change in income tax rate	0	16,521	0
Expired tax losses	49,428	53,657	42,935
Income tax expense (benefit)	$ 5,236	$ 2,885	$ (2,913)

INCOME TAXES - Additional Information (Detail) $ / shares in Units, MOP$ in Thousands, $ in Thousands		12 Months Ended
	Mar. 26, 2021	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020	Mar. 22, 2023 USD ($)	Mar. 22, 2023 MOP (MOP$)	Jun. 26, 2022 USD ($)	Jun. 26, 2022 MOP (MOP$)	Dec. 31, 2021 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		$ 25,252	$ 10,688
Effective tax rate		(0.48%)	(0.30%)	0.20%
Valuation allowances		$ 299,620	$ 267,316
Adjusted operating tax losses carried forwards, expired		326,749
Aggregate undistributed earnings of foreign subsidiaries		745,425	846,735
Provision related to tax withholding for dividends		0
Deferred income tax liability, undistributed earnings		89,449	101,608
Unrecognized tax benefits that would impact effective tax rate		22,940	$ 16,342
Operating Tax Loss Carry Forwards With Expiry Dates [Member]
Schedule of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration		1,485,226
Operating Tax Loss Carry Forwards With No Expiry Date [Member]
Schedule of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration		$ 6,978
Diluted [Member]
Schedule of Income Taxes [Line Items]
Expected increase in loss per share if taxes on casino gaming profits have been paid \| $ / shares		$ 0.018	$ 0.007
Philippine Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Statute of limitation for tax return		3 years
Philippine Corporate Income Tax [Member] \| July 1, 2020 until June 30, 2023 [Member] \| Minimum [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	1.00%
Philippine Corporate Income Tax [Member] \| Before July 1, 2020 [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	30.00%
Philippine Corporate Income Tax [Member] \| Before July 1, 2020 [Member] \| Minimum [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	2.00%
Philippine Corporate Income Tax [Member] \| After July 1, 2020 [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	25.00%
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			$ 2,342		$ 518	MOP$ 4,167	$ 497	MOP$ 4,000	MOP$ 18,900
Macau Complementary Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income		12.00%	12.00%	12.00%
Statute of limitation for tax return		5 years
Hong Kong Profits Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income		16.50%	16.50%	16.50%
Statute of limitation for tax return		6 years
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, 2022	Dec. 31, 2021
Deferred tax assets
Net operating losses carried forward	$ 206,079	$ 190,779
Depreciation and amortization	76,272	70,110
Lease liabilities	30,492	48,887
Others	13,052	4,159
Sub-total	325,895	313,935
Valuation allowances	(299,620)	(267,316)
Total deferred tax assets	26,275	46,619
Deferred tax liabilities
Right-of-use assets	(10,413)	(25,817)
Land use rights	(44,434)	(45,963)
Intangible assets	(505)	(505)
Unrealized capital allowances	(4,279)	(5,141)
Others	(5,683)	(6,194)
Total deferred tax liabilities	(65,314)	(83,620)
Deferred tax liabilities, net	$ (39,039)	$ (37,001)

INCOME TAXES - Schedule of Unrecognized tax benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
At beginning of year	$ 16,342	$ 15,132	$ 7,504
Additions based on tax positions related to current year	6,810	2,028	8,057
Restricted due to expiry of the statute of limitations	(212)	(818)	(429)
At end of year	$ 22,940	$ 16,342	$ 15,132

SHARE-BASED COMPENSATION - Additional Information (Detail) $ / shares in Units, $ in Thousands									12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Apr. 15, 2022 $ / shares shares	Apr. 06, 2022 $ / shares shares	Dec. 06, 2021	Jul. 07, 2021 shares	Mar. 31, 2021 $ / shares shares	May 31, 2019 $ / shares shares	May 31, 2019 $ / shares ₱ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2020 shares	May 12, 2020 $ / shares	May 12, 2020 ₱ / shares	May 31, 2019 ₱ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses including the capitalized portion \| $									$ 74,491	$ 71,144	$ 57,271
Share-based compensation expenses capitalized in property and equipment \| $									$ 2,682	$ 3,187	2,879
Common Stock Par value \| $ / shares	$ 0.01								$ 0.01	$ 0.01
Increase in additional paid-in capital \| $									$ 62,841	$ 71,908	42,285
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								100,000,000
Expiration term of awards granted									10 years
2006 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options outstanding	0								0	0
Unrecognized compensation cost \| $	$ 0								$ 0
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								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%
Expiration term of awards granted									10 years
Share-based compensation expenses including the capitalized portion \| $									$ 38,823	$ 53,466	$ 49,579
2011 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options outstanding	2,845,719								2,845,719	30,696,106
Unrecognized compensation cost \| $	$ 132								$ 132
Expiration term of awards granted									10 years
Weighted average grant date fair value \| $ / shares									$ 0	$ 2.28	$ 1.21
Period of recognition of unrecognized compensation cost	1 year 21 days
Number of restricted shares, Granted									0
Cancelled under Option Exchange Program		26,076,978							26,076,978
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 vested									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 vested									3 years
2011 Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares vested \| $									$ 54,424	$ 43,533	$ 20,317
Period of recognition of unrecognized compensation cost	1 year 18 days
Unrecognized compensation cost \| $	$ 13,119								$ 13,119
Number of restricted shares, Granted					52,056				0
Number of restricted shares, Vested									10,282,560
Restricted shares grant date fair value \| $ / shares									$ 0	$ 6.07	$ 4.17
Deemed distribution to an affiliated company in respect of sharebased compensation \| $									$ 143	$ 136
Unvested restricted shares	7,705,320								7,705,320	18,531,384
Increase in additional paid-in capital \| $									$ 279
2011 Share Incentive Plan [Member] \| Restricted shares [Member] \| 2020 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses including the capitalized portion \| $											$ 13,799
Share-based compensation expenses capitalized in property and equipment \| $											$ 921
Number of restricted shares, Granted						1,899,897
Number of restricted shares, Vested						1,899,897
2011 Share Incentive Plan [Member] \| Restricted shares [Member] \| Common Stock [Member] \| 2020 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares grant date fair value \| $ / shares						$ 6.6367
2011 Share Incentive Plan [Member] \| Restricted shares [Member] \| American Depository Shares [Member] \| 2020 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares grant date fair value \| $ / shares						$ 19.91
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 vested					3 months					3 months	3 months
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 vested					12 months					3 years	3 years
2021 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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	115,536,483								115,536,483
Expiration term of awards granted				10 years
2021 Share Incentive Plan [Member] \| Replacement Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value \| $ / shares		$ 0.82
2021 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options outstanding	5,360,526								5,360,526	0
Unrecognized compensation cost \| $	$ 3,247								$ 3,247
Exercise of share options (in shares)									0
Expiration term of awards granted									10 years
Weighted average grant date fair value \| $ / shares									$ 0.94
Period of recognition of unrecognized compensation cost									1 year 10 months 20 days
Options granted under the Option Exchange Program									2,486,241
2021 Share Incentive Plan [Member] \| Share options [Member] \| Replacement Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term of awards granted			10 years
Options granted under the Option Exchange Program		2,486,241
2021 Share Incentive Plan [Member] \| Share options [Member] \| Option Exchange Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share-based compensation expense \| $									$ 3,306
2021 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 vested									1 year
2021 Share Incentive Plan [Member] \| Share options [Member] \| Minimum [Member] \| Replacement Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested									1 year
2021 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 vested									3 years
2021 Share Incentive Plan [Member] \| Share options [Member] \| Maximum [Member] \| Replacement Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested									2 years
2021 Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares vested \| $									$ 12,967
Period of recognition of unrecognized compensation cost	1 year 11 months 4 days
Unrecognized compensation cost \| $	$ 28,876								$ 28,876
Number of restricted shares, Granted										0
Number of restricted shares, Vested									5,574,357
Restricted shares grant date fair value \| $ / shares									$ 2.35
Granted under the Option Exchange Program									5,912,547
Unvested restricted shares	19,183,428								19,183,428	0
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Replacement Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted under the Option Exchange Program		5,912,547
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| 2021 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses including the capitalized portion \| $										$ 10,929
Share-based compensation expenses capitalized in property and equipment \| $										729
Number of restricted shares, Granted			4,578,543
Number of restricted shares, Vested			4,578,543
Deemed distribution to an affiliated company in respect of sharebased compensation \| $										272
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| 2022 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses including the capitalized portion \| $									$ 17,926
Share-based compensation expenses capitalized in property and equipment \| $									$ 680
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Common Stock [Member] \| 2021 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares grant date fair value \| $ / shares			$ 2.47
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| American Depository Shares [Member] \| 2021 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares grant date fair value \| $ / shares			$ 7.4
2021 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 vested									5 months
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Minimum [Member] \| Replacement Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested									1 year
2021 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 vested									3 years
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Maximum [Member] \| Replacement Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested									2 years
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum aggregate number of ordinary shares that can be issued	442,630,330								442,630,330
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	305								305
Expiration term of awards granted									10 years
Share-based compensation expenses including the capitalized portion \| $									$ 0	108	$ 671
Fair value gain or loss on remeasurement of liability associated with cash-settled share options and restricted shares \| $									$ 0	$ 0	$ 0
MRP Share Incentive Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Par value \| (per share)													$ 0.02	₱ 1
Increased Common Stock par value \| (per share)													$ 9,857	₱ 500,000
MRP Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options outstanding	0								0	0
Unrecognized compensation cost \| $	$ 0								$ 0
Number of restricted shares, Granted									0	0	0
Cash paid to settle the cash-settled awards \| $										$ 87	$ 495
Number of Share Options, Modified to cash-settled							15,971,173	15,971,173
Weighted average fair value at modification date \| (per share)							$ 0.08	₱ 4.23
MRP Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $	$ 0								$ 0
Grant date fair value of restricted shares vested \| $									$ 0	$ 351	$ 1,030
Number of restricted shares, Granted									0	0	0
Number of Restricted Shares, Modified to cash-settled							29,068,424	29,068,424
Share Price \| (per share)							$ 0.14	₱ 0.14							₱ 7.25
Cash paid to settle the cash-settled awards \| $										$ 346	$ 871
Unvested restricted shares	0								0	0
Melco International Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses including the capitalized portion \| $									$ 2,865	$ 6,641	$ 7,021
Melco International Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options outstanding	14,200,000								14,200,000	14,200,000
Unrecognized compensation cost \| $	$ 0								$ 0
Exercise of share options (in shares)									0	0	0
Number of restricted shares, Granted									0	0	0
Melco International Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $	$ 0								$ 0
Grant date fair value of restricted shares vested \| $									$ 3,948	$ 3,953	$ 3,979
Number of restricted shares, Granted									0	0	0
Number of restricted shares, Vested									1,626,000
Number of Restricted Shares, Modified to cash-settled												2,569,000
Unvested restricted shares	0								0	1,626,000

SHARE-BASED COMPENSATION - Information for Share Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of share options	$ 0	$ 7,101	$ 1,061
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	0	2,756	397
Intrinsic value of share options exercised	$ 0	$ 7,370	$ 747
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	$ 0	$ 2.28	$ 1.21
Proceeds from the exercise of share options	$ 0	$ 4,345	$ 664
Intrinsic value of share options exercised	$ 0	$ 1,655	$ 129

SHARE-BASED COMPENSATION - Summary of Assumptions Used to Estimate Fair Values of Stock Options (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		2.50%	3.10%
Expected stock price volatility		45.46%	43.50%
Risk-free interest rate		1.00%	0.43%
Expected term (years)		5 years 7 months 6 days	5 years 7 months 6 days
2021 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	2.50%
Expected stock price volatility	51.00%
Risk-free interest rate	2.69%
Expected term (years)	5 years 1 month 6 days
2021 Share Incentive Plan [Member] \| Replacement Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	2.50%
Expected stock price volatility	52.50%
Risk-free interest rate	2.75%
Expected term (years)	4 years 7 months 6 days

SHARE-BASED COMPENSATION - Summary of Share Options Activity (Detail) - Share options [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 15, 2022	Dec. 31, 2022
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		30,696,106
Number of Share Options, Forfeited or expired		(1,773,409)
Number of Share Options, Cancelled under Option Exchange Program	(26,076,978)	(26,076,978)
Number of Share Options, Ending Balance		2,845,719
Number of Shares Options, Expected to vest		2,845,719
Number of Shares Options, Exercisable		2,262,303
Weighted-Average Exercise Price, Beginning Balance		$ 6.07
Weighted-Average Exercise Price, Forfeited or expired		5.49
Weighted-Average Exercise Price, Cancelled under Option Exchange Program		6.13
Weighted-Average Exercise Price, Ending Balance		5.89
Weighted-Average Exercise Price, Expected to vest		5.89
Weighted-Average Exercise Price, Exercisable		$ 6.02
Weighted-Average Remaining Contractual Term, Outstanding		6 years 1 month 17 days
Weighted-Average Remaining Contractual Term, Expected to vest		6 years 1 month 17 days
Weighted-Average Remaining Contractual Term, Exercisable		5 years 8 months 19 days
Aggregate Intrinsic Value, Outstanding		$ 0
Aggregate Intrinsic Value, Fully vested and expected to vest		0
Aggregate Intrinsic Value, Exercisable		$ 0
Melco International Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		14,200,000
Number of Share Options, Ending Balance		14,200,000
Number of Shares Options, Expected to vest		14,200,000
Number of Shares Options, Exercisable		14,200,000
Weighted-Average Exercise Price, Beginning Balance		$ 2.43
Weighted-Average Exercise Price, Ending Balance		2.43
Weighted-Average Exercise Price, Expected to vest		2.43
Weighted-Average Exercise Price, Exercisable		$ 2.43
Weighted-Average Remaining Contractual Term, Outstanding		6 years 8 months 8 days
Weighted-Average Remaining Contractual Term, Expected to vest		6 years 8 months 8 days
Weighted-Average Remaining Contractual Term, Exercisable		6 years 8 months 8 days
Aggregate Intrinsic Value, Outstanding		$ 0
Aggregate Intrinsic Value, Fully vested and expected to vest		0
Aggregate Intrinsic Value, Exercisable		$ 0
2021 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance		0
Number of Share Options, Granted		2,874,285
Number of Share Options, Granted under the Option Exchange Program		2,486,241
Number of Share Options, Ending Balance		5,360,526
Number of Shares Options, Expected to vest		5,360,526
Number of Shares Options, Exercisable		0
Weighted-Average Exercise Price, Beginning Balance		$ 0
Weighted-Average Exercise Price, Granted		2.47
Weighted-Average Exercise Price, Granted under the Option Exchange Program		2.47
Weighted-Average Exercise Price, Ending Balance		2.47
Weighted-Average Exercise Price, Expected to vest		2.47
Weighted-Average Exercise Price, Exercisable		$ 0
Weighted-Average Remaining Contractual Term, Outstanding		9 years 3 months 3 days
Weighted-Average Remaining Contractual Term, Expected to vest		9 years 3 months 3 days
Aggregate Intrinsic Value, Outstanding		$ 7,326
Aggregate Intrinsic Value, Fully vested and expected to vest		7,326
Aggregate Intrinsic Value, Exercisable		$ 0

SHARE-BASED COMPENSATION - Summary of Restricted Shares Activity (Detail) - Restricted shares [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Unvested Beginning Balance	18,531,384
Number of Restricted Shares, Vested	(10,282,560)
Number of Restricted Shares, Forfeited	(543,504)
Number of Restricted Shares, Unvested Ending Balance	7,705,320	18,531,384
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 5.35
Weighted-Average Grant Date Fair Value, Granted	0	$ 6.07	$ 4.17
Weighted-Average Grant Date Fair Value, Vested	5.29
Weighted-Average Grant Date Fair Value, Forfeited	5.57
Weighted-Average Grant Date Fair Value, Ending Balance	$ 5.42	$ 5.35
2021 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	19,282,521
Number of Restricted Shares, Granted under the option exchange program shares	5,912,547
Number of Restricted Shares, Vested	(5,574,357)
Number of Restricted Shares, Forfeited	(437,283)
Number of Restricted Shares, Unvested Ending Balance	19,183,428	0
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 0
Weighted-Average Grant Date Fair Value, Granted	2.35
Weighted-Average Grant Date Fair Value, Granted under the option exchange program shares	2.27
Weighted-Average Grant Date Fair Value, Vested	2.33
Weighted-Average Grant Date Fair Value, Forfeited	2.4
Weighted-Average Grant Date Fair Value, Ending Balance	$ 2.33	$ 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	1,626,000
Number of Restricted Shares, Vested	(1,626,000)
Number of Restricted Shares, Unvested Ending Balance	0	1,626,000
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 2.43
Weighted-Average Grant Date Fair Value, Vested	2.43
Weighted-Average Grant Date Fair Value, Ending Balance	$ 0	$ 2.43

SHARE-BASED COMPENSATION - Information for Restricted Shares (Detail) - Restricted shares [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 0	$ 6.07	$ 4.17
Grant date fair value of restricted shares vested	$ 54,424	$ 43,533	$ 20,317
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares vested	$ 0	$ 351	$ 1,030

SHARE-BASED COMPENSATION - Impact of Share Options and Restricted Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	$ 74,491	$ 71,144	$ 57,271
Less: Share-based compensation expenses capitalized in property and equipment	(2,682)	(3,187)	(2,879)
Share-based compensation expenses recognized in general and administrative expenses	71,809	67,957	54,392
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	38,823	53,466	49,579
2021 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	32,803	10,929	0
MRP Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	0	108	671
Melco International Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	$ 2,865	$ 6,641	$ 7,021

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Amount of employer contributions into the defined contribution retirement benefits schemes	$ 26,688	$ 26,984	$ 30,310

DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reserve Quantities [Line Items]
Aggregate balance of legal reserves	$ 31,524	$ 31,524
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
	Mar. 12, 2020	Dec. 31, 2022	Dec. 31, 2020
Dividends [Line Items]
Dividends			$ 79,116
The period that the quarterly dividend program was suspended		2020-05
Retained Earnings (Accumulated losses) [Member]
Dividends [Line Items]
Dividends			79,116
Quarterly Dividend [Member]
Dividends [Line Items]
Dividends paid amount per share	$ 0.05504
Quarterly Dividend [Member] \| Retained Earnings (Accumulated losses) [Member]
Dividends [Line Items]
Dividends			$ 79,116

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
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
Date of supplemental agreement adjusting monthly payments from 2019 to 2022	Mar. 22, 2021
MRP Lease Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
Date of supplemental agreement adjusting rental payments for 2020 and 2021	Mar. 22, 2021
Date of the second supplemental agreement adjusting rental payments from 2022 to 2033	Oct. 31, 2022
Date of the first supplemental agreement adjusting rental payments from 2022 to 2033	Aug. 19, 2022

COMMITMENTS AND CONTINGENCIES - Additional Information -Capital Commitments (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Capital commitments	$ 78,497

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Gaming Subconcession Macau (Detail) MOP$ in Thousands		12 Months Ended
	Sep. 08, 2006	Dec. 31, 2022 USD ($) Table	Dec. 31, 2022 MOP (MOP$) Table	Dec. 31, 2022 MOP (MOP$)	Dec. 09, 2022 USD ($)	Dec. 09, 2022 MOP (MOP$)	Sep. 20, 2022 USD ($)	Sep. 20, 2022 MOP (MOP$)
Commitments And Contingencies [Line Items]
Maximum beneficiary amount					$ 124,319,000	MOP$ 1,000,000	$ 101,942,000	MOP$ 820,000
Period that the bank guarantee was released		2023-01	2023-01
Guarantee until the 180th day after the termination date of the gaming subconcession [Member]
Commitments And Contingencies [Line Items]
Maximum beneficiary amount		$ 37,296,000		MOP$ 300,000
Percentage of guarantee amount payable quarterly to bank		1.75%	1.75%
Period that the bank guarantee was released		2023-01	2023-01
Effective date that the bank guarantee was not enforceable		Jan. 01, 2023	Jan. 01, 2023
Guarantee until the expiry of the gaming subconcession [Member]
Commitments And Contingencies [Line Items]
Period that the bank guarantee was released		2023-01	2023-01
Effective date that the bank guarantee was not enforceable		Jan. 01, 2023	Jan. 01, 2023
Special gaming tax [Member]
Commitments And Contingencies [Line Items]
Percentage of gross revenues of the gaming business operations on a monthly basis		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 on a monthly basis		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
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
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
Gaming subconcession macau agreement [member]
Commitments And Contingencies [Line Items]
Fixed annual premium		3,730,000	MOP$ 30,000
Extended expiry date of the gaming subconcession	Dec. 31, 2022
Original expiry date of the gaming subconcession	Jun. 26, 2022
Gaming subconcession macau agreement [member] \| Guarantee until the expiry of the gaming subconcession [Member]
Commitments And Contingencies [Line Items]
Maximum beneficiary amount							$ 101,942,000	MOP$ 820,000
The predefined amount for calculating the fee payable quarterly to bank		$ 50,971,000		MOP$ 410,000
The percentage based on the predefined amount to calculate the fee payable quarterly to bank		0.90%		0.90%

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Concession (Detail)			12 Months Ended
	Dec. 16, 2022 USD ($) Table ElectronicGamingMachines	Dec. 16, 2022 MOP (MOP$) Table ElectronicGamingMachines	Dec. 31, 2022 USD ($) Table	Dec. 31, 2022 MOP (MOP$) Table	Dec. 16, 2022 MOP (MOP$)	Dec. 09, 2022 USD ($)	Dec. 09, 2022 MOP (MOP$)	Sep. 20, 2022 USD ($)	Sep. 20, 2022 MOP (MOP$)
Commitments and Contingencies [Line Items]
Maximum beneficiary amount						$ 124,319,000	MOP$ 1,000,000,000	$ 101,942,000	MOP$ 820,000,000
Gaming table not reserved exclusively for certain kind of games or to certain players [Member]
Commitments and Contingencies [Line Items]
Minimum number of tables			100	100
Variable annual premium per unit			$ 19,000	MOP$ 150,000
Gaming table reserved exclusively for certain kind of games or to certain players [Member]
Commitments and Contingencies [Line Items]
Minimum number of tables			100	100
Variable annual premium per unit			$ 37,000	MOP$ 300,000
Gaming Concession Agreement [Member]
Commitments and Contingencies [Line Items]
Special Premiium	the difference between the amount of the special gaming tax paid by Melco Resorts Macau and the amount that would be paid under the annual minimum set average gross gaming revenue for gaming tables and electronic gaming machines.	the difference between the amount of the special gaming tax paid by Melco Resorts Macau and the amount that would be paid under the annual minimum set average gross gaming revenue for gaming tables and electronic gaming machines.
Minimum amount of registered share capital and net asset that needs to be maintained	$ 621,597,000				MOP$ 5,000,000,000
Minimum percentage of registered share capital that needs to be held by the managing director	15.00%				15.00%
Total committed investment amount including gaming and non-gaming related projects	$ 1,469,916,000	MOP$ 11,823,700,000
Total committed investment amount for non-gaming related projects	1,244,189,000	10,008,000,000
Incremental Investment Trigger	$ 22,377,500,000	MOP$ 180,000,000,000
Percentage of guarantee amount payable yearly to bank	0.03%	0.03%
Concession fee per square meter of the casino to the government for the use of gaming and gaming support areas and equipment and utensils for year 1 to 3	$ 100	MOP$ 750
Concession fee per square meter of the casino to the government for the use of gaming and gaming support areas and equipment and utensils for year 4 to 10	300	2,500
Fixed annual premium	$ 3,730,000	MOP$ 30,000,000
Gaming Concession Agreement [Member] \| Gaming Table [Member]
Commitments and Contingencies [Line Items]
Minimum number of tables	500	500
The annual minimum amount of average gross gaming revenue that needs to be reached otherwise triggers a special premium	$ 870,000	MOP$ 7,000,000
Gaming Concession Agreement [Member] \| Urban Development, Touristic Promotion and Social Security [Member]
Commitments and Contingencies [Line Items]
Percentage of contributions of gross gaming revenue on a monthly basis	3.00%	3.00%
Gaming Concession Agreement [Member] \| Public Fund [Member]
Commitments and Contingencies [Line Items]
Percentage of contributions of gross gaming revenue on a monthly basis	2.00%	2.00%
Gaming Concession Agreement [Member] \| Electronic Gaming Machine [Member]
Commitments and Contingencies [Line Items]
Minimum number of electronic gaming machines \| ElectronicGamingMachines	1,000	1,000
The annual minimum amount of average gross gaming revenue that needs to be reached otherwise triggers a special premium	$ 37,000	MOP$ 300,000
Variable annual premium per unit	100	1,000
Gaming Concession Agreement [Member] \| 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	150,000
Gaming Concession Agreement [Member] \| 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
Gaming Concession Agreement [Member] \| Special gaming tax [Member]
Commitments and Contingencies [Line Items]
Percentage of gross gaming revenues on a monthly basis	35.00%	35.00%
Gaming Concession Agreement [Member] \| Incremental investment trigger year one to five [Member]
Commitments and Contingencies [Line Items]
Incremental non-gaming investment in case the Incremental Investment Trigger is reached	$ 249,012,000	MOP$ 2,003,000,000
The percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached	20.00%	20.00%
Gaming Concession Agreement [Member] \| Incremental investment trigger year six [Member]
Commitments and Contingencies [Line Items]
The percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached	16.00%	16.00%
Gaming Concession Agreement [Member] \| Incremental investment trigger year seven [Member]
Commitments and Contingencies [Line Items]
The percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached	12.00%	12.00%
Gaming Concession Agreement [Member] \| Incremental investment trigger year eight [Member]
Commitments and Contingencies [Line Items]
The percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached	8.00%	8.00%
Gaming Concession Agreement [Member] \| Incremental investment trigger year nine [Member]
Commitments and Contingencies [Line Items]
The percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached	4.00%	4.00%
Gaming Concession Agreement [Member] \| Incremental investment trigger year ten [Member]
Commitments and Contingencies [Line Items]
The percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached
Gaming Concession Agreement [Member] \| Guarantee until the 180th day after the earlier of the expiration and termination of the gaming concession [Member]
Commitments and Contingencies [Line Items]
Maximum beneficiary amount	$ 124,319,000				MOP$ 1,000,000,000

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Regular License Philippines (Detail) ₱ in Thousands, $ in Thousands			12 Months Ended
	Mar. 15, 2022 USD ($)	Mar. 15, 2022 PHP (₱)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 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]
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			$ 1,782	₱ 100,000
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%
The period that the monthly minimum guarantee fee on certain games discontinued			June 2022	June 2022
The date that the monthly minimum guarantee fee on certain games reinstated			March 2, 2023	March 2, 2023
Monthly minimum guarantee fee on certain games	$ 5	₱ 300
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, MOP$ in Thousands, $ in Thousands, $ in Thousands			1 Months Ended		12 Months Ended
	Sep. 20, 2022 USD ($)	Sep. 20, 2022 MOP (MOP$)	Oct. 31, 2013 USD ($)	Oct. 31, 2013 HKD ($)	Dec. 31, 2022 USD ($) Agreement	Dec. 31, 2022 PHP (₱) Agreement	Dec. 31, 2022 MOP (MOP$) Agreement
Commitments And Contingencies [Line Items]
Amount of promissory note issued to a bank for bank guarantee to Macau Government under gaming subconcession	$ 101,942	MOP$ 820,000			$ 68,376		MOP$ 550,000
Period that the promissory notes issued to a bank for bank guarantee to Macau Government under gaming subconcession is released					2023-01	2023-01	2023-01
Date that the promissory notes issued to a bank for bank guarantee to Macau Government under gaming subconcession is not enforceable					Jan. 01, 2023	Jan. 01, 2023	Jan. 01, 2023
PAGCOR [Member]
Commitments And Contingencies [Line Items]
Amount of surety bond required to ensure prompt and punctual remittance/payment of license fees					$ 1,782	₱ 100,000
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			$ 25,610	$ 200,000
Credit facility utilized					$ 640
Credit facility, maturity date					Aug. 31, 2021	Aug. 31, 2021	Aug. 31, 2021
Studio City [Member] \| Trade Credit Facility [Member] \| Extended Maturity [Member]
Commitments And Contingencies [Line Items]
Credit facility, maturity date					Aug. 31, 2023	Aug. 31, 2023	Aug. 31, 2023

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Gaming License in Cyprus (Detail) - Cyprus License Agreement [Member] € in Thousands, $ in Thousands			1 Months Ended
	Jun. 26, 2017 USD ($) Satellite	Jun. 26, 2017 EUR (€)	Feb. 28, 2023	Feb. 28, 2021	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
Maximum Penalty Payable For Failing To Open By The Opening Date	$ 1,070				€ 1,000
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				Sep. 30, 2022
Deadline to open the integrated casino resort			June 30, 2023
Three operating satellite casinos [Member]
Commitments and Contingencies [Line Items]
Annual license fee	$ 2,141	€ 2,000
First Four Years [Member] \| Temporary Casino And Integrated Casino Resort [Member]
Commitments and Contingencies [Line Items]
Annual license fee	2,676	2,500
Second Four Years [Member] \| Temporary Casino And Integrated Casino Resort [Member]
Commitments and Contingencies [Line Items]
Annual license fee	5,352	5,000
After completion of the first eight years [Member]
Commitments and Contingencies [Line Items]
Minimum annual license fee	$ 5,352	€ 5,000
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

COMMITMENTS AND CONTINGENCIES - Additional Information - Litigation (Detail) - Dec. 07, 2021 $ in Thousands, $ in Thousands	USD ($)	AUD ($)
Commitments And Contingencies [Line Items]
Amount sought by the other party in a litigation	$ 2,664	$ 3,676

RELATED PARTY TRANSACTIONS - Schedule of Significant Related Party Transactions (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Share-based compensation expenses

$ 71,809

$ 67,957

$ 54,392

Melco International and its Subsidiaries | Transactions with affiliated companies [Member]

Revenues and income (services provided by the Company):

Shared service fee income for corporate office

2,188

1,345

1,521

Loan interest income

16,133

Costs and expenses (services provided to the Company):

Management fee expenses

^[1]

1,394

1,749

1,477

Share-based compensation expenses

^[2]

$ 2,865

$ 6,641

$ 7,021

[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 represents the share-based compensation expenses related to the grant of certain share-based awards under the Melco International Share Incentive Plan to an employee of the Company. Further information on the share-based compensation arrangements is included in Note 18.

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Mar. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Debt principal amount		$ 8,449,459	$ 6,599,949
Independent Director of Melco [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Debt principal amount		8,500	5,500
Interest Expense, Related Party		497	316	$ 258
Lawrence Yau Lung Ho and his controlled entity [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Debt principal amount		60,000	60,000
Interest Expense, Related Party		3,300	$ 4,494	$ 1,740
Melco International [Member] \| Facility Agreement [Member]
Related Party Transaction [Line Items]
Receivable face amount	$ 250,000
Related party transaction rate	11.00%
Loans receivable related party		$ 200,000

RELATED PARTY TRANSACTIONS - Summary of Payables to Affiliated Companies (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Payables to Affiliated Companies	$ 761	$ 1,548
Subsidiaries of Melco International \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Payables to Affiliated Companies	761	1,536
Others \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Payables to Affiliated Companies	$ 0	$ 12

RELATED PARTY TRANSACTIONS - Summary of Receivables from Affiliated Companies (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 630	$ 384
Melco International and its subsidiaries and joint venture [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	563	384
Other [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 67	$ 0

SEGMENT INFORMATION - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Region	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Total assets	$ 9,301,784	$ 8,883,690	$ 9,020,967
Operating revenues	1,349,977	2,012,356	1,727,923
Corporate and Other [Member]
Concentration Risk [Line Items]
Total assets	1,426,331	856,991	945,360
Operating revenues	$ 17,645	30,773	25,913
Corporate and Other [Member] \| Grand Dragon Casino [Member]
Concentration Risk [Line Items]
Total assets		4,966	2,990
Operating revenues		$ 24,189	$ 18,345
Geographic [Member]
Concentration Risk [Line Items]
Number of geographic areas \| Region	3

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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SEGMENT INFORMATION - Total Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total consolidated assets	$ 9,301,784	$ 8,883,690	$ 9,020,967
Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	6,928,211	6,998,134	7,135,896
Mocha and Other [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	122,499	121,214	132,304
Altira Macau [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	239,575	266,161	307,657
City of Dreams [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	2,641,875	2,942,233	3,288,051
Studio City [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	3,924,262	3,668,526	3,407,884
City of Dreams Manila [Member] \| The Philippines [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	381,579	576,794	613,664
Cyprus Operations [Member] \| Cyprus [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	565,663	451,771	326,047
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	$ 1,426,331	$ 856,991	$ 945,360

SEGMENT INFORMATION - Capital Expenditures (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total capital expenditures	$ 598,414	$ 782,150	$ 464,253
Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	456,053	565,794	348,648
Mocha and Other [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	1,704	1,368	3,490
Altira Macau [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	3,303	6,123	11,519
City of Dreams [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	21,684	52,520	119,014
Studio City [Member] \| Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	429,362	505,783	214,625
City of Dreams Manila [Member] \| The Philippines [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	4,986	22,912	15,622
Cyprus Operations [Member] \| Cyprus [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	131,419	186,361	74,523
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	$ 5,956	$ 7,083	$ 25,460

SEGMENT INFORMATION - Results of Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 1,349,977

$ 2,012,356

$ 1,727,923

Payments to the Philippine Parties

^[1]

569

235,099

(104,276)

Operating costs and expenses:

(28,894)

(26,371)

(12,989)

Pre-opening costs

(15,585)

(4,157)

(1,322)

Development costs

(30,677)

(25,616)

Amortization of gaming subconcession

(32,785)

(57,276)

(57,411)

Amortization of land use rights

(22,662)

(22,832)

(22,886)

Depreciation and amortization

(466,492)

(499,739)

(538,233)

Land rent to Belle

(2,318)

(2,848)

(3,195)

Share-based compensation

(71,809)

(67,957)

(54,392)

Property charges and other

(39,982)

(30,575)

(47,223)

Corporate and Other expenses

(63,147)

(70,118)

(73,014)

Total operating costs and expenses

(743,674)

(812,550)

(836,281)

Operating loss

(743,105)

(577,451)

(940,557)

Non-operating income (expenses):

Interest income

26,458

6,618

5,134

Interest expenses, net of amounts capitalized

(376,722)

(350,544)

(340,839)

Other financing costs

(6,396)

(11,033)

(7,955)

Foreign exchange gains (losses), net

3,904

4,566

(2,079)

Other income (expenses), net

3,930

3,082

(150,969)

Loss on extinguishment of debt

(28,817)

(19,952)

Costs associated with debt modification

(310)

Total non-operating expenses, net

(348,826)

(376,128)

(516,970)

Loss before income tax

(1,091,931)

(953,579)

(1,457,527)

Income tax (expense) benefit

(5,236)

(2,885)

2,913

Net loss

(1,097,167)

(956,464)

(1,454,614)

Net loss attributable to noncontrolling interests

166,641

144,713

191,122

Net loss attributable to Melco Resorts & Entertainment Limited

(930,526)

(811,751)

(1,263,492)

Corporate and Other [Member]

17,645

30,773

25,913

Macau [Member]

844,685

1,660,355

1,426,317

Macau [Member] | Mocha and Other [Member]

^[1]

(170,053)

144,544

(135,539)

76,403

84,954

65,322

Macau [Member] | Altira Macau [Member]

^[1]

10,291

17,054

3,560

32,615

56,205

108,854

Macau [Member] | City of Dreams [Member]

^[1]

(43,020)

(53,974)

(58,773)

559,684

1,146,919

985,619

Macau [Member] | Studio City [Member]

^[1]

(32,160)

201,954

(1,326)

175,983

372,277

266,522

The Philippines [Member] | City of Dreams Manila [Member]

^[1]

(105,164)

(20,490)

(79,000)

396,392

268,597

224,688

Cyprus [Member] | Cyprus Operations [Member]

^[1]

146,926

88,962

28,983

91,255

52,631

51,005

^[1]

$ 23,696

$ 1,593

$ 2,280

[1]

Adjusted property EBITDA” is net loss 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 and Other, 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.

SEGMENT INFORMATION - Long-Lived Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-Lived Assets [Line Items]
Total long-lived assets	$ 6,725,708	$ 6,833,633	$ 6,720,754
Macau [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	6,068,502	6,080,616	6,054,014
The Philippines [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	141,765	341,307	369,664
Cyprus [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	485,570	378,738	232,374
Hong Kong and other foreign countries [Member]
Long-Lived Assets [Line Items]
Total long-lived assets	$ 29,871	$ 32,972	$ 64,702

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES - Additional Information (Detail) ₱ / shares in Units, $ / shares in Units, ₱ in Thousands, $ in Thousands		2 Months Ended		12 Months Ended
	Jun. 05, 2020 $ / shares	Mar. 31, 2022 USD ($) shares	Aug. 31, 2020 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 PHP (₱) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 PHP (₱) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2022 ₱ / shares	Jun. 05, 2020 ₱ / shares
Studio City [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Increase in additional paid-in capital resulting from the private placements				$ 879		$ 0		$ 42
Studio City [Member] \| 2022 Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from Issuance of Private Placement		$ 300,000
Increase in additional paid-in capital resulting from the private placements		879
Proceeds from Noncontrolling Interests		$ 134,944
Studio City [Member] \| 2020 Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from Issuance of Private Placement			$ 500,000
Increase in additional paid-in capital resulting from the private placements			42
Proceeds from Noncontrolling Interests			$ 219,198
Studio City [Member] \| Class A Ordinary Shares [Member] \| 2022 Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares \| shares		400,000,000
Studio City [Member] \| Class A Ordinary Shares [Member] \| 2020 Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares \| shares			72,185,488
Studio City [Member] \| American Depositary Share (ADS) [Member] \| 2020 Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares \| shares			14,087,299
Studio City [Member] \| Equivalent Class A Ordinary Shares for ADS [Member] \| 2020 Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares \| shares			56,349,196
Melco Resorts and Entertainment (Philippines) [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease in additional paid-in capital resulting from certain transactions during the period								$ 62
Number of original common shares representing one Whole Share after the Reverse Stock Split \| shares				500,000	500,000
Stock purchased During Period, Shares \| shares				50.906	50.906	123.103	123.103
Consideration of stock purchased				$ 3,310	₱ 175,173	$ 8,518	₱ 440,032
Decrease in additional paid-in capital resulting from stock purchased from noncontrolling interest				$ 2,952		$ 6,951
Melco Resorts and Entertainment (Philippines) [Member] \| Before Reverse Stock Split [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Share price \| (per share)				$ 0.02					₱ 1
Melco Resorts and Entertainment (Philippines) [Member] \| Fractional Share Elimination Plan [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Share price \| (per share)	$ 0.14									₱ 7.25
Duration of the plan (in years)	2 years
Extended period of the plan				August 15, 2022 to November 15, 2022	August 15, 2022 to November 15, 2022
Expiry date of the plan	June 4, 2022

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES - Effects of Changes in Company's Ownership Interest (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net loss attributable to Melco Resorts & Entertainment Limited	$ (930,526)	$ (811,751)	$ (1,263,492)
Transfers (to) from noncontrolling interests:
Changes from net loss attributable to Melco Resorts & Entertainment Limited's shareholders and transfers from noncontrolling interests	(932,599)	(818,702)	(1,263,512)
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	0	0	(16)
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the open market	(2,952)	(6,951)	(46)
Sub-total	(2,952)	(6,951)	(62)
Studio City [Member]
Transfers (to) from noncontrolling interests:
Increase in additional paid-in capital resulting from the private placements	879	0	42
Sub-total	$ 879	$ 0	$ 42

SUBSEQUENT EVENTS - Additional Information (Detail) $ / shares in Units, $ in Thousands, $ in Thousands							12 Months Ended
	Mar. 10, 2023 USD ($) $ / shares shares	Jan. 30, 2023 USD ($)	Jan. 18, 2023 USD ($)	Jan. 10, 2023 USD ($)	Jan. 05, 2023 USD ($)	Jan. 05, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 08, 2023 shares
Subsequent Event [Line Items]
Repayments of long-term debt							$ 0	$ 502,831	$ 1,454,837
Shares repurchased by the Company							$ 189,161	$ 52,026	$ 44,977
Subsequent Event [Member] \| Melco International Repurchase Program 2023 [Member]
Subsequent Event [Line Items]
Stock repurchase program, Number of shares authorized to be repurchased \| shares										40,373,076
Shares repurchased by the Company	$ 169,836
Treasury stock acquired, Average cost per share \| $ / shares	$ 4.2067
Retirement of shares (in shares) \| shares	40,373,076
Subsequent Event [Member] \| Melco International Repurchase Program 2023 [Member] \| ADR [Member]
Subsequent Event [Line Items]
Treasury stock acquired, Average cost per share \| $ / shares	$ 12.62
Subsequent Event [Member] \| Facility Agreement [Member] \| Melco International [Member]
Subsequent Event [Line Items]
Proceeds from repayments of loans to an affiliated company			$ 200,000
Subsequent Event [Member] \| 2020 Credit Facilities [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Repayments of long-term debt		$ 170,000			$ 680,074	$ 5,311,047
Drawdown from credit facilities				$ 300,000

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - BALANCE SHEETS (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,812,729	$ 1,652,890
Receivables from affiliated companies	630	384
Prepaid expenses and other current assets	119,410	109,330
Total current assets	2,074,672	1,868,746
Receivables from an affiliated company	216,333	0
Deferred tax assets	638	4,029
Total assets	9,301,784	8,883,690	$ 9,020,967
Current liabilities:
Accrued expenses and other current liabilities	809,305	935,483
Income tax payable	11,610	11,913
Payables to an affiliated company	761	1,548
Total current liabilities	1,198,626	1,021,883
Other long-term liabilities	33,712	30,520
Total liabilities	9,616,146	8,063,805
Shareholders' (deficit) equity:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,445,052,143 and 1,456,547,942 shares issued; 1,335,307,327 and 1,423,370,314 shares outstanding, respectively	14,451	14,565
Treasury shares, at cost; 109,744,816 and 33,177,628 shares, respectively	(241,750)	(132,856)
Additional paid-in capital	3,218,895	3,238,600
Accumulated other comprehensive losses	(111,969)	(76,008)
Accumulated losses	(3,729,952)	(2,799,555)
Total shareholders' (deficit) equity	(850,325)	244,746
Total liabilities and shareholders' (deficit) equity	9,301,784	8,883,690
Parent Company [Member]
Current assets:
Cash and cash equivalents	7,407	4,069
Receivables from affiliated companies	779	390
Receivables from subsidiaries	157,737	200,913
Prepaid expenses and other current assets	9,527	9,467
Total current assets	175,450	214,839
Investments in subsidiaries	423,520	1,338,568
Receivables from an affiliated company	216,333	0
Receivables from a subsidiary	165,056	0
Deferred tax assets	0	3,314
Total assets	980,359	1,556,721
Current liabilities:
Accrued expenses and other current liabilities	26,811	17,440
Income tax payable	1,417	931
Payables to an affiliated company	75	60
Payables to subsidiaries	260,720	249,155
Total current liabilities	289,023	267,586
Other long-term liabilities	227	1,512
Payables to subsidiaries	1,541,434	1,042,877
Total liabilities	1,830,684	1,311,975
Shareholders' (deficit) equity:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,445,052,143 and 1,456,547,942 shares issued; 1,335,307,327 and 1,423,370,314 shares outstanding, respectively	14,451	14,565
Treasury shares, at cost; 109,744,816 and 33,177,628 shares, respectively	(241,750)	(132,856)
Additional paid-in capital	3,218,895	3,238,600
Accumulated other comprehensive losses	(111,969)	(76,008)
Accumulated losses	(3,729,952)	(2,799,555)
Total shareholders' (deficit) equity	(850,325)	244,746
Total liabilities and shareholders' (deficit) equity	$ 980,359	$ 1,556,721

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - BALANCE SHEETS (Detail) (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,445,052,143	1,456,547,942
Ordinary shares, outstanding	1,335,307,327	1,423,370,314
Treasury shares, shares	109,744,816	33,177,628
Parent Company [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,445,052,143	1,456,547,942
Ordinary shares, outstanding	1,335,307,327	1,423,370,314
Treasury shares, shares	109,744,816	33,177,628

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - STATEMENTS OF OPERATIONS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Operating revenues	$ 1,349,977	$ 2,012,356	$ 1,727,923
Operating costs and expenses:
General and administrative	(423,225)	(426,407)	(424,398)
Development costs	0	(30,677)	(25,616)
Property charges and other	(39,982)	(30,575)	(47,223)
Total operating costs and expenses	(2,093,082)	(2,589,807)	(2,668,480)
Operating loss	(743,105)	(577,451)	(940,557)
Non-operating income (expenses):
Interest income	26,458	6,618	5,134
Interest expense	376,722	350,544	340,839
Foreign exchange gains (losses), net	3,904	4,566	(2,079)
Other income, net	3,930	3,082	(150,969)
Total non-operating expenses, net	(348,826)	(376,128)	(516,970)
Loss before income tax	(1,091,931)	(953,579)	(1,457,527)
Income tax (expense) benefit	(5,236)	(2,885)	2,913
Net loss	(1,097,167)	(956,464)	(1,454,614)
Parent Company [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues	15,340	9,547	14,614
Operating costs and expenses:
General and administrative	(50,532)	(51,285)	(60,688)
Development costs	0	(32,000)	(30,242)
Property charges and other	(406)	(956)	(3,782)
Total operating costs and expenses	(50,938)	(84,241)	(94,712)
Operating loss	(35,598)	(74,694)	(80,098)
Non-operating income (expenses):
Interest income	16,151	20	58
Interest expense	(3,165)	0	0
Foreign exchange gains (losses), net	7,437	6,211	(4,871)
Other income, net	11,220	15,092	14,530
Share of results of subsidiaries	(922,771)	(755,678)	(1,195,569)
Total non-operating expenses, net	(891,128)	(734,355)	(1,185,852)
Loss before income tax	(926,726)	(809,049)	(1,265,950)
Income tax (expense) benefit	(3,800)	(2,702)	2,458
Net loss	$ (930,526)	$ (811,751)	$ (1,263,492)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - COMPREHENSIVE LOSS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Statement of Income Captions [Line Items]
Net loss	$ (1,097,167)	$ (956,464)	$ (1,454,614)
Other comprehensive (loss) income:
Other comprehensive (loss) income	(41,082)	(78,992)	20,394
Total comprehensive loss	(966,487)	(876,427)	(1,256,021)
Parent Company [Member]
Condensed Statement of Income Captions [Line Items]
Net loss	(930,526)	(811,751)	(1,263,492)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(35,961)	(64,676)	7,471
Other comprehensive (loss) income	(35,961)	(64,676)	7,471
Total comprehensive loss	$ (966,487)	$ (876,427)	$ (1,256,021)

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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