Melco Resorts & Entertainment Files 20-F

TL;DR

Melco's 20-F is in, showing 2023 financials and how they measure property performance with Adjusted EBITDA.

AI Summary

Melco Resorts & Entertainment Ltd. filed its 20-F for the fiscal year ending December 31, 2023. The filing details financial performance and operational aspects of its integrated resort properties. The company utilizes "Adjusted property EBITDA" as a key metric to assess the operating performance of its various Macau and Manila-based properties, excluding items like interest, taxes, and share-based compensation.

Why It Matters

This filing provides investors with a comprehensive overview of Melco's financial health and operational strategies for its casino and resort businesses, crucial for understanding its market position.

Risk Assessment

Risk Level: medium — The company operates in the highly regulated and cyclical gaming and hospitality industry, which is subject to economic downturns and changing consumer preferences.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end date for the reporting period covered by the 20-F.)

Key Players & Entities

• Melco Resorts & Entertainment LTD (company) — Filer of the 20-F
• Melco International (company) — Provider of senior management services
• Melco Crown Entertainment LTD (company) — Former company name
• Melco PBL Entertainment (Macau) LTD (company) — Former company name

FAQ

From the Filing

0001193125-24-074554.txt : 20240322 0001193125-24-074554.hdr.sgml : 20240322 20240322073055 ACCESSION NUMBER: 0001193125-24-074554 CONFORMED SUBMISSION TYPE: 20-F PUBLIC DOCUMENT COUNT: 166 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240322 DATE AS OF CHANGE: 20240322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Melco Resorts & Entertainment LTD CENTRAL INDEX KEY: 0001381640 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 20-F SEC ACT: 1934 Act SEC FILE NUMBER: 001-33178 FILM NUMBER: 24773092 BUSINESS ADDRESS: STREET 1: 38TH FLOOR, THE CENTRIUM. STREET 2: 60 WYNDHAM STREET, CENTRAL CITY: HONG KONG. STATE: K3 ZIP: 00000 BUSINESS PHONE: (852) 2598 3600 MAIL ADDRESS: STREET 1: 38TH FLOOR, THE CENTRIUM. STREET 2: 60 WYNDHAM STREET, CENTRAL CITY: HONG KONG. STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: Melco Crown Entertainment LTD DATE OF NAME CHANGE: 20080723 FORMER COMPANY: FORMER CONFORMED NAME: Melco PBL Entertainment (Macau) LTD DATE OF NAME CHANGE: 20061120 20-F 1 d520585d20f.htm FORM 20-F Form 20-F Table of Contents false FY 0001381640 American depositary shares each representing three ordinary shares 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. “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 City of Dreams Mediterranean and Other and to compare the operating performance of its properties with those of its competitors. 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, 2023, the gross amount of goodwill and accumulated impairment were $81,582 and nil, respectively. As of December 31, 2023 and 2022, the current portion of restricted cash included bank time deposits of nil and $50,971, respectively. On September 20, 2022, Melco Resorts Macau provided a bank guarantee in an amount of Macau Patacas (“MOP”) 820,000 (equivalent to $101,942) to the Macau government to guarantee the satisfaction of any labor liabilities upon expiry of the previous gaming 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. As of December 31, 2023 and 2022, the non-current portion of restricted cash included bank time deposits of $124,556 and $124,592, 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, the amount of 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