Melco Resorts & Entertainment LTD 6-K, filed May 27, 2025
Melco Resorts & Entertainment LTD (MLCO)
About this 6-K
Melco Resorts & Entertainment LTD filed this 6-K on May 27, 2025.
Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a–16 OR 15d–16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number: 001-33178
MELCO RESORTS & ENTERTAINMENT LIMITED
71 Robinson Road
#04-03
Singapore (068895)
and
38th Floor, The Centrium
60 Wyndham Street
Central
Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20–F or Form 40–F. Form 20-F ☒ Form 40-F ☐
Table of Contents
Table of Contents
Explanatory Note
The supplemental information regarding Melco Resorts & Entertainment Limited furnished under this Form 6-K is included in a circular, dated May 26, 2025, provided by Melco International Development Limited, a company whose shares are listed on The Stock Exchange of Hong Kong Limited, to its shareholders in relation to the implementation of the share repurchase program of Melco Resorts & Entertainment Limited to the extent repurchases are made from the open market.
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Table of Contents
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MELCO RESORTS & ENTERTAINMENT LIMITED | ||
| By: | /s/ Geoffrey Davis | |
| Name: | Geoffrey Davis, CFA | |
| Title: | Chief Financial Officer | |
Date: May 27, 2025
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Table of Contents
EXHIBIT INDEX
| Exhibit No. |
Description | |
| Exhibit 99.1 | Supplemental Information Regarding Melco Resorts & Entertainment Limited | |
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Exhibit 99.1
Supplemental Information Regarding Melco Resorts & Entertainment Limited
Gearing Ratio
As of December 31, 2024, December 31, 2023 and December 31, 2022, Melco Resorts’ gearing ratio (total long-term debt, net divided by total assets) were 89.6%, 89.7% and 90.4%, respectively.
Accounts Receivable
Melco Resorts issues credit in the form of markers to approved casino customers following review of creditworthiness, typically with a credit period of 14 to 28 days. An extended repayment term of up to 90 days may be offered to casino customers with large gaming losses and established credit history. Credit is/can be given to gaming promoters with unsecured credit lines in the Philippines and Cyprus based on pre-approved credit limits. When credit is granted, the Melco Resorts typically issues markers to gaming promoters with a credit period of 30 days. Credit lines granted to all approved casino customers and gaming promoters are subject to monthly review and settlement procedures.
Melco Resorts’ accounts receivable related to the rooms, food and beverage, entertainment and retail which are largely operated on cash on delivery or due immediately on the date of billing, except for those well-established customers to whom credit terms of 30-60 days may be granted.
An aging analysis of accounts receivable as of the balance sheet date, based on the due dates, is as follows:
| $ | $ | $ | ||||||||||
| As at December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| (in thousands of US$) | ||||||||||||
| Current |
$ | 43,724 | $ | 41,000 | $ | 13,311 | ||||||
| Past due: |
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| Within 1 month |
65,514 | 11,849 | 5,062 | |||||||||
| More than 1 month but within 3 months |
14,410 | 9,668 | 9,178 | |||||||||
| More than 3 months but within 6 months |
3,716 | 8,505 | 100 | |||||||||
| More than 6 months |
147,248 | 176,856 | 245,585 | |||||||||
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| 274,612 | 247,878 | 273,236 | ||||||||||
| Less: allowances for credit losses |
(130,401 | ) | (156,240 | ) | (217,244 | ) | ||||||
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| $ | 144,211 | $ | 91,638 | $ | 55,992 | |||||||
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Accounts Payable
An aging analysis of accounts payable as of the balance sheet date, based on invoice dates, is as follows:
| $ | $ | $ | ||||||||||
| As at December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| (in thousands of US$) | ||||||||||||
| Within 1 month |
$ | 17,215 | $ | 7,475 | $ | 4,165 | ||||||
| More than 1 month but within 3 months |
5,326 | 2,617 | 935 | |||||||||
| More than 3 months but within 6 months |
642 | 184 | 83 | |||||||||
| More than 6 months |
1,611 | 1,476 | 1,547 | |||||||||
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| $ | 24,794 | $ | 11,752 | $ | 6,730 | |||||||
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Directors’ and Chief Executive’s Emoluments
The emoluments paid or payable to each of the seven directors during the years ended December 31, 2024, 2023 and 2022 were as follows:
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Fees | Salaries and other benefits |
Discretionary bonus(1) |
Pension costs – defined contributions plans |
Share-based compensation |
December 31, 2024 Total |
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| (in thousands of US$) | ||||||||||||||||||||||||
| Chairman, Chief Executive Officer and Director |
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| Lawrence Yau Lung Ho |
$ | — | $ | 2,413 | $ | 4,802 | $ | 2 | $ | 8,580 | $ | 15,797 | ||||||||||||
| Directors |
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| Clarence Yuk Man Chung |
300 | — | 261 | — | 566 | 1,127 | ||||||||||||||||||
| Evan Andrew Winkler |
— | 2,000 | 2,001 | 300 | 725 | 5,026 | ||||||||||||||||||
| Independent Non-executive Directors |
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| Alec Yiu Wa Tsui |
133 | — | — | — | 151 | 284 | ||||||||||||||||||
| Thomas Jefferson Wu |
133 | — | — | — | 151 | 284 | ||||||||||||||||||
| John William Crawford |
225 | — | — | — | 151 | 376 | ||||||||||||||||||
| Francesca Galante |
120 | — | — | — | 151 | 271 | ||||||||||||||||||
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| $ | 911 | $ | 4,413 | $ | 7,064 | $ | 302 | $ | 10,475 | $ | 23,165 | |||||||||||||
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| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Fees | Salaries and other benefits |
Discretionary bonus(1) |
Pension costs – defined contributions plans |
Share-based compensation |
December 31, 2023 Total |
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| (in thousands of US$) | ||||||||||||||||||||||||
| Chairman, Chief Executive Officer and Director |
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| Lawrence Yau Lung Ho |
$ | — | $ | 2,406 | $ | — | $ | 2 | $ | 10,628 | $ | 13,036 | ||||||||||||
| Directors |
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| Clarence Yuk Man Chung |
300 | — | 252 | — | 563 | 1,115 | ||||||||||||||||||
| Evan Andrew Winkler |
— | 2,000 | 1,460 | — | 3,543 | 7,003 | ||||||||||||||||||
| Independent Non-executive Directors |
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| Alec Yiu Wa Tsui |
133 | — | — | — | 160 | 293 | ||||||||||||||||||
| Thomas Jefferson Wu |
133 | 1 | — | — | 151 | 285 | ||||||||||||||||||
| John William Crawford |
225 | — | — | — | 160 | 385 | ||||||||||||||||||
| Francesca Galante |
120 | — | — | — | 151 | 271 | ||||||||||||||||||
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| $ | 911 | $ | 4,407 | $ | 1,712 | $ | 2 | $ | 15,356 | $ | 22,388 | |||||||||||||
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| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Fees | Salaries and other benefits |
Discretionary bonus(1) |
Pension costs – defined contributions plans |
Share-based compensation |
December 31, 2022 Total |
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| (in thousands of US$) | ||||||||||||||||||||||||
| Chairman, Chief Executive Officer and Director |
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| Lawrence Yau Lung Ho |
$ | — | $ | 1,334 | $ | — | $ | 2 | $ | 20,755 | $ | 22,091 | ||||||||||||
| Directors |
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| Clarence Yuk Man Chung |
282 | 5 | — | — | 773 | 1,060 | ||||||||||||||||||
| Evan Andrew Winkler |
— | 1,004 | — | — | 8,018 | 9,022 | ||||||||||||||||||
| Independent Non-executive Directors |
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| Alec Yiu Wa Tsui |
133 | 2 | — | — | 204 | 339 | ||||||||||||||||||
| Thomas Jefferson Wu |
133 | 1 | — | — | 157 | 291 | ||||||||||||||||||
| John William Crawford |
225 | 2 | — | — | 203 | 430 | ||||||||||||||||||
| Francesca Galante |
120 | 1 | — | — | 157 | 278 | ||||||||||||||||||
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| $ | 893 | $ | 2,349 | $ | — | $ | 2 | $ | 30,267 | $ | 33,511 | |||||||||||||
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| (1) | The discretionary bonus was determined based on the financial performance of Melco Resorts for the years ended December 31, 2024, 2023 and 2022. |
None of the directors waived any emoluments for the years ended December 31, 2024, 2023 and 2022.
Five Highest Paid Employees
For each of the years ended December 31, 2024, 2023 and 2022, the five highest paid employees of Melco Resorts included two directors. Details of the remuneration for the years ended December 31, 2024, 2023 and 2022 of the remaining three highest paid employees who are neither a director nor the Chief Executive of Melco Resorts are as follows:
| $ | $ | $ | ||||||||||
| Year Ended December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| (in thousands of US$) | ||||||||||||
| Basic salaries, housing allowances, other allowances and benefits in kind |
$ | 3,285 | $ | 3,214 | $ | 2,764 | ||||||
| Discretionary bonus |
1,764 | 1,554 | — | |||||||||
| Pension costs – defined contribution plans |
242 | 285 | 285 | |||||||||
| Share-based compensation |
2,780 | 3,991 | 7,761 | |||||||||
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| $ | 8,071 | $ | 9,044 | $ | 10,810 | |||||||
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The number of the highest paid employees (excluding directors and the Chief Executive) whose remuneration fell within the following bands are as follows:
| $ | $ | $ | ||||||||||
| Number of Employees | ||||||||||||
| Year Ended December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| HK$17,000,001 (approximately US$2,190,000) to HK$17,500,000 (approximately US$2,254,000) |
1 | — | — | |||||||||
| HK$18,000,001 (approximately US$2,319,000) to HK$18,500,000 (approximately US$2,383,000) |
— | — | 1 | |||||||||
| HK$19,000,001 (approximately US$2,447,000) to HK$19,500,000 (approximately US$2,512,000) |
1 | — | — | |||||||||
| HK$20,000,001 (approximately US$2,576,000) to HK$20,500,000 (approximately US$2,641,000) |
— | 1 | — | |||||||||
| HK$22,500,001 (approximately US$2,898,000) to HK$23,000,000 (approximately US$2,963,000) |
— | 1 | — | |||||||||
| HK$26,000,001 (approximately US$3,349,000) to HK$26,500,000 (approximately US$3,413,000) |
1 | — | — | |||||||||
| HK$27,500,001 (approximately US$3,542,000) to HK$28,000,000 (approximately US$3,607,000) |
— | 1 | — | |||||||||
| HK$30,500,001 (approximately US$3,929,000) to HK$31,000,000 (approximately US$3,993,000) |
— | — | 1 | |||||||||
| HK$35,000,001 (approximately US$4,508,000) to HK$35,500,000 (approximately US$4,573,000) |
— | — | 1 | |||||||||
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| 3 | 3 | 3 | ||||||||||
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Definitions
“Melco Resorts” refers to Melco Resorts & Entertainment Limited