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Printmgr File Safeguarding the well-being of our valued guests and colleagues is our top priority. Morpheus and Nüwa at City of Dreams, Star Tower at Studio City, Altira Macau and Nüwa at City of Dreams Manila have become among the first hotels and resorts in the world to achieve the Sharecare Health Security VERIFIED® with Forbes Travel Guide certification. Melco Resorts & Entertainment Limited | Annual Report 20202019 11 2 Melco Melco Resorts Resorts & & Entertainment Entertainment Limited Limited | | Annual Annual Report Report 2020 2020 Melco Resorts & Entertainment Limited | Annual Report 20202019 33 4 Melco Resorts & Entertainment Limited | Annual Report 2020 Melco Resorts & Entertainment Limited | Annual Report 20202019 55 6 Melco Resorts & Entertainment Limited | Annual Report 2020 Melco Resorts & Entertainment Limited | Annual Report 2019 77 8 Melco Resorts & Entertainment Limited | Annual Report 2020 Melco Resorts & Entertainment Limited | Annual Report 20202019 99 10 Melco Resorts & Entertainment Limited | Annual Report 2020 Melco Resorts & Entertainment Limited | Annual Report 2019 1111 12 Melco Resorts & Entertainment Limited | Annual Report 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ‘ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ‘ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 001-33178 MELCO RESORTS & ENTERTAINMENT LIMITED (Exact name of Registrant as specified in its charter) (Translation of Registrant’s name into English) Cayman Islands (Jurisdiction of incorporation or organization) 36th Floor, The Centrium, 60 Wyndham Street, Central, Hong Kong (Address of principal executive offices) Heather Rollo, Senior Vice President, Chief Accounting Officer Tel +852 2598 3600, Fax +852 2537 3618 36th Floor, The Centrium, 60 Wyndham Street, Central, Hong Kong (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered American depositary shares MLCO The Nasdaq Stock Market LLC each representing three ordinary shares (The Nasdaq Global Select Market) Securities registered or to be registered pursuant to Section 12(g) of the Act: None. (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None. (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 1,456,547,942 ordinary shares outstanding as of December 31, 2020 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ‘ No È Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes È No ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer È Accelerated filer ‘ Non-accelerated filer ‘ Emerging growth company ‘ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes È No ‘ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP È International Financial Reporting Standards as issued Other ‘ by the International Accounting Standards Board ‘ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ‘ Item 18 ‘ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ‘ No ‘ [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS Page INTRODUCTION ...................................................................... 1 GLOSSARY ........................................................................... 6 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS .......................... 9 PART I ............................................................................... 10 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS ................ 10 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE ................................. 11 ITEM 3. KEY INFORMATION ........................................................... 12 A. SELECTED FINANCIAL DATA .................................................... 12 B. CAPITALIZATION AND INDEBTEDNESS .......................................... 17 C. REASONS FOR THE OFFER AND USE OF PROCEEDS ................................ 17 D. RISK FACTORS ................................................................. 18 ITEM 4. INFORMATION ON THE COMPANY .............................................. 78 A. HISTORY AND DEVELOPMENT OF THE COMPANY ................................ 78 B. BUSINESS OVERVIEW ........................................................... 79 C. ORGANIZATIONAL STRUCTURE ................................................. 111 D. PROPERTY, PLANT AND EQUIPMENT ............................................ 113 ITEM 4A. UNRESOLVED STAFF COMMENTS ............................................. 113 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS .......................... 113 A. OPERATING RESULTS ........................................................... 113 B. LIQUIDITY AND CAPITAL RESOURCES ........................................... 131 C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. ................... 137 D. TREND INFORMATION .......................................................... 137 E. OFF-BALANCE SHEET ARRANGEMENTS .......................................... 139 F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS ......................... 140 G. SAFE HARBOR ................................................................. 141 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ........................... 141 A. DIRECTORS AND SENIOR MANAGEMENT ........................................ 141 B. COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS ...................... 146 C. BOARD PRACTICES ............................................................. 147 D. EMPLOYEES ................................................................... 152 E. SHARE OWNERSHIP ............................................................. 153 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS .................. 156 A. MAJOR SHAREHOLDERS ........................................................ 156 B. RELATED PARTY TRANSACTIONS ............................................... 158 C. INTERESTS OF EXPERTS AND COUNSEL .......................................... 158 ITEM 8. FINANCIAL INFORMATION ..................................................... 158 A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION ............ 158 B. SIGNIFICANT CHANGES ......................................................... 159 ITEM 9. THE OFFER AND LISTING ...................................................... 159 A.
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