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BUILDING a NEW ERA of ENTERTAINMENT Annual Report

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BUILDING a NEW ERA of ENTERTAINMENT Annual Report BUILDING A NEW ERA OF ENTERTAINMENT Melco International Development Limited Incorporated in Hong Kong with limited liability • A Hong Kong Listed Company (Stock Code: 200) Annual Report 2015 2 Annual Report 2015 | Melco International Development Limited ontents Key Performance Indicators 11 Corporate Profile 12 Corporate Structure 13 Chairman & CEO’s Statement 14 Management Discussion and Analysis 16 Management Profile 42 Corporate Governance Report 48 Report of the Directors 61 Independent Auditor’s Report 87 Consolidated Statement of Profit or Loss and Other Comprehensive Income 89 Consolidated Statement of Financial Position 91 Consolidated Statement of Changes in Equity 94 Consolidated Statement of Cash Flows 97 Notes to the Consolidated Financial Statements 101 Five Years Financial Summary 211 Corporate Information 212 Melco International Development Limited | Annual Report 2015 1 Asia’s Entertainment Capital Studio City is a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau, conveniently located at the Lotus Bridge immigration point connecting Hengqin Island in mainland China. Opened in October 2015, Studio City delivers a unique, entertainment-driven experience for visitors to Macau through innovative attractions based on the Studio City concept. The property’s project theme and demographic focus are designed to be clearly differentiated from our Company’s existing portfolio of assets, as well as from its competitors’ facilities in the market. Studio City is one of our Company’s initiatives to support the Macau government’s direction of diversifying the local economy, propelling Macau forward in its evolution of becoming the region’s premier leisure travel destination. THE FIFTH TOWER OF CITY OF DREAMS Realizing a Bigger Dream Designed by the “Queen of the Curve” in architecture, the late legendary architect Dame Zaha Hadid, the new hotel tower of City of Dreams is expected to become a truly iconic landmark to the Cotai skyline. The new hotel tower will perfectly complement City of Dreams’ already world-class gaming and non-gaming attractions and further broaden the flagship property’s appeal to the increasingly sophisticated visitors to Macau. The new tower’s inventive, expressive and powerful external structure envelops the building and reinforces the dynamism of the unique design. It further defines City of Dreams’ formal composition and establishes new relationships with its context within Macau. Our Flagship Integrated Resort For decades, Macau was known to be a localised, hardcore gaming centre. The opening of City of Dreams in June 2009 brought Macau a diverse array of entertainment offerings which helped Macau transform into Asia’s premier travel destination. In September 2010, the world’s largest water extravaganza, The House of Dancing Water, debuted in City of Dreams. Since then, the must-see spectacular has attracted over 3.5 million spectators and was recognised as the ‘Most Valuable Brand’ in the 2015 Business Awards of Macau. As one of Asia’s leading integrated resort, City of Dreams brings together a collection of world renowned hotel brands to create an eclectic variety of accommodation options to meet the diverse tastes of the wide spectrum of visitors from Asia and all over the world. City of Dreams encompasses an entertainment experience that would suit every visitor’s preference, alongside its impeccable, personalised service. A New Standard for the Philippines City of Dreams Manila is located at the gateway of Entertainment City in Manila, close to Metro Manila’s international airport and central business districts. The resort complex includes mass market and VIP gaming facilities, unique food and beverage offerings, numerous innovative entertainment attractions together with high-end boutique, VIP and five-star luxury hotel rooms, suites and villas. City of Dreams Manila is also home to the very first DreamWorks-inspired, indoor interactive play and creativity centre that offers one-of-a-kind entertainment for whole family. As Melco’s first integrated casino resort outside of Macau, City of Dreams Manila diversifies the Company’s exposure to the rapidly developing Asian gaming and entertainment industry. Entertaining Possibilities • Achieving Growth Vision To contribute to the growth and future of the communities we serve, inspiring hope and happiness in people all over the world. Mission To be a dynamic company that leads the field in leisure and entertainment, we continually explore new opportunities for growth and development that create value for all stakeholders. 10 Annual Report 2015 | Melco International Development Limited ey Performance Indicators In 2015, the performance of Macau gaming industry, the Group’s core business market, was affected by the challenging macroeconomic environment and various industry-specific issues. Below is a summary of our key financial performance indicators, reflecting the industry-wide declined but gradually stabilizing gaming revenue recorded in 2015 in Macau, partially offset by revenue generated from our new and existing projects in Macau and overseas: PROFIT ATTRIBUtabLE BASIC EARNINGS PER SHARE TotaL DIVIDENDS FOR THE YEAR TO OWNERS OF THE Company HK$0.07 HK3.5 cents per share HK$100.9 million Basic earnings per share attributable to The total dividends for the year Profit attributable to owners of the owners of the Company was HK$0.07 amounted to HK3.5 cents per share, Company was HK$100.9 million for for the year ended 31 December 2015, including a proposed special final the year ended 31 December 2015, as as compared with HK$0.96 for the year dividend of HK2.0 cents per share, in compared with HK$1,487.2 million in ended 31 December 2014. view of the strong cash position of the the year of 2014. Company. Non-financial Key Performance Indicators The Group has disclosed details on various non-financial key performance indicators, including stakeholder engagement, environmental impact and other community development efforts, in the 2015 Corporate Social Responsibility Report. Our non-financial key performance indicators for the year are highly satisfactory and continue to reflect our steadfast commitment and significant contribution to the betterment of the society. Melco International Development Limited | Annual Report 2015 11 orporate Profile Founded in 1910 and listed on the Hong Kong Stock Exchange The accolades that Melco has received over the past several years assured us that we in 1927, Melco International Development Limited (“Melco” or are moving in the right direction. The Group is the first-ever entertainment company to receive the “Hong Kong Corporate Governance Excellence Awards 2009” by the the “Company”) is a company with a long history and a bright Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance future. Today, under the leadership of the Chairman and CEO, and Financial Policy, Hong Kong Baptist University. In 2015, Melco has been honoured Mr. Lawrence Ho, Melco has found new energy and direction as a with the “Corporate Governance Asia Annual Recognition Awards” for the tenth dynamic company that leads the leisure and entertainment sector. consecutive year, and the “Best Investor Relations in Hong Kong” for five consecutive years by Corporate Governance Asia magazine. Melco is in fact a company for a new generation in Asia – a generation of consumers who are eager for new experiences and ways to live their lives to the fullest. Our The Chairman and Chief Executive Officer of the Group, Mr. Lawrence Ho has been group companies are responding to the changing dynamics with vibrant, imaginative selected as “Asia’s Best CEO” for the fourth year in 2015 by Corporate Governance products and services that fulfill the demands and dreams of this increasingly affluent Asia magazine, and has also garnered the “Leadership Gold Award” in the Business and ambitious generation. Awards of Macau 2015. Confidence leads to growth, growth leads to confidence Melco was a founding signatory of the Hong Kong Corporate Governance Charter launched by The Chamber of Hong Kong Listed Companies. The aim of the Charter Just as growth is central to the Asian economic story, it is a dominant theme in Melco’s is to strengthen and foster a corporate governance culture among listed companies in unfolding story. Hong Kong. Based on the performance in corporate responsibility, the Group has been included as a constituent member of the “Hang Seng Corporate Sustainability Index” Characterizing all of our Group companies is confidence that stems from recent since 2013. successes in repositioning businesses for long-term growth and development of unique, proprietary products and services to attain market leadership. 12 Annual Report 2015 | Melco International Development Limited orporate Structure Melco Group Gaming, Leisure and Entertainment Melco Crown Entertainment Limited listed on the NASDAQ Global Select Market (NASDAQ: MPEL) Focus on gaming markets in Asia Macau The Philippines City of Dreams, Altira Macau, Cotai Taipa Premium market VIP market Mocha Clubs, Studio City, City of Dreams Manila, all over Macau Cotai Entertainment City, Manila Leisure grind market Mass market Mass market MelcoLot Limited Entertainment Gaming Asia Inc. listed on the Growth Enterprise Market of Jumbo Kingdom listed on the NASDAQ Capital Market (NASDAQ: EGT) The Stock Exchange of Hong Kong Limited (SEHK: 8198) Focus on slot machine Focus on Focus on participation Asia’s lottery catering business and business business
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