Business Context and Reporting Period
This Form 6-K was filed by Melco Resorts & Entertainment Limited on August 18, 2022. The Company is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with major casino operations in Macau (City of Dreams, Altira Macau, Studio City), the Philippines (City of Dreams Manila), and Cyprus (City of Dreams Mediterranean). The filing primarily addresses a change in the Company's independent registered public accounting firm and the relocation of key finance personnel to Singapore.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance and auditor changes rather than financial performance data.
Material Changes
- Change in Auditor: On August 16, 2022, the Board of Directors approved the appointment of Ernst & Young LLP, Singapore ("EY SG") as the independent registered public accounting firm, effective immediately. This replaces Ernst & Young, Hong Kong ("EY HK").
- Scope of Change: EY SG will audit the Company's consolidated financial statements and internal controls for the fiscal year ending December 31, 2022. EY SG also replaces EY HK as the auditor for Studio City International Holdings Limited and various Melco finance subsidiaries.
- Operational Shift: Following process control changes, certain key finance personnel are relocating to Singapore.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. Regarding risks and contingencies, the Company confirmed that:
- There were no disagreements with the former auditor (EY HK) on accounting principles, practices, or auditing scope during the years ended December 31, 2021 and 2020, or the subsequent interim period.
- No "reportable events" occurred as defined in Item 16F(a)(1)(v) of Form 20-F.
- The Company did not consult with the new auditor (EY SG) regarding accounting principles or audit opinions prior to the appointment.
- EY HK's audit reports for 2020 and 2021 were unqualified and did not contain adverse opinions or disclaimers.
Key Facts for Investor Verification
- Verify the effective date of the auditor change (August 16, 2022) and the transition from EY HK to EY SG.
- Confirm that no disagreements or reportable events existed with the former auditor during the 2020-2022 period.
- Note that this filing does not contain updated financial results; investors should refer to the most recent Form 20-F or quarterly reports for financial metrics.
- Review Exhibit 16.1 (Letter from EY HK) included in the filing to confirm the former auditor's agreement with the Company's disclosures.