Business Context and Reporting Period
Company: Melco Crown Entertainment Limited (now Melco Resorts & Entertainment LTD)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date Filed: February 17, 2017
Reporting Period: This filing serves as a vehicle to provide audited consolidated financial statements for the years ended December 31, 2012, 2013, and 2014, and as of December 31, 2013 and 2014. These statements are intended for inclusion in a circular to shareholders of Melco International Development Limited.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the periods mentioned. The document acts as a cover for the financial statements attached as Exhibit 99.1 rather than summarizing the data within the text itself.
Material Changes and Accounting Adjustments
The filing details a retrospective adoption of accounting standards in 2016 that adjusted the historical financial statements provided:
- ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs.
- ASU 2015-15: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.
Impact of Adjustments:
- Debt issuance costs related to long-term debt (excluding revolving credit facilities) were reclassified from deferred financing costs to a direct reduction of the current and non-current portions of long-term debt.
- Debt issuance costs related to revolving credit facilities were reclassified from deferred financing costs to long-term prepayments, deposits, and other assets.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, outlook, or specific risk factors. The document is limited to the explanatory note regarding the accounting standard updates and the signature block.
Investor Verification Checklist
- Review Exhibit 99.1 for the actual audited consolidated financial statements for 2012, 2013, and 2014, as the text does not contain the figures.
- Verify the impact of the retrospective reclassification of debt issuance costs on the reported long-term debt and asset balances in the historical statements.
- Confirm the relationship between Melco Crown Entertainment Limited and Melco International Development Limited regarding the shareholder circular mentioned.