Item 4 — Purpose of Transaction
As of the date of this Amendment, the Reporting Persons control a majority of the Ordinary Shares. As the majority shareholders, the Reporting Persons can elect a majority of the members of the board of directors of the Issuer, and could thus indirectly control all aspects of the Issuer's business. As of the date of this Amendment, three out of seven board members of the Issuer are current officers or board members of Melco International and Melco Leisure, and thus the Reporting Persons have significant influence and control over the Issuer. Each Reporting Person may take actions pursuant to, exercise any of its rights under, and/or comply with the obligations of, each contract, governing document, or arrangement described above. Each Reporting Person may waive, delay the exercise of, decline to enforce, or decline to comply with, any of those rights and obligations in its sole discretion. The Reporting Persons, from time to time, engage in discussions, whether initiated by the Reporting Persons or another party, concerning proposals for transactions or other arrangements that may relate to or, if consummated, result in an event described in Item 4 of Schedule 13D under 17 CFR Section 240.13d-101. The Reporting Persons review and evaluate their investments in the Issuer, including in light of the discussions described in the immediately preceding sentence and otherwise, together with retained consultants and advisors, which may give rise to plans or proposals that, if consummated, would result in one or more of the events described in Item 4 of Schedule 13D under 17 CFR Section 240.13d-101, including corporate actions such as a stake acquisition, corporate reorganization, merger, scheme of arrangement, or transactions that could result in the delisting or deregistration of the Issuer's ordinary shares and ADSs or other material changes to the Issuer's corporate structure. Any such discussion or plans or proposals regarding such actions may be reviewed or reconsidered by the Reporting Persons at any time and from time to time depending upon various factors, including, without limitation, the Issuer's business prospects and other developments concerning the Issuer, alternative investment opportunities, general economic conditions, financial and stock market conditions and any other facts and circumstances that may become known to the Reporting Persons regarding or related to the matters described in this Amendment