Studio City International Holdings Limited (NYSE: MSC) (“Studio
City” or the “Company”), a world-class integrated resort located in
Cotai, Macau, today reported its unaudited financial results for
the third quarter of 2021.
Total operating revenues for the third quarter
of 2021 were US$18.7 million, compared to total operating revenues
of US$0.9 million in the third quarter of 2020. The change was due
to the increase in revenues from the provision of gaming related
services and higher non-gaming revenues as a result of a
year-over-year increase in inbound tourism in the third quarter of
2021.
Revenues from the provision of gaming related
services are derived from the provision of facilities for the
operations of Studio City Casino by Melco Resorts (Macau) Limited
(the “Gaming Operator”), a subsidiary of Melco Resorts &
Entertainment Limited (“Melco”) and holder of a gaming
subconcession, and services related thereto.
Studio City Casino generated gross gaming
revenues of US$85.0 million and US$23.4 million for the third
quarters of 2021 and 2020, respectively.
Studio City’s rolling chip volume was US$472.4
million in the third quarter of 2021 versus US$148.8 million in the
third quarter of 2020. The rolling chip win rate was 2.35% in the
third quarter of 2021 versus 3.41% in the third quarter of 2020.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$250.5 million in the third quarter of 2021, compared with
US$49.7 million in the third quarter of 2020. The mass market table
games hold percentage was 26.4% in the third quarter of 2021,
compared to 31.5% in the third quarter of 2020.
Gaming machine handle for the third quarter of
2021 was US$271.5 million, compared with US$99.2 million in the
third quarter of 2020. The gaming machine win rate was 2.9% in the
third quarter of 2021, compared to 2.7% in the third quarter of
2020.
Total gaming taxes and the costs incurred in
connection with the on-going operation of Studio City Casino
deducted from gross gaming revenues were US$93.6 million and
US$39.9 million in the third quarters of 2021 and 2020,
respectively.
Revenues from the provision of gaming related
services were negative US$8.6 million for the third quarter of
2021, compared with revenues from the provision of gaming related
services of negative US$16.5 million for the third quarter of 2020.
Revenues from the provision of gaming related services are net of
gaming taxes and the costs incurred in connection with the
operation of Studio City Casino deducted by the Gaming Operator
pursuant to the Services and Right to Use Arrangements.
Total non-gaming revenues at Studio City for the
third quarter of 2021 were US$27.3 million, compared with US$17.5
million for the third quarter of 2020.
Operating loss for the third quarter of 2021 was
US$55.7 million, compared with operating loss of US$72.5 million in
the third quarter of
2020.
Studio City generated negative Adjusted
EBITDA(1) of US$23.1 million in the third quarter of 2021, compared
to negative Adjusted EBITDA of US$30.2 million in the third quarter
of 2020. The change was mainly attributable to the increase in
revenues from the provision of gaming related services and higher
non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for the third quarter of 2021 was
US$63.2 million, compared with net loss attributable to Studio City
International Holdings Limited of US$98.2 million in the third
quarter of 2020. The net loss attributable to participation
interest was US$12.4 million and US$22.9 million in the third
quarters of 2021 and 2020, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2021 were US$20.3 million, which mainly included
interest expenses of US$23.6 million, net of amounts
capitalized.
Depreciation and amortization costs of US$32.3
million were recorded in the third quarter of 2021, of which US$0.8
million was related to the amortization expense for the land use
right.
The negative Adjusted EBITDA for Studio City for
the three months ended September 30, 2021 referred to in Melco’s
earnings release dated November 9, 2021 (“Melco’s earnings
release”) is US$9.1 million less than the negative Adjusted EBITDA
of Studio City contained in this press release. The Adjusted EBITDA
of Studio City contained in this press release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in Melco’s earnings release. Such
intercompany charges include, among other items, fees and shared
service charges billed between the Company and its subsidiaries and
certain subsidiaries of Melco. Additionally, Adjusted EBITDA of
Studio City included in Melco’s earnings release does not reflect
certain intercompany costs related to the table games operations at
Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of September 30,
2021 aggregated to US$651.1 million (December 31, 2020: US$575.4
million), including US$0.1 million of restricted cash (December 31,
2020: US$0.1 million). Total debt, net of unamortized deferred
financing costs at the end of the third quarter of 2021, was
US$2.09 billion (December 31, 2020: US$1.58 billion).
Capital expenditures for the third quarter of
2021 were US$142.3 million.
Recent Developments
COVID-19 outbreaks continue to have a material
effect on our operations, financial position, and future prospects
in the fourth quarter of 2021.
Our operations have been impacted by on-and-off
travel restrictions and quarantine requirements as imposed by the
governments of Macau, Hong Kong, and China in response to isolated
cases. The appearance of COVID-19 cases in early August 2021
led to city-wide mandatory testing, mandatory closure of most
entertainment and leisure venues (casinos and gaming areas
excluded), and strict travel restrictions and requirements being
implemented to enter and exit Macau. Similarly in late September
2021, the identification of additional COVID-19 cases again led to
a repeat of testing, closure, and travel restrictions, which led to
reduced turnout for October Golden Week holiday. Since October 19,
2021, authorities have eased pandemic prevention measures such that
travelers no longer require a 14-day quarantine on arrival in
Zhuhai, and the validity of negative nucleic acid tests were
extended from 24 hours to 48 hours or seven days. As a result, our
visitation has been gradually recovering.
The construction of Studio Phase 2 is
progressing on track for completion before December 27, 2022. This
expansion will offer approximately 900 additional luxury hotel
rooms and suites, an additional indoor/outdoor water park which is
expected to be one of the largest in the world, a Cineplex,
multiple fine-dining restaurants, and state-of-the-art MICE
space.
The pace of recovery from COVID-19 will depend
on future events, including duration of travel and visa
restrictions, the pace of vaccination progress, development of new
medicine for COVID-19, the impact of potentially higher
unemployment rates, declines in income levels, and loss of personal
wealth resulting from the COVID-19 outbreak affecting discretionary
spending and travel, all of which remain highly uncertain.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Studio City International Holdings Limited (the “Company”)
may also make forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission (the “SEC”), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) the global pandemic of
COVID-19, caused by a novel strain of the coronavirus, and the
continued impact of its consequences on our business, our industry
and the global economy, (ii) growth of the gaming market and
visitations in Macau, (iii) capital and credit market volatility,
(iv) local and global economic conditions, (v) our anticipated
growth strategies, (vi) gaming authority and other governmental
approvals and regulations, and (vii) our future business
development, results of operations and financial condition. In some
cases, forward-looking statements can be identified by words or
phrases such as “may”, “will”, “expect”, “anticipate”, “target”,
“aim”, “estimate”, “intend”, “plan”, “believe”, “potential”,
“continue”, “is/are likely to” or other similar expressions.
Further information regarding these and other risks, uncertainties
or factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
Non-GAAP Financial Measures
(1) "Adjusted EBITDA" is
defined as net income/loss before interest, taxes, depreciation,
amortization, pre-opening costs, property charges and other and
other non-operating income and expenses. We believe that Adjusted
EBITDA provides useful information to investors and others in
understanding and evaluating our operating results. This non-GAAP
financial measure eliminates the impact of items that we do not
consider indicative of the performance of our business. While we
believe that this non-GAAP financial measure is useful in
evaluating our business, this information should be considered as
supplemental in nature and is not meant as a substitute for the
related financial information prepared in accordance with U.S.
GAAP. It should not be considered in isolation or construed as an
alternative to net income/loss, cash flow or any other measure of
financial performance or as an indicator of our operating
performance, liquidity, profitability or cash flows generated by
operating, investing or financing activities. The use of Adjusted
EBITDA has material limitations as an analytical tool, as Adjusted
EBITDA does not include all items that impact our net income/loss.
In addition, the Company’s calculation of Adjusted EBITDA may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. Investors are encouraged
to review the reconciliation of the historical non-GAAP financial
measure to its most directly comparable GAAP financial measure.
Reconciliations of Adjusted EBITDA with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press
release.(2) “Adjusted net income/loss” is net
income/loss before pre-opening costs, property charges and other
and loss on extinguishment of debt, net of participation interest.
Adjusted net income/loss is presented as supplemental disclosure
because management believes it provides useful information to
investors and others in understanding and evaluating our
performance, in addition to income/loss computed in accordance with
U.S. GAAP. Adjusted net income/loss may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income/loss attributable to Studio City International Holdings
Limited with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.About Studio City International Holdings
Limited
The Company, with its American depositary shares
listed on the New York Stock Exchange (NYSE: MSC), is a world-class
integrated resort located in Cotai, Macau. For more information
about the Company, please visit www.studiocity-macau.com.
The Company is strongly supported by its single
largest shareholder, Melco Resorts & Entertainment Limited, a
company with its American depositary shares listed on the Nasdaq
Global Select Market (Nasdaq: MLCO).
For the investment community, please
contact:Robin YuenDirector, Investor RelationsTel: +852
2598 3619Email: robinyuen@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
Studio City
International Holdings Limited and Subsidiaries |
Condensed
Consolidated Statements of Operations (Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
(8,562 |
) |
|
$ |
(16,534 |
) |
|
$ |
(5,522 |
) |
|
$ |
(38,986 |
) |
Rooms |
|
9,782 |
|
|
|
2,567 |
|
|
|
30,774 |
|
|
|
12,330 |
|
Food and beverage |
|
6,346 |
|
|
|
4,596 |
|
|
|
20,417 |
|
|
|
15,613 |
|
Entertainment |
|
1,383 |
|
|
|
134 |
|
|
|
2,428 |
|
|
|
1,025 |
|
Services fee |
|
6,330 |
|
|
|
4,612 |
|
|
|
19,493 |
|
|
|
19,706 |
|
Mall |
|
3,115 |
|
|
|
5,246 |
|
|
|
9,684 |
|
|
|
14,738 |
|
Retail and other |
|
329 |
|
|
|
319 |
|
|
|
1,213 |
|
|
|
1,077 |
|
Total
operating revenues |
|
18,723 |
|
|
|
940 |
|
|
|
78,487 |
|
|
|
25,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(7,334 |
) |
|
|
(7,368 |
) |
|
|
(18,934 |
) |
|
|
(18,932 |
) |
Rooms |
|
(3,217 |
) |
|
|
(2,134 |
) |
|
|
(9,328 |
) |
|
|
(8,473 |
) |
Food and beverage |
|
(6,864 |
) |
|
|
(4,451 |
) |
|
|
(20,939 |
) |
|
|
(20,556 |
) |
Entertainment |
|
(962 |
) |
|
|
(682 |
) |
|
|
(2,252 |
) |
|
|
(2,676 |
) |
Mall |
|
(929 |
) |
|
|
(1,101 |
) |
|
|
(2,907 |
) |
|
|
(3,648 |
) |
Retail and other |
|
(351 |
) |
|
|
(239 |
) |
|
|
(1,115 |
) |
|
|
(880 |
) |
General and administrative |
|
(22,147 |
) |
|
|
(15,181 |
) |
|
|
(68,949 |
) |
|
|
(69,787 |
) |
Pre-opening costs |
|
(6 |
) |
|
|
(77 |
) |
|
|
(739 |
) |
|
|
(133 |
) |
Amortization of land use right |
|
(831 |
) |
|
|
(834 |
) |
|
|
(2,496 |
) |
|
|
(2,499 |
) |
Depreciation and amortization |
|
(31,456 |
) |
|
|
(41,517 |
) |
|
|
(93,299 |
) |
|
|
(122,406 |
) |
Property charges and other |
|
(346 |
) |
|
|
100 |
|
|
|
(4,129 |
) |
|
|
(4,101 |
) |
Total
operating costs and expenses |
|
(74,443 |
) |
|
|
(73,484 |
) |
|
|
(225,087 |
) |
|
|
(254,091 |
) |
Operating
loss |
|
(55,720 |
) |
|
|
(72,544 |
) |
|
|
(146,600 |
) |
|
|
(228,588 |
) |
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
841 |
|
|
|
423 |
|
|
|
2,350 |
|
|
|
1,175 |
|
Interest expenses, net of amounts capitalized |
|
(23,564 |
) |
|
|
(29,982 |
) |
|
|
(69,073 |
) |
|
|
(81,081 |
) |
Other financing costs |
|
(106 |
) |
|
|
(106 |
) |
|
|
(314 |
) |
|
|
(315 |
) |
Foreign exchange gains (losses), net |
|
2,484 |
|
|
|
(303 |
) |
|
|
4,989 |
|
|
|
(4,107 |
) |
Other expenses, net |
|
- |
|
|
|
(78 |
) |
|
|
- |
|
|
|
(255 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
(18,497 |
) |
|
|
(28,817 |
) |
|
|
(18,497 |
) |
Total non-operating expenses, net |
|
(20,345 |
) |
|
|
(48,543 |
) |
|
|
(90,865 |
) |
|
|
(103,080 |
) |
Loss before income tax |
|
(76,065 |
) |
|
|
(121,087 |
) |
|
|
(237,465 |
) |
|
|
(331,668 |
) |
Income tax credit (expense) |
|
531 |
|
|
|
(36 |
) |
|
|
(29 |
) |
|
|
106 |
|
Net loss |
|
(75,534 |
) |
|
|
(121,123 |
) |
|
|
(237,494 |
) |
|
|
(331,562 |
) |
Net loss
attributable to participation interest |
|
12,367 |
|
|
|
22,880 |
|
|
|
38,885 |
|
|
|
71,427 |
|
Net loss
attributable to Studio City International Holdings Limited |
$ |
(63,167 |
) |
|
$ |
(98,243 |
) |
|
$ |
(198,609 |
) |
|
$ |
(260,135 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.171 |
) |
|
$ |
(0.303 |
) |
|
$ |
(0.536 |
) |
|
$ |
(0.965 |
) |
Diluted |
$ |
(0.171 |
) |
|
$ |
(0.305 |
) |
|
$ |
(0.536 |
) |
|
$ |
(0.969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.682 |
) |
|
$ |
(1.212 |
) |
|
$ |
(2.145 |
) |
|
$ |
(3.861 |
) |
Diluted |
$ |
(0.682 |
) |
|
$ |
(1.221 |
) |
|
$ |
(2.145 |
) |
|
$ |
(3.878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average Class A ordinary shares outstanding used in net loss |
|
|
|
|
|
|
|
|
|
|
|
attributable to Studio City International Holdings Limited per
Class A |
|
|
|
|
|
|
|
|
|
|
|
ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
370,352,700 |
|
|
|
324,207,049 |
|
|
|
370,352,700 |
|
|
|
269,481,487 |
|
Diluted |
|
370,352,700 |
|
|
|
396,718,809 |
|
|
|
370,352,700 |
|
|
|
341,993,247 |
|
Studio City
International Holdings Limited and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
2021 |
|
2020 |
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
650,941 |
|
|
$ |
575,215 |
|
Restricted cash |
|
- |
|
|
|
13 |
|
Accounts receivable, net |
|
54 |
|
|
|
157 |
|
Amounts due from affiliated companies |
|
5,580 |
|
|
|
10,672 |
|
Inventories |
|
8,144 |
|
|
|
9,297 |
|
Prepaid expenses and other current assets |
|
47,838 |
|
|
|
12,467 |
|
Total
current assets |
|
712,557 |
|
|
|
607,821 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
2,401,336 |
|
|
|
2,180,897 |
|
Intangible
assets, net |
|
3,132 |
|
|
|
4,005 |
|
Long-term
prepayments, deposits and other assets |
|
71,605 |
|
|
|
117,555 |
|
Restricted
cash |
|
130 |
|
|
|
131 |
|
Operating
lease right-of-use assets |
|
14,640 |
|
|
|
17,379 |
|
Land use
right, net |
|
113,131 |
|
|
|
116,109 |
|
Total
assets |
$ |
3,316,531 |
|
|
$ |
3,043,897 |
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
463 |
|
|
$ |
206 |
|
Accrued expenses and other current liabilities |
|
131,824 |
|
|
|
118,946 |
|
Income tax payable |
|
12 |
|
|
|
33 |
|
Amounts due to affiliated companies |
|
40,702 |
|
|
|
42,966 |
|
Total
current liabilities |
|
173,001 |
|
|
|
162,151 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
2,086,978 |
|
|
|
1,584,660 |
|
Other
long-term liabilities |
|
26,980 |
|
|
|
11,778 |
|
Deferred tax
liabilities, net |
|
495 |
|
|
|
448 |
|
Operating
lease liabilities, non-current |
|
14,591 |
|
|
|
17,137 |
|
Total
liabilities |
|
2,302,045 |
|
|
|
1,776,174 |
|
|
|
|
|
|
|
Shareholders’ equity and participation interest: |
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240
shares |
|
|
|
authorized; 370,352,700 shares issued and outstanding |
|
37 |
|
|
|
37 |
|
Class B ordinary shares, par value $0.0001; 72,511,760 shares |
|
|
|
|
authorized; 72,511,760 shares issued and outstanding |
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
2,134,227 |
|
|
|
2,134,227 |
|
Accumulated other comprehensive (loss) income |
|
(1,290 |
) |
|
|
11,876 |
|
Accumulated losses |
|
(1,284,769 |
) |
|
|
(1,086,160 |
) |
Total
shareholders’ equity |
|
848,212 |
|
|
|
1,059,987 |
|
Participation interest |
|
166,274 |
|
|
|
207,736 |
|
Total
shareholders’ equity and participation interest |
|
1,014,486 |
|
|
|
1,267,723 |
|
Total
liabilities, shareholders’ equity and participation interest |
$ |
3,316,531 |
|
|
$ |
3,043,897 |
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to |
Adjusted Net
Loss Attributable to Studio City International Holdings Limited
(Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(63,167 |
) |
|
$ |
(98,243 |
) |
|
$ |
(198,609 |
) |
|
$ |
(260,135 |
) |
Pre-opening costs |
|
6 |
|
|
|
77 |
|
|
|
739 |
|
|
|
133 |
|
Property charges and other |
|
346 |
|
|
|
(100 |
) |
|
|
4,129 |
|
|
|
4,101 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
18,497 |
|
|
|
28,817 |
|
|
|
18,497 |
|
Participation interest impact on adjustments |
|
(57 |
) |
|
|
(3,141 |
) |
|
|
(5,515 |
) |
|
|
(4,123 |
) |
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(62,872 |
) |
|
$ |
(82,910 |
) |
|
$ |
(170,439 |
) |
|
$ |
(241,527 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.170 |
) |
|
$ |
(0.256 |
) |
|
$ |
(0.460 |
) |
|
$ |
(0.896 |
) |
Diluted |
$ |
(0.170 |
) |
|
$ |
(0.259 |
) |
|
$ |
(0.460 |
) |
|
$ |
(0.903 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.679 |
) |
|
$ |
(1.023 |
) |
|
$ |
(1.841 |
) |
|
$ |
(3.585 |
) |
Diluted |
$ |
(0.679 |
) |
|
$ |
(1.035 |
) |
|
$ |
(1.841 |
) |
|
$ |
(3.612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average Class A ordinary shares outstanding used in adjusted |
|
|
|
|
|
|
|
|
|
|
|
net loss attributable to Studio City International Holdings
Limited |
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
370,352,700 |
|
|
|
324,207,049 |
|
|
|
370,352,700 |
|
|
|
269,481,487 |
|
Diluted |
|
370,352,700 |
|
|
|
396,718,809 |
|
|
|
370,352,700 |
|
|
|
341,993,247 |
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Operating Loss to Adjusted EBITDA
(Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(55,720 |
) |
|
$ |
(72,544 |
) |
|
$ |
(146,600 |
) |
|
$ |
(228,588 |
) |
Pre-opening costs |
|
6 |
|
|
|
77 |
|
|
|
739 |
|
|
|
133 |
|
Depreciation and amortization |
|
32,287 |
|
|
|
42,351 |
|
|
|
95,795 |
|
|
|
124,905 |
|
Property charges and other |
|
346 |
|
|
|
(100 |
) |
|
|
4,129 |
|
|
|
4,101 |
|
Adjusted
EBITDA |
$ |
(23,081 |
) |
|
$ |
(30,216 |
) |
|
$ |
(45,937 |
) |
|
$ |
(99,449 |
) |
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited |
to
Adjusted EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(63,167 |
) |
|
$ |
(98,243 |
) |
|
$ |
(198,609 |
) |
|
$ |
(260,135 |
) |
Net loss
attributable to participation interest |
|
(12,367 |
) |
|
|
(22,880 |
) |
|
|
(38,885 |
) |
|
|
(71,427 |
) |
Net
loss |
|
(75,534 |
) |
|
|
(121,123 |
) |
|
|
(237,494 |
) |
|
|
(331,562 |
) |
Income tax (credit) expense |
|
(531 |
) |
|
|
36 |
|
|
|
29 |
|
|
|
(106 |
) |
Interest and other non-operating expenses, net |
|
20,345 |
|
|
|
48,543 |
|
|
|
90,865 |
|
|
|
103,080 |
|
Property charges and other |
|
346 |
|
|
|
(100 |
) |
|
|
4,129 |
|
|
|
4,101 |
|
Depreciation and amortization |
|
32,287 |
|
|
|
42,351 |
|
|
|
95,795 |
|
|
|
124,905 |
|
Pre-opening costs |
|
6 |
|
|
|
77 |
|
|
|
739 |
|
|
|
133 |
|
Adjusted
EBITDA |
$ |
(23,081 |
) |
|
$ |
(30,216 |
) |
|
$ |
(45,937 |
) |
|
$ |
(99,449 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September
30, |
|
September
30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
$ |
123 |
|
|
$ |
119 |
|
|
$ |
122 |
|
|
$ |
134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
per available room |
|
52 |
% |
|
|
13 |
% |
|
|
54 |
% |
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per
available room (5) |
$ |
64 |
|
|
$ |
16 |
|
|
$ |
66 |
|
|
$ |
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
291 |
|
|
|
291 |
|
|
|
291 |
|
|
|
279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
number of gaming machines |
|
656 |
|
|
|
595 |
|
|
|
623 |
|
|
|
579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games
win per unit per day (7) |
$ |
2,883 |
|
|
$ |
774 |
|
|
$ |
3,354 |
|
|
$ |
2,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
machines win per unit per day (8) |
$ |
131 |
|
|
$ |
48 |
|
|
$ |
135 |
|
|
$ |
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members due to the COVID-19 outbreak |
(4) |
Average daily rate is
calculated by dividing total room revenues including complimentary
rooms (less service charges, if any) by total occupied rooms
including complimentary rooms |
(5) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
(6) |
Table games and gaming
machines that were not in operation due to government-mandated
closures or social distancing measures in relation to the COVID-19
outbreak have been excluded |
(7) |
Table games win per
unit per day is shown before discounts, commissions,
non-discretionary incentives (including the point-loyalty programs)
as administered by the Gaming Operator and allocating casino
revenues related to goods and services provided to gaming patrons
on a complimentary basis |
(8) |
Gaming machines win
per unit per day is shown before non-discretionary incentives
(including the point-loyalty programs) as administered by the
Gaming Operator and allocating casino revenues related to goods and
services provided to gaming patrons on a complimentary basis |
Studio City (NYSE:MSC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Studio City (NYSE:MSC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024