Studio City International Holdings Limited (NYSE: MSC) (“Studio
City” or the “Company”), a world-class gaming, retail and
entertainment resort located in Cotai, Macau, today reported its
unaudited financial results for the first quarter of 2020.
Total operating revenues for the first quarter
of 2020 were US$37.1 million, as compared to US$151.1 million in
the first quarter of 2019. The decrease in total operating revenues
was due to the decrease in revenues from the provision of gaming
related services and lower non-gaming revenues as a result of the
temporary casino closure and enhanced quarantine and social
distancing measures to mitigate the COVID-19 outbreak in the first
quarter of 2020.
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$146.7 million and US$348.9 million for the first
quarters of 2020 and 2019, respectively.
Studio City’s rolling chip volume was US$1.38
billion for the first quarter of 2020 versus US$2.66 billion in the
first quarter of 2019. The rolling chip win rate was 3.31% in the
first quarter of 2020 versus 3.34% in the first quarter of 2019.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$352.8 million in the first quarter of 2020 compared with
US$851.4 million in the first quarter of 2019. The mass market
table games hold percentage was 25.9% in the first quarter of 2020
compared to 28.4% in the first quarter of 2019.
Gaming machine handle for the first quarter of
2020 was US$311.1 million, compared with US$560.6 million in the
first quarter of 2019. The gaming machine win rate was 3.2% in the
first quarter of 2020 compared to 3.3% in the first quarter of
2019.
Total gaming taxes and the costs incurred in
connection with the operation of Studio City Casino deducted from
gross gaming revenues were US$141.2 million and US$258.5 million in
the first quarters of 2020 and 2019, respectively.
Revenues from the provision of gaming related
services were US$5.5 million and US$90.4 million for the first
quarters of 2020 and 2019, respectively. 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
first quarter of 2020 was US$31.6 million, compared with US$60.7
million for the first quarter of 2019.
Operating loss for the first quarter of 2020 was
US$63.4 million, compared with operating income of US$38.5 million
in the first quarter of 2019.
Studio City generated negative Adjusted
EBITDA(1) of US$18.2 million in the first quarter of 2020, as
compared to Adjusted EBITDA of US$84.2 million in the first quarter
of 2019. The year-over-year decrease in Adjusted EBITDA was mainly
attributable to the decrease in revenues from the provision of
gaming related services and lower non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for the first quarter of 2020 was
US$70.9 million, compared with net income attributable to Studio
City International Holdings Limited of US$2.9 million in the first
quarter of 2019. The net loss attributable to participation
interest was US$21.3 million in the first quarter of 2020, compared
with net income attributable to participation interest of US$0.9
million in the first quarter of 2019.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first
quarter of 2020 were US$29.0 million, which mainly included
interest expenses, net of amounts capitalized, of US$25.8
million.
Depreciation and amortization costs of US$40.8
million were recorded in the first quarter of 2020 of which US$0.8
million related to the amortization expense for the land use
right.
The negative Adjusted EBITDA for Studio City for
the three months ended March 31, 2020 referred to in Melco’s
earnings release dated May 14, 2020 (“Melco’s earnings release”) is
US$8.7 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 costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of March 31,
2020 aggregated US$299.4 million (December 31, 2019: US$327.2
million), including US$43.4 million of restricted cash (December
31, 2019: US$27.9 million). Total debt, net of unamortized deferred
financing costs at the end of the first quarter of 2020, was
US$1.44 billion (December 31, 2019: US$1.44 billion).
Capital expenditures for the first quarter of
2020 were US$45.0 million.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position and prospects
during the second quarter of 2020.
Our operations continue to be impacted by
significant travel bans, restrictions and quarantine requirements
imposed by the governments in Macau, Hong Kong and certain
provinces in China on nearly all visitors traveling to and from
Macau. Additionally, health-related precautionary measures remain
in place at our property, which could impact visitation and
customer spending. In addition, we continue to monitor the
impact of COVID-19 on the construction of Studio City Phase 2.
Prior to the COVID-19 outbreak, we estimated a
construction period of approximately 32 months for Phase
2. With the disruptions from the COVID-19 outbreak, the
construction period is likely to extend beyond the estimated
approximately 32 months.
As the disruptions from the COVID-19 outbreak
are ongoing, any recovery from such disruptions will depend on
future developments, such as the duration of travel and visa
restrictions and customer sentiment, including the length of time
before customers will resume travelling and participating in
entertainment and leisure activities at high-density venues, all of
which are 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 written or oral 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)
growth of the gaming market and visitations in Macau, (ii) capital
and credit market volatility, (iii) local and global economic
conditions, (iv) our anticipated growth strategies, (v) gaming
authority and other governmental approvals and regulations, and
(vi) 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
- "Adjusted EBITDA" is defined as
earnings before interest, taxes, depreciation, amortization,
pre-opening costs, property charges and other, 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.
- “Adjusted net income/loss” is net
income/loss before pre-opening costs, property charges and other,
loss on extinguishment of debt and costs associated with debt
modification, 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 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
gaming, retail and entertainment 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 investment community, please
contact: Richard HuangDirector, Investor RelationsTel:
+852 2598 3619Email: richardlshuang@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 |
|
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March
31, |
|
|
2020 |
|
|
2019 |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
Provision of gaming related services |
$ |
5,506 |
|
|
$ |
90,391 |
|
|
Rooms |
|
8,659 |
|
|
|
20,960 |
|
|
Food and beverage |
|
8,199 |
|
|
|
17,513 |
|
|
Entertainment |
|
868 |
|
|
|
6,172 |
|
|
Services fee |
|
8,757 |
|
|
|
9,052 |
|
|
Mall |
|
4,527 |
|
|
|
6,382 |
|
|
Retail and other |
|
557 |
|
|
|
633 |
|
|
Total
operating revenues |
|
37,073 |
|
|
|
151,103 |
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
Provision of gaming related services |
|
(5,653 |
) |
|
|
(5,782 |
) |
|
Rooms |
|
(4,414 |
) |
|
|
(5,638 |
) |
|
Food and beverage |
|
(10,505 |
) |
|
|
(15,024 |
) |
|
Entertainment |
|
(1,218 |
) |
|
|
(6,767 |
) |
|
Mall |
|
(1,553 |
) |
|
|
(2,734 |
) |
|
Retail and other |
|
(365 |
) |
|
|
(490 |
) |
|
General and administrative |
|
(31,521 |
) |
|
|
(30,440 |
) |
|
Pre-opening costs |
|
(28 |
) |
|
|
(2,489 |
) |
|
Amortization of land use right |
|
(832 |
) |
|
|
(823 |
) |
|
Depreciation and amortization |
|
(39,960 |
) |
|
|
(42,315 |
) |
|
Property charges and other |
|
(4,405 |
) |
|
|
(129 |
) |
|
Total
operating costs and expenses |
|
(100,454 |
) |
|
|
(112,631 |
) |
|
Operating
(loss) income |
|
(63,381 |
) |
|
|
38,472 |
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
Interest income |
|
391 |
|
|
|
1,504 |
|
|
Interest expenses, net of amounts capitalized |
|
(25,779 |
) |
|
|
(34,054 |
) |
|
Loan commitment fees |
|
(104 |
) |
|
|
(103 |
) |
|
Foreign exchange (losses) gains, net |
|
(3,402 |
) |
|
|
913 |
|
|
Other (expenses) income, net |
|
(88 |
) |
|
|
693 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
(2,995 |
) |
|
Costs associated with debt modification |
|
- |
|
|
|
(579 |
) |
|
Total
non-operating expenses, net |
|
(28,982 |
) |
|
|
(34,621 |
) |
|
(Loss)
income before income tax |
|
(92,363 |
) |
|
|
3,851 |
|
|
Income tax
credit (expense) |
|
210 |
|
|
|
(66 |
) |
|
Net
(loss) income |
|
(92,153 |
) |
|
|
3,785 |
|
|
Net loss (income) attributable to
participation interest |
|
21,259 |
|
|
|
(873 |
) |
|
Net
(loss) income attributable to Studio City
International Holdings Limited |
$ |
(70,894 |
) |
|
$ |
2,912 |
|
|
|
|
|
|
|
|
|
Net
(loss) income attributable to Studio City
International Holdings Limited per Class A
ordinary share: |
|
|
|
|
|
|
Basic and diluted |
$ |
(0.293 |
) |
|
$ |
0.012 |
|
|
|
|
|
|
|
|
|
Net
(loss) income attributable to Studio City
International Holdings Limited per ADS: |
|
|
|
|
|
|
Basic and diluted |
$ |
(1.173 |
) |
|
$ |
0.048 |
|
|
|
|
|
|
|
|
|
Weighted average Class
A ordinary shares outstanding used in net
(loss) income attributable to Studio City
International Holdings Limited per Class
A ordinary share calculation: |
|
|
|
|
|
|
Basic and diluted |
|
241,818,016 |
|
|
|
241,818,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
2020 |
|
|
2019 |
|
|
|
|
(Unaudited) |
|
|
(Audited) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
256,056 |
|
|
$ |
299,367 |
|
|
Restricted cash |
|
43,260 |
|
|
|
27,735 |
|
|
Accounts receivable, net |
|
157 |
|
|
|
1,397 |
|
|
Amounts due from affiliated companies |
|
14,988 |
|
|
|
61,990 |
|
|
Inventories |
|
10,211 |
|
|
|
9,763 |
|
|
Prepaid expenses and other current assets |
|
11,016 |
|
|
|
14,188 |
|
|
Total
current assets |
|
335,688 |
|
|
|
414,440 |
|
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
2,120,374 |
|
|
|
2,107,457 |
|
|
Long-term prepayments, deposits and other
assets |
|
53,486 |
|
|
|
57,087 |
|
|
Restricted
cash |
|
131 |
|
|
|
130 |
|
|
Operating
lease right-of-use assets |
|
14,282 |
|
|
|
14,238 |
|
|
Land use right, net |
|
118,588 |
|
|
|
118,888 |
|
|
Total assets |
$ |
2,642,549 |
|
|
$ |
2,712,240 |
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS' EQUITY AND PARTICIPATION
INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
3,194 |
|
|
$ |
3,337 |
|
|
Accrued expenses and other current liabilities |
|
86,596 |
|
|
|
82,553 |
|
|
Income tax payable |
|
33 |
|
|
|
33 |
|
|
Amounts due to affiliated companies |
|
15,947 |
|
|
|
14,248 |
|
|
Total
current liabilities |
|
105,770 |
|
|
|
100,171 |
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
1,436,377 |
|
|
|
1,435,088 |
|
|
Other long-term liabilities |
|
3,767 |
|
|
|
3,149 |
|
|
Deferred tax liabilities, net |
|
1,250 |
|
|
|
1,453 |
|
|
Operating lease liabilities, non-current |
|
14,024 |
|
|
|
13,720 |
|
|
Total liabilities |
|
1,561,188 |
|
|
|
1,553,581 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity and participation interest: |
|
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240 shares
authorized; 241,818,016 shares issued and outstanding |
|
24 |
|
|
|
24 |
|
|
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 |
|
1,655,602 |
|
|
|
1,655,602 |
|
|
Accumulated other comprehensive income |
|
11,697 |
|
|
|
269 |
|
|
Accumulated losses |
|
(835,428 |
) |
|
|
(764,534 |
) |
|
Total
shareholders’ equity |
|
831,902 |
|
|
|
891,368 |
|
|
Participation interest |
|
249,459 |
|
|
|
267,291 |
|
|
Total
shareholders’ equity and participation interest |
|
1,081,361 |
|
|
|
1,158,659 |
|
|
Total liabilities, shareholders' equity
and participation interest |
$ |
2,642,549 |
|
|
$ |
2,712,240 |
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
Reconciliation of Net (Loss) Income Attributable to Studio
City International Holdings Limited to |
|
Adjusted Net
(Loss) Income Attributable to Studio City International Holdings
Limited |
|
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March
31, |
|
|
2020 |
|
|
2019 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(70,894 |
) |
|
$ |
2,912 |
|
|
Pre-opening costs |
|
28 |
|
|
|
2,489 |
|
|
Property charges and other |
|
4,405 |
|
|
|
129 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
2,995 |
|
|
Costs associated with debt modification |
|
- |
|
|
|
579 |
|
|
Participation interest impact on adjustments |
|
(1,023 |
) |
|
|
(1,428 |
) |
|
Adjusted net
(loss) income attributable to Studio City International Holdings
Limited |
$ |
(67,484 |
) |
|
$ |
7,676 |
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income attributable to
Studio City International
Holdings Limited per |
|
|
|
|
|
|
Class A ordinary share: |
|
|
|
|
|
|
Basic and diluted |
$ |
(0.279 |
) |
|
$ |
0.032 |
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Studio City International
Holdings |
|
|
|
|
|
|
Limited per ADS: |
|
|
|
|
|
|
Basic and diluted |
$ |
(1.116 |
) |
|
$ |
0.127 |
|
|
|
|
|
|
|
|
|
Weighted average Class
A ordinary shares outstanding used in adjusted net
(loss) |
|
|
|
|
|
|
income attributable to Studio
City International Holdings Limited per Class
A ordinary share calculation: |
|
|
|
|
|
|
Basic and diluted |
|
241,818,016 |
|
|
|
241,818,016 |
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Operating (Loss) Income to Adjusted
EBITDA |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2020 |
|
|
2019 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(63,381 |
) |
|
$ |
38,472 |
|
Pre-opening costs |
|
28 |
|
|
|
2,489 |
|
Depreciation and amortization |
|
40,792 |
|
|
|
43,138 |
|
Property charges and other |
|
4,405 |
|
|
|
129 |
|
Adjusted
EBITDA |
$ |
(18,156 |
) |
|
$ |
84,228 |
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Studio
City International Holdings Limited |
to
Adjusted EBITDA |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2020 |
|
|
2019 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(70,894 |
) |
|
$ |
2,912 |
|
Net (loss)
income attributable to participation interest |
|
(21,259 |
) |
|
|
873 |
|
Net (loss)
income |
|
(92,153 |
) |
|
|
3,785 |
|
Income tax (credit) expense |
|
(210 |
) |
|
|
66 |
|
Interest and other non-operating expenses, net |
|
28,982 |
|
|
|
34,621 |
|
Property charges and other |
|
4,405 |
|
|
|
129 |
|
Depreciation and amortization |
|
40,792 |
|
|
|
43,138 |
|
Pre-opening costs |
|
28 |
|
|
|
2,489 |
|
Adjusted
EBITDA |
$ |
(18,156 |
) |
|
$ |
84,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
|
March
31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
137 |
|
|
$ |
134 |
|
|
Occupancy per available room |
|
|
43 |
% |
|
|
100 |
% |
|
Revenue per available room (5) |
|
$ |
58 |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
252 |
|
|
|
294 |
|
|
Average number of gaming machines |
|
|
747 |
|
|
|
974 |
|
|
Table games win per unit per day (7) |
|
$ |
7,051 |
|
|
$ |
12,507 |
|
|
Gaming machines win per unit per day (8) |
$ |
174 |
|
|
$ |
211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Room statistics
exclude rooms that were temporarily closed or provided to staff
members during the three months ended March 31, 2020 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 during the three months
ended March 31, 2020 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 |
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