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 second quarter of 2020.
Total operating revenues for the second quarter
of 2020 were negative US$12.5 million, as compared to total
operating revenues of US$149.7 million in the second 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 COVID-19 pandemic,
which resulted in a significant decline in inbound tourism in the
second 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$6.7 million and US$361.8 million for the second
quarters of 2020 and 2019, respectively.
Studio City’s rolling chip volume was US$0.23
billion for the second quarter of 2020 versus US$3.10 billion in
the second quarter of 2019. The rolling chip win rate was 0.17% in
the second quarter of 2020 versus 2.76% in the second quarter of
2019. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop decreased to
US$20.1 million in the second quarter of 2020 compared with
US$877.0 million in the second quarter of 2019. The mass market
table games hold percentage was 22.2% in the second quarter of 2020
compared to 29.2% in the second quarter of 2019.
Gaming machine handle for the second quarter of
2020 was US$67.6 million, compared with US$630.9 million in the
second quarter of 2019. The gaming machine win rate was 2.7% in the
second quarter of 2020 compared to 3.2% in the second 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$34.7 million and US$260.7 million in
the second quarters of 2020 and 2019, respectively.
Revenues from the provision of gaming related
services were negative US$28.0 million for the second quarter of
2020, compared with revenues from the provision of gaming
related services of US$101.1 million for the second quarter of
2019. 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
second quarter of 2020 were US$15.4 million, compared with US$48.6
million for the second quarter of 2019.
Operating loss for the second quarter of 2020
was US$92.7 million, compared with operating income of US$29.7
million in the second quarter of 2019.
Studio City generated negative Adjusted
EBITDA(1) of US$51.1 million in the second quarter of 2020, as
compared to Adjusted EBITDA of US$82.5 million in the second
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 second quarter of 2020 was
US$91.0 million, compared with US$4.4 million in the second quarter
of 2019. The net loss attributable to participation interest during
the second quarters of 2020 and 2019 were US$27.3 million and
US$1.3 million, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second
quarter of 2020 were US$25.6 million, which mainly included
interest expenses, net of amounts capitalized, of US$25.3
million.
Depreciation and amortization costs of US$41.8
million were recorded in the second quarter of 2020, 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 June 30, 2020 referred to in Melco’s
earnings release dated August 20, 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 June 30, 2020
aggregated to US$202.9 million (December 31, 2019: US$327.2
million), including US$15.8 million of restricted cash (December
31, 2019: US$27.9 million). Total debt, net of unamortized deferred
financing costs at the end of the second quarter of 2020, was
US$1.44 billion (December 31, 2019: US$1.44 billion).
Capital expenditures for the second quarter of
2020 were US$43.1 million.
Subsequent Events
Studio City Finance Limited, a wholly-owned
subsidiary of the Company, issued US$500 million aggregate
principal amount of 6.00% senior notes due 2025 and US$500 million
aggregate principal amount of 6.50% senior notes due 2028 in
July. In August, the Company also completed a series of
private offers of its Class A ordinary shares and American
depositary shares to certain existing shareholders and holders of
its American depositary shares, including Melco, which resulted in
gross proceeds to the Company of approximately US$500 million.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position and prospects
during the third quarter of 2020.
Commencing from July 15, 2020, certain travelers
entering Guangdong from Macau were no longer subject to a mandatory
quarantine. On August 12, 2020, the Chinese authorities resumed the
issuance of IVS visas for Zhuhai residents. According to the
National Immigration Administration, issuance of IVS visas for
Guangdong residents will resume on August 26, 2020, while the
nationwide resumption of IVS visa issuance will commence on
September 23, 2020. Despite these developments, 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 visitors traveling to
and from Macau. Additionally, health-related precautionary measures
remain in place at our property, which could continue to impact
visitation and customer spending. Furthermore, 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
has been delayed and is expected to extend beyond the estimated 32
months and the current development period.
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 and behavior, including the
length of time before customers resume traveling and participating
in entertainment and leisure activities at high-density venues and
the impact of potential higher unemployment rates, declines in
income levels and loss of personal wealth resulting from the
COVID-19 outbreak on consumer behavior related to discretionary
spending and traveling, 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) the
recent 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
- "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 net 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: 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 (Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
(27,958 |
) |
|
$ |
101,145 |
|
|
$ |
(22,452 |
) |
|
$ |
191,536 |
|
Rooms |
|
1,104 |
|
|
|
20,990 |
|
|
|
9,763 |
|
|
|
41,950 |
|
Food and beverage |
|
2,818 |
|
|
|
17,277 |
|
|
|
11,017 |
|
|
|
34,790 |
|
Entertainment |
|
23 |
|
|
|
3,911 |
|
|
|
891 |
|
|
|
10,083 |
|
Services fee |
|
6,337 |
|
|
|
10,326 |
|
|
|
15,094 |
|
|
|
19,378 |
|
Mall |
|
4,965 |
|
|
|
(4,456 |
) |
|
|
9,492 |
|
|
|
1,926 |
|
Retail and other |
|
201 |
|
|
|
517 |
|
|
|
758 |
|
|
|
1,150 |
|
Total
operating revenues |
|
(12,510 |
) |
|
|
149,710 |
|
|
|
24,563 |
|
|
|
300,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(5,911 |
) |
|
|
(5,852 |
) |
|
|
(11,564 |
) |
|
|
(11,634 |
) |
Rooms |
|
(1,925 |
) |
|
|
(5,095 |
) |
|
|
(6,339 |
) |
|
|
(10,733 |
) |
Food and beverage |
|
(5,600 |
) |
|
|
(14,302 |
) |
|
|
(16,105 |
) |
|
|
(29,326 |
) |
Entertainment |
|
(776 |
) |
|
|
(6,453 |
) |
|
|
(1,994 |
) |
|
|
(13,220 |
) |
Mall |
|
(994 |
) |
|
|
(2,273 |
) |
|
|
(2,547 |
) |
|
|
(5,007 |
) |
Retail and other |
|
(276 |
) |
|
|
(412 |
) |
|
|
(641 |
) |
|
|
(902 |
) |
General and administrative |
|
(23,085 |
) |
|
|
(32,819 |
) |
|
|
(54,606 |
) |
|
|
(63,259 |
) |
Pre-opening costs |
|
(28 |
) |
|
|
(60 |
) |
|
|
(56 |
) |
|
|
(2,549 |
) |
Amortization of land use right |
|
(833 |
) |
|
|
(825 |
) |
|
|
(1,665 |
) |
|
|
(1,648 |
) |
Depreciation and amortization |
|
(40,929 |
) |
|
|
(43,762 |
) |
|
|
(80,889 |
) |
|
|
(86,077 |
) |
Property charges and other |
|
204 |
|
|
|
(8,196 |
) |
|
|
(4,201 |
) |
|
|
(8,325 |
) |
Total
operating costs and expenses |
|
(80,153 |
) |
|
|
(120,049 |
) |
|
|
(180,607 |
) |
|
|
(232,680 |
) |
Operating
(loss) income |
|
(92,663 |
) |
|
|
29,661 |
|
|
|
(156,044 |
) |
|
|
68,133 |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
361 |
|
|
|
457 |
|
|
|
752 |
|
|
|
1,961 |
|
Interest expenses, net of amounts capitalized |
|
(25,320 |
) |
|
|
(33,354 |
) |
|
|
(51,099 |
) |
|
|
(67,408 |
) |
Loan commitment fees |
|
(105 |
) |
|
|
(104 |
) |
|
|
(209 |
) |
|
|
(207 |
) |
Foreign exchange losses, net |
|
(402 |
) |
|
|
(2,214 |
) |
|
|
(3,804 |
) |
|
|
(1,301 |
) |
Other (expenses) income, net |
|
(89 |
) |
|
|
(88 |
) |
|
|
(177 |
) |
|
|
605 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,995 |
) |
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(579 |
) |
Total
non-operating expenses, net |
|
(25,555 |
) |
|
|
(35,303 |
) |
|
|
(54,537 |
) |
|
|
(69,924 |
) |
Loss before
income tax |
|
(118,218 |
) |
|
|
(5,642 |
) |
|
|
(210,581 |
) |
|
|
(1,791 |
) |
Income tax
(expense) credit |
|
(68 |
) |
|
|
(77 |
) |
|
|
142 |
|
|
|
(143 |
) |
Net
loss |
|
(118,286 |
) |
|
|
(5,719 |
) |
|
|
(210,439 |
) |
|
|
(1,934 |
) |
Net loss
attributable to participation interest |
|
27,288 |
|
|
|
1,320 |
|
|
|
48,547 |
|
|
|
447 |
|
Net loss
attributable to Studio City International Holdings Limited |
$ |
(90,998 |
) |
|
$ |
(4,399 |
) |
|
$ |
(161,892 |
) |
|
$ |
(1,487 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited per
Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.376 |
) |
|
$ |
(0.018 |
) |
|
$ |
(0.669 |
) |
|
$ |
(0.006 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(1.505 |
) |
|
$ |
(0.073 |
) |
|
$ |
(2.678 |
) |
|
$ |
(0.025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weight
average Class A ordinary shares outstanding used in net
loss attributable to Studio City International Holdings
Limited per Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
241,818,016 |
|
|
|
241,818,016 |
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
2020 |
|
2019 |
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
187,127 |
|
|
$ |
299,367 |
|
Restricted cash |
|
15,633 |
|
|
|
27,735 |
|
Accounts receivable, net |
|
74 |
|
|
|
1,397 |
|
Amounts due from affiliated companies |
|
231 |
|
|
|
61,990 |
|
Inventories |
|
9,749 |
|
|
|
9,763 |
|
Prepaid expenses and other current assets |
|
13,842 |
|
|
|
14,188 |
|
Total
current assets |
|
226,656 |
|
|
|
414,440 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
2,127,670 |
|
|
|
2,107,457 |
|
Long-term
prepayments, deposits and other assets |
|
47,336 |
|
|
|
57,087 |
|
Restricted
cash |
|
131 |
|
|
|
130 |
|
Operating
lease right-of-use assets |
|
17,469 |
|
|
|
14,238 |
|
Land use
right, net |
|
117,808 |
|
|
|
118,888 |
|
Total
assets |
$ |
2,537,070 |
|
|
$ |
2,712,240 |
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION
INTEREST |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
1,312 |
|
|
$ |
3,337 |
|
Accrued expenses and other current liabilities |
|
84,797 |
|
|
|
82,553 |
|
Income tax payable |
|
33 |
|
|
|
33 |
|
Amounts due to affiliated companies |
|
24,766 |
|
|
|
14,248 |
|
Total
current liabilities |
|
110,908 |
|
|
|
100,171 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
1,437,688 |
|
|
|
1,435,088 |
|
Other
long-term liabilities |
|
5,881 |
|
|
|
3,149 |
|
Deferred tax
liabilities, net |
|
1,318 |
|
|
|
1,453 |
|
Operating
lease liabilities, non-current |
|
16,698 |
|
|
|
13,720 |
|
Total
liabilities |
|
1,572,493 |
|
|
|
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 |
|
12,852 |
|
|
|
269 |
|
Accumulated losses |
|
(926,426 |
) |
|
|
(764,534 |
) |
Total
shareholders’ equity |
|
742,059 |
|
|
|
891,368 |
|
Participation interest |
|
222,518 |
|
|
|
267,291 |
|
Total
shareholders’ equity and participation interest |
|
964,577 |
|
|
|
1,158,659 |
|
Total
liabilities, shareholders’ equity and participation interest |
$ |
2,537,070 |
|
|
$ |
2,712,240 |
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to |
Adjusted Net
(Loss) Income Attributable to Studio City International Holdings
Limited (Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net loss attributable to Studio City International Holdings
Limited |
$ |
(90,998 |
) |
|
$ |
(4,399 |
) |
|
$ |
(161,892 |
) |
|
$ |
(1,487 |
) |
Pre-opening costs |
|
28 |
|
|
|
60 |
|
|
|
56 |
|
|
|
2,549 |
|
Property charges and other |
|
(204 |
) |
|
|
8,196 |
|
|
|
4,201 |
|
|
|
8,325 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,995 |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
579 |
|
Participation interest impact on adjustments |
|
41 |
|
|
|
(1,905 |
) |
|
|
(982 |
) |
|
|
(3,333 |
) |
Adjusted net
(loss) income attributable to Studio City International Holdings
Limited |
$ |
(91,133 |
) |
|
$ |
1,952 |
|
|
$ |
(158,617 |
) |
|
$ |
9,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Studio City International
Holdings Limited per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.377 |
) |
|
$ |
0.008 |
|
|
$ |
(0.656 |
) |
|
$ |
0.040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Studio City International
Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(1.507 |
) |
|
$ |
0.032 |
|
|
$ |
(2.624 |
) |
|
$ |
0.159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
241,818,016 |
|
|
|
241,818,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Operating (Loss) Income to Adjusted
EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(92,663 |
) |
|
$ |
29,661 |
|
|
$ |
(156,044 |
) |
|
$ |
68,133 |
|
Pre-opening costs |
|
28 |
|
|
|
60 |
|
|
|
56 |
|
|
|
2,549 |
|
Depreciation and amortization |
|
41,762 |
|
|
|
44,587 |
|
|
|
82,554 |
|
|
|
87,725 |
|
Property charges and other |
|
(204 |
) |
|
|
8,196 |
|
|
|
4,201 |
|
|
|
8,325 |
|
Adjusted
EBITDA |
$ |
(51,077 |
) |
|
$ |
82,504 |
|
|
$ |
(69,233 |
) |
|
$ |
166,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(90,998 |
) |
|
$ |
(4,399 |
) |
|
$ |
(161,892 |
) |
|
$ |
(1,487 |
) |
Net loss
attributable to participation interest |
|
(27,288 |
) |
|
|
(1,320 |
) |
|
|
(48,547 |
) |
|
|
(447 |
) |
Net
loss |
|
(118,286 |
) |
|
|
(5,719 |
) |
|
|
(210,439 |
) |
|
|
(1,934 |
) |
Income tax expense (credit) |
|
68 |
|
|
|
77 |
|
|
|
(142 |
) |
|
|
143 |
|
Interest and other non-operating expenses, net |
|
25,555 |
|
|
|
35,303 |
|
|
|
54,537 |
|
|
|
69,924 |
|
Property charges and other |
|
(204 |
) |
|
|
8,196 |
|
|
|
4,201 |
|
|
|
8,325 |
|
Depreciation and amortization |
|
41,762 |
|
|
|
44,587 |
|
|
|
82,554 |
|
|
|
87,725 |
|
Pre-opening costs |
|
28 |
|
|
|
60 |
|
|
|
56 |
|
|
|
2,549 |
|
Adjusted EBITDA |
$ |
(51,077 |
) |
|
$ |
82,504 |
|
|
$ |
(69,233 |
) |
|
$ |
166,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
June
30, |
|
June
30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
$ |
160 |
|
|
$ |
132 |
|
|
$ |
139 |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
per available room |
|
5 |
% |
|
|
100 |
% |
|
|
24 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per
available room (5) |
$ |
8 |
|
|
$ |
132 |
|
|
$ |
34 |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
291 |
|
|
|
293 |
|
|
|
273 |
|
|
|
293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
number of gaming machines |
|
419 |
|
|
|
985 |
|
|
|
570 |
|
|
|
980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games
win per unit per day (7) |
$ |
183 |
|
|
$ |
12,812 |
|
|
$ |
3,086 |
|
|
$ |
12,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
machines win per unit per day (8) |
$ |
48 |
|
|
$ |
225 |
|
|
$ |
124 |
|
|
$ |
218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members during the three and six months ended
June 30, 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 and six months ended June 30, 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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