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 third quarter of 2018.
Total revenues for the third quarter of 2018 was
US$143.8 million, as compared to US$142.1 million in the third
quarter of 2017. The increase in total revenues was primarily due
to the increase in revenues from the provision of gaming related
services. The Company adopted a new revenue recognition standard
issued by the Financial Accounting Standards Board (the “New
Revenue Standard”) using the modified retrospective method from
January 1, 2018. Results for the periods beginning on or after
January 1, 2018 are presented under the New Revenue Standard, while
prior year amounts are not adjusted and continue to be reported in
accordance with the previous basis. There was no material impact on
our total revenues for the three months ended September 30, 2018 as
a result of the adoption of the New Revenue Standard from January
1, 2018.
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$397.9 million and US$408.5 million for the third
quarters of 2018 and 2017, respectively. Rolling chip volume
totaled US$5.1 billion for both quarters ended September 30 2018
and 2017. The rolling chip win rate was 3.1% in the third quarter
of 2018 versus 4.0% in the third quarter of 2017. The expected
rolling chip win range is 2.7% - 3.0%. Mass market table games drop
increased to US$807.9 million in the third quarter of 2018 compared
with US$747.1 million in the third quarter of 2017. The mass market
table games hold percentage was 27.2% in the third quarter of 2018
compared to 25.0% in the third quarter of 2017. Gaming machine
handle for the third quarter of 2018 was US$641.6 million, compared
with US$581.2 million in the third quarter of 2017. The gaming
machine win rate was 2.9% in the third quarter of 2018 compared to
3.3% in the third quarter of 2017. Total gaming tax and the costs
incurred in connection with the operation of Studio City Casino
deducted from gross gaming revenues were US$315.9 million and
US$328.0 million in the third quarters of 2018 and 2017,
respectively.
After the Gaming Operator deducted gaming tax
and the costs incurred in connection with its operations of Studio
City Casino from the gross gaming revenues, the Company recognized
revenues from provision of gaming related services of US$82.0
million and US$80.5 million for the third quarters of 2018 and
2017, respectively.
Total non-gaming revenue at Studio City for the
third quarter of 2018 was US$61.8 million, compared with US$61.6
million for the third quarter of 2017.
Operating income for the third quarter of 2018
was US$31.4 million, compared with operating income of US$31.0
million in the third quarter of 2017, representing an increase of
1%.
Adjusted EBITDA(1) was US$75.2 million for the
third quarter of 2018, as compared to Adjusted EBITDA of US$77.3
million in the third quarter of 2017, representing a decrease of
3%.
Net loss for the third quarter of 2018 was US$8.1 million,
compared with US$8.3 million, in the third quarter of 2017.
Other Factors Affecting Earnings
Total net non-operating expenses for the third
quarter of 2018 were US$39.5 million, which mainly included
interest expenses, of US$38.1 million.
Depreciation and amortization costs of US$42.9
million were recorded in the third quarter of 2018 of which US$0.8
million was related to the amortization of land use right.
Revenues from provision of gaming related
services in relation to the Studio City Casino VIP gaming
operations amounted to US$12.3 million in the third quarter of
2018, compared with US$16.8 million in the third quarter of 2017,
representing a decrease of 27%. There is no assurance that VIP
tables will continue to be operated at the Studio City Casino
beyond November 2019.
The Adjusted EBITDA for Studio City as mentioned
in Melco’s unaudited third quarter 2018 earnings release dated
November 8, 2018 does not reflect the intra-Melco group fees for
the management and share services arrangements between the Company
and certain subsidiaries of the Company (the “Studio City
Entities”) and certain subsidiaries of Melco (the “Master Service
Providers”) pursuant to which certain non-gaming services are
provided by the Master Service Providers to the Studio City
Entities and vice versa. Melco’s unaudited third quarter 2018
earnings results also do not reflect the costs related to VIP
operations at Studio City Casino. The consolidated financials of
Studio City contained in this report reflect such intra-Melco group
fees charged to Studio City and the costs incurred by Studio City
in connection with VIP operations at Studio City Casino. The total
variance resulting from the above differences for the third quarter
of 2018 is approximately US$14 million.
Financial Position and Capital Expenditures
Total cash and bank balances as of September 30,
2018 aggregated US$412.9 million, including US$20.0 million on a
bank deposit with an original maturity over three months and
US$72.7 million of restricted cash. Total debt, net of unamortized
deferred financing costs at the end of the third quarter of 2018,
was US$2.0 billion.
Capital expenditures for the third quarter of
2018 were US$15.2 million.
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
(1) “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. Investors are encouraged to review the reconciliation
of the historical non-GAAP financial measure to its most directly
comparable GAAP financial measure.
(2) “Adjusted net loss” is net loss before pre-opening costs and
property charges and other. Adjusted net 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
loss may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted net 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
|
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|
|
|
|
|
|
|
| Studio City International
Holdings Limited and Subsidiaries |
| Condensed Consolidated
Statements of Operations |
| (In thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September
30, |
|
September
30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
82,028 |
|
|
$ |
80,498 |
|
|
$ |
250,623 |
|
|
$ |
213,850 |
|
|
Rooms |
|
22,653 |
|
|
|
22,451 |
|
|
|
66,236 |
|
|
|
65,558 |
|
|
Food and beverage |
|
17,419 |
|
|
|
14,950 |
|
|
|
48,878 |
|
|
|
44,145 |
|
|
Entertainment |
|
4,370 |
|
|
|
5,239 |
|
|
|
10,643 |
|
|
|
14,746 |
|
|
Services fee |
|
10,775 |
|
|
|
10,009 |
|
|
|
30,381 |
|
|
|
29,892 |
|
|
Mall |
|
5,668 |
|
|
|
7,156 |
|
|
|
16,366 |
|
|
|
22,674 |
|
|
Retail and other |
|
916 |
|
|
|
1,810 |
|
|
|
2,872 |
|
|
|
5,104 |
|
|
Total revenues |
|
143,829 |
|
|
|
142,113 |
|
|
|
425,999 |
|
|
|
395,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(5,073 |
) |
|
|
(6,530 |
) |
|
|
(15,829 |
) |
|
|
(18,294 |
) |
|
Rooms |
|
(5,561 |
) |
|
|
(5,405 |
) |
|
|
(16,515 |
) |
|
|
(16,112 |
) |
|
Food and beverage |
|
(14,400 |
) |
|
|
(12,956 |
) |
|
|
(41,770 |
) |
|
|
(39,914 |
) |
|
Entertainment |
|
(3,637 |
) |
|
|
(4,496 |
) |
|
|
(10,523 |
) |
|
|
(13,333 |
) |
|
Mall |
|
(2,944 |
) |
|
|
(2,250 |
) |
|
|
(8,326 |
) |
|
|
(6,701 |
) |
|
Retail and other |
|
(609 |
) |
|
|
(1,878 |
) |
|
|
(1,883 |
) |
|
|
(3,778 |
) |
|
General and administrative |
|
(36,435 |
) |
|
|
(31,280 |
) |
|
|
(102,290 |
) |
|
|
(96,459 |
) |
|
Pre-opening costs |
|
(357 |
) |
|
|
(25 |
) |
|
|
(410 |
) |
|
|
15 |
|
|
Amortization of land use right |
|
(831 |
) |
|
|
(832 |
) |
|
|
(2,492 |
) |
|
|
(2,493 |
) |
|
Depreciation and amortization |
|
(42,023 |
) |
|
|
(43,208 |
) |
|
|
(125,806 |
) |
|
|
(129,790 |
) |
|
Property charges and other |
|
(560 |
) |
|
|
(2,280 |
) |
|
|
(4,087 |
) |
|
|
(6,547 |
) |
|
Total operating costs and expenses |
|
(112,430 |
) |
|
|
(111,140 |
) |
|
|
(329,931 |
) |
|
|
(333,406 |
) |
|
OPERATING INCOME |
|
31,399 |
|
|
|
30,973 |
|
|
|
96,068 |
|
|
|
62,563 |
|
|
NON-OPERATING INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
977 |
|
|
|
634 |
|
|
|
2,416 |
|
|
|
1,434 |
|
|
Interest expenses |
|
(38,081 |
) |
|
|
(38,080 |
) |
|
|
(114,240 |
) |
|
|
(114,239 |
) |
|
Other finance costs |
|
(2,175 |
) |
|
|
(2,026 |
) |
|
|
(6,408 |
) |
|
|
(5,969 |
) |
|
Foreign exchange (losses) gains, net |
|
(135 |
) |
|
|
30 |
|
|
|
(297 |
) |
|
|
424 |
|
|
Other (expenses) income, net |
|
(88 |
) |
|
|
144 |
|
|
|
(110 |
) |
|
|
431 |
|
|
Total non-operating expenses, net |
|
(39,502 |
) |
|
|
(39,298 |
) |
|
|
(118,639 |
) |
|
|
(117,919 |
) |
|
LOSS BEFORE INCOME TAX |
|
(8,103 |
) |
|
|
(8,325 |
) |
|
|
(22,571 |
) |
|
|
(55,356 |
) |
|
INCOME TAX CREDIT (EXPENSE) |
|
9 |
|
|
|
62 |
|
|
|
(366 |
) |
|
|
77 |
|
|
NET LOSS |
$ |
(8,094 |
) |
|
$ |
(8,263 |
) |
|
$ |
(22,937 |
) |
|
$ |
(55,279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note: The Company adopted the New Revenue Standard
using the modified retrospective method from January 1, 2018.
Results for the periods beginning on or after January 1, 2018 are
presented under the New Revenue Standard, while prior year amounts
are not adjusted and continue to be reported in accordance with the
previous basis. |
| 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, |
| |
2018 |
|
|
2017 |
|
| |
|
(Unaudited) |
|
|
(Audited) |
| |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
| Cash and cash
equivalents |
$ |
320,205 |
|
|
$ |
348,399 |
|
| Bank deposits with
original maturities over three months |
|
20,000 |
|
|
|
9,884 |
|
| Restricted cash |
|
72,555 |
|
|
|
34,400 |
|
| Accounts receivable,
net |
|
2,090 |
|
|
|
2,345 |
|
| Amounts due from
affiliated companies |
|
25,956 |
|
|
|
37,826 |
|
| Inventories |
|
9,931 |
|
|
|
10,143 |
|
| Prepaid expenses and
other current assets |
|
27,359 |
|
|
|
17,930 |
|
| Total current
assets |
|
478,096 |
|
|
|
460,927 |
|
| |
|
|
|
|
|
| PROPERTY AND EQUIPMENT,
NET |
|
2,204,696 |
|
|
|
2,280,116 |
|
| LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
48,705 |
|
|
|
60,722 |
|
| RESTRICTED CASH |
|
130 |
|
|
|
130 |
|
| LAND USE RIGHT,
NET |
|
123,180 |
|
|
|
125,672 |
|
| TOTAL ASSETS |
$ |
2,854,807 |
|
|
$ |
2,927,567 |
|
| |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
| Accounts payable |
$ |
4,806 |
|
|
$ |
2,722 |
|
| Accrued expenses and
other current liabilities |
|
102,801 |
|
|
|
155,840 |
|
| Amounts due to
affiliated companies |
|
23,282 |
|
|
|
19,508 |
|
| Income tax payable |
|
33 |
|
|
|
- |
|
| Total current
liabilities |
|
130,922 |
|
|
|
178,070 |
|
| |
|
|
|
|
|
| LONG-TERM DEBT,
NET |
|
2,005,155 |
|
|
|
1,999,354 |
|
| OTHER LONG-TERM
LIABILITIES |
|
4,087 |
|
|
|
9,512 |
|
| DEFERRED TAX
LIABILITIES |
|
869 |
|
|
|
588 |
|
| |
|
|
|
|
|
| SHAREHOLDERS'
EQUITY |
|
|
|
|
|
| Ordinary shares |
|
18 |
|
|
|
18 |
|
| Additional paid-in
capital |
|
1,512,705 |
|
|
|
1,512,705 |
|
| Accumulated other
comprehensive income |
|
488 |
|
|
|
488 |
|
| Accumulated losses |
|
(799,437 |
) |
|
|
(773,168 |
) |
| Total shareholders’
equity |
|
713,774 |
|
|
|
740,043 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
2,854,807 |
|
|
$ |
2,927,567 |
|
| |
|
|
|
|
|
| |
| Studio City International Holdings Limited and
Subsidiaries |
|
| Condensed Consolidated Balance Sheets -
(continued) |
|
| (In thousands of U.S. dollars, except share and
per share data) |
|
| |
|
|
| Note: |
SUBSEQUENT EVENTS |
|
| |
| |
On October 22, 2018,
the Company completed an initial public offering of 28,750,000
American depositary shares (representing 115,000,000 SC Class A
Shares) (the “Offering”), or ADSs. The ADSs are listed on the New
York Stock Exchange under the symbol “MSC”. |
|
| |
| |
In connection with the
Offering, the Company together with its subsidiaries underwent a
series of organizational transactions (the “Organizational
Transactions”) pursuant to an implementation agreement entered into
among MCE Cotai Investments Limited (“MCE Cotai”), Melco, New
Cotai, LLC (“New Cotai”), MSC Cotai Limited (“MSC Cotai”) and the
Company. The Organizational Transactions included, among other
things, the following, all of which were completed in October 2018
and prior to the completion of the Offering: (i) the Company
contributed substantially all of its assets and liabilities to one
of its subsidiaries, MSC Cotai, in exchange for newly-issued
ordinary shares of MSC Cotai; (ii) the Company authorized two
classes of ordinary shares, the SC Class A Shares and the SC Class
B Shares, in each case with a par value of $0.0001 each; (iii) the
60% equity interest in the Company held directly by MCE Cotai prior
to the Organizational Transactions was reclassified into
108,767,640 SC Class A Shares; (iv) the 40% equity interest in the
Company held directly by New Cotai prior to the Organizational
Transactions was exchanged for 72,511,760 SC Class B Shares, which
have only voting and no economic rights and, through its SC Class B
Shares, New Cotai has voting rights in the Company which controls
MSC Cotai; (v) New Cotai has a non-voting, non-shareholding
economic participation interest (the “Participation Interest”) in
MSC Cotai, the terms of which are set forth in a participation
agreement (the “Participation Agreement”) that was entered into by
MSC Cotai, New Cotai and the Company; and (iv) the Company was
redomiciled by way of continuation as an exempted company
incorporated with limited liability under the laws of the Cayman
Islands. |
|
| |
| |
Each SC Class A Share
and each SC Class B Share entitles its holder to one vote on all
matters to be voted on by shareholders generally and holders of SC
Class A Shares and SC Class B Shares vote together as a single
class on all matters presented to the shareholders for their vote
or approval, except as otherwise required by applicable law or the
memorandum of association and articles of association. Holders of
the SC Class B Shares do not have any right to receive dividends or
distributions upon the Company’s liquidation or winding up or to
otherwise share in our profits and surplus assets.
Immediately prior to the Offering, the Participation Interest
entitled New Cotai to receive from MSC Cotai an amount equal to 66
2⁄3% of the amount of any distribution, dividend or other
consideration paid by MSC Cotai to the Company, subject to
adjustments, exceptions and conditions as set out in the
Participation Agreement. The 66 2⁄3% represented the
equivalent of New Cotai’s 40% interest in the Company prior to the
Organizational Transactions. The Participation Agreement also
provides that New Cotai is entitled to exchange all or a portion of
its Participation Interest for a number of SC Class A Shares
subject to adjustments, exceptions and conditions as set out in the
Participation Agreement and a proportionate number of SC Class B
Shares will be deemed surrendered and automatically canceled for no
consideration as set out in the Participation Agreement when New
Cotai exchanges all or a portion of the Participation Interest for
SC Class A Shares. |
|
| |
| |
Immediately following
the completion of the Offering and the concurrent private placement
of 800,376 SC Class A Shares to Melco International Development
Limited, the majority shareholder of Melco, to effect the assured
entitlement distribution, 115,800,376 SC Class A Shares with par
value of $0.0001 each were issued, and New Cotai has a
Participation Interest in MSC Cotai, which entitles New Cotai to
receive from MSC Cotai an amount equal to 32.3% of the amount of
any distribution, dividend or other consideration paid by MSC Cotai
to the Company, subject to adjustments, exceptions and
conditions. |
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| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Net Loss to Adjusted Net
Loss |
| (In thousands of U.S. dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, |
|
September 30, |
| |
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
$ |
(8,094 |
) |
|
$ |
(8,263 |
) |
|
$ |
(22,937 |
) |
|
$ |
(55,279 |
) |
|
Pre-opening Costs |
|
357 |
|
|
|
25 |
|
|
|
410 |
|
|
|
(15 |
) |
| Property
Charges and Other |
|
560 |
|
|
|
2,280 |
|
|
|
4,087 |
|
|
|
6,547 |
|
| Adjusted Net
Loss |
$ |
(7,177 |
) |
|
$ |
(5,958 |
) |
|
$ |
(18,440 |
) |
|
$ |
(48,747 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Operating Income to Adjusted
EBITDA |
| (In thousands of U.S. dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, |
|
September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
$ |
31,399 |
|
$ |
30,973 |
|
$ |
96,068 |
|
$ |
62,563 |
|
|
Pre-opening Costs |
|
357 |
|
|
25 |
|
|
410 |
|
|
(15 |
) |
|
Depreciation and Amortization |
|
42,854 |
|
|
44,040 |
|
|
128,298 |
|
|
132,283 |
|
| Property
Charges and Other |
|
560 |
|
|
2,280 |
|
|
4,087 |
|
|
6,547 |
|
| Adjusted EBITDA |
$ |
75,170 |
|
$ |
77,318 |
|
$ |
228,863 |
|
$ |
201,378 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Net Loss to Adjusted
EBITDA |
| (In thousands of U.S. dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, |
|
September 30, |
| |
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
$ |
(8,094 |
) |
|
$ |
(8,263 |
) |
|
$ |
(22,937 |
) |
|
$ |
(55,279 |
) |
| Income
Tax (Credit) Expense |
|
(9 |
) |
|
|
(62 |
) |
|
|
366 |
|
|
|
(77 |
) |
| Interest
and Other Non-Operating Expenses, Net |
|
39,502 |
|
|
|
39,298 |
|
|
|
118,639 |
|
|
|
117,919 |
|
| Property
Charges and Other |
|
560 |
|
|
|
2,280 |
|
|
|
4,087 |
|
|
|
6,547 |
|
|
Depreciation and Amortization |
|
42,854 |
|
|
|
44,040 |
|
|
|
128,298 |
|
|
|
132,283 |
|
|
Pre-opening Costs |
|
357 |
|
|
|
25 |
|
|
|
410 |
|
|
|
(15 |
) |
| Adjusted EBITDA |
$ |
75,170 |
|
|
$ |
77,318 |
|
|
$ |
228,863 |
|
|
$ |
201,378 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
|
|
|
|
|
|
|
|
| Supplemental Data Schedule |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
September
30, |
|
September
30, |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
141 |
|
|
$ |
142 |
|
|
$ |
138 |
|
|
$ |
139 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Occupancy per available room |
|
|
|
100% |
|
|
|
98% |
|
|
|
100% |
|
|
|
98% |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Revenue per available room (4) |
|
$ |
141 |
|
|
$ |
139 |
|
|
$ |
138 |
|
|
$ |
137 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
288 |
|
|
|
291 |
|
|
|
292 |
|
|
|
287 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of gaming machines |
|
|
938 |
|
|
|
970 |
|
|
|
947 |
|
|
|
974 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
14,287 |
|
|
$ |
14,535 |
|
|
$ |
14,361 |
|
|
$ |
12,521 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Gaming machines win per unit per day (6) |
$ |
219 |
|
|
$ |
214 |
|
|
$ |
235 |
|
|
$ |
211 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) Average daily rate is calculated by dividing total room
revenues including the retail value of complimentary rooms (less
service charges, if any) by total occupied rooms including
complimentary rooms |
| |
|
(4) Revenue per available room is calculated by dividing total
room revenues including the retail value of complimentary rooms
(less service charges, if any) by total rooms available |
| |
|
(5) 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 |
| |
|
(6) 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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