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 2019.
Total operating revenues for the first quarter
of 2019 were US$151.1 million, as compared to US$156.9 million in
the first quarter of 2018. The decrease in total operating revenues
was due to the decrease in revenues from the provision of gaming
related services, partially offset by higher non-gaming
revenues.
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$348.9 million and US$425.6 million for the first
quarters of 2019 and 2018, respectively. Affected by the Macau
market-wide VIP weakness, and by increasing competition in and
around Cotai, Studio City’s rolling chip volume totaled US$2.7
billion for the first quarter of 2019 versus US$6.6 billion in the
first quarter of 2018. The rolling chip win rate was 3.3% in the
first quarter of 2019 versus 2.7% in the first quarter of 2018. The
expected rolling chip win rate range is 2.7% - 3.0%. Mass market
table games drop increased to US$851.4 million in the first quarter
of 2019 compared with US$825.2 million in the first quarter of
2018. The mass market table games hold percentage was 28.4% in the
first quarter of 2019 compared to 27.4% in the first quarter of
2018. Gaming machine handle for the first quarter of 2019 was
US$560.6 million, compared with US$581.6 million in the first
quarter of 2018. The gaming machine win rate was 3.3% in the first
quarter of 2019 compared to 3.7% in the first quarter of 2018.
Total gaming tax and the costs incurred in connection with the
operation of Studio City Casino deducted from gross gaming revenues
were US$258.5 million and US$327.2 million in the first quarters of
2019 and 2018, 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$90.4
million and US$98.4 million for the first quarters of 2019 and
2018, respectively.
Total non-gaming revenues at Studio City for the
first quarter of 2019 was US$60.7 million, compared with US$58.5
million for the first quarter of 2018.
Operating income for the first quarter of 2019
was US$38.5 million, compared with operating income of US$48.1
million in the first quarter of 2018, representing a decrease of
20%.
Adjusted EBITDA(1) was US$84.2 million for the
first quarter of 2019, as compared to Adjusted EBITDA of US$93.0
million in the first quarter of 2018, representing a decrease of
9%. The year-on-year decrease in Adjusted EBITDA was mainly
attributable to the decrease in revenues from the provision of
gaming related services.
Net income attributable to Studio City
International Holdings Limited for the first quarter of 2019 was
US$2.9 million, compared with US$8.8 million in the first quarter
of 2018. The net income attributable to participation interest for
the first quarter of 2019 was US$0.9 million.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first
quarter of 2019 were US$34.6 million, which mainly included
interest expenses, of US$34.1 million.
Depreciation and amortization costs of US$43.1
million were recorded in the first quarter of 2019 of which US$0.8
million was related to the amortization expense for the land use
right.
In January 2019, the Gaming Operator informed us
via our subsidiary, Studio City Entertainment Limited, that it will
cease VIP rolling chip operations at the Studio City Casino on
January 15, 2020. Revenues from provision of gaming related
services in relation to the Studio City Casino VIP gaming
operations amounted to US$0.9 million in the first quarter of 2019,
compared with US$12.3 million in the first quarter of
2018. The year-on-year decrease in revenues from provision of
gaming related services in relation to the Studio City Casino VIP
gaming operations was primarily due to the Macau market-wide VIP
weakness and increasing competition in and around Cotai, which led
to a decrease in Studio City’s rolling chip volume in the first
quarter of 2019 as compared with the first quarter of 2018.
The Adjusted EBITDA for Studio City for the
three months ended March 31, 2019 referred to in Melco’s earnings
release dated May 7, 2019 (“Melco’s earnings release”) is US$12.2
million more than the Adjusted EBITDA of Studio City contained in
this report. The Adjusted EBITDA of Studio City contained in this
report includes certain intercompany charges that are not included
in the Adjusted EBITDA for Studio City contained in the 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. Also,
Adjusted EBITDA of Studio City included in the Melco’s earnings
release does not reflect certain costs related to the VIP
operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of March 31,
2019 aggregated US$585.0 million (December 31, 2018: US$377.6
million), including US$49.2 million of restricted cash (December
31, 2018: US$31.7 million). Total debt, net of unamortized deferred
financing costs at the end of the first quarter of 2019, was US$1.8
billion (December 31, 2018: US$1.6 billion).
Capital expenditures for the first quarter of
2019 were US$12.3 million.
Other Information
The Company is aware that New Cotai, LLC (“New
Cotai”), a shareholder of Studio City, and certain of New Cotai’s
affiliates have commenced a voluntary Chapter 11 bankruptcy
petition in the Southern District of New York. The Company does not
anticipate that the bankruptcy of New Cotai will have any material
impact on the business or operations of Studio City or the funding
or the timing of the development and construction of Studio City’s
Phase II expansion. Melco continues to remain the majority
shareholder of Studio City.
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 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, |
| |
2019 |
|
2018 |
| |
|
(Unaudited) |
|
|
(Unaudited) |
| |
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
| Provision of gaming
related services |
$ |
90,391 |
|
|
$ |
98,401 |
|
| Rooms |
|
20,960 |
|
|
|
21,833 |
|
| Food and beverage |
|
17,513 |
|
|
|
16,053 |
|
| Entertainment |
|
6,172 |
|
|
|
3,655 |
|
| Services fee |
|
9,052 |
|
|
|
9,651 |
|
| Mall |
|
6,382 |
|
|
|
6,434 |
|
| Retail and other |
|
633 |
|
|
|
872 |
|
| Total operating
revenues |
|
151,103 |
|
|
|
156,899 |
|
| |
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
| Provision of gaming
related services |
|
(5,782 |
) |
|
|
(5,495 |
) |
| Rooms |
|
(5,638 |
) |
|
|
(5,421 |
) |
| Food and beverage |
|
(15,024 |
) |
|
|
(13,905 |
) |
| Entertainment |
|
(6,767 |
) |
|
|
(3,341 |
) |
| Mall |
|
(2,734 |
) |
|
|
(3,134 |
) |
| Retail and other |
|
(490 |
) |
|
|
(653 |
) |
| General and
administrative |
|
(30,440 |
) |
|
|
(31,942 |
) |
| Pre-opening costs |
|
(2,489 |
) |
|
|
(42 |
) |
| Amortization of land
use right |
|
(823 |
) |
|
|
(831 |
) |
| Depreciation and
amortization |
|
(42,315 |
) |
|
|
(41,648 |
) |
| Property charges and
other |
|
(129 |
) |
|
|
(2,363 |
) |
| Total operating costs
and expenses |
|
(112,631 |
) |
|
|
(108,775 |
) |
| OPERATING INCOME |
|
38,472 |
|
|
|
48,124 |
|
| NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
| Interest income |
|
1,504 |
|
|
|
743 |
|
| Interest expenses |
|
(34,054 |
) |
|
|
(40,082 |
) |
| Loan commitment
fees |
|
(103 |
) |
|
|
(103 |
) |
| Foreign exchange gains,
net |
|
913 |
|
|
|
148 |
|
| Other income, net |
|
693 |
|
|
|
66 |
|
| Loss on extinguishment
of debt |
|
(2,995 |
) |
|
|
- |
|
| Costs associated with
debt modification |
|
(579 |
) |
|
|
- |
|
| Total non-operating
expenses, net |
|
(34,621 |
) |
|
|
(39,228 |
) |
| INCOME BEFORE INCOME
TAX |
|
3,851 |
|
|
|
8,896 |
|
| INCOME TAX EXPENSE |
|
(66 |
) |
|
|
(47 |
) |
| NET INCOME |
|
3,785 |
|
|
|
8,849 |
|
| NET INCOME ATTRIBUTABLE
TO PARTICIPATION INTEREST |
|
(873 |
) |
|
|
- |
|
| NET INCOME ATTRIBUTABLE
TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED |
$ |
2,912 |
|
|
$ |
8,849 |
|
| |
|
|
|
|
|
| NET INCOME ATTRIBUTABLE
TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER CLASS A ORDINARY
SHARE: |
|
|
|
|
|
| Basic and
diluted |
$ |
0.012 |
|
|
$ |
0.049 |
|
| |
|
|
|
|
|
| NET INCOME ATTRIBUTABLE
TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER ADS: |
|
|
|
|
|
| Basic and
diluted |
$ |
0.048 |
|
|
$ |
0.195 |
|
| |
|
|
|
|
|
| WEIGHTED AVERAGE CLASS
A ORDINARY SHARES OUTSTANDING USED IN NET INCOME ATTRIBUTABLE TO
STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER CLASS A ORDINARY
SHARE CALCULATION: |
|
|
|
|
|
| Basic and
diluted |
|
241,818,016 |
|
|
|
181,279,400 |
|
| |
|
|
|
|
|
| Note: |
| In connection
with the Company's initial public offering (the "IPO") on October
22, 2018, the Company underwent a series of organizational
transactions. For the preparation of the accompanying
unaudited condensed consolidated financial statements and the
calculation of net income attributable to Studio City International
Holdings Limited per Class A ordinary share for period prior to the
IPO, the Company has retrospectively presented net income
attributable to Studio City International Holdings Limited per
Class A ordinary share and the share capital as if the
organizational transactions had occurred at the beginning of the
earliest period presented. Such retrospective presentation
reflects the redesignation of the issued 18,127.94 ordinary shares
of $1 par value each to 181,279,400 Class A ordinary shares of
$0.0001 par value each. For period prior to the IPO date, the
retrospective presentation does not include the exchange of
72,511,760 Class A ordinary shares into 72,511,760 Class B ordinary
shares of $0.0001 par value each and the issuance of 115,000,000
Class A ordinary shares in the IPO. |
| |
| |
|
|
|
|
|
| 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, |
| |
2019 |
|
2018 |
| |
(Unaudited) |
|
(Audited) |
| |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
| Cash and cash
equivalents |
$ |
535,744 |
|
|
$ |
345,854 |
|
| Restricted cash |
|
49,092 |
|
|
|
31,582 |
|
| Accounts receivable,
net |
|
1,995 |
|
|
|
1,712 |
|
| Amounts due from
affiliated companies |
|
46,022 |
|
|
|
42,339 |
|
| Inventories |
|
10,421 |
|
|
|
9,904 |
|
| Prepaid expenses and
other current assets |
|
28,901 |
|
|
|
27,650 |
|
| Total current
assets |
|
672,175 |
|
|
|
459,041 |
|
| |
|
|
|
|
|
| PROPERTY AND EQUIPMENT,
NET |
|
2,146,271 |
|
|
|
2,175,858 |
|
| LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
43,813 |
|
|
|
45,766 |
|
| RESTRICTED CASH |
|
129 |
|
|
|
129 |
|
| OPERATING LEASE
RIGHT-OF-USE ASSETS |
|
14,388 |
|
|
|
- |
|
| LAND USE RIGHT,
NET |
|
120,435 |
|
|
|
121,544 |
|
| TOTAL ASSETS |
$ |
2,997,211 |
|
|
$ |
2,802,338 |
|
| |
|
|
|
|
|
| LIABILITIES,
SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
| Accounts payable |
$ |
7,038 |
|
|
$ |
6,421 |
|
| Accrued expenses and
other current liabilities |
|
82,017 |
|
|
|
62,825 |
|
| Income tax payable |
|
33 |
|
|
|
33 |
|
| Current portion of
long-term debt, net |
|
348,345 |
|
|
|
347,740 |
|
| Amounts due to
affiliated companies |
|
14,697 |
|
|
|
21,953 |
|
| Total current
liabilities |
|
452,130 |
|
|
|
438,972 |
|
| |
|
|
|
|
|
| LONG-TERM DEBT,
NET |
|
1,431,369 |
|
|
|
1,261,904 |
|
| OTHER LONG-TERM
LIABILITIES |
|
5,291 |
|
|
|
4,017 |
|
| DEFERRED TAX
LIABILITIES |
|
1,108 |
|
|
|
1,044 |
|
| OPERATING LEASE
LIABILITIES, NON-CURRENT |
|
13,761 |
|
|
|
- |
|
| AMOUNT DUE TO AN
AFFILIATED COMPANY |
|
216 |
|
|
|
- |
|
| TOTAL LIABILITIES |
|
1,903,875 |
|
|
|
1,705,937 |
|
| |
|
|
|
|
|
| SHAREHOLDERS’
EQUITY AND PARTICIPATION INTEREST |
|
|
|
|
|
| Class A ordinary
shares |
|
24 |
|
|
|
24 |
|
| Class B ordinary
shares |
|
7 |
|
|
|
7 |
|
| Additional paid-in
capital |
|
1,655,602 |
|
|
|
1,655,602 |
|
| Accumulated other
comprehensive losses |
|
(19,332 |
) |
|
|
(14,063 |
) |
| Accumulated losses |
|
(795,186 |
) |
|
|
(798,098 |
) |
| Total shareholders’
equity |
|
841,115 |
|
|
|
843,472 |
|
| PARTICIPATION
INTEREST |
|
252,221 |
|
|
|
252,929 |
|
| Total shareholders’
equity and participation interest |
|
1,093,336 |
|
|
|
1,096,401 |
|
| TOTAL LIABILITIES,
SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST |
$ |
2,997,211 |
|
|
$ |
2,802,338 |
|
| |
| |
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Net Income Attributable to
Studio City International Holdings Limited to |
| Adjusted Net 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, |
| |
2019 |
|
2018 |
| |
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
| Net Income Attributable
to Studio City International Holdings Limited |
$ |
2,912 |
|
|
$ |
8,849 |
|
Pre-opening Costs |
|
2,489 |
|
|
|
42 |
| Property
Charges and Other |
|
129 |
|
|
|
2,363 |
| Loss on
Extinguishment of Debt |
|
2,995 |
|
|
|
- |
| Costs
Associated with Debt Modification |
|
579 |
|
|
|
- |
|
Participation Interest Impact on Adjustments |
|
(1,428 |
) |
|
|
- |
| Adjusted Net Income
Attributable to Studio City International Holdings Limited |
$ |
7,676 |
|
|
$ |
11,254 |
| |
|
|
|
|
|
| ADJUSTED NET INCOME
ATTRIBUTABLE TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER
CLASS A ORDINARY SHARE: |
|
|
|
|
|
| Basic and
diluted |
$ |
0.032 |
|
|
$ |
0.062 |
| |
|
|
|
|
|
| ADJUSTED NET INCOME
ATTRIBUTABLE TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER
ADS: |
|
|
|
|
|
| Basic and
diluted |
$ |
0.127 |
|
|
$ |
0.248 |
| |
|
|
|
|
|
| WEIGHTED AVERAGE CLASS
A ORDINARY SHARES OUTSTANDING USED IN ADJUSTED NET INCOME
ATTRIBUTABLE TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER
CLASS A ORDINARY SHARE CALCULATION: |
|
|
|
|
|
| Basic and
diluted |
|
241,818,016 |
|
|
|
181,279,400 |
| |
| |
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Operating Income to Adjusted
EBITDA |
| (In thousands of U.S. dollars) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2019 |
|
2018 |
| |
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
| Operating Income |
$ |
38,472 |
|
$ |
48,124 |
|
Pre-opening Costs |
|
2,489 |
|
|
42 |
|
Depreciation and Amortization |
|
43,138 |
|
|
42,479 |
| Property
Charges and Other |
|
129 |
|
|
2,363 |
| Adjusted EBITDA |
$ |
84,228 |
|
$ |
93,008 |
| |
| |
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Net Income Attributable to
Studio City International Holdings Limited to Adjusted
EBITDA |
| (In thousands of U.S. dollars) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2019 |
|
2018 |
| |
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
| Net Income Attributable
to Studio City International Holdings Limited |
$ |
2,912 |
|
$ |
8,849 |
| Net Income Attributable
to Participation Interest |
|
873 |
|
|
- |
| Net Income |
|
3,785 |
|
|
8,849 |
| Income
Tax Expense |
|
66 |
|
|
47 |
| Interest
and Other Non-Operating Expenses, Net |
|
34,621 |
|
|
39,228 |
| Property
Charges and Other |
|
129 |
|
|
2,363 |
|
Depreciation and Amortization |
|
43,138 |
|
|
42,479 |
|
Pre-opening Costs |
|
2,489 |
|
|
42 |
| Adjusted EBITDA |
$ |
84,228 |
|
$ |
93,008 |
| |
| |
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Supplemental Data Schedule |
| |
|
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2019 |
|
2018 |
| Room
Statistics: |
|
|
|
| Average daily rate
(3) |
$ |
134 |
|
$ |
139 |
| Occupancy
per available room |
|
100% |
|
|
100% |
| Revenue
per available room (4) |
$ |
133 |
|
$ |
139 |
| |
|
|
|
| Other
Information: |
|
|
|
| Average
number of table games |
|
294 |
|
|
294 |
| Average
number of gaming machines |
|
974 |
|
|
943 |
| Table
games win per unit per day (5) |
$ |
12,507 |
|
$ |
15,296 |
| Gaming
machines win per unit per day (6) |
$ |
211 |
|
$ |
250 |
| |
|
|
|
|
(3) 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 |
|
(4) Revenue per available room is calculated by dividing total room
revenues including 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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