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 2023.
Total operating revenues for the second quarter
of 2023 were US$115.2 million, compared with total operating
revenues of negative US$1.9 million in the second quarter of 2022.
The change was primarily attributable to the relaxation of COVID-19
related restrictions in Macau in January 2023 and the openings of
the Epic Tower and indoor waterpark in April 2023, as well as the
launch of residency concerts in the same month, which led to an
increase in revenue from casino contract and higher non-gaming
revenues.
Studio City Casino generated gross gaming
revenues of US$214.5 million and US$34.6 million for the second
quarters of 2023 and 2022, respectively.
Studio City Casino’s rolling chip volume was
US$789.5 million in the second quarter of 2023 versus US$104.1
million in the second quarter of 2022. The rolling chip win rate
was 1.43% in the second quarter of 2023 versus 5.33% in the second
quarter of 2022. The expected rolling chip win rate range is 2.85%-
3.15%.
Mass market table games drop increased to
US$716.6 million in the second quarter of 2023, compared with
US$93.2 million in the second quarter of 2022. The mass market
table games hold percentage was 25.5% in the second quarter of
2023, compared with 25.7% in the second quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$595.4 million, compared with US$201.7 million in the
second quarter of 2022. The gaming machine win rate was 3.4% in the
second quarter of 2023, compared with 2.5% in the second quarter of
2022.
Revenue from casino contract was US$31.2 million
for the second quarter of 2023, compared with revenue from casino
contract of negative US$17.4 million for the second quarter of
2022. Revenue from casino contract is net of gaming taxes and the
costs incurred in connection with the on-going operation of the
Studio City Casino which are deducted by Melco Resorts (Macau)
Limited, the gaming operator of the Studio City Casino (the “Gaming
Operator”).
Total gaming taxes and the costs incurred in
connection with the on-going operation of the Studio City Casino
deducted from gross gaming revenues were US$183.3 million and
US$52.0 million in the second quarters of 2023 and 2022,
respectively.
Total non-gaming revenues at Studio City for the
second quarter of 2023 were US$84.0 million, compared with US$15.5
million for the second quarter of 2022.
Operating loss for the second quarter of 2023
was US$18.7 million, compared with operating loss of US$72.8
million in the second quarter of 2022.
Studio City generated Adjusted EBITDA(1) of
US$29.1 million in the second quarter of 2023, compared with
negative Adjusted EBITDA of US$40.2 million in the second quarter
of 2022. The change was mainly attributable to the increase in
revenue from casino contract and higher non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for the second quarter of 2023 was
US$48.5 million, compared with net loss attributable to Studio City
International Holdings Limited of US$85.6 million in the second
quarter of 2022. The net loss attributable to participation
interest was US$4.6 million and US$8.1 million in the second
quarters of 2023 and 2022, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second
quarter of 2023 were US$34.5 million, which mainly included
interest expenses of US$36.3 million, partially offset by interest
income of US$2.8 million.
Depreciation and amortization costs of US$42.7
million were recorded in the second quarter of 2023, of which
US$0.8 million was related to the amortization expense for the land
use right.
The Adjusted EBITDA for Studio City for the
three months ended June 30, 2023 referred to in the earnings
release of Melco Resorts & Entertainment Limited (“Melco”)
dated August 1, 2023 (“Melco’s earnings release”) is US$12.1
million more than the 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 gaming concession related
costs and certain intercompany costs related to the table games
operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of June 30, 2023
aggregated to US$401.5 million (December 31, 2022: US$509.7
million), including US$0.1 million of restricted cash (December 31,
2022: US$0.1 million). Total debt, net of unamortized deferred
financing costs and original issue premiums, at the end of the
second quarter of 2023 was US$2.44 billion (December 31, 2022:
US$2.43 billion).
Capital expenditures for the second quarter of
2023 were US$5.7 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 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) COVID-19 outbreaks, and the
impact of its consequences on our business, our industry and the
global economy, (ii) risks associated with the newly adopted gaming
law in Macau and its implementation by the Macau government, (iii)
changes in the gaming market and visitations in Macau, (iv) capital
and credit market volatility, (v) local and global economic
conditions, (vi) our anticipated growth strategies, (vii) gaming
authority and other governmental approvals and regulations, and
(viii) our future business development, results of operations and
financial condition. In some cases, forward-looking statements can
be identified by words or phrases such as “may”, “will”, “expect”,
“anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”,
“believe”, “potential”, “continue”, “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
undertakes no duty to update such information, except as required
under applicable law.
Non-GAAP
Financial
Measures
|
(1) |
"Adjusted EBITDA" is defined as net income/loss before interest,
taxes, depreciation, amortization, pre-opening costs, property
charges and other and other non-operating income and expenses. We
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results. This non-GAAP financial measure eliminates the impact of
items that we do not consider indicative of the performance of our
business. While we believe that this non-GAAP financial measure is
useful in evaluating our business, this information should be
considered as supplemental in nature and is not meant as a
substitute for the related financial information prepared in
accordance with U.S. GAAP. It should not be considered in isolation
or construed as an alternative to net income/loss, cash flow or any
other measure of financial performance or as an indicator of our
operating performance, liquidity, profitability or cash flows
generated by operating, investing or financing activities. The use
of Adjusted EBITDA has material limitations as an analytical tool,
as Adjusted EBITDA does not include all items that impact our net
income/loss. In addition, the Company’s calculation of Adjusted
EBITDA may be different from the calculation methods used by other
companies and, therefore, comparability may be limited. Investors
are encouraged to review the reconciliation of the historical
non-GAAP financial measure to its most directly comparable GAAP
financial measure. Reconciliations of Adjusted EBITDA with the most
comparable financial measures calculated and presented in
accordance with U.S. GAAP are provided herein immediately following
the financial statements included in this press release. |
| |
|
| (2) |
“Adjusted net income/loss” is net income/loss before pre-opening
costs and property charges and other, net of participation
interest. Adjusted net income/loss is presented as supplemental
disclosure because management believes it provides useful
information to investors and others in understanding and evaluating
our performance, in addition to income/loss computed in accordance
with U.S. GAAP. Adjusted net income/loss may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income/loss attributable to Studio City International Holdings
Limited with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release. |
| |
|
About
Studio
City
International
Holdings
Limited
The Company, with its American depositary shares
listed on the New York Stock Exchange (NYSE: MSC), is a world-class
integrated resort located in Cotai, Macau. For more information
about the Company, please visit www.studiocity-macau.com.
The Company is majority owned by 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:Jeanny
KimSenior Vice President, Group TreasurerTel: +852 2598 3698Email:
jeannykim@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, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from casino contract |
$ |
31,208 |
|
|
$ |
(17,366 |
) |
|
$ |
49,932 |
|
|
$ |
(26,005 |
) |
|
|
Rooms |
|
26,376 |
|
|
|
3,764 |
|
|
|
39,272 |
|
|
|
10,039 |
|
|
|
Food and beverage |
|
14,051 |
|
|
|
3,862 |
|
|
|
23,316 |
|
|
|
9,346 |
|
|
|
Entertainment |
|
32,361 |
|
|
|
205 |
|
|
|
34,038 |
|
|
|
304 |
|
|
|
Services fee |
|
8,059 |
|
|
|
5,463 |
|
|
|
14,262 |
|
|
|
11,182 |
|
|
|
Mall |
|
2,502 |
|
|
|
1,851 |
|
|
|
4,638 |
|
|
|
4,554 |
|
|
|
Retail and other |
|
677 |
|
|
|
333 |
|
|
|
1,243 |
|
|
|
684 |
|
|
|
Total operating revenues |
|
115,234 |
|
|
|
(1,888 |
) |
|
|
166,701 |
|
|
|
10,104 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs related to casino contract |
|
(7,109 |
) |
|
|
(6,218 |
) |
|
|
(13,968 |
) |
|
|
(12,242 |
) |
|
|
Rooms |
|
(6,503 |
) |
|
|
(2,643 |
) |
|
|
(9,905 |
) |
|
|
(5,592 |
) |
|
|
Food and beverage |
|
(12,530 |
) |
|
|
(5,905 |
) |
|
|
(20,770 |
) |
|
|
(13,079 |
) |
|
|
Entertainment |
|
(30,089 |
) |
|
|
(611 |
) |
|
|
(31,482 |
) |
|
|
(1,168 |
) |
|
|
Mall |
|
(1,112 |
) |
|
|
(1,106 |
) |
|
|
(1,488 |
) |
|
|
(2,062 |
) |
|
|
Retail and other |
|
(581 |
) |
|
|
(256 |
) |
|
|
(954 |
) |
|
|
(631 |
) |
|
|
General and administrative |
|
(28,226 |
) |
|
|
(21,547 |
) |
|
|
(49,961 |
) |
|
|
(42,177 |
) |
|
|
Pre-opening costs |
|
(4,833 |
) |
|
|
(604 |
) |
|
|
(9,997 |
) |
|
|
(946 |
) |
|
|
Amortization of land use right |
|
(824 |
) |
|
|
(824 |
) |
|
|
(1,648 |
) |
|
|
(1,651 |
) |
|
|
Depreciation and amortization |
|
(41,885 |
) |
|
|
(30,836 |
) |
|
|
(71,632 |
) |
|
|
(61,825 |
) |
|
|
Property charges and other |
|
(193 |
) |
|
|
(358 |
) |
|
|
(483 |
) |
|
|
(3,421 |
) |
|
|
Total operating costs and expenses |
|
(133,885 |
) |
|
|
(70,908 |
) |
|
|
(212,288 |
) |
|
|
(144,794 |
) |
|
|
Operating loss |
|
(18,651 |
) |
|
|
(72,796 |
) |
|
|
(45,587 |
) |
|
|
(134,690 |
) |
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
2,798 |
|
|
|
1,425 |
|
|
|
5,352 |
|
|
|
1,729 |
|
|
|
Interest expenses, net of amounts capitalized |
|
(36,345 |
) |
|
|
(24,443 |
) |
|
|
(57,444 |
) |
|
|
(47,249 |
) |
|
|
Other financing costs |
|
(103 |
) |
|
|
(104 |
) |
|
|
(206 |
) |
|
|
(207 |
) |
|
|
Foreign exchange (losses) gains, net |
|
(746 |
) |
|
|
2,101 |
|
|
|
3,213 |
|
|
|
6,240 |
|
|
|
Other expenses, net |
|
(62 |
) |
|
|
- |
|
|
|
(61 |
) |
|
|
- |
|
|
|
Total non-operating expenses, net |
|
(34,458 |
) |
|
|
(21,021 |
) |
|
|
(49,146 |
) |
|
|
(39,487 |
) |
|
|
Loss before income tax |
|
(53,109 |
) |
|
|
(93,817 |
) |
|
|
(94,733 |
) |
|
|
(174,177 |
) |
|
|
Income tax benefit (expense) |
|
46 |
|
|
|
119 |
|
|
|
66 |
|
|
|
(494 |
) |
|
|
Net loss |
|
(53,063 |
) |
|
|
(93,698 |
) |
|
|
(94,667 |
) |
|
|
(174,671 |
) |
|
|
Net loss attributable to participation interest |
|
4,565 |
|
|
|
8,061 |
|
|
|
8,144 |
|
|
|
18,801 |
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(48,498 |
) |
|
$ |
(85,637 |
) |
|
$ |
(86,523 |
) |
|
$ |
(155,870 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.063 |
) |
|
$ |
(0.111 |
) |
|
$ |
(0.112 |
) |
|
$ |
(0.240 |
) |
|
|
Diluted |
$ |
(0.063 |
) |
|
$ |
(0.111 |
) |
|
$ |
(0.112 |
) |
|
$ |
(0.242 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.252 |
) |
|
$ |
(0.445 |
) |
|
$ |
(0.449 |
) |
|
$ |
(0.959 |
) |
|
|
Diluted |
$ |
(0.252 |
) |
|
$ |
(0.445 |
) |
|
$ |
(0.449 |
) |
|
$ |
(0.967 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A ordinary shares outstanding used in net
loss attributable to Studio City International Holdings Limited per
Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
649,822,535 |
|
|
|
Diluted |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
722,334,295 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance Sheets |
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
401,336 |
|
|
$ |
509,523 |
|
|
|
Accounts receivable |
|
1,081 |
|
|
|
263 |
|
|
|
Receivables from affiliated companies |
|
25,460 |
|
|
|
221 |
|
|
|
Inventories |
|
5,452 |
|
|
|
5,121 |
|
|
|
Prepaid expenses and other current assets |
|
18,595 |
|
|
|
38,721 |
|
|
|
Total current assets |
|
451,924 |
|
|
|
553,849 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
2,828,007 |
|
|
|
2,868,064 |
|
|
|
Intangible assets, net |
|
686 |
|
|
|
1,373 |
|
|
|
Long-term prepayments, deposits and other assets |
|
57,485 |
|
|
|
48,325 |
|
|
|
Restricted cash |
|
129 |
|
|
|
130 |
|
|
|
Operating lease right-of-use assets |
|
11,606 |
|
|
|
13,136 |
|
|
|
Land use right, net |
|
106,591 |
|
|
|
108,645 |
|
|
|
Total assets |
$ |
3,456,428 |
|
|
$ |
3,593,522 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
2,165 |
|
|
$ |
501 |
|
|
|
Accrued expenses and other current liabilities |
|
168,172 |
|
|
|
165,688 |
|
|
|
Income tax payable |
|
4 |
|
|
|
22 |
|
|
|
Payables to affiliated companies |
|
67,929 |
|
|
|
81,178 |
|
|
|
Total current liabilities |
|
238,270 |
|
|
|
247,389 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
2,436,125 |
|
|
|
2,434,476 |
|
|
|
Other long-term liabilities |
|
2,559 |
|
|
|
21,631 |
|
|
|
Deferred tax liabilities, net |
|
329 |
|
|
|
382 |
|
|
|
Operating lease liabilities, non-current |
|
11,742 |
|
|
|
13,499 |
|
|
|
Total liabilities |
|
2,689,025 |
|
|
|
2,717,377 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity and participation interest: |
|
|
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240 shares
authorized; 770,352,700 shares issued and outstanding |
|
77 |
|
|
|
77 |
|
|
|
Class B ordinary shares, par value $0.0001; 72,511,760 shares
authorized; 72,511,760 shares issued and outstanding |
|
7 |
|
|
|
7 |
|
|
|
Additional paid-in capital |
|
2,477,359 |
|
|
|
2,477,359 |
|
|
|
Accumulated other comprehensive losses |
|
(24,535 |
) |
|
|
(11,671 |
) |
|
|
Accumulated losses |
|
(1,751,689 |
) |
|
|
(1,665,166 |
) |
|
|
Total shareholders’ equity |
|
701,219 |
|
|
|
800,606 |
|
|
|
Participation interest |
|
66,184 |
|
|
|
75,539 |
|
|
|
Total shareholders’ equity and participation interest |
|
767,403 |
|
|
|
876,145 |
|
|
|
Total liabilities, shareholders’ equity and participation
interest |
$ |
3,456,428 |
|
|
$ |
3,593,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to |
|
|
Adjusted Net Loss Attributable to Studio City International
Holdings Limited (Unaudited) |
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(48,498 |
) |
|
$ |
(85,637 |
) |
|
$ |
(86,523 |
) |
|
$ |
(155,870 |
) |
|
|
Pre-opening costs |
|
4,833 |
|
|
|
604 |
|
|
|
9,997 |
|
|
|
946 |
|
|
|
Property charges and other |
|
193 |
|
|
|
358 |
|
|
|
483 |
|
|
|
3,421 |
|
|
|
Participation interest impact on adjustments |
|
(433 |
) |
|
|
(83 |
) |
|
|
(902 |
) |
|
|
(613 |
) |
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
$ |
(43,905 |
) |
|
$ |
(84,758 |
) |
|
$ |
(76,945 |
) |
|
$ |
(152,116 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.057 |
) |
|
$ |
(0.110 |
) |
|
$ |
(0.100 |
) |
|
$ |
(0.234 |
) |
|
|
Diluted |
$ |
(0.057 |
) |
|
$ |
(0.110 |
) |
|
$ |
(0.100 |
) |
|
$ |
(0.236 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.228 |
) |
|
$ |
(0.440 |
) |
|
$ |
(0.400 |
) |
|
$ |
(0.936 |
) |
|
|
Diluted |
$ |
(0.228 |
) |
|
$ |
(0.440 |
) |
|
$ |
(0.400 |
) |
|
$ |
(0.943 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A ordinary shares outstanding used in
adjusted net loss attributable to Studio City International
Holdings Limited per Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
649,822,535 |
|
|
|
Diluted |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
722,334,295 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Reconciliation of Operating Loss to Adjusted EBITDA
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(18,651 |
) |
|
$ |
(72,796 |
) |
|
$ |
(45,587 |
) |
|
$ |
(134,690 |
) |
|
Pre-opening costs |
|
4,833 |
|
|
|
604 |
|
|
|
9,997 |
|
|
|
946 |
|
|
Depreciation and amortization |
|
42,709 |
|
|
|
31,660 |
|
|
|
73,280 |
|
|
|
63,476 |
|
|
Property charges and other |
|
193 |
|
|
|
358 |
|
|
|
483 |
|
|
|
3,421 |
|
|
Adjusted EBITDA |
$ |
29,084 |
|
|
$ |
(40,174 |
) |
|
$ |
38,173 |
|
|
$ |
(66,847 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited |
|
|
to Adjusted EBITDA (Unaudited) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
| |
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(48,498 |
) |
|
$ |
(85,637 |
) |
|
$ |
(86,523 |
) |
|
$ |
(155,870 |
) |
|
|
Net loss attributable to participation interest |
|
(4,565 |
) |
|
|
(8,061 |
) |
|
|
(8,144 |
) |
|
|
(18,801 |
) |
|
|
Net loss |
|
(53,063 |
) |
|
|
(93,698 |
) |
|
|
(94,667 |
) |
|
|
(174,671 |
) |
|
|
Income tax (benefit) expense |
|
(46 |
) |
|
|
(119 |
) |
|
|
(66 |
) |
|
|
494 |
|
|
|
Interest and other non-operating expenses, net |
|
34,458 |
|
|
|
21,021 |
|
|
|
49,146 |
|
|
|
39,487 |
|
|
|
Depreciation and amortization |
|
42,709 |
|
|
|
31,660 |
|
|
|
73,280 |
|
|
|
63,476 |
|
|
|
Property charges and other |
|
193 |
|
|
|
358 |
|
|
|
483 |
|
|
|
3,421 |
|
|
|
Pre-opening costs |
|
4,833 |
|
|
|
604 |
|
|
|
9,997 |
|
|
|
946 |
|
|
|
Adjusted EBITDA |
$ |
29,084 |
|
|
$ |
(40,174 |
) |
|
$ |
38,173 |
|
|
$ |
(66,847 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
| |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
153 |
|
|
$ |
103 |
|
|
$ |
134 |
|
|
$ |
117 |
|
|
|
|
|
|
|
Occupancy per available room |
|
|
91 |
% |
|
|
24 |
% |
|
|
85 |
% |
|
|
28 |
% |
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
140 |
|
|
$ |
24 |
|
|
$ |
114 |
|
|
$ |
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
246 |
|
|
|
277 |
|
|
|
246 |
|
|
|
277 |
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
662 |
|
|
|
717 |
|
|
|
670 |
|
|
|
715 |
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
8,683 |
|
|
$ |
1,172 |
|
|
$ |
7,289 |
|
|
$ |
1,944 |
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
333 |
|
|
$ |
78 |
|
|
$ |
302 |
|
|
$ |
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members due to the COVID-19 outbreak |
|
|
(4) |
Average daily rate is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total occupied rooms including complimentary rooms |
|
|
(5) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
|
|
(6) |
Table games and gaming machines that were not in operation due to
government-mandated closures or social distancing measures in
relation to the COVID-19 outbreak have been excluded |
|
|
(7) |
Table games win per unit per day is shown before discounts,
commissions, non-discretionary incentives (including the
point-loyalty programs) as administered by the Gaming Operator and
allocating casino revenues related to goods and services provided
to gaming patrons on a complimentary basis |
|
|
(8) |
Gaming machines win per unit per day is shown before
non-discretionary incentives (including the point-loyalty programs)
as administered by the Gaming Operator and allocating casino
revenues related to goods and services provided to gaming patrons
on a complimentary basis |
|
Studio City (NYSE:MSC)
Historical Stock Chart
From Apr 2024 to May 2024
Studio City (NYSE:MSC)
Historical Stock Chart
From May 2023 to May 2024
