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 2021.
Total operating revenues for the second quarter
of 2021 were US$31.2 million, compared to total operating revenues
of negative US$12.5 million in the second quarter of 2020.
The change was due to the increase in revenues from the
provision of gaming related services and higher non-gaming revenues
as a result of a year-over-year increase in inbound tourism in the
second quarter of 2021.
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$106.1 million and US$6.7 million for the second
quarters of 2021 and 2020, respectively.
Studio City’s rolling chip volume was US$386.1
million in the second quarter of 2021 versus US$232.1 million in
the second quarter of 2020. The rolling chip win rate was 4.01% in
the second quarter of 2021 versus 0.17% in the second quarter of
2020. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop increased to
US$319.7 million in the second quarter of 2021, compared with
US$20.1 million in the second quarter of 2020. The mass market
table games hold percentage was 25.8% in the second quarter of
2021, compared to 22.2% in the second quarter of 2020.
Gaming machine handle for the second quarter of
2021 was US$299.4 million, compared with US$67.6 million in the
second quarter of 2020. The gaming machine win rate was 2.7% in
both the second quarters of 2021 and 2020.
Total gaming taxes and the costs incurred in
connection with the on-going operation of Studio City Casino
deducted from gross gaming revenues were US$104.3 million and
US$34.7 million in the second quarters of 2021 and 2020,
respectively.
Revenues from the provision of gaming related
services were US$1.8 million for the second quarter of 2021,
compared with revenues from the provision of gaming related
services of negative US$28.0 million for the second quarter of
2020. 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 2021 were US$29.4 million, compared with US$15.4
million for the second quarter of 2020.
Operating loss for the second quarter of 2021
was US$45.8 million, compared with operating loss of US$92.7
million in the second quarter of
2020.
Studio City generated negative Adjusted
EBITDA(1) of US$9.5 million in the second quarter of 2021, compared
to negative Adjusted EBITDA of US$51.1 million in the second
quarter of 2020. The change was mainly attributable to the increase
in revenues from the provision of gaming related services and
higher non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for the second quarter of 2021 was
US$59.7 million, compared with net loss attributable to Studio City
International Holdings Limited of US$91.0 million in the second
quarter of 2020. The net loss attributable to participation
interest was US$11.7 million and US$27.3 million in the second
quarters of 2021 and 2020, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second
quarter of 2021 were US$25.1 million, which mainly included
interest expenses of US$22.3 million, net of amounts
capitalized.
Depreciation and amortization costs of US$31.9
million were recorded in the second quarter of 2021, 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, 2021 referred to in Melco’s
earnings release dated July 27, 2021 (“Melco’s earnings release”)
is US$8.3 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
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, 2021
aggregated to US$821.7 million (December 31, 2020: US$575.4
million), including US$278.7 million of bank deposits with original
maturities over three months (December 31, 2020: US$nil) and
US$0.1million of restricted cash (December 31, 2020: US$0.1
million). Total debt, net of unamortized deferred financing costs
at the end of the second quarter of 2021, was US$2.09 billion
(December 31, 2020: US$1.58 billion).
Capital expenditures for the second quarter of
2021 were US$95.0 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 2021.
Our operations in Macau continue to be impacted
by travel bans, restrictions, and quarantine requirements imposed
by the governments in Macau, Hong Kong and China, despite the
nationwide resumption of issuance of Individual Visit Scheme visas
by China in September 2020. Such bans, restrictions and
requirements have been, and may continue to be, modified by the
relevant authorities from time to time as COVID-19 developments
unfold. Additionally, health-related precautionary measures remain
in place at our properties in Macau, which could continue to impact
visitation and customer spending. We have experienced improvements
in our business in Macau during the second quarter, especially due
to strong visitation during the May Golden Week holidays.
Notwithstanding the resurgence of COVID-19 cases in the Guangdong
province in June, which led to tightened travel restrictions for
Chinese visitors, visitation has normalized in July month to
date.
Construction at Studio City Phase 2 has been
impacted by the COVID-19 outbreak. The Macau government has granted
an extension of the development period from May 31, 2022 to
December 27, 2022, and we currently expect to complete construction
within this period.
The pace of recovery from COVID-19 related
disruptions continues to depend on various future events, such as
the successful production, distribution and widespread acceptance
of safe and effective vaccines, the development of effective
treatments for COVID-19, including for new strains of COVID-19, the
duration of travel and visa restrictions as well as customer
sentiment and behavior, together with 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 remain 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 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 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
(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, property charges and other and loss on
extinguishment of debt, 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 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:Robin YuenDirector, Investor RelationsTel: +852
2598 3619Email: robinyuen@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, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
1,807 |
|
|
$ |
(27,958 |
) |
|
$ |
3,040 |
|
|
$ |
(22,452 |
) |
|
Rooms |
|
11,386 |
|
|
|
1,104 |
|
|
|
20,992 |
|
|
|
9,763 |
|
|
Food and beverage |
|
7,187 |
|
|
|
2,818 |
|
|
|
14,071 |
|
|
|
11,017 |
|
|
Entertainment |
|
751 |
|
|
|
23 |
|
|
|
1,045 |
|
|
|
891 |
|
|
Services fee |
|
6,364 |
|
|
|
6,337 |
|
|
|
13,163 |
|
|
|
15,094 |
|
|
Mall |
|
3,239 |
|
|
|
4,965 |
|
|
|
6,569 |
|
|
|
9,492 |
|
|
Retail and other |
|
466 |
|
|
|
201 |
|
|
|
884 |
|
|
|
758 |
|
|
Total
operating revenues |
|
31,200 |
|
|
|
(12,510 |
) |
|
|
59,764 |
|
|
|
24,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(5,901 |
) |
|
|
(5,911 |
) |
|
|
(11,600 |
) |
|
|
(11,564 |
) |
|
Rooms |
|
(3,201 |
) |
|
|
(1,925 |
) |
|
|
(6,111 |
) |
|
|
(6,339 |
) |
|
Food and beverage |
|
(6,927 |
) |
|
|
(5,600 |
) |
|
|
(14,075 |
) |
|
|
(16,105 |
) |
|
Entertainment |
|
(721 |
) |
|
|
(776 |
) |
|
|
(1,290 |
) |
|
|
(1,994 |
) |
|
Mall |
|
(995 |
) |
|
|
(994 |
) |
|
|
(1,978 |
) |
|
|
(2,547 |
) |
|
Retail and other |
|
(403 |
) |
|
|
(276 |
) |
|
|
(764 |
) |
|
|
(641 |
) |
|
General and administrative |
|
(22,503 |
) |
|
|
(23,085 |
) |
|
|
(46,802 |
) |
|
|
(54,606 |
) |
|
Pre-opening costs |
|
(490 |
) |
|
|
(28 |
) |
|
|
(733 |
) |
|
|
(56 |
) |
|
Amortization of land use right |
|
(832 |
) |
|
|
(833 |
) |
|
|
(1,665 |
) |
|
|
(1,665 |
) |
|
Depreciation and amortization |
|
(31,087 |
) |
|
|
(40,929 |
) |
|
|
(61,843 |
) |
|
|
(80,889 |
) |
|
Property charges and other |
|
(3,925 |
) |
|
|
204 |
|
|
|
(3,783 |
) |
|
|
(4,201 |
) |
|
Total
operating costs and expenses |
|
(76,985 |
) |
|
|
(80,153 |
) |
|
|
(150,644 |
) |
|
|
(180,607 |
) |
|
Operating
loss |
|
(45,785 |
) |
|
|
(92,663 |
) |
|
|
(90,880 |
) |
|
|
(156,044 |
) |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
569 |
|
|
|
361 |
|
|
|
1,509 |
|
|
|
752 |
|
|
Interest expenses, net of amounts capitalized |
|
(22,341 |
) |
|
|
(25,320 |
) |
|
|
(45,509 |
) |
|
|
(51,099 |
) |
|
Other financing costs |
|
(104 |
) |
|
|
(105 |
) |
|
|
(208 |
) |
|
|
(209 |
) |
|
Foreign exchange (losses) gains, net |
|
(3,221 |
) |
|
|
(402 |
) |
|
|
2,505 |
|
|
|
(3,804 |
) |
|
Other expenses, net |
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
(177 |
) |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(28,817 |
) |
|
|
- |
|
|
Total
non-operating expenses, net |
|
(25,097 |
) |
|
|
(25,555 |
) |
|
|
(70,520 |
) |
|
|
(54,537 |
) |
|
Loss before
income tax |
|
(70,882 |
) |
|
|
(118,218 |
) |
|
|
(161,400 |
) |
|
|
(210,581 |
) |
|
Income tax
(expense) credit |
|
(477 |
) |
|
|
(68 |
) |
|
|
(560 |
) |
|
|
142 |
|
|
Net
loss |
|
(71,359 |
) |
|
|
(118,286 |
) |
|
|
(161,960 |
) |
|
|
(210,439 |
) |
|
Net loss
attributable to participation interest |
|
11,684 |
|
|
|
27,288 |
|
|
|
26,518 |
|
|
|
48,547 |
|
|
Net loss
attributable to Studio City International Holdings Limited |
$ |
(59,675 |
) |
|
$ |
(90,998 |
) |
|
$ |
(135,442 |
) |
|
$ |
(161,892 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.161 |
) |
|
$ |
(0.376 |
) |
|
$ |
(0.366 |
) |
|
$ |
(0.669 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.645 |
) |
|
$ |
(1.505 |
) |
|
$ |
(1.463 |
) |
|
$ |
(2.678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and diluted |
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
370,352,700 |
|
|
|
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, |
|
|
2021 |
|
2020 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
542,904 |
|
|
$ |
575,215 |
|
|
Bank deposits with original maturities over three months |
|
278,700 |
|
|
|
- |
|
|
Restricted cash |
|
- |
|
|
|
13 |
|
|
Accounts receivable, net |
|
192 |
|
|
|
157 |
|
|
Amounts due from affiliated companies |
|
11,352 |
|
|
|
10,672 |
|
|
Inventories |
|
8,690 |
|
|
|
9,297 |
|
|
Prepaid expenses and other current assets |
|
46,239 |
|
|
|
12,467 |
|
|
Total
current assets |
|
888,077 |
|
|
|
607,821 |
|
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
2,294,164 |
|
|
|
2,180,897 |
|
|
Intangible
assets, net |
|
3,493 |
|
|
|
4,005 |
|
|
Long-term
prepayments, deposits and other assets |
|
80,641 |
|
|
|
117,555 |
|
|
Restricted
cash |
|
130 |
|
|
|
131 |
|
|
Operating
lease right-of-use assets |
|
14,713 |
|
|
|
17,379 |
|
|
Land use
right, net |
|
114,291 |
|
|
|
116,109 |
|
|
Total
assets |
$ |
3,395,509 |
|
|
$ |
3,043,897 |
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
808 |
|
|
$ |
206 |
|
|
Accrued expenses and other current liabilities |
|
133,531 |
|
|
|
118,946 |
|
|
Income tax payable |
|
12 |
|
|
|
33 |
|
|
Amounts due to affiliated companies |
|
39,775 |
|
|
|
42,966 |
|
|
Total
current liabilities |
|
174,126 |
|
|
|
162,151 |
|
|
|
|
|
|
|
|
|
Long-term
debt, net |
|
2,086,487 |
|
|
|
1,584,660 |
|
|
Other
long-term liabilities |
|
19,598 |
|
|
|
11,778 |
|
|
Deferred tax
liabilities, net |
|
1,030 |
|
|
|
448 |
|
|
Operating
lease liabilities, non-current |
|
14,406 |
|
|
|
17,137 |
|
|
Total
liabilities |
|
2,295,647 |
|
|
|
1,776,174 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity and participation interest: |
|
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240
shares |
|
|
|
|
|
|
authorized; 370,352,700 shares issued and outstanding |
|
37 |
|
|
|
37 |
|
|
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 |
|
2,134,227 |
|
|
|
2,134,227 |
|
|
Accumulated other comprehensive income |
|
6,941 |
|
|
|
11,876 |
|
|
Accumulated losses |
|
(1,221,602 |
) |
|
|
(1,086,160 |
) |
|
Total
shareholders’ equity |
|
919,610 |
|
|
|
1,059,987 |
|
|
Participation interest |
|
180,252 |
|
|
|
207,736 |
|
|
Total
shareholders’ equity and participation interest |
|
1,099,862 |
|
|
|
1,267,723 |
|
|
Total
liabilities, shareholders’ equity and participation interest |
$ |
3,395,509 |
|
|
$ |
3,043,897 |
|
|
|
|
|
|
|
|
|
|
|
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 of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June
30, |
|
June
30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(59,675 |
) |
|
$ |
(90,998 |
) |
|
$ |
(135,442 |
) |
|
$ |
(161,892 |
) |
|
Pre-opening costs |
|
490 |
|
|
|
28 |
|
|
|
733 |
|
|
|
56 |
|
|
Property charges and other |
|
3,925 |
|
|
|
(204 |
) |
|
|
3,783 |
|
|
|
4,201 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
28,817 |
|
|
|
- |
|
|
Participation interest impact on adjustments |
|
(723 |
) |
|
|
41 |
|
|
|
(5,458 |
) |
|
|
(982 |
) |
|
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(55,983 |
) |
|
$ |
(91,133 |
) |
|
$ |
(107,567 |
) |
|
$ |
(158,617 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.151 |
) |
|
$ |
(0.377 |
) |
|
$ |
(0.290 |
) |
|
$ |
(0.656 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.605 |
) |
|
$ |
(1.507 |
) |
|
$ |
(1.162 |
) |
|
$ |
(2.624 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and diluted |
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Operating Loss to Adjusted EBITDA
(Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(45,785 |
) |
|
$ |
(92,663 |
) |
|
$ |
(90,880 |
) |
|
$ |
(156,044 |
) |
Pre-opening costs |
|
490 |
|
|
|
28 |
|
|
|
733 |
|
|
|
56 |
|
Depreciation and amortization |
|
31,919 |
|
|
|
41,762 |
|
|
|
63,508 |
|
|
|
82,554 |
|
Property charges and other |
|
3,925 |
|
|
|
(204 |
) |
|
|
3,783 |
|
|
|
4,201 |
|
Adjusted
EBITDA |
$ |
(9,451 |
) |
|
$ |
(51,077 |
) |
|
$ |
(22,856 |
) |
|
$ |
(69,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(59,675 |
) |
|
$ |
(90,998 |
) |
|
$ |
(135,442 |
) |
|
$ |
(161,892 |
) |
Net loss
attributable to participation interest |
|
(11,684 |
) |
|
|
(27,288 |
) |
|
|
(26,518 |
) |
|
|
(48,547 |
) |
Net
loss |
|
(71,359 |
) |
|
|
(118,286 |
) |
|
|
(161,960 |
) |
|
|
(210,439 |
) |
Income tax expense (credit) |
|
477 |
|
|
|
68 |
|
|
|
560 |
|
|
|
(142 |
) |
Interest and other non-operating expenses, net |
|
25,097 |
|
|
|
25,555 |
|
|
|
70,520 |
|
|
|
54,537 |
|
Property charges and other |
|
3,925 |
|
|
|
(204 |
) |
|
|
3,783 |
|
|
|
4,201 |
|
Depreciation and amortization |
|
31,919 |
|
|
|
41,762 |
|
|
|
63,508 |
|
|
|
82,554 |
|
Pre-opening costs |
|
490 |
|
|
|
28 |
|
|
|
733 |
|
|
|
56 |
|
Adjusted
EBITDA |
$ |
(9,451 |
) |
|
$ |
(51,077 |
) |
|
$ |
(22,856 |
) |
|
$ |
(69,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
|
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
|
|
|
|
June
30, |
|
June
30, |
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
121 |
|
|
$ |
160 |
|
|
$ |
121 |
|
|
$ |
139 |
|
|
|
|
|
Occupancy per available room |
|
|
61 |
% |
|
|
5 |
% |
|
|
55 |
% |
|
|
24 |
% |
|
|
|
|
Revenue per available room (5) |
|
$ |
74 |
|
|
$ |
8 |
|
|
$ |
67 |
|
|
$ |
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
291 |
|
|
|
291 |
|
|
|
291 |
|
|
|
273 |
|
|
|
|
|
Average number of gaming machines |
|
|
609 |
|
|
|
419 |
|
|
|
606 |
|
|
|
570 |
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
3,709 |
|
|
$ |
183 |
|
|
$ |
3,593 |
|
|
$ |
3,086 |
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
145 |
|
|
$ |
48 |
|
|
$ |
137 |
|
|
$ |
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
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