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 fourth quarter and full year ended December 31, 2023.
Total operating revenues for the fourth quarter
of 2023 were US$141.3 million, compared with total operating
revenues of US$4.2 million in the fourth quarter of 2022. The
change was primarily attributable to the relaxation of COVID-19
related restrictions in Macau in January 2023 and the opening of
Studio City Phase 2, which led to an increase in revenue from
casino contract and higher non-gaming revenues.
Studio City Casino generated gross gaming
revenues of US$294.8 million and US$40.9 million for the fourth
quarters of 2023 and 2022, respectively.
Studio City Casino’s rolling chip volume was
US$566.0 million in the fourth quarter of 2023 versus US$251.4
million in the fourth quarter of 2022. The rolling chip win rate
was 1.86% in the fourth quarter of 2023 versus 2.70% in the fourth
quarter of 2022. The expected rolling chip win rate range is
2.85%-3.15%.
Mass market table games drop increased to
US$864.1 million in the fourth quarter of 2023, compared with
US$113.5 million in the fourth quarter of 2022. The mass market
table games hold percentage was 30.0% in the fourth quarter of
2023, compared with 27.1% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of
2023 was US$778.3 million, compared with US$124.5 million in the
fourth quarter of 2022. The gaming machine win rate was 3.2% in the
fourth quarter of 2023, compared with 2.7% in the fourth quarter of
2022.
Revenue from casino contract was US$57.0 million
for the fourth quarter of 2023, compared with revenue from casino
contract of negative US$12.5 million for the fourth 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$237.8 million and
US$53.4 million in the fourth quarters of 2023 and 2022,
respectively.
Total non-gaming revenues at Studio City for the
fourth quarter of 2023 were US$84.3 million, compared with US$16.7
million for the fourth quarter of 2022.
Operating income for the fourth quarter of 2023
was US$13.3 million, compared with operating loss of US$70.0
million in the fourth quarter of 2022.
Studio City generated Adjusted EBITDA(1) of
US$64.8 million in the fourth quarter of 2023, compared with
negative Adjusted EBITDA of US$34.5 million in the fourth 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 fourth quarter of 2023 was
US$18.6 million, compared with net loss attributable to Studio City
International Holdings Limited of US$85.4 million in the fourth
quarter of 2022. The net loss attributable to participation
interest was US$1.8 million and US$8.0 million in the fourth
quarters of 2023 and 2022, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2023 were US$33.7 million, which mainly included
interest expenses of US$35.8 million, partially offset by interest
income of US$2.5 million.
Depreciation and amortization costs of US$50.7
million were recorded in the fourth 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 December 31, 2023 referred to in the earnings
release of Melco Resorts & Entertainment Limited (“Melco”)
dated February 29, 2024 (“Melco’s earnings release”) was US$12.6
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 December 31,
2023 aggregated to US$228.2 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
fourth quarter of 2023 was US$2.34 billion (December 31, 2022:
US$2.43 billion), a reduction of US$100 million primarily as a
result of the cash tender offer for the 6.00% senior notes due 2025
issued by Studio City Finance Limited on July 15, 2020, compared to
the total debt balance as of September 30, 2023.
Capital expenditures for the fourth quarter of
2023 were US$15.3 million.
Full Year Results
For the year ended December 31, 2023, Studio
City International Holdings Limited reported total operating
revenues of US$445.5 million, compared with US$11.5 million in the
prior year. The increase in total operating revenues was primarily
attributable to the relaxation of COVID-19 related restrictions in
Macau in January 2023 and the opening of Studio City Phase 2, which
led to an increase in revenue from casino contract and higher
non-gaming revenues.
Operating loss for 2023 was US$29.0 million,
compared with operating loss of US$277.2 million for 2022.
Studio City generated Adjusted EBITDA of
US$159.2 million for the year ended December 31, 2023, compared
with negative Adjusted EBITDA of US$140.8 million in 2022. The
change in Adjusted EBITDA was mainly attributable to higher revenue
from casino contract and non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for 2023 was US$133.5 million,
compared with net loss attributable to Studio City International
Holdings Limited of US$326.5 million for 2022. The net loss
attributable to participation interest for 2023 was US$12.6 million
and the net loss attributable to participation interest for 2022
was US$34.9 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 their consequences on our business, our industry and the
global economy, (ii) risks associated with the Macau gaming law
amended in 2022 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, share-based compensation and other non-operating
income and expenses. Adjusted EBITDA is presented exclusively as
supplemental disclosures because management believes it is widely
used to measure the performance, and as a basis for valuation, of
gaming companies. Management uses Adjusted EBITDA as measures our
operating performance and to compare our operating performance with
those of its competitors.The Company also presents Adjusted EBITDA
because it is used by some investors as ways to measure a company’s
ability to incur and service debt, make capital expenditures, and
meet working capital requirements. Gaming companies have
historically reported similar measure as supplements to financial
measures in accordance with generally accepted accounting
principles, in particular, U.S. GAAP or International Financial
Reporting Standards. However, Adjusted EBITDA should not be
considered as alternatives to operating income/loss as indicators
of the Company’s performance, as alternatives to cash flows from
operating activities as measures of liquidity, or as alternatives
to any other measure determined in accordance with U.S. GAAP.
Unlike net income/loss, Adjusted EBITDA does not include
depreciation and amortization or interest expense and, therefore,
do not reflect current or future capital expenditures or the cost
of capital. The Company recognizes these limitations and uses
Adjusted EBITDA as only two of several comparative tools, together
with U.S. GAAP measurements, to assist in the evaluation of
operating performance.Such U.S. GAAP measurements include operating
income/loss, net income/loss, cash flows from operations and cash
flow data. The Company has significant uses of cash flows,
including capital expenditures, interest payments, debt principal
repayments, taxes and other recurring and nonrecurring charges,
which are not reflected in Adjusted EBITDA. Also, the Company’s
calculation of Adjusted EBITDA may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. 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. 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 gain 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 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 31513765Email:
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 |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from casino contract |
$ |
56,981 |
|
|
$ |
(12,494 |
) |
|
$ |
155,527 |
|
|
$ |
(56,665 |
) |
|
Rooms |
|
39,642 |
|
|
|
4,349 |
|
|
|
111,733 |
|
|
|
17,915 |
|
|
Food and beverage |
|
19,815 |
|
|
|
4,634 |
|
|
|
62,426 |
|
|
|
17,489 |
|
|
Entertainment |
|
2,992 |
|
|
|
474 |
|
|
|
61,777 |
|
|
|
1,649 |
|
|
Services fee |
|
17,904 |
|
|
|
5,674 |
|
|
|
40,473 |
|
|
|
21,889 |
|
|
Mall |
|
3,161 |
|
|
|
1,389 |
|
|
|
10,744 |
|
|
|
7,189 |
|
|
Retail and other |
|
756 |
|
|
|
211 |
|
|
|
2,858 |
|
|
|
2,082 |
|
| Total operating revenues |
|
141,251 |
|
|
|
4,237 |
|
|
|
445,538 |
|
|
|
11,548 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs related to casino contract |
|
(7,582 |
) |
|
|
(8,007 |
) |
|
|
(28,847 |
) |
|
|
(29,871 |
) |
|
Rooms |
|
(10,360 |
) |
|
|
(2,643 |
) |
|
|
(28,280 |
) |
|
|
(11,119 |
) |
|
Food and beverage |
|
(17,652 |
) |
|
|
(6,162 |
) |
|
|
(54,741 |
) |
|
|
(24,403 |
) |
|
Entertainment |
|
(3,704 |
) |
|
|
(549 |
) |
|
|
(53,056 |
) |
|
|
(2,253 |
) |
|
Mall |
|
(1,442 |
) |
|
|
(1,074 |
) |
|
|
(4,212 |
) |
|
|
(4,115 |
) |
|
Retail and other |
|
(443 |
) |
|
|
(296 |
) |
|
|
(1,986 |
) |
|
|
(1,200 |
) |
|
General and administrative |
|
(35,299 |
) |
|
|
(20,328 |
) |
|
|
(115,203 |
) |
|
|
(79,785 |
) |
|
Pre-opening costs |
|
169 |
|
|
|
(1,532 |
) |
|
|
(17,451 |
) |
|
|
(3,263 |
) |
|
Amortization of land use right |
|
(828 |
) |
|
|
(826 |
) |
|
|
(3,302 |
) |
|
|
(3,300 |
) |
|
Depreciation and amortization |
|
(49,906 |
) |
|
|
(30,802 |
) |
|
|
(166,095 |
) |
|
|
(123,656 |
) |
|
Property charges and other |
|
(867 |
) |
|
|
(2,009 |
) |
|
|
(1,407 |
) |
|
|
(5,799 |
) |
| Total operating costs and
expenses |
|
(127,914 |
) |
|
|
(74,228 |
) |
|
|
(474,580 |
) |
|
|
(288,764 |
) |
| Operating income (loss) |
|
13,337 |
|
|
|
(69,991 |
) |
|
|
(29,042 |
) |
|
|
(277,216 |
) |
| Non-operating income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
2,502 |
|
|
|
2,240 |
|
|
|
10,675 |
|
|
|
6,427 |
|
|
Interest expenses, net of amounts capitalized |
|
(35,761 |
) |
|
|
(21,928 |
) |
|
|
(129,567 |
) |
|
|
(92,358 |
) |
|
Other financing costs |
|
(106 |
) |
|
|
(106 |
) |
|
|
(417 |
) |
|
|
(417 |
) |
|
Foreign exchange (losses) gains, net |
|
(1,879 |
) |
|
|
(4,012 |
) |
|
|
642 |
|
|
|
2,390 |
|
|
Other (expenses) income, net |
|
(6 |
) |
|
|
249 |
|
|
|
(67 |
) |
|
|
249 |
|
|
Gain on extinguishment of debt |
|
1,531 |
|
|
|
- |
|
|
|
1,611 |
|
|
|
- |
|
| Total non-operating expenses,
net |
|
(33,719 |
) |
|
|
(23,557 |
) |
|
|
(117,123 |
) |
|
|
(83,709 |
) |
| Loss before income tax |
|
(20,382 |
) |
|
|
(93,548 |
) |
|
|
(146,165 |
) |
|
|
(360,925 |
) |
| Income tax benefit
(expense) |
|
4 |
|
|
|
103 |
|
|
|
81 |
|
|
|
(382 |
) |
| Net loss |
|
(20,378 |
) |
|
|
(93,445 |
) |
|
|
(146,084 |
) |
|
|
(361,307 |
) |
| Net loss attributable to
participation interest |
|
1,754 |
|
|
|
8,039 |
|
|
|
12,567 |
|
|
|
34,856 |
|
| Net loss attributable to
Studio City International Holdings Limited |
$ |
(18,624 |
) |
|
$ |
(85,406 |
) |
|
$ |
(133,517 |
) |
|
$ |
(326,451 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to
Studio City International Holdings Limited per Class A ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.024 |
) |
|
$ |
(0.111 |
) |
|
$ |
(0.173 |
) |
|
$ |
(0.459 |
) |
|
Diluted |
$ |
(0.024 |
) |
|
$ |
(0.111 |
) |
|
$ |
(0.173 |
) |
|
$ |
(0.461 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to
Studio City International Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.097 |
) |
|
$ |
(0.443 |
) |
|
$ |
(0.693 |
) |
|
$ |
(1.838 |
) |
|
Diluted |
$ |
(0.097 |
) |
|
$ |
(0.443 |
) |
|
$ |
(0.693 |
) |
|
$ |
(1.846 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
710,582,947 |
|
|
Diluted |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
783,094,707 |
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Condensed Consolidated Balance Sheets |
|
(In thousands, except share and per share
data) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
December 31, |
|
December 31, |
| |
2023 |
|
2022 |
| |
|
(Unaudited) |
|
|
|
| ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
228,040 |
|
|
$ |
509,523 |
|
|
Accounts receivable, net |
|
2,281 |
|
|
|
263 |
|
|
Receivables from affiliated companies |
|
40,969 |
|
|
|
221 |
|
|
Inventories |
|
5,763 |
|
|
|
5,121 |
|
|
Prepaid expenses and other current assets |
|
38,997 |
|
|
|
38,721 |
|
| Total current assets |
|
316,050 |
|
|
|
553,849 |
|
| |
|
|
|
|
|
| Property and equipment,
net |
|
2,775,806 |
|
|
|
2,868,064 |
|
| Intangible assets, net |
|
5 |
|
|
|
1,373 |
|
| Long-term prepayments,
deposits and other assets |
|
27,787 |
|
|
|
48,325 |
|
| Restricted cash |
|
130 |
|
|
|
130 |
|
| Operating lease right-of-use
assets |
|
11,619 |
|
|
|
13,136 |
|
| Land use right, net |
|
105,304 |
|
|
|
108,645 |
|
| Total assets |
$ |
3,236,701 |
|
|
$ |
3,593,522 |
|
| |
|
|
|
|
|
| LIABILITIES,
SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
| |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
2,454 |
|
|
$ |
501 |
|
|
Accrued expenses and other current liabilities |
|
135,514 |
|
|
|
165,688 |
|
|
Income tax payable |
|
10 |
|
|
|
22 |
|
|
Payables to affiliated companies |
|
18,799 |
|
|
|
81,178 |
|
| Total current liabilities |
|
156,777 |
|
|
|
247,389 |
|
| |
|
|
|
|
|
| Long-term debt, net |
|
2,335,173 |
|
|
|
2,434,476 |
|
| Other long-term
liabilities |
|
3,209 |
|
|
|
21,631 |
|
| Deferred tax liabilities,
net |
|
309 |
|
|
|
382 |
|
| Operating lease liabilities,
non-current |
|
12,250 |
|
|
|
13,499 |
|
| Total liabilities |
|
2,507,718 |
|
|
|
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 |
|
(12,656 |
) |
|
|
(11,671 |
) |
|
Accumulated losses |
|
(1,798,683 |
) |
|
|
(1,665,166 |
) |
| Total shareholders’
equity |
|
666,104 |
|
|
|
800,606 |
|
| Participation interest |
|
62,879 |
|
|
|
75,539 |
|
| Total shareholders’ equity and
participation interest |
|
728,983 |
|
|
|
876,145 |
|
| Total liabilities,
shareholders’ equity and participation interest |
$ |
3,236,701 |
|
|
$ |
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 |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(18,624 |
) |
|
$ |
(85,406 |
) |
|
$ |
(133,517 |
) |
|
$ |
(326,451 |
) |
|
Pre-opening costs |
|
(169 |
) |
|
|
1,532 |
|
|
|
17,451 |
|
|
|
3,263 |
|
|
Property charges and other |
|
867 |
|
|
|
2,009 |
|
|
|
1,407 |
|
|
|
5,799 |
|
|
Gain on extinguishment of debt |
|
(1,531 |
) |
|
|
- |
|
|
|
(1,611 |
) |
|
|
- |
|
|
Participation interest impact on adjustments |
|
71 |
|
|
|
(305 |
) |
|
|
(1,484 |
) |
|
|
(1,017 |
) |
| Adjusted net loss attributable
to Studio City International Holdings Limited |
$ |
(19,386 |
) |
|
$ |
(82,170 |
) |
|
$ |
(117,754 |
) |
|
$ |
(318,406 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net loss attributable
to Studio City International Holdings Limited per Class A ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.025 |
) |
|
$ |
(0.107 |
) |
|
$ |
(0.153 |
) |
|
$ |
(0.448 |
) |
|
Diluted |
$ |
(0.025 |
) |
|
$ |
(0.107 |
) |
|
$ |
(0.153 |
) |
|
$ |
(0.450 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net loss attributable
to Studio City International Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.101 |
) |
|
$ |
(0.427 |
) |
|
$ |
(0.611 |
) |
|
$ |
(1.792 |
) |
|
Diluted |
$ |
(0.101 |
) |
|
$ |
(0.427 |
) |
|
$ |
(0.611 |
) |
|
$ |
(1.799 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
710,582,947 |
|
|
Diluted |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
783,094,707 |
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA (Unaudited) |
|
(In thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
13,337 |
|
|
$ |
(69,991 |
) |
|
$ |
(29,042 |
) |
|
$ |
(277,216 |
) |
|
Pre-opening costs |
|
(169 |
) |
|
|
1,532 |
|
|
|
17,451 |
|
|
|
3,263 |
|
|
Depreciation and amortization |
|
50,734 |
|
|
|
31,628 |
|
|
|
169,397 |
|
|
|
126,956 |
|
|
Share-based compensation |
|
- |
|
|
|
361 |
|
|
|
- |
|
|
|
361 |
|
|
Property charges and other |
|
867 |
|
|
|
2,009 |
|
|
|
1,407 |
|
|
|
5,799 |
|
| Adjusted EBITDA |
$ |
64,769 |
|
|
$ |
(34,461 |
) |
|
$ |
159,213 |
|
|
$ |
(140,837 |
) |
|
|
|
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 |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(18,624 |
) |
|
$ |
(85,406 |
) |
|
$ |
(133,517 |
) |
|
$ |
(326,451 |
) |
| Net loss attributable to
participation interest |
|
(1,754 |
) |
|
|
(8,039 |
) |
|
|
(12,567 |
) |
|
|
(34,856 |
) |
| Net loss |
|
(20,378 |
) |
|
|
(93,445 |
) |
|
|
(146,084 |
) |
|
|
(361,307 |
) |
|
Income tax (benefit) expense |
|
(4 |
) |
|
|
(103 |
) |
|
|
(81 |
) |
|
|
382 |
|
|
Interest and other non-operating expenses, net |
|
33,719 |
|
|
|
23,557 |
|
|
|
117,123 |
|
|
|
83,709 |
|
|
Depreciation and amortization |
|
50,734 |
|
|
|
31,628 |
|
|
|
169,397 |
|
|
|
126,956 |
|
|
Property charges and other |
|
867 |
|
|
|
2,009 |
|
|
|
1,407 |
|
|
|
5,799 |
|
|
Share-based compensation |
|
- |
|
|
|
361 |
|
|
|
- |
|
|
|
361 |
|
|
Pre-opening costs |
|
(169 |
) |
|
|
1,532 |
|
|
|
17,451 |
|
|
|
3,263 |
|
| Adjusted EBITDA |
$ |
64,769 |
|
|
$ |
(34,461 |
) |
|
$ |
159,213 |
|
|
$ |
(140,837 |
) |
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
Year Ended |
|
| |
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
| Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
$ |
163 |
|
|
$ |
100 |
|
|
$ |
153 |
|
|
$ |
111 |
|
|
| |
|
Occupancy per
available room |
|
|
94 |
% |
|
|
32 |
% |
|
|
90 |
% |
|
|
28 |
% |
|
| |
|
Revenue per
available room (5) |
|
$ |
154 |
|
|
$ |
32 |
|
|
$ |
137 |
|
|
$ |
31 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Other
Information(6): |
|
|
|
|
|
|
|
|
|
| |
|
Average number of
table games |
|
246 |
|
|
|
277 |
|
|
|
246 |
|
|
|
277 |
|
|
| |
|
Average number of
gaming machines |
|
643 |
|
|
|
671 |
|
|
|
661 |
|
|
|
700 |
|
|
| |
|
Table games win
per unit per day (7) |
$ |
11,936 |
|
|
$ |
1,477 |
|
|
$ |
9,239 |
|
|
$ |
1,562 |
|
|
| |
|
Gaming machines
win per unit per day (8) |
$ |
418 |
|
|
$ |
54 |
|
|
$ |
343 |
|
|
$ |
75 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (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 Nov 2024 to Dec 2024
Studio City (NYSE:MSC)
Historical Stock Chart
From Dec 2023 to Dec 2024
