Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2021 Earnings
Studio City International Holdings Limited (NYSE: MSC) reported its unaudited financial results for Q4 and full year 2021. Q4 operating revenues rose to US$28.4 million, up from US$23.7 million in 2020. The casino generated US$91.1 million in gross gaming revenues, while total operating loss for 2021 decreased to US$191.6 million from US$279.9 million in 2020. Total cash stood at US$499.4 million. Subsequent to the year-end, the company announced a US$350 million senior secured notes offering.
- Q4 operating revenues increased to US$28.4 million from US$23.7 million YoY.
- Gross gaming revenues rose to US$91.1 million compared to US$87.6 million in Q4 2020.
- Operating loss decreased to US$191.6 million in 2021 from US$279.9 million in 2020.
- Cash and bank balances at US$499.4 million as of December 31, 2021.
- Announced US$350 million senior secured notes offering to fund capital expenditures.
- 2021 net loss of US$252.6 million compared to US$321.6 million in 2020.
- Ongoing impact of COVID-19 on operations and travel restrictions.
- Lower non-gaming revenues indicated concerns for future performance.
MACAU, March 01, 2022 (GLOBE NEWSWIRE) -- 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, 2021.
Total operating revenues for the fourth quarter of 2021 were US
Revenues from the provision of gaming related services are derived from the provision of facilities for the operations of the 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
Studio City’s rolling chip volume was US
Mass market table games drop decreased to US
Gaming machine handle for the fourth quarter of 2021 was US
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
Revenues from the provision of gaming related services were US
Total non-gaming revenues at Studio City for the fourth quarter of 2021 were US
Operating loss for the fourth quarter of 2021 was US
Studio City generated negative Adjusted EBITDA(1) of US
Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2021 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2021 were US
Depreciation and amortization costs of US
The negative Adjusted EBITDA for Studio City for the three months ended December 31, 2021 referred to in Melco’s earnings release dated March 1, 2022 (“Melco’s earnings release”) is US
Financial Position and Capital Expenditures
Total cash and bank balances as of December 31, 2021 aggregated to US
Capital expenditures for the fourth quarter of 2021 were US
Full Year Results
For the year ended December 31, 2021, Studio City International Holdings Limited reported total operating revenues of US
Operating loss for 2021 was US
Studio City generated negative Adjusted EBITDA of US
Net loss attributable to Studio City International Holdings Limited for 2021 was US
Subsequent Events
On February 7, 2022, Studio City Company Limited (“Studio City Company”), a subsidiary of the Company, announced an offering of senior secured notes and, concurrently, the Company announced that it had entered into subscription agreements with certain existing institutional holders of its ordinary shares and American Depositary Shares, each representing four Class A ordinary shares (“ADSs”), which hold, in aggregate, over
The senior secured notes were issued on February 16, 2022, with an aggregate principal amount of US
Recent Developments
COVID-19 outbreaks continue to have a material effect on our operations, financial position, and future prospects into the first quarter of 2022.
Our operations remain impacted by travel restrictions and quarantine requirements. The appearance of COVID-19 cases in Macau in late September 2021 led to city-wide mandatory testing, mandatory closure of most entertainment and leisure venues (casinos and gaming areas excluded), and strict travel restrictions and requirements being implemented to enter and exit Macau. Since October 19, 2021, authorities have eased pandemic prevention measures such that travelers no longer require 14-day quarantine on arrival in Zhuhai, and the validity of nucleic acid tests to enter Zhuhai was extended from 24 hours to 7 days. However, health-related precautionary measures remain in place and non-Macau resident individuals who are not residents of Taiwan, Hong Kong, or the PRC continue to be unable to enter Macau, except if they have been in Hong Kong or mainland PRC in the preceding 21 days and are eligible for an exemption application.
Uncertainty around COVID-19 outbreaks will continue into 2022 with travel bans or restrictions, visa restrictions and quarantine requirements being key factors impacting 2022 performance. We remain optimistic on the long-term growth prospects for both Macau and Studio City. We expect both Macau and Studio City to benefit from the continued economic growth in China, infrastructure developments in the Greater Bay Area and new property openings in Cotai.
We continue our efforts to complete the construction of Studio City Phase 2 by the deadline set in the land concession of December 27, 2022. This expansion designed by renowned international architecture firm Zaha Hadid Architects will offer approximately 900 additional luxury hotel rooms and suites, an additional indoor/outdoor water park which is expected to be one of the largest in the world, a Cineplex, multiple fine-dining restaurants, and a total of 1,100 square meters of state-of-the-art MICE space. Furthermore, Studio City Phase 2 will also feature a hotel tower under the W Hotel brand in partnership with Marriott International.
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, (vii) proposed amendments to the gaming law in Macau, the extension of current gaming concessions and subconcessions and tender for new gaming concessions, 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. 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:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: JeannyKim@melco-resorts.com
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: 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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Provision of gaming related services | $ | 4,067 | $ | (3,696 | ) | $ | (1,455 | ) | $ | (42,682 | ) | |||||
| Rooms | 7,975 | 9,667 | 38,749 | 21,997 | ||||||||||||
| Food and beverage | 6,317 | 7,040 | 26,734 | 22,653 | ||||||||||||
| Entertainment | 221 | 364 | 2,649 | 1,389 | ||||||||||||
| Services fee | 5,413 | 6,445 | 24,906 | 26,151 | ||||||||||||
| Mall | 3,999 | 2,270 | 13,683 | 17,008 | ||||||||||||
| Retail and other | 389 | 1,615 | 1,602 | 2,692 | ||||||||||||
| Total operating revenues | 28,381 | 23,705 | 106,868 | 49,208 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Provision of gaming related services | (9,151 | ) | (8,061 | ) | (28,085 | ) | (26,993 | ) | ||||||||
| Rooms | (2,848 | ) | (2,756 | ) | (12,176 | ) | (11,229 | ) | ||||||||
| Food and beverage | (6,914 | ) | (6,745 | ) | (27,853 | ) | (27,301 | ) | ||||||||
| Entertainment | (590 | ) | (733 | ) | (2,842 | ) | (3,409 | ) | ||||||||
| Mall | (878 | ) | (1,013 | ) | (3,785 | ) | (4,661 | ) | ||||||||
| Retail and other | (359 | ) | (324 | ) | (1,474 | ) | (1,204 | ) | ||||||||
| General and administrative | (18,628 | ) | (19,219 | ) | (87,577 | ) | (89,006 | ) | ||||||||
| Pre-opening costs | (245 | ) | (68 | ) | (984 | ) | (201 | ) | ||||||||
| Amortization of land use right | (829 | ) | (834 | ) | (3,325 | ) | (3,333 | ) | ||||||||
| Depreciation and amortization | (31,010 | ) | (34,595 | ) | (124,309 | ) | (157,001 | ) | ||||||||
| Property charges and other | (1,902 | ) | (697 | ) | (6,031 | ) | (4,798 | ) | ||||||||
| Total operating costs and expenses | (73,354 | ) | (75,045 | ) | (298,441 | ) | (329,136 | ) | ||||||||
| Operating loss | (44,973 | ) | (51,340 | ) | (191,573 | ) | (279,928 | ) | ||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 710 | 101 | 3,060 | 1,276 | ||||||||||||
| Interest expenses, net of amounts capitalized | (21,894 | ) | (23,718 | ) | (90,967 | ) | (104,799 | ) | ||||||||
| Other financing costs | (105 | ) | (106 | ) | (419 | ) | (421 | ) | ||||||||
| Foreign exchange gains (losses), net | 1,268 | 673 | 6,257 | (3,434 | ) | |||||||||||
| Other income (expenses), net | - | 174 | - | (81 | ) | |||||||||||
| Loss on extinguishment of debt | - | (219 | ) | (28,817 | ) | (18,716 | ) | |||||||||
| Total non-operating expenses, net | (20,021 | ) | (23,095 | ) | (110,886 | ) | (126,175 | ) | ||||||||
| Loss before income tax | (64,994 | ) | (74,435 | ) | (302,459 | ) | (406,103 | ) | ||||||||
| Income tax credit | 486 | 905 | 457 | 1,011 | ||||||||||||
| Net loss | (64,508 | ) | (73,530 | ) | (302,002 | ) | (405,092 | ) | ||||||||
| Net loss attributable to participation interest | 10,562 | 12,039 | 49,447 | 83,466 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (53,946 | ) | $ | (61,491 | ) | $ | (252,555 | ) | $ | (321,626 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited | ||||||||||||||||
| per Class A ordinary share: | ||||||||||||||||
| Basic | $ | (0.146 | ) | $ | (0.166 | ) | $ | (0.682 | ) | $ | (1.091 | ) | ||||
| Diluted | $ | (0.146 | ) | $ | (0.166 | ) | $ | (0.682 | ) | $ | (1.103 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per ADS: | ||||||||||||||||
| Basic | $ | (0.583 | ) | $ | (0.664 | ) | $ | (2.728 | ) | $ | (4.363 | ) | ||||
| Diluted | $ | (0.583 | ) | $ | (0.664 | ) | $ | (2.728 | ) | $ | (4.411 | ) | ||||
| 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 | 370,352,700 | 370,352,700 | 370,352,700 | 294,837,092 | ||||||||||||
| Diluted | 370,352,700 | 370,352,700 | 370,352,700 | 367,348,852 | ||||||||||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands of U.S. dollars, except share and per share data) | ||||||||
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 499,289 | $ | 575,215 | ||||
| Restricted cash | - | 13 | ||||||
| Accounts receivable, net | 247 | 157 | ||||||
| Amounts due from affiliated companies | 15,697 | 10,672 | ||||||
| Inventories | 5,828 | 9,297 | ||||||
| Prepaid expenses and other current assets | 42,633 | 12,467 | ||||||
| Total current assets | 563,694 | 607,821 | ||||||
| Property and equipment, net | 2,556,040 | 2,180,897 | ||||||
| Intangible assets, net | 2,777 | 4,005 | ||||||
| Long-term prepayments, deposits and other assets | 69,624 | 117,555 | ||||||
| Restricted cash | 130 | 131 | ||||||
| Operating lease right-of-use assets | 14,588 | 17,379 | ||||||
| Land use right, net | 112,114 | 116,109 | ||||||
| Total assets | $ | 3,318,967 | $ | 3,043,897 | ||||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND | ||||||||
| PARTICIPATION INTEREST | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 211 | $ | 206 | ||||
| Accrued expenses and other current liabilities | 201,405 | 118,946 | ||||||
| Income tax payable | 21 | 33 | ||||||
| Amounts due to affiliated companies | 53,093 | 42,966 | ||||||
| Total current liabilities | 254,730 | 162,151 | ||||||
| Long-term debt, net | 2,087,486 | 1,584,660 | ||||||
| Other long-term liabilities | 17,771 | 11,778 | ||||||
| Deferred tax liabilities, net | - | 448 | ||||||
| Operating lease liabilities, non-current | 14,797 | 17,137 | ||||||
| Total liabilities | 2,374,784 | 1,776,174 | ||||||
| Shareholders’ equity and participation interest: | ||||||||
| Class A ordinary shares, par value | ||||||||
| authorized; 370,352,700 shares issued and outstanding | 37 | 37 | ||||||
| Class B ordinary shares, par value | ||||||||
| authorized; 72,511,760 shares issued and outstanding | 7 | 7 | ||||||
| Additional paid-in capital | 2,134,227 | 2,134,227 | ||||||
| Accumulated other comprehensive (loss) income | (6,136 | ) | 11,876 | |||||
| Accumulated losses | (1,338,715 | ) | (1,086,160 | ) | ||||
| Total shareholders’ equity | 789,420 | 1,059,987 | ||||||
| Participation interest | 154,763 | 207,736 | ||||||
| Total shareholders’ equity and participation interest | 944,183 | 1,267,723 | ||||||
| Total liabilities, shareholders’ equity and participation interest | $ | 3,318,967 | $ | 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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (53,946 | ) | $ | (61,491 | ) | $ | (252,555 | ) | $ | (321,626 | ) | ||||
| Pre-opening costs | 245 | 68 | 984 | 201 | ||||||||||||
| Property charges and other | 1,902 | 697 | 6,031 | 4,798 | ||||||||||||
| Loss on extinguishment of debt | - | 219 | 28,817 | 18,716 | ||||||||||||
| Participation interest impact on adjustments | (352 | ) | (161 | ) | (5,867 | ) | (4,284 | ) | ||||||||
| Adjusted net loss attributable to | ||||||||||||||||
| Studio City International Holdings Limited | $ | (52,151 | ) | $ | (60,668 | ) | $ | (222,590 | ) | $ | (302,195 | ) | ||||
| Adjusted net loss attributable to Studio City International Holdings Limited | ||||||||||||||||
| per Class A ordinary share: | ||||||||||||||||
| Basic | $ | (0.141 | ) | $ | (0.164 | ) | $ | (0.601 | ) | $ | (1.025 | ) | ||||
| Diluted | $ | (0.141 | ) | $ | (0.164 | ) | $ | (0.601 | ) | $ | (1.038 | ) | ||||
| Adjusted net loss attributable to Studio City International Holdings Limited | ||||||||||||||||
| per ADS: | ||||||||||||||||
| Basic | $ | (0.563 | ) | $ | (0.655 | ) | $ | (2.404 | ) | $ | (4.100 | ) | ||||
| Diluted | $ | (0.563 | ) | $ | (0.655 | ) | $ | (2.404 | ) | $ | (4.153 | ) | ||||
| 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 | 370,352,700 | 370,352,700 | 370,352,700 | 294,837,092 | ||||||||||||
| Diluted | 370,352,700 | 370,352,700 | 370,352,700 | 367,348,852 | ||||||||||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Reconciliation of Operating Loss to Adjusted EBITDA (Unaudited) | ||||||||||||||||
| (In thousands of U.S. dollars) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating loss | $ | (44,973 | ) | $ | (51,340 | ) | $ | (191,573 | ) | $ | (279,928 | ) | ||||
| Pre-opening costs | 245 | 68 | 984 | 201 | ||||||||||||
| Depreciation and amortization | 31,839 | 35,429 | 127,634 | 160,334 | ||||||||||||
| Share-based compensation | 438 | 791 | 438 | 791 | ||||||||||||
| Property charges and other | 1,902 | 697 | 6,031 | 4,798 | ||||||||||||
| Adjusted EBITDA | $ | (10,549 | ) | $ | (14,355 | ) | $ | (56,486 | ) | $ | (113,804 | ) | ||||
| 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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (53,946 | ) | $ | (61,491 | ) | $ | (252,555 | ) | $ | (321,626 | ) | ||||
| Net loss attributable to participation interest | (10,562 | ) | (12,039 | ) | (49,447 | ) | (83,466 | ) | ||||||||
| Net loss | (64,508 | ) | (73,530 | ) | (302,002 | ) | (405,092 | ) | ||||||||
| Income tax credit | (486 | ) | (905 | ) | (457 | ) | (1,011 | ) | ||||||||
| Interest and other non-operating expenses, net | 20,021 | 23,095 | 110,886 | 126,175 | ||||||||||||
| Property charges and other | 1,902 | 697 | 6,031 | 4,798 | ||||||||||||
| Share-based compensation | 438 | 791 | 438 | 791 | ||||||||||||
| Depreciation and amortization | 31,839 | 35,429 | 127,634 | 160,334 | ||||||||||||
| Pre-opening costs | 245 | 68 | 984 | 201 | ||||||||||||
| Adjusted EBITDA | $ | (10,549 | ) | $ | (14,355 | ) | $ | (56,486 | ) | $ | (113,804 | ) | ||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||||||||
| Supplemental Data Schedule | |||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||
| Room Statistics(3): | |||||||||||||||||||||
| Average daily rate (4) | $ | 131 | $ | 121 | $ | 123 | $ | 128 | |||||||||||||
| Occupancy per available room | 39 | % | 49 | % | 51 | % | 28 | % | |||||||||||||
| Revenue per available room (5) | $ | 52 | $ | 59 | $ | 62 | $ | 36 | |||||||||||||
| Other Information(6): | |||||||||||||||||||||
| Average number of table games | 288 | 291 | 290 | 282 | |||||||||||||||||
| Average number of gaming machines | 710 | 606 | 645 | 586 | |||||||||||||||||
| Table games win per unit per day (7) | $ | 3,162 | $ | 3,057 | $ | 3,306 | $ | 2,456 | |||||||||||||
| Gaming machines win per unit per day (8) | $ | 113 | $ | 103 | $ | 129 | $ | 98 | |||||||||||||
| (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 | ||||||||||||||||||||
FAQ
What are the Q4 2021 revenue figures for MSC?
How did MSC's gaming revenues perform in Q4 2021?
What was MSC's net loss for the year 2021?
What is the status of MSC's capital expenditures?
How has COVID-19 impacted MSC's operations?
