Studio City International Holdings Limited Announces Unaudited Second Quarter 2022 Earnings
Studio City International Holdings Limited (NYSE: MSC) reported a total operating revenue loss of US$1.9 million for Q2 2022, a sharp decline from US$31.2 million in Q2 2021. COVID-19 restrictions significantly impacted casino operations, leading to a net loss of US$85.6 million, versus US$59.7 million a year prior. Adjusted EBITDA dropped to negative US$40.2 million. Despite these challenges, total cash and bank balances increased to US$812.7 million. The company remains optimistic about a recovery in Macau tourism and continues development on Studio City Phase 2, extending the project deadline to June 30, 2023.
- Total cash and bank balances increased to US$812.7 million.
- Studio City Phase 2 development continues with an extended deadline to June 30, 2023.
- Total operating revenues decreased to negative US$1.9 million from US$31.2 million in Q2 2021.
- Net loss attributable to Studio City increased to US$85.6 million compared to US$59.7 million in the previous year.
- Adjusted EBITDA fell to negative US$40.2 million, worsening from negative US$9.5 million in Q2 2021.
- Casino revenue from contract dropped to negative US$17.4 million from US$1.8 million in Q2 2021.
MACAU, Aug. 18, 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 second quarter of 2022.
Total operating revenues for the second quarter of 2022 were negative US
Studio City Casino generated gross gaming revenues of US
Studio City Casino’s rolling chip volume was US
Mass market table games drop decreased to US
Gaming machine handle for the second quarter of 2022 was US
Certain revenues of the Company were previously captioned as revenue from provision of gaming related services and are now captioned as revenue from casino contract as a result of the amendments made to the agreement for the operation of the Studio City Casino announced on June 23, 2022. The change in the revenue caption does not impact the revenue recognition policy and figures are comparable to prior periods.
Revenue from casino contract was negative US
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
Total non-gaming revenues at Studio City for the second quarter of 2022 were US
Operating loss for the second quarter of 2022 was US
Studio City generated negative Adjusted EBITDA(1) of US
Net loss attributable to Studio City International Holdings Limited for the second quarter of 2022 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2022 were US
Depreciation and amortization costs of US
The negative Adjusted EBITDA for Studio City for the three months ended June 30, 2022 referred to in Melco’s earnings release dated August 18, 2022 (“Melco’s earnings release”) is US
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2022 aggregated to US
Capital expenditures for the second quarter of 2022 were US
Recent Developments
Uncertainty around COVID-19 outbreaks and related restrictions continue to have a material effect on our operations, financial position, and future prospects into the third quarter of 2022.
Our operations remain significantly impacted by travel restrictions and quarantine requirements. On June 23, 2022, the Macau government issued a closure order for entertainment venues which did not include casinos. Effective from July 11, 2022, the Macau government issued a further order whereby from July 11 until July 18, 2022 all entities performing industrial and commercial activities, including gaming activities, were required to suspend operation, except for those in categories of activity deemed essential to the community and to the day-to-day lives of the members of the public. These restrictions were further extended until July 23, 2022 and the Studio City Casino was closed for a total of 12 days. From July 23, 2022, we were able to resume operations, subject to strict health and pandemic prevention requirements. From August 2, 2022, all restrictions were lifted, subject to certain guidelines set by Macau’s Center for Disease Control and Prevention. The validity of nucleic acid tests to enter Macau vary from time to time and is currently set at 48 hours for entry from Zhuhai, 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 are eligible and have been approved for an exemption.
Uncertainty around COVID-19 outbreaks is expected to continue for at least the remainder of 2022 with travel bans or restrictions, visa restrictions and quarantine requirements being key factors impacting 2022 performance. We remain confident in the pent-up demand for Macau as an international tourism destination and believe in a strong recovery once travel restrictions and quarantine requirements are relaxed.
The construction of Studio City Phase 2 continues to progress. In May 2022, the Macau government granted a further extension of the development period under the Studio City land concession contract. Pursuant to such extension, the development period for the land of Studio City has been extended from December 27, 2022 to June 30, 2023. We will be monitoring the markets closely to determine the appropriate time to open and currently anticipate phasing the opening beginning in the second quarter of 2023. This project will complement our existing offering of ‘next-generation’ world-class entertainment and further enhance the Studio City brand. Designed by renowned international architecture firm Zaha Hadid Architects, Studio City Phase 2 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 approximately 1,100 square meters of state-of-the-art MICE space. Furthermore, the expansion 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 COVID-19 outbreak, 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) risks associated with the newly adopted gaming law in Macau and its implementation by the Macau government, (iii) growth of 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, 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Revenue from casino contract(3) | $ | (17,366 | ) | $ | 1,807 | $ | (26,005 | ) | $ | 3,040 | |||||
| Rooms | 3,764 | 11,386 | 10,039 | 20,992 | |||||||||||
| Food and beverage | 3,862 | 7,187 | 9,346 | 14,071 | |||||||||||
| Entertainment | 205 | 751 | 304 | 1,045 | |||||||||||
| Services fee | 5,463 | 6,364 | 11,182 | 13,163 | |||||||||||
| Mall | 1,851 | 3,239 | 4,554 | 6,569 | |||||||||||
| Retail and other | 333 | 466 | 684 | 884 | |||||||||||
| Total operating revenues | (1,888 | ) | 31,200 | 10,104 | 59,764 | ||||||||||
| Operating costs and expenses: | |||||||||||||||
| Costs related to casino contract(3) | (6,218 | ) | (5,901 | ) | (12,242 | ) | (11,600 | ) | |||||||
| Rooms | (2,643 | ) | (3,201 | ) | (5,592 | ) | (6,111 | ) | |||||||
| Food and beverage | (5,905 | ) | (6,927 | ) | (13,079 | ) | (14,075 | ) | |||||||
| Entertainment | (611 | ) | (721 | ) | (1,168 | ) | (1,290 | ) | |||||||
| Mall | (1,106 | ) | (995 | ) | (2,062 | ) | (1,978 | ) | |||||||
| Retail and other | (256 | ) | (403 | ) | (631 | ) | (764 | ) | |||||||
| General and administrative | (21,547 | ) | (22,503 | ) | (42,177 | ) | (46,802 | ) | |||||||
| Pre-opening costs | (604 | ) | (490 | ) | (946 | ) | (733 | ) | |||||||
| Amortization of land use right | (824 | ) | (832 | ) | (1,651 | ) | (1,665 | ) | |||||||
| Depreciation and amortization | (30,836 | ) | (31,087 | ) | (61,825 | ) | (61,843 | ) | |||||||
| Property charges and other | (358 | ) | (3,925 | ) | (3,421 | ) | (3,783 | ) | |||||||
| Total operating costs and expenses | (70,908 | ) | (76,985 | ) | (144,794 | ) | (150,644 | ) | |||||||
| Operating loss | (72,796 | ) | (45,785 | ) | (134,690 | ) | (90,880 | ) | |||||||
| Non-operating income (expenses): | |||||||||||||||
| Interest income | 1,425 | 569 | 1,729 | 1,509 | |||||||||||
| Interest expenses, net of amounts capitalized | (24,443 | ) | (22,341 | ) | (47,249 | ) | (45,509 | ) | |||||||
| Other financing costs | (104 | ) | (104 | ) | (207 | ) | (208 | ) | |||||||
| Foreign exchange gains (losses), net | 2,101 | (3,221 | ) | 6,240 | 2,505 | ||||||||||
| Loss on extinguishment of debt | - | - | - | (28,817 | ) | ||||||||||
| Total non-operating expenses, net | (21,021 | ) | (25,097 | ) | (39,487 | ) | (70,520 | ) | |||||||
| Loss before income tax | (93,817 | ) | (70,882 | ) | (174,177 | ) | (161,400 | ) | |||||||
| Income tax credit (expense) | 119 | (477 | ) | (494 | ) | (560 | ) | ||||||||
| Net loss | (93,698 | ) | (71,359 | ) | (174,671 | ) | (161,960 | ) | |||||||
| Net loss attributable to participation interest | 8,061 | 11,684 | 18,801 | 26,518 | |||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (85,637 | ) | $ | (59,675 | ) | $ | (155,870 | ) | $ | (135,442 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic | $ | (0.111 | ) | $ | (0.161 | ) | $ | (0.240 | ) | $ | (0.366 | ) | |||
| Diluted | $ | (0.111 | ) | $ | (0.161 | ) | $ | (0.242 | ) | $ | (0.366 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic | $ | (0.445 | ) | $ | (0.645 | ) | $ | (0.959 | ) | $ | (1.463 | ) | |||
| Diluted | $ | (0.445 | ) | $ | (0.645 | ) | $ | (0.967 | ) | $ | (1.463 | ) | |||
| 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 | 370,352,700 | 649,822,535 | 370,352,700 | |||||||||||
| Diluted | 770,352,700 | 370,352,700 | 722,334,295 | 370,352,700 | |||||||||||
| (3) | As a result of the amendments made to the agreement for the operation of the Studio City Casino announced on June 23, 2022, certain revenues and operating costs of the Company were previously captioned as i) revenue from provision of gaming related services and are now captioned as revenue from casino contract; and ii) costs for provision of gaming related services and are now captioned as costs related to casino contract. |
| 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, | ||||||
| 2022 | 2021 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 812,600 | $ | 499,289 | |||
| Accounts receivable, net | 274 | 247 | |||||
| Amounts due from affiliated companies | 232 | 15,697 | |||||
| Inventories | 5,434 | 5,828 | |||||
| Prepaid expenses and other current assets | 26,267 | 42,633 | |||||
| Total current assets | 844,807 | 563,694 | |||||
| Property and equipment, net | 2,714,101 | 2,556,040 | |||||
| Intangible assets, net | 2,063 | 2,777 | |||||
| Long-term prepayments, deposits and other assets | 74,591 | 69,624 | |||||
| Restricted cash | 129 | 130 | |||||
| Operating lease right-of-use assets | 13,112 | 14,588 | |||||
| Land use right, net | 109,766 | 112,114 | |||||
| Total assets | $ | 3,758,569 | $ | 3,318,967 | |||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND | |||||||
| PARTICIPATION INTEREST | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 512 | $ | 211 | |||
| Accrued expenses and other current liabilities | 176,838 | 201,405 | |||||
| Income tax payable | 21 | 21 | |||||
| Amounts due to affiliated companies | 69,246 | 53,093 | |||||
| Total current liabilities | 246,617 | 254,730 | |||||
| Long-term debt, net | 2,432,817 | 2,087,486 | |||||
| Other long-term liabilities | 20,902 | 17,771 | |||||
| Deferred tax liabilities, net | 493 | - | |||||
| Operating lease liabilities, non-current | 12,973 | 14,797 | |||||
| Total liabilities | 2,713,802 | 2,374,784 | |||||
| Shareholders’ equity and participation interest: | |||||||
| Class A ordinary shares, par value | |||||||
| authorized; 770,352,700 and 370,352,700 shares issued | |||||||
| and outstanding, respectively | 77 | 37 | |||||
| Class B ordinary shares, par value | |||||||
| authorized; 72,511,760 shares issued and outstanding | 7 | 7 | |||||
| Additional paid-in capital | 2,477,359 | 2,134,227 | |||||
| Accumulated other comprehensive losses | (28,135 | ) | (6,136 | ) | |||
| Accumulated losses | (1,494,585 | ) | (1,338,715 | ) | |||
| Total shareholders’ equity | 954,723 | 789,420 | |||||
| Participation interest | 90,044 | 154,763 | |||||
| Total shareholders’ equity and participation interest | 1,044,767 | 944,183 | |||||
| Total liabilities, shareholders’ equity and participation interest | $ | 3,758,569 | $ | 3,318,967 | |||
| 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, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (85,637 | ) | $ | (59,675 | ) | $ | (155,870 | ) | $ | (135,442 | ) | |||
| Pre-opening costs | 604 | 490 | 946 | 733 | |||||||||||
| Property charges and other | 358 | 3,925 | 3,421 | 3,783 | |||||||||||
| Loss on extinguishment of debt | - | - | - | 28,817 | |||||||||||
| Participation interest impact on adjustments | (83 | ) | (723 | ) | (613 | ) | (5,458 | ) | |||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (84,758 | ) | $ | (55,983 | ) | $ | (152,116 | ) | $ | (107,567 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic | $ | (0.110 | ) | $ | (0.151 | ) | $ | (0.234 | ) | $ | (0.290 | ) | |||
| Diluted | $ | (0.110 | ) | $ | (0.151 | ) | $ | (0.236 | ) | $ | (0.290 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic | $ | (0.440 | ) | $ | (0.605 | ) | $ | (0.936 | ) | $ | (1.162 | ) | |||
| Diluted | $ | (0.440 | ) | $ | (0.605 | ) | $ | (0.943 | ) | $ | (1.162 | ) | |||
| 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 | 370,352,700 | 649,822,535 | 370,352,700 | |||||||||||
| Diluted | 770,352,700 | 370,352,700 | 722,334,295 | 370,352,700 | |||||||||||
| 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, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Operating loss | $ | (72,796 | ) | $ | (45,785 | ) | $ | (134,690 | ) | $ | (90,880 | ) | |||
| Pre-opening costs | 604 | 490 | 946 | 733 | |||||||||||
| Depreciation and amortization | 31,660 | 31,919 | 63,476 | 63,508 | |||||||||||
| Property charges and other | 358 | 3,925 | 3,421 | 3,783 | |||||||||||
| Adjusted EBITDA | $ | (40,174 | ) | $ | (9,451 | ) | $ | (66,847 | ) | $ | (22,856 | ) | |||
| 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, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (85,637 | ) | $ | (59,675 | ) | $ | (155,870 | ) | $ | (135,442 | ) | |||
| Net loss attributable to participation interest | (8,061 | ) | (11,684 | ) | (18,801 | ) | (26,518 | ) | |||||||
| Net loss | (93,698 | ) | (71,359 | ) | (174,671 | ) | (161,960 | ) | |||||||
| Income tax (credit) expense | (119 | ) | 477 | 494 | 560 | ||||||||||
| Interest and other non-operating expenses, net | 21,021 | 25,097 | 39,487 | 70,520 | |||||||||||
| Property charges and other | 358 | 3,925 | 3,421 | 3,783 | |||||||||||
| Depreciation and amortization | 31,660 | 31,919 | 63,476 | 63,508 | |||||||||||
| Pre-opening costs | 604 | 490 | 946 | 733 | |||||||||||
| Adjusted EBITDA | $ | (40,174 | ) | $ | (9,451 | ) | $ | (66,847 | ) | $ | (22,856 | ) | |||
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Supplemental Data Schedule | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Room Statistics(4): | ||||||||||||||||
| Average daily rate (5) | $ | 103 | $ | 121 | $ | 117 | $ | 121 | ||||||||
| Occupancy per available room | 24 | % | 61 | % | 28 | % | 55 | % | ||||||||
| Revenue per available room (6) | $ | 24 | $ | 74 | $ | 33 | $ | 67 | ||||||||
| Other Information(7): | ||||||||||||||||
| Average number of table games | 277 | 291 | 277 | 291 | ||||||||||||
| Average number of gaming machines | 717 | 609 | 715 | 606 | ||||||||||||
| Table games win per unit per day (8) | $ | 1,172 | $ | 3,709 | $ | 1,944 | $ | 3,593 | ||||||||
| Gaming machines win per unit per day (9) | $ | 78 | $ | 145 | $ | 94 | $ | 137 | ||||||||
| (4) | Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak | |||||||||||||||
| (5) | 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 | |||||||||||||||
| (6) | Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | |||||||||||||||
| (7) | 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 | |||||||||||||||
| (8) | 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 | |||||||||||||||
| (9) | 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 were Studio City's total revenues for Q2 2022?
How did COVID-19 impact Studio City's financial performance?
What is the projected opening date for Studio City Phase 2?
How much cash does Studio City have on hand as of June 30, 2022?
What was Studio City's Adjusted EBITDA for Q2 2022?
