MACAU, March 01, 2022 (GLOBE NEWSWIRE) — Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class built-in resort positioned in Cotai, Macau, at the moment reported its unaudited monetary outcomes for the fourth quarter and full yr ended December 31, 2021.
Total working revenues for the fourth quarter of 2021 had been US$28.4 million, in comparison with whole working revenues of US$23.7 million within the fourth quarter of 2020. The change was because of the improve in revenues from the availability of gaming associated companies, partially offset by decrease non-gaming revenues.
Revenues from the availability of gaming associated companies are derived from the availability of services 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 companies associated thereto.
Studio City Casino generated gross gaming revenues of US$91.1 million and US$87.6 million for the fourth quarters of 2021 and 2020, respectively.
Studio City’s rolling chip quantity was US$474.4 million within the fourth quarter of 2021 versus US$449.4 million within the fourth quarter of 2020. The rolling chip win fee was 1.84% within the fourth quarter of 2021 versus damaging 0.13% within the fourth quarter of 2020. The anticipated rolling chip win fee vary is 2.85% – 3.15%.
Mass market desk video games drop decreased to US$253.5 million within the fourth quarter of 2021, in contrast with US$305.6 million within the fourth quarter of 2020. The mass market desk video games maintain share was 29.6% within the fourth quarter of 2021, in comparison with 27.0% within the fourth quarter of 2020.
Gaming machine deal with for the fourth quarter of 2021 was US$262.4 million, in contrast with US$257.7 million within the fourth quarter of 2020. The gaming machine win fee was 2.8% within the fourth quarter of 2021, in comparison with 2.2% within the fourth quarter of 2020.
Total gaming taxes and the prices incurred in reference to the on-going operation of Studio City Casino deducted from gross gaming revenues had been US$87.0 million and US$91.3 million within the fourth quarters of 2021 and 2020, respectively.
Revenues from the availability of gaming associated companies had been US$4.1 million for the fourth quarter of 2021, in contrast with revenues from the availability of gaming associated companies of damaging US$3.7 million for the fourth quarter of 2020. Revenues from the availability of gaming associated companies are web of gaming taxes and the prices incurred in reference to the on-going 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 fourth quarter of 2021 had been US$24.3 million, in contrast with US$27.4 million for the fourth quarter of 2020.
Operating loss for the fourth quarter of 2021 was US$45.0 million, in contrast with working lack of US$51.3 million within the fourth quarter of 2020.
Studio City generated damaging Adjusted EBITDA(1) of US$10.5 million within the fourth quarter of 2021, in comparison with damaging Adjusted EBITDA of US$14.4 million within the fourth quarter of 2020. The change was primarily attributable to the rise in revenues from the availability of gaming associated companies, partially offset by decrease non-gaming revenues.
Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2021 was US$53.9 million, in contrast with web loss attributable to Studio City International Holdings Limited of US$61.5 million within the fourth quarter of 2020. The web loss attributable to participation curiosity was US$10.6 million and US$12.0 million within the fourth quarters of 2021 and 2020, respectively.
Other Factors Affecting Earnings
Total web non-operating bills for the fourth quarter of 2021 had been US$20.0 million, which primarily included curiosity expense of US$21.9 million, web of quantities capitalized.
Depreciation and amortization prices of US$31.8 million had been recorded within the fourth quarter of 2021, of which US$0.8 million was associated to the amortization expense for the land use proper.
The damaging Adjusted EBITDA for Studio City for the three months ended December 31, 2021 referred to in Melco’s earnings launch dated March 1, 2022 (“Melco’s earnings release”) is US$10.4 million lower than the damaging Adjusted EBITDA of Studio City contained on this press launch. The Adjusted EBITDA of Studio City contained on this press launch consists of sure intercompany prices that aren’t included within the Adjusted EBITDA for Studio City contained in Melco’s earnings launch. Such intercompany prices embody, amongst different gadgets, charges and shared service prices billed between the Company and its subsidiaries and sure subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in Melco’s earnings launch doesn’t replicate sure intercompany prices associated to the desk video games operations at Studio City Casino.
Financial Position and Capital Expenditures
Total money and financial institution balances as of December 31, 2021 aggregated to US$499.4 million (December 31, 2020: US$575.4 million), together with US$0.1 million of restricted money (December 31, 2020: US$0.1 million). Total debt, web of unamortized deferred financing prices and authentic concern premiums on the finish of the fourth quarter of 2021, was US$2.09 billion (December 31, 2020: US$1.58 billion).
Capital expenditures for the fourth quarter of 2021 had been US$188.1 million.
Full Year Results
For the yr ended December 31, 2021, Studio City International Holdings Limited reported whole working revenues of US$106.9 million, in comparison with US$49.2 million within the prior yr. The improve in whole working revenues was primarily attributable to larger revenues from the availability of gaming associated companies and non-gaming revenues because of a year-over-year improve in inbound tourism in 2021.
Operating loss for 2021 was US$191.6 million, in contrast with working lack of US$279.9 million for 2020.
Studio City generated damaging Adjusted EBITDA of US$56.5 million for the yr ended December 31, 2021, in comparison with damaging Adjusted EBITDA of US$113.8 million in 2020. The change in Adjusted EBITDA was primarily attributable to larger revenues from the availability of gaming associated companies and non-gaming revenues.
Net loss attributable to Studio City International Holdings Limited for 2021 was US$252.6 million, in contrast with web loss attributable to Studio City International Holdings Limited of US$321.6 million for 2020. The web loss attributable to participation curiosity for 2021 was US$49.4 million and the web loss attributable to participation curiosity for 2020 was US$83.5 million.
Subsequent Events
On February 7, 2022, Studio City Company Limited (“Studio City Company”), a subsidiary of the Company, introduced an providing of senior secured notes and, concurrently, the Company introduced that it had entered into subscription agreements with sure current institutional holders of its extraordinary shares and American Depositary Shares, every representing 4 Class A extraordinary shares (“ADSs”), which maintain, in combination, over 99% of the Company’s excellent shares, for whole proceeds of US$300 million. The Company is within the strategy of closing the personal placement.
The senior secured notes had been issued on February 16, 2022, with an combination principal quantity of US$350 million, 7.00% coupon and 5 yr tenor (the “Notes”). Net proceeds from the issuance of the Notes will probably be used to partially fund the capital expenditures of the remaining challenge for Studio City and for common company functions.
Recent Developments
COVID-19 outbreaks proceed to have a fabric impact on our operations, monetary place, and future prospects into the primary quarter of 2022.
Our operations stay impacted by journey restrictions and quarantine necessities. The look of COVID-19 circumstances in Macau in late September 2021 led to city-wide necessary testing, necessary closure of most leisure and leisure venues (casinos and gaming areas excluded), and strict journey restrictions and necessities being applied to enter and exit Macau. Since October 19, 2021, authorities have eased pandemic prevention measures such that vacationers now not require 14-day quarantine on arrival in Zhuhai, and the validity of nucleic acid exams to enter Zhuhai was prolonged from 24 hours to 7 days. However, health-related precautionary measures stay in place and non-Macau resident people who are usually not residents of Taiwan, Hong Kong, or the PRC proceed to be unable to enter Macau, besides if they’ve been in Hong Kong or mainland PRC within the previous 21 days and are eligible for an exemption software.
Uncertainty round COVID-19 outbreaks will proceed into 2022 with journey bans or restrictions, visa restrictions and quarantine necessities being key elements impacting 2022 efficiency. We stay optimistic on the long-term progress prospects for each Macau and Studio City. We count on each Macau and Studio City to learn from the continued financial progress in China, infrastructure developments within the Greater Bay Area and new property openings in Cotai.
We proceed our efforts to finish the development of Studio City Phase 2 by the deadline set within the land concession of December 27, 2022. This enlargement designed by famend worldwide structure agency Zaha Hadid Architects will provide roughly 900 extra luxurious lodge rooms and suites, a further indoor/out of doors water park which is anticipated to be one of many largest on the planet, a Cineplex, a number of fine-dining eating places, and a complete of 1,100 sq. meters of state-of-the-art MICE house. Furthermore, Studio City Phase 2 will even function a lodge tower beneath the W Hotel model in partnership with Marriott International.
Safe Harbor Statement
This press launch comprises forward-looking statements. These statements are made beneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) might also make forward-looking statements in its periodic stories to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic details, together with statements in regards to the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties, and a lot of elements might trigger precise outcomes to vary materially from these contained in any forward-looking assertion. These elements embody, however are usually not restricted to, (i) the worldwide pandemic of COVID-19, attributable to a novel pressure of the coronavirus, and the continued affect of its penalties on our business, our trade and the worldwide economy, (ii) progress of the gaming market and visitations in Macau, (iii) capital and credit score market volatility, (iv) native and world financial circumstances, (v) our anticipated progress methods, (vi) gaming authority and different governmental approvals and rules, (vii) proposed amendments to the gaming regulation in Macau, the extension of present gaming concessions and subconcessions and tender for brand spanking new gaming concessions, and (viii) our future business growth, outcomes of operations and monetary situation. In some circumstances, forward-looking statements could be recognized by phrases or phrases similar to “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or different comparable expressions. Further info relating to these and different dangers, uncertainties or elements is included within the Company’s filings with the SEC. All info offered on this press launch is as of the date of this press launch, and the Company undertakes no responsibility to replace such info, besides as required beneath relevant regulation.
Non-GAAP Financial Measures
| (1) | “Adjusted EBITDA” is outlined as web earnings/loss earlier than curiosity, taxes, depreciation, amortization, pre-opening prices, property prices and different, share-based compensation and different non-operating earnings and bills. We imagine that Adjusted EBITDA offers helpful info to traders and others in understanding and evaluating our working outcomes. This non-GAAP monetary measure eliminates the affect of things that we don’t take into account indicative of the efficiency of our business. While we imagine that this non-GAAP monetary measure is helpful in evaluating our business, this info ought to be thought-about as supplemental in nature and isn’t meant as an alternative choice to the associated monetary info ready in accordance with U.S. GAAP. It shouldn’t be thought-about in isolation or construed as an alternative choice to web earnings/loss, money circulate or every other measure of monetary efficiency or as an indicator of our working efficiency, liquidity, profitability or money flows generated by working, investing or financing actions. The use of Adjusted EBITDA has materials limitations as an analytical instrument, as Adjusted EBITDA doesn’t embody all gadgets that affect our web earnings/loss. In addition, the Company’s calculation of Adjusted EBITDA could also be totally different from the calculation strategies utilized by different corporations and, subsequently, comparability could also be restricted. Investors are inspired to evaluate the reconciliation of the historic non-GAAP monetary measure to its most instantly comparable GAAP monetary measure. Reconciliations of Adjusted EBITDA with probably the most comparable monetary measures calculated and offered in accordance with U.S. GAAP are offered herein instantly following the monetary statements included on this press launch. |
| (2) | “Adjusted net income/loss” is web earnings/loss earlier than pre-opening prices, property prices and different and loss on extinguishment of debt, web of participation curiosity. Adjusted web earnings/loss is offered as supplemental disclosure as a result of administration believes it offers helpful info to traders and others in understanding and evaluating our efficiency, along with earnings/loss computed in accordance with U.S. GAAP. Adjusted web earnings/loss could also be totally different from the calculation strategies utilized by different corporations and, subsequently, comparability could also be restricted. Reconciliations of adjusted web earnings/loss attributable to Studio City International Holdings Limited with probably the most comparable monetary measures calculated and offered in accordance with U.S. GAAP are offered herein instantly following the monetary statements included on this press launch. |
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 built-in resort positioned in Cotai, Macau. For extra details about the Company, please go to www.studiocity-macau.com.
The Company is strongly supported by its single largest shareholder, Melco Resorts & Entertainment Limited, an organization with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).
For the funding neighborhood, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: [email protected]
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: [email protected]
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (In hundreds of U.S. {dollars}, besides share and per share knowledge) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Provision of gaming associated companies | $ | 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 charge | 5,413 | 6,445 | 24,906 | 26,151 | ||||||||||||
| Mall | 3,999 | 2,270 | 13,683 | 17,008 | ||||||||||||
| Retail and different | 389 | 1,615 | 1,602 | 2,692 | ||||||||||||
| Total working revenues | 28,381 | 23,705 | 106,868 | 49,208 | ||||||||||||
| Operating prices and bills: | ||||||||||||||||
| Provision of gaming associated companies | (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 different | (359 | ) | (324 | ) | (1,474 | ) | (1,204 | ) | ||||||||
| General and administrative | (18,628 | ) | (19,219 | ) | (87,577 | ) | (89,006 | ) | ||||||||
| Pre-opening prices | (245 | ) | (68 | ) | (984 | ) | (201 | ) | ||||||||
| Amortization of land use proper | (829 | ) | (834 | ) | (3,325 | ) | (3,333 | ) | ||||||||
| Depreciation and amortization | (31,010 | ) | (34,595 | ) | (124,309 | ) | (157,001 | ) | ||||||||
| Property prices and different | (1,902 | ) | (697 | ) | (6,031 | ) | (4,798 | ) | ||||||||
| Total working prices and bills | (73,354 | ) | (75,045 | ) | (298,441 | ) | (329,136 | ) | ||||||||
| Operating loss | (44,973 | ) | (51,340 | ) | (191,573 | ) | (279,928 | ) | ||||||||
| Non-operating earnings (bills): | ||||||||||||||||
| Interest earnings | 710 | 101 | 3,060 | 1,276 | ||||||||||||
| Interest bills, web of quantities capitalized | (21,894 | ) | (23,718 | ) | (90,967 | ) | (104,799 | ) | ||||||||
| Other financing prices | (105 | ) | (106 | ) | (419 | ) | (421 | ) | ||||||||
| Foreign trade good points (losses), web | 1,268 | 673 | 6,257 | (3,434 | ) | |||||||||||
| Other earnings (bills), web | – | 174 | – | (81 | ) | |||||||||||
| Loss on extinguishment of debt | – | (219 | ) | (28,817 | ) | (18,716 | ) | |||||||||
| Total non-operating bills, web | (20,021 | ) | (23,095 | ) | (110,886 | ) | (126,175 | ) | ||||||||
| Loss earlier than earnings tax | (64,994 | ) | (74,435 | ) | (302,459 | ) | (406,103 | ) | ||||||||
| Income tax credit score | 486 | 905 | 457 | 1,011 | ||||||||||||
| Net loss | (64,508 | ) | (73,530 | ) | (302,002 | ) | (405,092 | ) | ||||||||
| Net loss attributable to participation curiosity | 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 extraordinary 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 common Class A extraordinary shares excellent utilized in web loss | ||||||||||||||||
| attributable to Studio City International Holdings Limited per Class A | ||||||||||||||||
| extraordinary 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 hundreds of U.S. {dollars}, besides share and per share knowledge) | ||||||||
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current property: | ||||||||
| Cash and money equivalents | $ | 499,289 | $ | 575,215 | ||||
| Restricted money | – | 13 | ||||||
| Accounts receivable, web | 247 | 157 | ||||||
| Amounts due from affiliated corporations | 15,697 | 10,672 | ||||||
| Inventories | 5,828 | 9,297 | ||||||
| Prepaid bills and different present property | 42,633 | 12,467 | ||||||
| Total present property | 563,694 | 607,821 | ||||||
| Property and gear, web | 2,556,040 | 2,180,897 | ||||||
| Intangible property, web | 2,777 | 4,005 | ||||||
| Long-term prepayments, deposits and different property | 69,624 | 117,555 | ||||||
| Restricted money | 130 | 131 | ||||||
| Operating lease right-of-use property | 14,588 | 17,379 | ||||||
| Land use proper, web | 112,114 | 116,109 | ||||||
| Total property | $ | 3,318,967 | $ | 3,043,897 | ||||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND | ||||||||
| PARTICIPATION INTEREST | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 211 | $ | 206 | ||||
| Accrued bills and different present liabilities | 201,405 | 118,946 | ||||||
| Income tax payable | 21 | 33 | ||||||
| Amounts because of affiliated corporations | 53,093 | 42,966 | ||||||
| Total present liabilities | 254,730 | 162,151 | ||||||
| Long-term debt, web | 2,087,486 | 1,584,660 | ||||||
| Other long-term liabilities | 17,771 | 11,778 | ||||||
| Deferred tax liabilities, web | – | 448 | ||||||
| Operating lease liabilities, non-current | 14,797 | 17,137 | ||||||
| Total liabilities | 2,374,784 | 1,776,174 | ||||||
| Shareholders’ fairness and participation curiosity: | ||||||||
| Class A extraordinary shares, par worth $0.0001; 1,927,488,240 shares | ||||||||
| licensed; 370,352,700 shares issued and excellent | 37 | 37 | ||||||
| Class B extraordinary shares, par worth $0.0001; 72,511,760 shares | ||||||||
| licensed; 72,511,760 shares issued and excellent | 7 | 7 | ||||||
| Additional paid-in capital | 2,134,227 | 2,134,227 | ||||||
| Accumulated different complete (loss) earnings | (6,136 | ) | 11,876 | |||||
| Accumulated losses | (1,338,715 | ) | (1,086,160 | ) | ||||
| Total shareholders’ fairness | 789,420 | 1,059,987 | ||||||
| Participation curiosity | 154,763 | 207,736 | ||||||
| Total shareholders’ fairness and participation curiosity | 944,183 | 1,267,723 | ||||||
| Total liabilities, shareholders’ fairness and participation curiosity | $ | 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 hundreds of U.S. {dollars}, besides share and per share knowledge) | ||||||||||||||||
| 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 prices | 245 | 68 | 984 | 201 | ||||||||||||
| Property prices and different | 1,902 | 697 | 6,031 | 4,798 | ||||||||||||
| Loss on extinguishment of debt | – | 219 | 28,817 | 18,716 | ||||||||||||
| Participation curiosity affect on changes | (352 | ) | (161 | ) | (5,867 | ) | (4,284 | ) | ||||||||
| Adjusted web loss attributable to | ||||||||||||||||
| Studio City International Holdings Limited | $ | (52,151 | ) | $ | (60,668 | ) | $ | (222,590 | ) | $ | (302,195 | ) | ||||
| Adjusted web loss attributable to Studio City International Holdings Limited | ||||||||||||||||
| per Class A extraordinary share: | ||||||||||||||||
| Basic | $ | (0.141 | ) | $ | (0.164 | ) | $ | (0.601 | ) | $ | (1.025 | ) | ||||
| Diluted | $ | (0.141 | ) | $ | (0.164 | ) | $ | (0.601 | ) | $ | (1.038 | ) | ||||
| Adjusted web 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 common Class A extraordinary shares excellent utilized in adjusted | ||||||||||||||||
| web loss attributable to Studio City International Holdings Limited | ||||||||||||||||
| per Class A extraordinary 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 hundreds 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 prices | 245 | 68 | 984 | 201 | ||||||||||||
| Depreciation and amortization | 31,839 | 35,429 | 127,634 | 160,334 | ||||||||||||
| Share-based compensation | 438 | 791 | 438 | 791 | ||||||||||||
| Property prices and different | 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 hundreds 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 curiosity | (10,562 | ) | (12,039 | ) | (49,447 | ) | (83,466 | ) | ||||||||
| Net loss | (64,508 | ) | (73,530 | ) | (302,002 | ) | (405,092 | ) | ||||||||
| Income tax credit score | (486 | ) | (905 | ) | (457 | ) | (1,011 | ) | ||||||||
| Interest and different non-operating bills, web | 20,021 | 23,095 | 110,886 | 126,175 | ||||||||||||
| Property prices and different | 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 prices | 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 every day fee (4) | $ | 131 | $ | 121 | $ | 123 | $ | 128 | |||||||||||||
| Occupancy per out there room | 39 | % | 49 | % | 51 | % | 28 | % | |||||||||||||
| Revenue per out there room (5) | $ | 52 | $ | 59 | $ | 62 | $ | 36 | |||||||||||||
| Other Information(6): | |||||||||||||||||||||
| Average variety of desk video games | 288 | 291 | 290 | 282 | |||||||||||||||||
| Average variety of gaming machines | 710 | 606 | 645 | 586 | |||||||||||||||||
| Table video 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 had been briefly closed or offered to employees members because of the COVID-19 outbreak | ||||||||||||||||||||
| (4) | Average every day fee is calculated by dividing whole room revenues together with complimentary rooms (much less service prices, if any) by whole occupied rooms together with complimentary rooms | ||||||||||||||||||||
| (5) | Revenue per out there room is calculated by dividing whole room revenues together with complimentary rooms (much less service prices, if any) by whole rooms out there | ||||||||||||||||||||
| (6) | Table video games and gaming machines that weren’t in operation because of government-mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded | ||||||||||||||||||||
| (7) | Table video games win per unit per day is proven earlier than reductions, commissions, non-discretionary incentives (together with the point-loyalty applications) as administered by the Gaming Operator and allocating on line casino revenues associated to items and companies offered to gaming patrons on a complimentary foundation | ||||||||||||||||||||
| (8) | Gaming machines win per unit per day is proven earlier than non-discretionary incentives (together with the point-loyalty applications) as administered by the Gaming Operator and allocating on line casino revenues associated to items and companies offered to gaming patrons on a complimentary foundation | ||||||||||||||||||||
