Total operating revenues for the first quarter of 2020 were
Revenues from the provision of gaming related services are derived from the provision of facilities for the operations of
Studio City’s rolling chip volume was
Mass market table games drop decreased to
Gaming machine handle for the first quarter of 2020 was
Total gaming taxes and the costs incurred in connection with the operation of
Revenues from the provision of gaming related services were
Total non-gaming revenues at Studio City for the first quarter of 2020 was
Operating loss for the first quarter of 2020 was
Studio City generated negative Adjusted EBITDA(1) of
Net loss attributable to
Other Factors Affecting Earnings
Total net non-operating expenses for the first quarter of 2020 were
Depreciation and amortization costs of
The negative Adjusted EBITDA for Studio City for the three months ended
Financial Position and Capital Expenditures
Total cash and bank balances as of
Capital expenditures for the first quarter of 2020 were
Recent Developments
The COVID-19 outbreak continues to have a material effect on our operations, financial position and prospects during the second quarter of 2020.
Our operations continue to be impacted by significant travel bans, restrictions and quarantine requirements imposed by the governments in
As the disruptions from the COVID-19 outbreak are ongoing, any recovery from such disruptions will depend on future developments, such as the duration of travel and visa restrictions and customer sentiment, including the length of time before customers will resume travelling and participating in entertainment and leisure activities at high-density venues, all of which are highly uncertain.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
Non-GAAP Financial Measures
- "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, 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 withU.S. GAAP are provided herein immediately following the financial statements included in this press release.
- “Adjusted net income/loss” is net income/loss before pre-opening costs, property charges and other, loss on extinguishment of debt and costs associated with debt modification, 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 with the most comparable financial measures calculated and presented in accordance withU.S. GAAP are provided herein immediately following the financial statements included in this press release.
About
The Company, with its American depositary shares listed on the
The Company is strongly supported by its single largest shareholder,
For investment community, please contact:
Director, Investor Relations
Tel: +852 2598 3619
Email: richardlshuang@melco-resorts.com
For media enquiries, please contact:
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com
Condensed Consolidated Statements of Operations | ||||||||
(In thousands of | ||||||||
Three Months Ended | ||||||||
2020 | 2019 | |||||||
(Unaudited) | (Unaudited) | |||||||
Operating revenues: | ||||||||
Provision of gaming related services | $ | 5,506 | $ | 90,391 | ||||
Rooms | 8,659 | 20,960 | ||||||
Food and beverage | 8,199 | 17,513 | ||||||
Entertainment | 868 | 6,172 | ||||||
Services fee | 8,757 | 9,052 | ||||||
Mall | 4,527 | 6,382 | ||||||
Retail and other | 557 | 633 | ||||||
Total operating revenues | 37,073 | 151,103 | ||||||
Operating costs and expenses: | ||||||||
Provision of gaming related services | (5,653 | ) | (5,782 | ) | ||||
Rooms | (4,414 | ) | (5,638 | ) | ||||
Food and beverage | (10,505 | ) | (15,024 | ) | ||||
Entertainment | (1,218 | ) | (6,767 | ) | ||||
Mall | (1,553 | ) | (2,734 | ) | ||||
Retail and other | (365 | ) | (490 | ) | ||||
General and administrative | (31,521 | ) | (30,440 | ) | ||||
Pre-opening costs | (28 | ) | (2,489 | ) | ||||
Amortization of land use right | (832 | ) | (823 | ) | ||||
Depreciation and amortization | (39,960 | ) | (42,315 | ) | ||||
Property charges and other | (4,405 | ) | (129 | ) | ||||
Total operating costs and expenses | (100,454 | ) | (112,631 | ) | ||||
Operating (loss) income | (63,381 | ) | 38,472 | |||||
Non-operating income (expenses): | ||||||||
Interest income | 391 | 1,504 | ||||||
Interest expenses, net of amounts capitalized | (25,779 | ) | (34,054 | ) | ||||
Loan commitment fees | (104 | ) | (103 | ) | ||||
Foreign exchange (losses) gains, net | (3,402 | ) | 913 | |||||
Other (expenses) income, net | (88 | ) | 693 | |||||
Loss on extinguishment of debt | - | (2,995 | ) | |||||
Costs associated with debt modification | - | (579 | ) | |||||
Total non-operating expenses, net | (28,982 | ) | (34,621 | ) | ||||
(Loss) income before income tax | (92,363 | ) | 3,851 | |||||
Income tax credit (expense) | 210 | (66 | ) | |||||
Net (loss) income | (92,153 | ) | 3,785 | |||||
Net loss (income) attributable to participation interest | 21,259 | (873 | ) | |||||
Net (loss) income attributable to | $ | (70,894 | ) | $ | 2,912 | |||
Net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share: | ||||||||
Basic and diluted | $ | (0.293 | ) | $ | 0.012 | |||
Net (loss) income attributable to Studio City International Holdings Limited per ADS: | ||||||||
Basic and diluted | $ | (1.173 | ) | $ | 0.048 | |||
Weighted average Class A ordinary shares outstanding used in net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share calculation: | ||||||||
Basic and diluted | 241,818,016 | 241,818,016 | ||||||
Condensed Consolidated Balance Sheets | ||||||||
(In thousands of | ||||||||
2020 | 2019 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 256,056 | $ | 299,367 | ||||
Restricted cash | 43,260 | 27,735 | ||||||
Accounts receivable, net | 157 | 1,397 | ||||||
Amounts due from affiliated companies | 14,988 | 61,990 | ||||||
Inventories | 10,211 | 9,763 | ||||||
Prepaid expenses and other current assets | 11,016 | 14,188 | ||||||
Total current assets | 335,688 | 414,440 | ||||||
Property and equipment, net | 2,120,374 | 2,107,457 | ||||||
Long-term prepayments, deposits and other assets | 53,486 | 57,087 | ||||||
Restricted cash | 131 | 130 | ||||||
Operating lease right-of-use assets | 14,282 | 14,238 | ||||||
Land use right, net | 118,588 | 118,888 | ||||||
Total assets | $ | 2,642,549 | $ | 2,712,240 | ||||
LIABILITIES, SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,194 | $ | 3,337 | ||||
Accrued expenses and other current liabilities | 86,596 | 82,553 | ||||||
Income tax payable | 33 | 33 | ||||||
Amounts due to affiliated companies | 15,947 | 14,248 | ||||||
Total current liabilities | 105,770 | 100,171 | ||||||
Long-term debt, net | 1,436,377 | 1,435,088 | ||||||
Other long-term liabilities | 3,767 | 3,149 | ||||||
Deferred tax liabilities, net | 1,250 | 1,453 | ||||||
Operating lease liabilities, non-current | 14,024 | 13,720 | ||||||
Total liabilities | 1,561,188 | 1,553,581 | ||||||
Shareholders’ equity and participation interest: | ||||||||
Class A ordinary shares, par value | 24 | 24 | ||||||
Class B ordinary shares, par value | 7 | 7 | ||||||
Additional paid-in capital | 1,655,602 | 1,655,602 | ||||||
Accumulated other comprehensive income | 11,697 | 269 | ||||||
Accumulated losses | (835,428 | ) | (764,534 | ) | ||||
Total shareholders’ equity | 831,902 | 891,368 | ||||||
Participation interest | 249,459 | 267,291 | ||||||
Total shareholders’ equity and participation interest | 1,081,361 | 1,158,659 | ||||||
Total liabilities, shareholders' equity and participation interest | $ | 2,642,549 | $ | 2,712,240 | ||||
Reconciliation of Net (Loss) Income Attributable to | ||||||||
Adjusted Net (Loss) Income Attributable to | ||||||||
(In thousands of | ||||||||
Three Months Ended | ||||||||
2020 | 2019 | |||||||
(Unaudited) | (Unaudited) | |||||||
Net (loss) income attributable to | $ | (70,894 | ) | $ | 2,912 | |||
Pre-opening costs | 28 | 2,489 | ||||||
Property charges and other | 4,405 | 129 | ||||||
Loss on extinguishment of debt | - | 2,995 | ||||||
Costs associated with debt modification | - | 579 | ||||||
Participation interest impact on adjustments | (1,023 | ) | (1,428 | ) | ||||
Adjusted net (loss) income attributable to | $ | (67,484 | ) | $ | 7,676 | |||
Adjusted net (loss) income attributable to Studio City International Holdings Limited per | ||||||||
Class A ordinary share: | ||||||||
Basic and diluted | $ | (0.279 | ) | $ | 0.032 | |||
Adjusted net (loss) income attributable to Studio City International Holdings | ||||||||
Limited per ADS: | ||||||||
Basic and diluted | $ | (1.116 | ) | $ | 0.127 | |||
Weighted average Class A ordinary shares outstanding used in adjusted net (loss) | ||||||||
income attributable to Studio City International Holdings Limited per Class A ordinary share calculation: | ||||||||
Basic and diluted | 241,818,016 | 241,818,016 | ||||||
Reconciliation of Operating (Loss) Income to Adjusted EBITDA | |||||||
(In thousands of | |||||||
Three Months Ended | |||||||
2020 | 2019 | ||||||
(Unaudited) | (Unaudited) | ||||||
Operating (loss) income | $ | (63,381 | ) | $ | 38,472 | ||
Pre-opening costs | 28 | 2,489 | |||||
Depreciation and amortization | 40,792 | 43,138 | |||||
Property charges and other | 4,405 | 129 | |||||
Adjusted EBITDA | $ | (18,156 | ) | $ | 84,228 | ||
Reconciliation of Net (Loss) Income Attributable to | |||||||
to Adjusted EBITDA | |||||||
(In thousands of | |||||||
Three Months Ended | |||||||
2020 | 2019 | ||||||
(Unaudited) | (Unaudited) | ||||||
Net (loss) income attributable to | $ | (70,894 | ) | $ | 2,912 | ||
Net (loss) income attributable to participation interest | (21,259 | ) | 873 | ||||
Net (loss) income | (92,153 | ) | 3,785 | ||||
Income tax (credit) expense | (210 | ) | 66 | ||||
Interest and other non-operating expenses, net | 28,982 | 34,621 | |||||
Property charges and other | 4,405 | 129 | |||||
Depreciation and amortization | 40,792 | 43,138 | |||||
Pre-opening costs | 28 | 2,489 | |||||
Adjusted EBITDA | $ | (18,156 | ) | $ | 84,228 | ||
Supplemental Data Schedule | ||||||||||||
Three Months Ended | ||||||||||||
2020 | 2019 | |||||||||||
Room Statistics(3): | ||||||||||||
Average daily rate (4) | $ | 137 | $ | 134 | ||||||||
Occupancy per available room | 43 | % | 100 | % | ||||||||
Revenue per available room (5) | $ | 58 | $ | 133 | ||||||||
Other Information(6): | ||||||||||||
Average number of table games | 252 | 294 | ||||||||||
Average number of gaming machines | 747 | 974 | ||||||||||
Table games win per unit per day (7) | $ | 7,051 | $ | 12,507 | ||||||||
Gaming machines win per unit per day (8) | $ | 174 | $ | 211 | ||||||||
(3) Room statistics exclude rooms that were temporarily closed or provided to staff members during the three months ended | ||||||||||||
(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 during the three months ended | ||||||||||||
(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 |
Source:
2020 GlobeNewswire, Inc., source