Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2021 |
Entity Registrant Name | STUDIO CITY INTERNATIONAL HOLDINGS LIMITED |
Entity Central Index Key | 0001713334 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 650,941 | $ 575,215 |
Restricted cash | 0 | 13 |
Accounts receivable, net of allowances for credit losses of $972 and $976 | 54 | 157 |
Amounts due from affiliated companies | 5,580 | 10,672 |
Inventories | 8,144 | 9,297 |
Prepaid expenses and other current assets | 47,838 | 12,467 |
Total current assets | 712,557 | 607,821 |
Property and equipment, net | 2,401,336 | 2,180,897 |
Intangible assets, net | 3,132 | 4,005 |
Long-term prepayments, deposits and other assets | 71,605 | 117,555 |
Restricted cash | 130 | 131 |
Operating lease right-of-use assets | 14,640 | 17,379 |
Land use right, net | 113,131 | 116,109 |
Total assets | 3,316,531 | 3,043,897 |
Current liabilities: | ||
Accounts payable | 463 | 206 |
Accrued expenses and other current liabilities | 131,824 | 118,946 |
Income tax payable | 12 | 33 |
Amounts due to affiliated companies | 40,702 | 42,966 |
Total current liabilities | 173,001 | 162,151 |
Long-term debt, net | 2,086,978 | 1,584,660 |
Other long-term liabilities | 26,980 | 11,778 |
Deferred tax liabilities, net | 495 | 448 |
Operating lease liabilities, non-current | 14,591 | 17,137 |
Total liabilities | 2,302,045 | 1,776,174 |
Commitments and contingencies (Note 13) | ||
Shareholders' equity and participation interest: | ||
Additional paid-in capital | 2,134,227 | 2,134,227 |
Accumulated other comprehensive (loss) income | (1,290) | 11,876 |
Accumulated losses | (1,284,769) | (1,086,160) |
Total shareholders' equity | 848,212 | 1,059,987 |
Participation interest | 166,274 | 207,736 |
Total shareholders' equity and participation interest | 1,014,486 | 1,267,723 |
Total liabilities, shareholders' equity and participation interest | 3,316,531 | 3,043,897 |
Class A Ordinary Shares [Member] | ||
Shareholders' equity and participation interest: | ||
Ordinary shares, value | 37 | 37 |
Class B Ordinary Shares [Member] | ||
Shareholders' equity and participation interest: | ||
Ordinary shares, value | $ 7 | $ 7 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts receivable, net of allowances for credit losses | $ 972 | $ 976 | $ 976 | $ 965 |
Class A Ordinary Shares [Member] | ||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, authorized | 1,927,488,240 | 1,927,488,240 | ||
Ordinary shares, issued | 370,352,700 | 370,352,700 | ||
Ordinary shares, outstanding | 370,352,700 | 370,352,700 | ||
Class B Ordinary Shares [Member] | ||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, authorized | 72,511,760 | 72,511,760 | ||
Ordinary shares, issued | 72,511,760 | 72,511,760 | ||
Ordinary shares, outstanding | 72,511,760 | 72,511,760 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenues: | ||
Operating revenues | $ 78,487 | $ 25,503 |
Operating costs and expenses: | ||
General and administrative (including expenses to related parties of $38,782 and $43,050 for the nine months ended September 30, 2021 and 2020, respectively) | (68,949) | (69,787) |
Pre-opening costs (including expenses to related parties of $125 and $158 for the nine months ended September 30, 2021 and 2020, respectively) | (739) | (133) |
Amortization of land use right | (2,496) | (2,499) |
Depreciation and amortization | (93,299) | (122,406) |
Property charges and other (including expenses to related parties of $4,107 and $1,497 for the nine months ended September 30, 2021 and 2020, respectively) | (4,129) | (4,101) |
Total operating costs and expenses | (225,087) | (254,091) |
Operating loss | (146,600) | (228,588) |
Non-operating income (expenses): | ||
Interest income | 2,350 | 1,175 |
Interest expenses, net of amounts capitalized | (69,073) | (81,081) |
Other financing costs | (314) | (315) |
Foreign exchange gains (losses), net | 4,989 | (4,107) |
Other expenses, net | 0 | (255) |
Loss on extinguishment of debt | (28,817) | (18,497) |
Total non-operating expenses, net | (90,865) | (103,080) |
Loss before income tax | (237,465) | (331,668) |
Income tax (expense) credit | (29) | 106 |
Net loss | (237,494) | (331,562) |
Net loss attributable to participation interest | 38,885 | 71,427 |
Net loss attributable to Studio City International Holdings Limited | $ (198,609) | $ (260,135) |
Common Class A [Member] | ||
Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||
Basic | $ (0.536) | $ (0.965) |
Diluted | $ (0.536) | $ (0.969) |
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 | 269,481,487 |
Diluted | 370,352,700 | 341,993,247 |
Provision of Gaming Related Services [Member] | ||
Operating revenues: | ||
Operating revenues | $ (5,522) | $ (38,986) |
Operating costs and expenses: | ||
Cost of revenue | (18,934) | (18,932) |
Rooms [Member] | ||
Operating revenues: | ||
Operating revenues | 30,774 | 12,330 |
Operating costs and expenses: | ||
Cost of revenue | (9,328) | (8,473) |
Food and Beverage [Member] | ||
Operating revenues: | ||
Operating revenues | 20,417 | 15,613 |
Operating costs and expenses: | ||
Cost of revenue | (20,939) | (20,556) |
Entertainment [Member] | ||
Operating revenues: | ||
Operating revenues | 2,428 | 1,025 |
Operating costs and expenses: | ||
Cost of revenue | (2,252) | (2,676) |
Services Fee [Member] | ||
Operating revenues: | ||
Operating revenues | 19,493 | 19,706 |
Mall [Member] | ||
Operating revenues: | ||
Operating revenues | 9,684 | 14,738 |
Operating costs and expenses: | ||
Cost of revenue | (2,907) | (3,648) |
Retail and Other [Member] | ||
Operating revenues: | ||
Operating revenues | 1,213 | 1,077 |
Operating costs and expenses: | ||
Cost of revenue | $ (1,115) | $ (880) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
General and administrative expenses to related parties | $ 38,782 | $ 43,050 |
Pre-opening costs expenses to related parties | 125 | 158 |
Property charges and other expenses to related parties | 4,107 | 1,497 |
Provision of Gaming Related Services [Member] | ||
Costs to related parties | 18,140 | 17,473 |
Rooms [Member] | ||
Revenues from related parties | 24,147 | 8,725 |
Costs to related parties | 5,995 | 5,696 |
Food and Beverage [Member] | ||
Revenues from related parties | 13,794 | 10,234 |
Costs to related parties | 12,877 | 15,201 |
Entertainment [Member] | ||
Revenues from related parties | 550 | 9 |
Costs to related parties | 1,700 | 1,814 |
Mall [Member] | ||
Costs to related parties | 1,312 | 1,563 |
Retail and Other [Member] | ||
Costs to related parties | $ 1,026 | $ 895 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (237,494) | $ (331,562) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments, before and after tax | (15,743) | 16,789 |
Other comprehensive (loss) income | (15,743) | 16,789 |
Total comprehensive loss | (253,237) | (314,773) |
Comprehensive loss attributable to participation interest | 41,462 | 67,567 |
Comprehensive loss attributable to Studio City International Holdings Limited | $ (211,775) | $ (247,206) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member]Class A Ordinary Shares [Member] | Common Stock [Member]Class B Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Losses [Member] | Participation Interest [Member] |
BEGINNING BALANCE at Dec. 31, 2019 | $ 1,158,659 | $ 24 | $ 7 | $ 1,655,602 | $ 269 | $ (764,534) | $ 267,291 |
BEGINNING BALANCE (in shares) at Dec. 31, 2019 | 241,818,016 | 72,511,760 | |||||
Net loss for the period | (331,562) | $ 0 | $ 0 | 0 | 0 | (260,135) | (71,427) |
Foreign currency translation adjustments | 16,789 | 0 | 0 | 0 | 12,929 | 0 | 3,860 |
Shares issued, net of offering expenses | 498,948 | $ 13 | $ 0 | 498,935 | 0 | 0 | 0 |
Shares issued, net of offering expenses, shares | 128,534,684 | 0 | |||||
Change in Participation Interest resulted from Private Placements | 0 | $ 0 | $ 0 | (20,310) | 0 | 0 | 20,310 |
ENDING BALANCE at Sep. 30, 2020 | 1,342,834 | $ 37 | $ 7 | 2,134,227 | 13,198 | (1,024,669) | 220,034 |
ENDING BALANCE (in shares) at Sep. 30, 2020 | 370,352,700 | 72,511,760 | |||||
BEGINNING BALANCE at Dec. 31, 2020 | 1,267,723 | $ 37 | $ 7 | 2,134,227 | 11,876 | (1,086,160) | 207,736 |
BEGINNING BALANCE (in shares) at Dec. 31, 2020 | 370,352,700 | 72,511,760 | |||||
Net loss for the period | (237,494) | $ 0 | $ 0 | 0 | 0 | (198,609) | (38,885) |
Foreign currency translation adjustments | (15,743) | 0 | 0 | 0 | (13,166) | 0 | (2,577) |
ENDING BALANCE at Sep. 30, 2021 | $ 1,014,486 | $ 37 | $ 7 | $ 2,134,227 | $ (1,290) | $ (1,284,769) | $ 166,274 |
ENDING BALANCE (in shares) at Sep. 30, 2021 | 370,352,700 | 72,511,760 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net cash used in operating activities | $ (120,862) | $ (148,825) |
Cash flows from investing activities: | ||
Placement of bank deposits with original maturities over three months | (278,700) | 0 |
Acquisition of property and equipment | (266,650) | (140,891) |
Acquisition of intangible assets | (3,921) | 0 |
Funds to an affiliated company | (3,672) | (9,415) |
Proceeds from sale of property and equipment and other long-term assets | 1,727 | 2,621 |
Withdrawals of bank deposits with original maturities over three months | 278,700 | 0 |
Net cash used in investing activities | (272,516) | (147,685) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (252,944) | (850,000) |
Payments of deferred financing costs | (33,297) | (24,051) |
Net (payments for) proceeds from issue of shares | (445) | 499,291 |
Proceeds from long-term debt | 758,194 | 1,000,000 |
Net cash provided by financing activities | 471,508 | 625,240 |
Effect of exchange rate on cash, cash equivalents and restricted cash | (2,418) | 1,647 |
Increase in cash, cash equivalents and restricted cash | 75,712 | 330,377 |
Cash, cash equivalents and restricted cash at beginning of period | 575,359 | 327,232 |
Cash, cash equivalents and restricted cash at end of period | 651,071 | 657,609 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of amounts capitalized | (84,141) | (81,483) |
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases | (734) | (735) |
Change in operating lease right-of-use assets and lease liabilities arising from lease modification | (2,575) | 3,213 |
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment | 100,090 | 43,005 |
Change in amounts due from/to affiliated companies related to acquisition of property and equipment and other long-term assets | 6,090 | 7,106 |
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities | $ 0 | $ 514 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | 1. ORGANIZATION AND BUSINESS (a) Company Information Studio City International Holdings Limited (“Studio City International”) was an exempted company with limited liability registered by way of continuation in the Cayman Islands, with its American depositary shares (“ADSs”) listed on the New York Stock Exchange under the symbol “MSC” in the United States of America. Studio City International together with its subsidiaries (collectively referred to as the “Company”) currently operates the non-gaming operations Studio City International authorized two classes of ordinary shares, the Class A ordinary shares and the Class B ordinary shares, in each case with a par value of $0.0001 each. The Class A ordinary share and Class B ordinary share have the same rights, except that holders of the Class B ordinary shares do not have any right to receive dividends or distributions upon the liquidation or winding up of Studio City International or to otherwise share in profits and surplus assets. MCO Cotai Investments Limited (“MCO Cotai”), a subsidiary of Melco, through its ownership of the Class A ordinary shares, is the controlling shareholder of Studio City International. New Cotai, LLC (“New Cotai”), a private company organized in the United States of America, is the holder of all outstanding Class B ordinary shares which have only voting and no economic rights. New Cotai has a non-voting, non-shareholding As of September 30, 2021 and December 31, 2020, Melco International Development Limited (“Melco International”), a company listed in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”), is the single largest shareholder of Melco. (b) Recent Developments Related to COVID-19 The disruptions to the Company’s business caused by the COVID-19 The Company’s operations have been impacted by on-and-off COVID-19 14-day The COVID-19 The pace of recovery from COVID-19-related COVID-19 As of September 30, 2021, the Company had cash and cash equivalents of $650,941 and available borrowing capacity under the 2016 SC Revolving Credit Facility of HK$233,000,000 (equivalent to $29,927), subject to the satisfaction of certain conditions precedent. The Company has taken various mitigating measures to manage through the current COVID-19 non-essential The Company believes it will be able to support continuing operations and capital expenditures for at least twelve months after the date that these condensed consolidated financial statements are issued. In January 2019, Melco Resorts Macau informed the Company that it would cease VIP rolling chip operations at the Studio City Casino on January 15, 2020. In January 2020, Melco Resorts Macau agreed to continue the VIP rolling chip operations at the Studio City Casino until January 15, 2021, and in December 2020, it further agreed to continue VIP rolling chip operations at Studio City Casino until December 31, 2021, subject to early termination with 30 days’ prior notice by either the Company or Melco Resorts Macau. (c) Macau gaming subconcession contract On September 8, 2006, the Macau government granted a gaming subconcession to Melco Resorts Macau to operate its gaming business in Macau. Melco Resorts Macau’s subconcession contract expires on June 26, 2022. Under current applicable Macau law, a concession or subconcession may be extended or renewed by order of the Macau Chief Executive, one or more times, up to a maximum of 5 years. Melco Resorts Macau operates Studio City Casino pursuant to the Services and Right to Use Arrangements (as described in Note 2). These arrangements remain effective until June 26, 2022 and will be extended if Melco Resorts Macau obtains a gaming concession, subconcession or other right to legally operate gaming in Macau beyond June 26, 2022 and if the Macau government permits such extension. In September 2021, the Macau government launched the public consultation process on the proposed changes to the Macau gaming law which sets out the basic legal framework for new concessions. Such public consultation process is ongoing. The Macau government continues to be in contact with the gaming industry and all procedures are expected to be followed. If Melco Resorts Macau is unable to secure a new concession or subconcession or an extension or renewal of its subconcession, or if the Macau government were to exercise its redemption or other termination rights prior to June 26, 2022, Melco Resorts Macau would be unable to operate casino gaming in Macau including Studio City Casino and in accordance with current legislation on reversion of casino premises, all casino premises and gaming-related equipment under Melco Resorts Macau’s subconcession will automatically revert to the Macau government without any compensation, and Melco Resorts Macau will cease to generate revenues from such operations. Under the indentures of the senior notes issued by Studio City Finance Limited (“Studio City Finance”), a subsidiary of Studio City International, holders of the senior notes can require Studio City Finance to repurchase all or any part of the senior notes at par, plus any accrued and unpaid interest (the “Special Put Option”) (1) upon the occurrence of any event after which Melco Resorts Macau’s subconcession or other permits or authorizations as are necessary for the operation of the casino at Studio City in substantially the same manner and scope as operations were conducted at the issue date of the respective senior notes issued by Studio City Finance cease to be in full force and effect, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of Studio City Finance and its subsidiaries, taken as a whole; or (2) if the termination, rescission, revocation or modification of Melco Resorts Macau’s subconcession has had a material adverse effect on the financial condition, business, properties, or results of operations of Studio City Finance and its subsidiaries. In addition, in relation to the credit facilities of Studio City Company Limited (“Studio City Company”), a subsidiary of Studio City International, any termination, revocation, rescission or modification of Melco Resorts Macau’s subconcession which has had a material adverse effect on the financial condition, business, properties, or results of operations of the Company, taken as a whole, would constitute a mandatory prepayment event, which would result in (i) the cancellation of available commitments; and (ii) subject to each lender’s election, such electing lender’s share of all outstanding amounts under such facilities becoming immediately due and payable. The Company believes Melco Resorts Macau is in a position to satisfy the requirements related to the grant of new concession or subconcession or the extension or renewal of its subconcession as they may be set out by the Macau government and, the Services and Right to Use Arrangements will be extended successfully. Accordingly, the accompanying condensed consolidated financial statements are prepared on a going concern basis. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation and Principles of Consolidation On May 11, 2007, one of the Studio City International’s subsidiaries and Melco Resorts Macau entered into a services and right to use agreement, as amended on June 15, 2012, together with related agreements (together, the “Services and Right to Use Arrangements”). Under these arrangements, Melco Resorts Macau deducts gaming taxes and the costs of operation of Studio City Casino. The Company receives the residual gross gaming revenues and recognizes these amounts as revenues from provision of gaming related services. In December 2015, certain of the Studio City International’s subsidiaries entered into a master services agreement and related work agreements (collectively, the “Management and Shared Services Arrangements”) with certain of Melco’s subsidiaries with respect to services provided to and from Studio City. Under the Management and Shared Services Arrangements, certain of the corporate and administrative functions as well as operational activities of the Company are administered by staff employed by certain Melco subsidiaries, including senior management services, centralized corporate functions and operational and venue support services. Payment arrangements for the services are provided for in the individual work agreements and may vary depending on the services provided. Corporate services are charged at pre-negotiated The Company believes the costs incurred under the Services and Right to Use Arrangements and the allocation methods under the Management and Shared Services Arrangements are reasonable and the accompanying condensed consolidated financial statements reflect the Company’s cost of doing business. However, such allocations may not be indicative of the actual expenses the Company would have incurred had it operated as an independent company for the periods presented. Details of the services and related charges are disclosed in Note 14. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting. The results of operations for the nine months ended September 30, 2021 and 2020 are not necessarily indicative of expected results for the full year. The financial information as of December 31, 2020 presented in these condensed consolidated financial statements is derived from the Company’s consolidated financial statements as of December 31, 2020. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2020. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial results of such periods. The accompanying condensed consolidated financial statements include the accounts of Studio City International and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2020, except as otherwise disclosed in Note 2(g). (b) Accounts Receivable and Credit Risk Accounts receivable, including hotel and other receivables, are typically non-interest Management believes that as of September 30, 2021 and December 31, 2020, no significant concentrations of credit risk existed for which an allowance had not already been recorded. (c) Impairment of Long-lived Assets The Company evaluates the long-lived assets with finite lives to be held and used for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the assets, on an undiscounted basis, to the carrying values of the assets. Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates and gross margin. If the undiscounted cash flows exceed the carrying values, no impairments are indicated. If the undiscounted cash flows do not exceed the carrying values, then an impairment charge is recorded based on the fair values of the assets, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. During the nine months ended September 30, 2021 and 2020, impairment losses of $203 and $3,769 COVID-19 (d) Revenue Recognition Contract and Contract-Related Liabilities In providing goods and services to its customers, there may be a timing difference between cash receipts from customers and recognition of revenues, resulting in a contract or contract-related liability. The Company’s primary types of liabilities related to contracts with customers are advance deposits on rooms and advance ticket sales which represent cash received in advance for goods or services yet to be provided. These amounts are included in accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets and will be recognized as revenues when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenues and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenues within one year. Advance customer deposits and ticket sales of $2,440 as of September 30, 2021 increased by $37 from the balance of $2,403 as of December 31, 2020. Advance customer deposits and ticket sales of $3,400 as of September 30, 2020 decreased by $546 from the balance of $3,946 as of December 31, 2019. (e) Comprehensive Loss and Accumulated Other Comprehensive (Loss) Income Comprehensive loss includes net loss and foreign currency translation adjustments and is reported in the accompanying condensed consolidated statements of comprehensive loss. As of September 30, 2021 and December 31, 2020, the Company’s accumulated other comprehensive (loss) income consisted solely of foreign currency translation adjustments, net of tax and participation interest. (f) Net Loss Attributable to Studio City International Holdings Limited Per Class A Ordinary Share Basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net loss attributable to Studio City International Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the period. Diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net loss attributable to Studio City International Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the period adjusted to include the number of additional Class A ordinary shares that would have been outstanding if potential dilutive securities had been issued and the if-converted Basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share does not include Class B ordinary shares as such shares do not participate in the loss of Studio City International. As a result, Class B ordinary shares are not considered participating securities and are not included in the weighted average number of shares outstanding for purposes of computing net loss attributable to Studio City International Holdings Limited per share. The weighted average number of Class A ordinary shares used in the calculation of basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share consisted of the following: Nine Months Ended September 30, 2021 2020 Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share 370,352,700 269,481,487 Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted — 72,511,760 Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share 370,352,700 341,993,247 Anti-dilutive Class A ordinary shares under the if-converted 72,511,760 — (g) Recent Changes in Accounting Standards Newly Adopted Accounting Pronouncement: In December 2019, the Financial Accounting Standards Income Taxes |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3. CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash, cash equivalents and restricted cash reported within the accompanying condensed consolidated statements of cash flows consisted of the following: September 30, December 31, 2021 2020 Cash and cash equivalents $ 650,941 $ 575,215 Current portion of restricted cash — 13 Non-current 130 131 Total cash, cash equivalents and restricted cash $ 651,071 $ 575,359 |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 4. ACCOUNTS RECEIVABLE, NET Components of accounts receivable, net are as follows: September 30, December 31, 2021 2020 Hotel $ 28 $ 106 Other 998 1,027 Sub-total 1,026 1,133 Less: allowances for credit losses (972 ) (976 ) $ 54 $ 157 The Company’s allowances for credit losses as of September 30, 2021 and December 31, 2020 were primarily related to receivables for entertainment business. Movement in the allowances for credit losses are as follows: Nine Months Ended September 30, 2021 2020 Balance at beginning of year $ 976 $ 965 Provision for credit losses — 6 Effect of exchange rate (4 ) 5 Balance at end of period $ 972 $ 976 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 5. PROPERTY AND EQUIPMENT, NET September 30, December 31, 2021 2020 Cost $ 3,182,644 $ 2,910,638 Less: accumulated depreciation and amortization (781,308 ) (729,741 ) Property and equipment, net $ 2,401,336 $ 2,180,897 |
LONG-TERM PREPAYMENTS, DEPOSITS
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
LONGTERM PREPAYMENTS DEPOSITS AND OTHER ASSETS [Abstract] | |
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 6. LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS Long-term prepayments, deposits and other assets consisted of the following: September 30, December 31, 2021 2020 Other long-term assets $ 109,627 $ 106,268 Less: accumulated amortization (87,794 ) (80,170 ) Other long-term assets, net 21,833 26,098 Advance payments and deposits for acquisition of property and equipment 33,275 30,928 Long-term prepayments 12,458 48,469 Other deposits and other 3,636 11,620 Deferred financing costs, net 403 440 Long-term prepayments, deposits and other assets $ 71,605 $ 117,555 During the nine months ended September 30, 2020, the Company had made additional provision for credit losses of $903 , primarily related to other long-term receivables for mall operations, which was written off during the nine months ended September 30, 2020 . No provision for credit losses for other long-term receivables was made during the nine months ended September 30, 2021. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES September 30, December 31, 2021 2020 Property and equipment payables $ 89,769 $ 49,161 Interest expenses payable 24,807 45,737 Operating expense and other accruals and liabilities 13,922 20,650 Advance customer deposits and ticket sales 2,440 2,403 Operating lease liabilities 886 995 $ 131,824 $ 118,946 |
LONG-TERM DEBT, NET
LONG-TERM DEBT, NET | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT, NET | 8. LONG-TERM DEBT, NET Long-term debt, net consisted of the following: September 30, December 31, 2021 2020 Senior Notes 2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $4,936) $ 1,095,064 $ — 2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $3,888 and $4,566, respectively) 496,112 495,434 2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,326 and $4,738, respectively) 495,674 495,262 2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $6,165) — 593,835 Credit Facilities 2016 Studio City Credit Facilities (1) 128 129 $ 2,086,978 $ 1,584,660 Note (1) As of September 30, 2021 and December 31, 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the Senior Notes 2021 5.000% Studio City Notes On January 14, 2021, Studio City Finance issued $750,000 in aggregate principal amount of 5.000% senior notes due January 15, 2029 at an issue price of 100% of the principal amount (the “First 2021 5.000% Studio City Notes”); and on May 20, 2021, Studio City Finance further issued $350,000 in aggregate principal amount of 5.000% senior notes due January 15, 2029 at an issue price of 101.50% of the principal amount (the “Additional 2021 5.000% Studio City Notes”). The Additional 2021 5.000% Studio City Notes are consolidated and form a single series with the First 2021 5.000% Studio City Notes (the “2021 5.000% Studio City Notes”). The interest on the 2021 5.000% Studio City Notes is accrued at a rate of 5.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, and commenced on July 15, 2021. The 2021 5.000% Studio City Notes are general obligations of Studio City Finance, rank equally in right of payment to all existing and future senior indebtedness of Studio City Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Finance and are effectively subordinated to all of Studio City Finance’s existing and future secured indebtedness to the extent of the value of the property and assets securing such indebtedness. The net proceeds from the offering of the 2021 5.000% Studio City Notes were partially used to fund the Conditional Tender Offer and the Redemption (as described below) of the 2019 7.250% Studio City Notes; and with the remaining balance to partially fund the capital expenditures of the remaining development project at Studio City and for general corporate purposes. All of the existing subsidiaries of Studio City Finance and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the 2016 Studio City Credit Facilities) (the “2021 5.000% Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2021 5.000% Studio City Notes on a senior basis (the “2021 5.000% Studio City Notes Guarantees”). The 2021 5.000% Studio City Notes Guarantees are general obligations of the 2021 5.000% Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2021 5.000% Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2021 5.000% Studio City Notes Guarantors. The 2021 5.000% Studio City Notes Guarantees are effectively subordinated to the 2021 5.000% Studio City Notes Guarantors’ obligations under all existing and any future secured indebtedness to the extent of the value of such property and assets securing such indebtedness. At any time prior to January 15, 2024, Studio City Finance has the options i) to redeem all or a portion of the 2021 5.000% Studio City Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2021 5.000% Studio City Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Finance has the option to redeem all or a portion of the 2021 5.000% Studio City Notes at any time at fixed redemption prices that decline ratably over time. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture governing the 2021 5.000% Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2021 5.000% Studio City Notes at fixed redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2021 5.000% Studio City Notes, each holder of the 2021 5.000% Studio City Notes will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2021 5.000% Studio City Notes at a fixed redemption price. The indenture governing the 2021 5.000% Studio City Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Finance and its restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness; (ii) make specified restricted payments; (iii) issue or sell capital stock; (iv) sell assets; (v) create liens; (vi) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vii) enter into transactions with shareholders or affiliates; and (viii) effect a consolidation or merger. The indenture governing the 2021 5.000% Studio City Notes also contains conditions and events of default customary for such financings. There are provisions under the indenture governing the 2021 5.000% Studio City Notes that limit or prohibit certain payments of dividends and other distributions by Studio City Finance and its restricted subsidiaries to companies or persons who are not Studio City Finance or restricted subsidiaries of Studio City Finance, subject to certain exceptions and conditions. As of September 30, 2021, the net assets of Studio City Finance and its restricted subsidiaries of approximately $1,035,000 were restricted from being distributed under the terms of the 2021 5.000% Studio City Notes. On July 26, 2021, the 2021 5.000% Studio City Notes which were originally listed on the Official List of the Singapore Exchange Securities Trading Limited, were also listed on the Chongwa (Macao) Financial Asset Exchange Co., Limited. 2019 7.250% Studio City Notes On January 4, 2021, Studio City Finance initiated a On January 14, 2021, Studio City Finance issued $750,000 in aggregate principal amount of the First 2021 5.000% Studio City Notes. The net proceeds from the offering of the First 2021 5.000% Studio City Notes were used to fund the Conditional Tender Offer, and, on February 17, 2021, redeem the 2019 7.250% Studio City Notes in aggregate principal amount of $252,944 which remained outstanding following the completion of the Conditional Tender Offer, together with accrued interest (the “Redemption”). In connection with the full redemption of the 2019 7.250% Studio City Notes, the Company recorded a loss on extinguishment of debt of $28,817 during the nine months ended September 30, 2021. Credit Facilities 2016 Studio City Credit Facilities On March 15, 2021, Studio City Company amended the terms of the 2016 Studio City Credit Facilities, including the extension of the maturity date for the 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility from November 30, 2021 to January 15, 2028 (the “Extended Maturity Date”). The 2016 SC Term Loan Facility shall be repaid at the Extended Maturity Date with no interim amortization payments. The 2016 SC Revolving Credit Facility is available up to the date that is one month prior to the 2016 SC Revolving Credit Facility’s Extended Maturity Date. Changes have also been made to the covenants in order to align them with those of certain other financings at Studio City Finance, including amending the threshold sizes and measurement dates of the covenants. During the nine months ended September 30, 2021, other than above, there was no significant change to the long-term debt as disclosed in the Company’s consolidated financial statements as of December 31, 2020. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | 9. LEASES Lessor Arrangements During the nine months ended September 30, 2021, the Company earned minimum operating lease income of $5,558 and contingent operating lease income of $1,402. During the nine months ended September 30, 2020, the Company earned minimum operating lease income of $11,087 and contingent operating lease income of $(2,193) . Total lease income for the nine months ended September 30, 2020 was reduced by COVID-19 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS The carrying values of cash and cash equivalents and restricted cash approximated fair value and were classified as level 1 in the fair value hierarchy. The carrying values of long-term deposits and other long-term liabilities approximated fair value and were classified as level 2 in the fair value hierarchy. The estimated fair value of long-term debt as of September 30, 2021 and December 31, 2020 were approximately $2,012,444 and $1,693,260, respectively, as compared to its carrying value, excluding unamortized deferred financing costs and original issue premiums, of $2,100,128 and $1,600,129, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 2021 5.000% Studio City Notes, the 2020 Studio City Notes and the 2019 7.250% Studio City Notes. Fair value for the 2016 Studio City Credit Facilities approximated the carrying value as the instrument carried variable interest rates that approximated the market rates and was classified as level 2 in the fair value hierarchy. As of September 30, 2021 and December 31, 2020, the Company did not have any non-financial |
CAPITAL STRUCTURE
CAPITAL STRUCTURE | 9 Months Ended |
Sep. 30, 2021 | |
Text Block [Abstract] | |
CAPITAL STRUCTURE | 11. CAPITAL STRUCTURE During July and August 2020, Studio City International announced and completed a series of private offers (the “Private Placements”) of 72,185,488 Class A ordinary shares and 14,087,299 ADSs (representing 56,349,196 Class A ordinary shares) to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $500,000 and offering expenses of $1,052. The Private Placements resulted in an adjustment to the carrying amount of the Participation Interest with a corresponding decrease in the Company’s additional paid-in As of September 30, 2021 and December 31, 2020, Studio City International’s authorized share capital was 1,927,488,240 Class A ordinary shares and 72,511,760 Class B ordinary shares of a par value of $0.0001 each; |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES The income tax expense (credit) consisted of: Nine Months Ended September 30, 2021 2020 (Over) under provision of income taxes in prior years: Macau Complementary Tax $ (29 ) $ — Hong Kong Profits Tax 8 — Sub-total (21 ) — Income tax expense (credit) - deferred: Macau Complementary Tax 50 (106 ) Total income tax expense (credit) $ 29 $ (106 ) The effective tax rates for the nine months ended September 30, 2021 and 2020 were (0.01)% and 0.03%, respectively. Such rates differ from the statutory Macau Complementary Tax rate of 12% primarily due to the effect of expenses for which no income tax benefit is receivable, the effect of changes in valuation allowances, the effect of different tax rates of subsidiaries operating in other jurisdictions and the effect of tax losses that cannot be carried forward for the nine months ended September 30, 2021 and 2020. As of September 30, 2021 and December 31, 2020, valuation allowances of $87,560 and $75,867 were provided, respectively, as management believes it is more likely than not that these deferred tax assets will not be realized. As of September 30, 2021, other than the above, there was no significant change to the |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES (a) Capital and Other Commitments As of September 30, 2021, the Company had capital commitments contracted for but not incurred for the construction and acquisition of property and equipment for Studio City totaling $434,808. In accordance with the Studio City land concession and the extension granted by the Macau government as announced by Studio City International in May 2021, the land on which Studio City is located must be fully developed by December 27, 2022. (b) Guarantee As of September 30, 2021, except as disclosed in Note 8 and the maturity date of the Trade Credit Facility which was further extended from August 31, 2021 to August 31, 2023, there was no significant change to the guarantee as disclosed in the Company’s consolidated financial statements as of December 31, 2020. (c) Litigation As of September 30, 2021, the Company was a party to certain legal proceedings which relate to matters arising out of the ordinary course of its business. Management believes that the outcomes of such proceedings have no material impacts on the Company’s condensed consolidated financial statements as a whole. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2021 and 2020, the Company entered into the following significant related party transactions: Nine Months Ended September 30, Related companies Nature of transactions 2021 2020 Transactions with affiliated companies Melco and its subsidiaries Revenues (services provided by the Company): Provision of gaming related services $ (5,522 ) $ (38,986 ) Rooms and food and beverage (1) 37,941 18,959 Services fee (2) 19,493 19,706 Entertainment (1) 550 9 Costs and expenses (services provided to the Company): Staff costs recharges (3) 46,302 51,713 Corporate services (4) 24,315 24,472 Other services 13,355 11,029 Staff costs capitalized in construction in progress 7,354 7,287 Purchase of goods and services 92 133 Sale and purchase of assets: Sale of property and equipment and other long-term assets 1,728 2,687 Transfer-in 4,764 6,411 Purchases of intangible assets 192 — Notes (1) These revenues primarily represented the standalone selling prices of the complimentary services (including rooms, food and beverage and entertainment services) provided to Studio City Casino’s gaming patrons and charged to Melco Resorts Macau. For the nine months ended September 30, 2021 and 2020, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $38,491 and $18,968, respectively, of which $34,211 and $16,648 related to Studio City Casino’s gaming patrons and $4,280 and $2,320 related to non-Studio (2) Services provided by the Company to Melco and its subsidiaries mainly include, but are not limited to, certain shared administrative services and shuttle bus transportation services provided to Studio City Casino. (3) Staff costs are recharged by Melco and its subsidiaries for staff who are solely dedicated to Studio City to carry out activities, including food and beverage management, retail management, hotel management, entertainment projects, mall development and sales and marketing activities and staff costs for certain shared administrative services. (4) Corporate services are provided to the Company by Melco and its subsidiaries. These services include, but are not limited to, general corporate services and senior executive management services for operational purposes. Other Related Party Transaction As of September 30, 2021, Mr. Lawrence Yau Lung Ho and his controlled entity held an aggregate principal amount of $30,000 of the 2020 6.000% SC Notes and an aggregate principal amount of $30,000 of the 2021 5.000% Studio City Notes of which the $30,000 of the 2021 5.000% Studio City Notes was purchased by Mr. Lawrence Yau Lung Ho’s controlled entity during the nine months ended September 30, 2021. During the nine months ended September 30, 2021, total interest expenses of $3,669 in relation to the aforesaid senior notes were paid or payable to Mr. Lawrence Yau Lung Ho and his controlled entity. (a) Amounts Due from Affiliated Companies The outstanding balances as of September 30, 2021 and December 31, 2020 are receivables from Melco’s subsidiaries mainly arising from operating income or prepayment of operating expenses, and are unsecured, non-interest (b) Amounts Due to Affiliated Companies The outstanding balances as of September 30, 2021 and December 31, 2020 are payables to Melco and its subsidiaries mainly arising from operating expenses, and are unsecured, non-interest |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 15. SEGMENT INFORMATION The Company’s principal operating activities are engaged in the hospitality business and provision of gaming related services in Macau. The Company monitors its operations and evaluates its earnings by reviewing the assets and operations of Studio City as one operating segment. Accordingly, the Company does not present separate segment information. As of September 30, 2021 and December 31, 2020, the Company operated in one geographical area, Macau, where it derives its revenues and its long-lived assets are located. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation | (a) Basis of Presentation and Principles of Consolidation On May 11, 2007, one of the Studio City International’s subsidiaries and Melco Resorts Macau entered into a services and right to use agreement, as amended on June 15, 2012, together with related agreements (together, the “Services and Right to Use Arrangements”). Under these arrangements, Melco Resorts Macau deducts gaming taxes and the costs of operation of Studio City Casino. The Company receives the residual gross gaming revenues and recognizes these amounts as revenues from provision of gaming related services. In December 2015, certain of the Studio City International’s subsidiaries entered into a master services agreement and related work agreements (collectively, the “Management and Shared Services Arrangements”) with certain of Melco’s subsidiaries with respect to services provided to and from Studio City. Under the Management and Shared Services Arrangements, certain of the corporate and administrative functions as well as operational activities of the Company are administered by staff employed by certain Melco subsidiaries, including senior management services, centralized corporate functions and operational and venue support services. Payment arrangements for the services are provided for in the individual work agreements and may vary depending on the services provided. Corporate services are charged at pre-negotiated The Company believes the costs incurred under the Services and Right to Use Arrangements and the allocation methods under the Management and Shared Services Arrangements are reasonable and the accompanying condensed consolidated financial statements reflect the Company’s cost of doing business. However, such allocations may not be indicative of the actual expenses the Company would have incurred had it operated as an independent company for the periods presented. Details of the services and related charges are disclosed in Note 14. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting. The results of operations for the nine months ended September 30, 2021 and 2020 are not necessarily indicative of expected results for the full year. The financial information as of December 31, 2020 presented in these condensed consolidated financial statements is derived from the Company’s consolidated financial statements as of December 31, 2020. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2020. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial results of such periods. The accompanying condensed consolidated financial statements include the accounts of Studio City International and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2020, except as otherwise disclosed in Note 2(g). |
Principles of Consolidation | The accompanying condensed consolidated financial statements include the accounts of Studio City International and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Accounts Receivable and Credit Risk | (b) Accounts Receivable and Credit Risk Accounts receivable, including hotel and other receivables, are typically non-interest Management believes that as of September 30, 2021 and December 31, 2020, no significant concentrations of credit risk existed for which an allowance had not already been recorded. |
Impairment of Long-lived Assets | (c) Impairment of Long-lived Assets The Company evaluates the long-lived assets with finite lives to be held and used for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the assets, on an undiscounted basis, to the carrying values of the assets. Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates and gross margin. If the undiscounted cash flows exceed the carrying values, no impairments are indicated. If the undiscounted cash flows do not exceed the carrying values, then an impairment charge is recorded based on the fair values of the assets, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. During the nine months ended September 30, 2021 and 2020, impairment losses of $203 and $3,769 COVID-19 |
Revenue Recognition | (d) Revenue Recognition Contract and Contract-Related Liabilities In providing goods and services to its customers, there may be a timing difference between cash receipts from customers and recognition of revenues, resulting in a contract or contract-related liability. The Company’s primary types of liabilities related to contracts with customers are advance deposits on rooms and advance ticket sales which represent cash received in advance for goods or services yet to be provided. These amounts are included in accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets and will be recognized as revenues when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenues and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenues within one year. Advance customer deposits and ticket sales of $2,440 as of September 30, 2021 increased by $37 from the balance of $2,403 as of December 31, 2020. Advance customer deposits and ticket sales of $3,400 as of September 30, 2020 decreased by $546 from the balance of $3,946 as of December 31, 2019. |
Comprehensive Loss and Accumulated Other Comprehensive (Loss) Income | (e) Comprehensive Loss and Accumulated Other Comprehensive (Loss) Income Comprehensive loss includes net loss and foreign currency translation adjustments and is reported in the accompanying condensed consolidated statements of comprehensive loss. As of September 30, 2021 and December 31, 2020, the Company’s accumulated other comprehensive (loss) income consisted solely of foreign currency translation adjustments, net of tax and participation interest. |
Net Loss Attributable to Studio City International Holdings Limited Per Class A Ordinary Share | (f) Net Loss Attributable to Studio City International Holdings Limited Per Class A Ordinary Share Basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net loss attributable to Studio City International Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the period. Diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net loss attributable to Studio City International Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the period adjusted to include the number of additional Class A ordinary shares that would have been outstanding if potential dilutive securities had been issued and the if-converted Basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share does not include Class B ordinary shares as such shares do not participate in the loss of Studio City International. As a result, Class B ordinary shares are not considered participating securities and are not included in the weighted average number of shares outstanding for purposes of computing net loss attributable to Studio City International Holdings Limited per share. The weighted average number of Class A ordinary shares used in the calculation of basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share consisted of the following: Nine Months Ended September 30, 2021 2020 Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share 370,352,700 269,481,487 Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted — 72,511,760 Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share 370,352,700 341,993,247 Anti-dilutive Class A ordinary shares under the if-converted 72,511,760 — |
Recent Changes in Accounting Standards | (g) Recent Changes in Accounting Standards Newly Adopted Accounting Pronouncement: In December 2019, the Financial Accounting Standards Income Taxes |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of weighted average number of Class A ordinary shares used in the calculation of basic and diluted net loss | The weighted average number of Class A ordinary shares used in the calculation of basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share consisted of the following: Nine Months Ended September 30, 2021 2020 Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share 370,352,700 269,481,487 Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted — 72,511,760 Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share 370,352,700 341,993,247 Anti-dilutive Class A ordinary shares under the if-converted 72,511,760 — |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash Cash Equivalents And Restricted Cash | Cash, cash equivalents and restricted cash reported within the accompanying condensed consolidated statements of cash flows consisted of the following: September 30, December 31, 2021 2020 Cash and cash equivalents $ 650,941 $ 575,215 Current portion of restricted cash — 13 Non-current 130 131 Total cash, cash equivalents and restricted cash $ 651,071 $ 575,359 |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Components of Accounts Receivable, Net | Components of accounts receivable, net are as follows: September 30, December 31, 2021 2020 Hotel $ 28 $ 106 Other 998 1,027 Sub-total 1,026 1,133 Less: allowances for credit losses (972 ) (976 ) $ 54 $ 157 |
Movement in Allowances for Credit Losses | Movement in the allowances for credit losses are as follows: Nine Months Ended September 30, 2021 2020 Balance at beginning of year $ 976 $ 965 Provision for credit losses — 6 Effect of exchange rate (4 ) 5 Balance at end of period $ 972 $ 976 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment, Net | September 30, December 31, 2021 2020 Cost $ 3,182,644 $ 2,910,638 Less: accumulated depreciation and amortization (781,308 ) (729,741 ) Property and equipment, net $ 2,401,336 $ 2,180,897 |
LONG-TERM PREPAYMENTS, DEPOSI_2
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
LongtermPrepaymentsDepositsAndOtherAssets [Abstract] | |
Summary Of Long-term prepayments, deposits and other assets | Long-term prepayments, deposits and other assets consisted of the following: September 30, December 31, 2021 2020 Other long-term assets $ 109,627 $ 106,268 Less: accumulated amortization (87,794 ) (80,170 ) Other long-term assets, net 21,833 26,098 Advance payments and deposits for acquisition of property and equipment 33,275 30,928 Long-term prepayments 12,458 48,469 Other deposits and other 3,636 11,620 Deferred financing costs, net 403 440 Long-term prepayments, deposits and other assets $ 71,605 $ 117,555 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | September 30, December 31, 2021 2020 Property and equipment payables $ 89,769 $ 49,161 Interest expenses payable 24,807 45,737 Operating expense and other accruals and liabilities 13,922 20,650 Advance customer deposits and ticket sales 2,440 2,403 Operating lease liabilities 886 995 $ 131,824 $ 118,946 |
LONG-TERM DEBT, NET (Tables)
LONG-TERM DEBT, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt, Net | Long-term debt, net consisted of the following: September 30, December 31, 2021 2020 Senior Notes 2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $4,936) $ 1,095,064 $ — 2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $3,888 and $4,566, respectively) 496,112 495,434 2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,326 and $4,738, respectively) 495,674 495,262 2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $6,165) — 593,835 Credit Facilities 2016 Studio City Credit Facilities (1) 128 129 $ 2,086,978 $ 1,584,660 Note (1) As of September 30, 2021 and December 31, 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Credit) | The income tax expense (credit) consisted of: Nine Months Ended September 30, 2021 2020 (Over) under provision of income taxes in prior years: Macau Complementary Tax $ (29 ) $ — Hong Kong Profits Tax 8 — Sub-total (21 ) — Income tax expense (credit) - deferred: Macau Complementary Tax 50 (106 ) Total income tax expense (credit) $ 29 $ (106 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Significant Related Party Transactions | During the nine months ended September 30, 2021 and 2020, the Company entered into the following significant related party transactions: Nine Months Ended September 30, Related companies Nature of transactions 2021 2020 Transactions with affiliated companies Melco and its subsidiaries Revenues (services provided by the Company): Provision of gaming related services $ (5,522 ) $ (38,986 ) Rooms and food and beverage (1) 37,941 18,959 Services fee (2) 19,493 19,706 Entertainment (1) 550 9 Costs and expenses (services provided to the Company): Staff costs recharges (3) 46,302 51,713 Corporate services (4) 24,315 24,472 Other services 13,355 11,029 Staff costs capitalized in construction in progress 7,354 7,287 Purchase of goods and services 92 133 Sale and purchase of assets: Sale of property and equipment and other long-term assets 1,728 2,687 Transfer-in 4,764 6,411 Purchases of intangible assets 192 — Notes (1) These revenues primarily represented the standalone selling prices of the complimentary services (including rooms, food and beverage and entertainment services) provided to Studio City Casino’s gaming patrons and charged to Melco Resorts Macau. For the nine months ended September 30, 2021 and 2020, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $38,491 and $18,968, respectively, of which $34,211 and $16,648 related to Studio City Casino’s gaming patrons and $4,280 and $2,320 related to non-Studio (2) Services provided by the Company to Melco and its subsidiaries mainly include, but are not limited to, certain shared administrative services and shuttle bus transportation services provided to Studio City Casino. (3) Staff costs are recharged by Melco and its subsidiaries for staff who are solely dedicated to Studio City to carry out activities, including food and beverage management, retail management, hotel management, entertainment projects, mall development and sales and marketing activities and staff costs for certain shared administrative services. (4) Corporate services are provided to the Company by Melco and its subsidiaries. These services include, but are not limited to, general corporate services and senior executive management services for operational purposes. |
ORGANIZATION AND BUSINESS - Add
ORGANIZATION AND BUSINESS - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2021HKD ($) | Dec. 31, 2020USD ($)$ / shares |
Organization and Business [Line Items] | |||
Cash and cash equivalents | $ | $ 650,941 | $ 575,215 | |
2016 Studio City Credit Facilities [Member] | Revolving Credit Facility [Member] | |||
Organization and Business [Line Items] | |||
Remaining Borrowing Capacity | $ 29,927 | $ 233,000,000 | |
New Cotai, LLC [Member] | |||
Organization and Business [Line Items] | |||
Common stock dividend percentage | 19.60% | 19.60% | 19.60% |
Class A Ordinary Shares [Member] | |||
Organization and Business [Line Items] | |||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | |
Class B Ordinary Shares [Member] | |||
Organization and Business [Line Items] | |||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Basic And Diluted Net Loss (Detail) - Common Class A [Member] - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Significant Accounting Policies [Line Items] | ||
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share | 370,352,700 | 269,481,487 |
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method | 0 | 72,511,760 |
Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share | 370,352,700 | 341,993,247 |
Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share | 72,511,760 | 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Significant Accounting Policies [Line Items] | ||||
Impairment losses recognized on property and equipment | $ 203 | $ 3,769 | ||
Maximum deposits recognizing period | 1 year | |||
Advance Customer Deposits and Ticket Sales [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Advance customer deposits and ticket sales | $ 2,440 | 3,400 | $ 2,403 | $ 3,946 |
Increase (Decrease) in advance customer deposits and ticket sales | $ 37 | $ (546) |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 650,941 | $ 575,215 | ||
Current portion of restricted cash | 0 | 13 | ||
Non-current portion of restricted cash | 130 | 131 | ||
Total cash, cash equivalents and restricted cash | $ 651,071 | $ 575,359 | $ 657,609 | $ 327,232 |
ACCOUNTS RECEIVABLE, NET - Comp
ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts Receivable [Line Items] | ||||
Accounts receivable, gross | $ 1,026 | $ 1,133 | ||
Less: allowances for credit losses | (972) | (976) | $ (976) | $ (965) |
Accounts receivable, net | 54 | 157 | ||
Hotel [Member] | ||||
Accounts Receivable [Line Items] | ||||
Accounts receivable, gross | 28 | 106 | ||
Other [Member] | ||||
Accounts Receivable [Line Items] | ||||
Accounts receivable, gross | $ 998 | $ 1,027 |
ACCOUNTS RECEIVABLE, NET - Move
ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Receivables [Abstract] | ||
Balance at beginning of year | $ 976 | $ 965 |
Provision for credit losses | 0 | 6 |
Effect of exchange rate | (4) | 5 |
Balance at end of period | $ 972 | $ 976 |
PROPERTY AND EQUIPMENT, NET - C
PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property and Equipment, Net | ||
Cost | $ 3,182,644 | $ 2,910,638 |
Less: accumulated depreciation and amortization | (781,308) | (729,741) |
Property and equipment, net | $ 2,401,336 | $ 2,180,897 |
LONG-TERM PREPAYMENTS, DEPOSI_3
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Long term prepayments deposits and other assets [Abstract] | ||
Other long-term assets | $ 109,627 | $ 106,268 |
Less: accumulated amortization | (87,794) | (80,170) |
Other long-term assets, net | 21,833 | 26,098 |
Advance payments and deposits for acquisition of property and equipment | 33,275 | 30,928 |
Long-term prepayments | 12,458 | 48,469 |
Other deposits and other | 3,636 | 11,620 |
Deferred financing costs, net | 403 | 440 |
Long-term prepayments, deposits and other assets | $ 71,605 | $ 117,555 |
LONG-TERM PREPAYMENTS, DEPOSI_4
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Long term Prepayments Deposits And Other Assets [Line Items] | ||
Provision For Other Credit Losses For Other Long Term Receivables | $ 0 | |
Mall [Member] | ||
Long term Prepayments Deposits And Other Assets [Line Items] | ||
Other Credit Loss Write Offs | $ 903 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property and equipment payables | $ 89,769 | $ 49,161 |
Interest expenses payable | 24,807 | 45,737 |
Operating expense and other accruals and liabilities | 13,922 | 20,650 |
Operating lease liabilities | 886 | 995 |
Total Accrued Expenses and Other Current Liabilities | $ 131,824 | $ 118,946 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating lease liabilities | Operating lease liabilities |
Advance Customer Deposits And Ticket Sales [Member] | ||
Advance customer deposits and ticket sales | $ 2,440 | $ 2,403 |
LONG-TERM DEBT, NET (2021 5.000
LONG-TERM DEBT, NET (2021 5.000% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands | May 20, 2021 | Jan. 14, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt [Line Items] | ||||
Total long-term debt | $ 2,100,128 | $ 1,600,129 | ||
2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member] | ||||
Long-term Debt [Line Items] | ||||
Interest rate per annum | 5.00% | |||
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price | 35.00% | |||
Net assets restricted from distribution | $ 1,035,000 | |||
2021 5.000% Studio City Notes, due 2029 [Member] | First 2021 5.000% Studio City Notes [Member] | ||||
Long-term Debt [Line Items] | ||||
Total long-term debt | $ 750,000 | |||
Purchase price as percentage of principal | 100.00% | |||
Maturity date | Jan. 15, 2029 | |||
Interest rate per annum | 5.00% | |||
2021 5.000% Studio City Notes, due 2029 [Member] | Additional 2021 5.000% Studio City Notes [Member] | ||||
Long-term Debt [Line Items] | ||||
Total long-term debt | $ 350,000 | |||
Purchase price as percentage of principal | 101.50% | |||
Maturity date | Jan. 15, 2029 | |||
Interest rate per annum | 5.00% |
LONG-TERM DEBT, NET (2019 7.250
LONG-TERM DEBT, NET (2019 7.250% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 17, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 14, 2021 | Jan. 11, 2021 | Jan. 04, 2021 | Dec. 31, 2020 |
Long-term Debt [Line Items] | |||||||
Loss on extinguishment of debt | $ 28,817 | $ 18,497 | |||||
Total long-term debt | $ 2,100,128 | $ 1,600,129 | |||||
2019 7.250% Studio City Notes, due 2024 [Member] | |||||||
Long-term Debt [Line Items] | |||||||
Interest rate per annum | 7.25% | 7.25% | 7.25% | ||||
2019 7.250% Studio City Notes, due 2024 [Member] | Senior Notes [Member] | |||||||
Long-term Debt [Line Items] | |||||||
Interest rate per annum | 7.25% | ||||||
Loss on extinguishment of debt | $ 28,817 | ||||||
Debt instrument redemption amount | $ 252,944 | ||||||
2019 7.250% Studio City Notes, due 2024 [Member] | Senior Notes [Member] | Conditional Tender Offer [Member] | |||||||
Long-term Debt [Line Items] | |||||||
Total long-term debt | $ 347,056 | ||||||
2021 5.000% Studio City Notes[Member] | |||||||
Long-term Debt [Line Items] | |||||||
Interest rate per annum | 5.00% | ||||||
2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member] | |||||||
Long-term Debt [Line Items] | |||||||
Interest rate per annum | 5.00% | ||||||
2021 5.000% Studio City Notes, due 2029 [Member] | First 2021 5.000% Studio City Notes [Member] | |||||||
Long-term Debt [Line Items] | |||||||
Interest rate per annum | 5.00% | ||||||
Total long-term debt | $ 750,000 |
LONG-TERM DEBT, NET (2016 Studi
LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail) - 2016 Studio City Credit Facilities [Member] - Total Credit Facility [Member] | Mar. 15, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt [Line Items] | |||
Maturity date | Nov. 30, 2021 | ||
Extended Maturity [Member] | |||
Long-term Debt [Line Items] | |||
Maturity date | Jan. 15, 2028 | Jan. 15, 2028 |
LONG-TERM DEBT, NET - Summary o
LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Long-term Debt [Line Items] | |||
Long-term debt, net | $ 2,086,978 | $ 1,584,660 | |
2016 Studio City Credit Facilities [Member] | Total Credit Facility [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | [1] | 128 | 129 |
2019 7.250% Studio City Notes, due 2024 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 0 | 593,835 | |
2020 6.000% SC Notes, due 2025 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 496,112 | 495,434 | |
2020 6.500% SC Notes, due 2028 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 495,674 | 495,262 | |
2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | $ 1,095,064 | $ 0 | |
[1] | As of September 30, 2021 and December 31, 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $403 and $440 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively. |
LONG-TERM DEBT, NET - Summary_2
LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2019 7.250% Studio City Notes, due 2024 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | $ 6,165 | |
2020 6.500% SC Notes, due 2028 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | $ 4,326 | 4,738 |
2020 6.000% SC Notes, due 2025 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | 3,888 | 4,566 |
2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs and original issue premiums | 4,936 | |
Revolving Credit Facility [Member] | 2016 Studio City Credit Facilities [Member] | Long term Prepayments, Deposits and Other Assets [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | $ 403 | $ 440 |
LEASES - Additional Information
LEASES - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Minimum operating lease income | $ 5,558 | $ 11,087 |
Contingent operating lease income, Net of adjustment | $ 1,402 | (2,193) |
Amount of reduction in lease income as a result of the rent concession and uncollectible lease income | $ 3,943 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
The estimated fair value of long-term debt | $ 2,012,444 | $ 1,693,260 |
The carrying value of long-term debt, excluding unamortized deferred financing costs and original issue premiums | $ 2,100,128 | $ 1,600,129 |
CAPITAL STRUCTURE - Additional
CAPITAL STRUCTURE - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2020 | Jul. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Capital Structure [Line Items] | ||||
Gross proceeds from shares | $ 500,000 | $ 500,000 | ||
Offering expenses | $ 1,052 | $ 1,052 | ||
American Depository Shares [Member] | ||||
Capital Structure [Line Items] | ||||
Issuance of ordinary shares | 14,087,299 | |||
Class A Ordinary Shares [Member] | ||||
Capital Structure [Line Items] | ||||
Ordinary shares, authorized | 1,927,488,240 | 1,927,488,240 | ||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, issued | 370,352,700 | 370,352,700 | ||
Issuance of ordinary shares | 72,185,488 | |||
Ordinary shares, outstanding | 370,352,700 | 370,352,700 | ||
Class B Ordinary Shares [Member] | ||||
Capital Structure [Line Items] | ||||
Ordinary shares, authorized | 72,511,760 | 72,511,760 | ||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, issued | 72,511,760 | 72,511,760 | ||
Ordinary shares, outstanding | 72,511,760 | 72,511,760 | ||
Equivalent Class A Ordinary Shares for ADS [Member] | ||||
Capital Structure [Line Items] | ||||
Issuance of ordinary shares | 56,349,196 |
INCOME TAXES - Summary of Incom
INCOME TAXES - Summary of Income Tax Expense (Credit) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
(Over) under provision of income taxes in prior years: | ||
(Over) under provision of income taxes in prior years: | $ (21) | $ 0 |
Income tax expense (credit) - deferred: | ||
Total income tax expense (credit) | 29 | (106) |
Macau Complementary Tax [Member] | ||
(Over) under provision of income taxes in prior years: | ||
(Over) under provision of income taxes in prior years: | (29) | 0 |
Income tax expense (credit) - deferred: | ||
Income tax expense (credit) - deferred: | 50 | (106) |
Hong Kong Profits Tax [Member] | ||
(Over) under provision of income taxes in prior years: | ||
(Over) under provision of income taxes in prior years: | $ 8 | $ 0 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule Of Income Taxes [Line Items] | |||
Percentage of tax on estimated taxable income | 12.00% | 12.00% | |
Effective tax rate | (0.01%) | 0.03% | |
Valuation allowances | $ 87,560 | $ 75,867 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Commitments and Contingencies [Line Items] | |
Capital commitments | $ 434,808 |
Trade Credit Facility [Member] | |
Commitments and Contingencies [Line Items] | |
Credit facility, maturity date | Aug. 31, 2021 |
Trade Credit Facility [Member] | Extended Maturity [Member] | |
Commitments and Contingencies [Line Items] | |
Credit facility, maturity date | Aug. 31, 2023 |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Provision of Gaming Related Services [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | $ 18,140 | $ 17,473 |
Entertainment [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 550 | 9 |
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 1,700 | 1,814 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | ||
Sale and purchase of assets: | ||
Sale of property and equipment and other long-term assets | 1,728 | 2,687 |
Transfer-in of other long-term assets | 4,764 | 6,411 |
Purchases of intangible assets | 192 | 0 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Provision of Gaming Related Services [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | (5,522) | (38,986) |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Rooms Food and Beverage [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 37,941 | 18,959 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Services Fee [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 19,493 | 19,706 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Entertainment [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 550 | 9 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Staff Costs Recharges [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 46,302 | 51,713 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Corporate Services [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 24,315 | 24,472 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Other Services [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 13,355 | 11,029 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Staff costs capitalized in construction in progress | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 7,354 | 7,287 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Purchase of Goods and Services [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | $ 92 | $ 133 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Parenthetical) (Detail) - Melco and its Subsidiaries [Member] - Rooms Food and Beverage and Entertainment Revenues [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Aggregated revenue | $ 38,491 | $ 18,968 |
Studio City Casinos Gaming Patrons [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregated revenue | 34,211 | 16,648 |
Non Studio City Casinos Gaming Patrons [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregated revenue | $ 4,280 | $ 2,320 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Total interest expenses | $ 69,073,000 | $ 81,081,000 | |
Aggregate principal amount | $ 2,100,128,000 | $ 1,600,129,000 | |
Mr Lawrence Yau Lung Ho [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of Studio City Notes | 5.00% | ||
Total interest expenses | $ 3,669,000 | ||
2020 6.000% SC Notes, due 2025 [Member] | Mr Lawrence Yau Lung Ho [Member] | Senior Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of Studio City Notes | 6.00% | ||
Aggregate principal amount | $ 30,000 | ||
2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of Studio City Notes | 5.00% | ||
2021 5.000% Studio City Notes, due 2029 [Member] | Mr Lawrence Yau Lung Ho [Member] | Senior Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate principal amount | $ 30,000 | ||
Percentage of Studio City Notes | 5.00% | ||
Aggregate principal amount | $ 30,000 |