Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
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, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 292,951 | $ 509,523 |
Accounts receivable, net of allowances for credit losses $6 and nil | 1,100 | 263 |
Inventories | 5,735 | 5,121 |
Prepaid expenses and other current assets | 39,780 | 38,721 |
Total current assets | 380,045 | 553,849 |
Property and equipment, net | 2,802,281 | 2,868,064 |
Intangible assets, net | 346 | 1,373 |
Long-term prepayments, deposits and other assets | 22,214 | 48,325 |
Restricted cash | 129 | 130 |
Operating lease right-of-use assets | 11,601 | 13,136 |
Land use right, net | 105,875 | 108,645 |
Total assets | 3,322,491 | 3,593,522 |
Current liabilities: | ||
Accounts payable | 1,992 | 501 |
Accrued expenses and other current liabilities | 107,227 | 165,688 |
Income tax payable | $ 4 | $ 22 |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Payables to affiliated companies | $ 22,712 | $ 81,178 |
Total current liabilities | 131,935 | 247,389 |
Long-term debt, net | 2,434,981 | 2,434,476 |
Other long-term liabilities | 3,024 | 21,631 |
Deferred tax liabilities, net | 318 | 382 |
Operating lease liabilities, non-current | 11,985 | 13,499 |
Total liabilities | 2,582,243 | 2,717,377 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity and participation interest: | ||
Additional paid-in capital | 2,477,359 | 2,477,359 |
Accumulated other comprehensive losses | (20,985) | (11,671) |
Accumulated losses | (1,780,059) | (1,665,166) |
Total shareholders' equity | 676,399 | 800,606 |
Participation interest | 63,849 | 75,539 |
Total shareholders' equity and participation interest | 740,248 | 876,145 |
Total liabilities, shareholders' equity and participation interest | 3,322,491 | 3,593,522 |
Related Party [Member] | ||
Current assets: | ||
Receivables from affiliated companies | 40,479 | 221 |
Class A Ordinary Shares [Member] | ||
Shareholders' equity and participation interest: | ||
Ordinary shares, value | 77 | 77 |
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, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, net of allowances for credit losses | $ 6 | $ 0 | $ 0 | $ 0 |
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 | 770,352,700 | 770,352,700 | ||
Ordinary shares, outstanding | 770,352,700 | 770,352,700 | ||
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, 2023 | Sep. 30, 2022 | |
Operating revenues: | ||
Operating revenues | $ 304,287 | $ 7,311 |
Operating costs and expenses: | ||
General and administrative | (79,904) | (59,457) |
Pre-opening costs | (17,620) | (1,731) |
Amortization of land use right | (2,474) | (2,474) |
Depreciation and amortization | (116,189) | (92,854) |
Property charges and other | (540) | (3,790) |
Total operating costs and expenses | (346,666) | (214,536) |
Operating loss | (42,379) | (207,225) |
Non-operating income (expenses): | ||
Interest income | 8,173 | 4,187 |
Interest expenses, net of amounts capitalized | (93,806) | (70,430) |
Other financing costs | (311) | (311) |
Foreign exchange gains, net | 2,521 | 6,402 |
Other expenses, net | (61) | 0 |
Gain on extinguishment of debt | 80 | 0 |
Total non-operating expenses, net | (83,404) | (60,152) |
Loss before income tax | (125,783) | (267,377) |
Income tax benefit (expense) | 77 | (485) |
Net loss | (125,706) | (267,862) |
Net loss attributable to participation interest | 10,813 | 26,817 |
Net loss attributable to Studio City International Holdings Limited | (114,893) | (241,045) |
Casino Contract [Member] | ||
Operating revenues: | ||
Operating revenues | 98,546 | (44,171) |
Operating costs and expenses: | ||
Cost of revenue | (21,265) | (21,864) |
Rooms [Member] | ||
Operating revenues: | ||
Operating revenues | 72,091 | 13,566 |
Operating costs and expenses: | ||
Cost of revenue | (17,920) | (8,476) |
Food and Beverage [Member] | ||
Operating revenues: | ||
Operating revenues | 42,611 | 12,855 |
Operating costs and expenses: | ||
Cost of revenue | (37,089) | (18,241) |
Entertainment [Member] | ||
Operating revenues: | ||
Operating revenues | 58,785 | 1,175 |
Operating costs and expenses: | ||
Cost of revenue | (49,352) | (1,704) |
Services Fee [Member] | ||
Operating revenues: | ||
Operating revenues | 22,569 | 16,215 |
Mall [Member] | ||
Operating revenues: | ||
Operating revenues | 7,583 | 5,800 |
Operating costs and expenses: | ||
Cost of revenue | (2,770) | (3,041) |
Retail and Other [Member] | ||
Operating revenues: | ||
Operating revenues | 2,102 | 1,871 |
Operating costs and expenses: | ||
Cost of revenue | $ (1,543) | $ (904) |
Class A Ordinary Shares [Member] | ||
Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||
Basic | $ (0.149) | $ (0.349) |
Diluted | $ (0.149) | $ (0.351) |
Weighted average Class A ordinary shares outstanding used in net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation: | ||
Basic | 770,352,700 | 690,440,759 |
Diluted | 770,352,700 | 762,952,519 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating revenues | $ 304,287 | $ 7,311 |
General and administrative | 79,904 | 59,457 |
Pre-opening costs | 17,620 | 1,731 |
Related Party [Member] | ||
General and administrative | 38,480 | 34,019 |
Property charges and other | 623 | 3,853 |
Pre-opening costs | 7,426 | 1,147 |
Casino Contract [Member] | ||
Operating revenues | 98,546 | (44,171) |
Cost of revenue | 21,265 | 21,864 |
Casino Contract [Member] | Related Party [Member] | ||
Cost of revenue | 19,973 | 21,090 |
Rooms [Member] | ||
Operating revenues | 72,091 | 13,566 |
Cost of revenue | 17,920 | 8,476 |
Rooms [Member] | Related Party [Member] | ||
Operating revenues | 48,339 | 10,183 |
Cost of revenue | 10,977 | 5,455 |
Food and Beverage [Member] | ||
Operating revenues | 42,611 | 12,855 |
Cost of revenue | 37,089 | 18,241 |
Food and Beverage [Member] | Related Party [Member] | ||
Operating revenues | 26,879 | 9,196 |
Cost of revenue | 17,525 | 11,575 |
Entertainment [Member] | ||
Operating revenues | 58,785 | 1,175 |
Cost of revenue | 49,352 | 1,704 |
Entertainment [Member] | Related Party [Member] | ||
Operating revenues | 39,492 | 473 |
Cost of revenue | 9,685 | 1,492 |
Mall [Member] | ||
Operating revenues | 7,583 | 5,800 |
Cost of revenue | 2,770 | 3,041 |
Mall [Member] | Related Party [Member] | ||
Cost of revenue | 1,343 | 1,188 |
Retail and Other [Member] | ||
Operating revenues | 2,102 | 1,871 |
Cost of revenue | 1,543 | 904 |
Retail and Other [Member] | Related Party [Member] | ||
Cost of revenue | $ 1,203 | $ 777 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (125,706) | $ (267,862) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (10,191) | (25,062) |
Other comprehensive loss | (10,191) | (25,062) |
Total comprehensive loss | (135,897) | (292,924) |
Comprehensive loss attributable to participation interest | 11,690 | 28,821 |
Comprehensive loss attributable to Studio City International Holdings Limited | $ (124,207) | $ (264,103) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF 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 Losses [Member] | Accumulated Losses [Member] | Participation Interest [Member] |
BEGINNING BALANCE at Dec. 31, 2021 | $ 944,183 | $ 37 | $ 7 | $ 2,134,227 | $ (6,136) | $ (1,338,715) | $ 154,763 |
BEGINNING BALANCE (in shares) at Dec. 31, 2021 | 370,352,700 | 72,511,760 | |||||
Net loss | (267,862) | $ 0 | $ 0 | 0 | 0 | (241,045) | (26,817) |
Foreign currency translation adjustments | (25,062) | 0 | 0 | 0 | (23,058) | 0 | (2,004) |
Shares issued, net of offering expenses | 299,159 | $ 40 | $ 0 | 299,119 | 0 | 0 | 0 |
Shares issued, net of offering expenses, shares | 400,000,000 | 0 | |||||
Change in Participation Interest resulting from 2022 Private Placements (as described in Note 11) | 0 | $ 0 | $ 0 | 44,013 | 0 | 0 | (44,013) |
ENDING BALANCE at Sep. 30, 2022 | 950,418 | $ 77 | $ 7 | 2,477,359 | (29,194) | (1,579,760) | 81,929 |
ENDING BALANCE (in shares) at Sep. 30, 2022 | 770,352,700 | 72,511,760 | |||||
BEGINNING BALANCE at Dec. 31, 2022 | 876,145 | $ 77 | $ 7 | 2,477,359 | (11,671) | (1,665,166) | 75,539 |
BEGINNING BALANCE (in shares) at Dec. 31, 2022 | 770,352,700 | 72,511,760 | |||||
Net loss | (125,706) | $ 0 | $ 0 | 0 | 0 | (114,893) | (10,813) |
Foreign currency translation adjustments | (10,191) | 0 | 0 | 0 | (9,314) | 0 | (877) |
ENDING BALANCE at Sep. 30, 2023 | $ 740,248 | $ 77 | $ 7 | $ 2,477,359 | $ (20,985) | $ (1,780,059) | $ 63,849 |
ENDING BALANCE (in shares) at Sep. 30, 2023 | 770,352,700 | 72,511,760 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net cash used in operating activities | $ (84,452) | $ (158,659) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (127,683) | (359,036) |
Funds to an affiliated company | (1,838) | (948) |
Proceeds from sale of property and equipment | 693 | 9 |
Net cash used in investing activities | (128,828) | (359,975) |
Cash flows from financing activities: | ||
Repayments of long-term debt | (1,912) | 0 |
Payments of deferred financing costs | 0 | (6,050) |
Net proceeds from issuance of shares | 0 | 299,228 |
Proceeds from long-term debt | 0 | 350,000 |
Net cash (used in) provided by financing activities | (1,912) | 643,178 |
Effect of exchange rate on cash, cash equivalents and restricted cash | (1,381) | (3,276) |
(Decrease) increase in cash, cash equivalents and restricted cash | (216,573) | 121,268 |
Cash, cash equivalents and restricted cash at beginning of period | 509,653 | 499,419 |
Cash, cash equivalents and restricted cash at end of period | 293,080 | 620,687 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of amounts capitalized | (113,416) | (87,890) |
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases | (673) | (726) |
Change in operating lease right-of-use assets and lease liabilities arising from lease modification | (1,456) | (1,343) |
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment | 9,504 | 125,378 |
Change in receivables from/payables to affiliated companies related to acquisition of property and equipment and other long-term assets | $ 1,990 | $ 1,918 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 9 Months Ended |
Sep. 30, 2023 | |
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”) is 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 (the “U.S.”). Studio City International together with its subsidiaries (collectively referred to as the “Company”) currently operates the non-gaming 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, 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 U.S., 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 Distribution in each of those periods. As of September 30, 2023 and December 31, 2022, 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 Business Operations and COVID-19 The construction of Studio City Phase 2 was completed before the extended deadline of June 30, 2023 for the development period under the Studio City land concession. The Studio City Phase 2 first stage was opened in April 2023 with the opening of the Epic Tower and the indoor waterpark, while the second stage was opened in September 2023 with the opening of the W Macau Hotel. While the disruptions to the Company’s business caused by the COVID-19 COVID-19 COVID-19 As of September 30, 2023, the Company has sufficient liquidity including cash and cash equivalents of $292,951 and available unused borrowing capacity under the 2016 SC Revolving Credit Facility of HK$233,000 (equivalent to $29,755), subject to the satisfaction of certain conditions precedent. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation and Principles of Consolidation On December 16, 2022, the Macau government awarded a ten-year concession to operate games of fortune and chance in casinos in Macau (the “Concession”) to Melco Resorts Macau. The term of the Concession commenced on January 1, 2023 and ends on December 31, 2032. Under the Concession, Melco Resorts Macau is authorized to operate the Studio City Casino. Under the Studio City Casino Agreement as amended on June 23, 2022, Melco Resorts Macau agreed to operate the Studio City Casino since the Company does not hold a gaming concession in Macau, Melco Resorts Macau deducts gaming taxes and the costs incurred in connection with its operations from Studio City Casino’s gross gaming revenues. The residual gross gaming revenues which the Company receives as revenue is captioned as revenue from casino contract. In December 2015, Studio City International and certain of its subsidiaries entered into a master services agreement; and certain of its subsidiaries entered into the 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, which expired in June 2022 and were extended to December 31, 2032 in March 2023. 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’s 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 Studio City Casino Agreement, captioned as costs related to casino contract, 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 15. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles for interim financial reporting. The results of operations for the nine months ended September 30, 2023 and 2022 are not necessarily indicative of expected results for the full year. The financial information as of December 31, 2022 presented in these condensed consolidated financial statements is derived from the Company’s consolidated financial statements as of December 31, 2022. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2022. 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, 2022. (b) Accounts Receivable and Credit Risk Accounts receivable, including hotel and other receivables, are typically non-interest Management believes that as of September 30, 2023 and December 31, 2022, 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 margins. 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 involving significant assumptions, such as discount rates. If an asset is still under development, future cash flows include remaining construction costs. No impairment losses were recognized during the nine months ended September 30, 2023 and 2022. (d) Revenue Recognition The Company follows the accounting standards for reporting revenue gross as a principal versus net as an agent, when accounting for operations of one of its hotels and concluded that it is the controlling entity and is the principal to this arrangement. For the operations of one of its hotels, the Company is the owner of the hotel property, and the hotel manager operates the hotel under a management agreement providing management services to the Company, and the Company receives all rewards and takes substantial risks associated with the hotel’s business, it is principal and the transactions are, therefore, recognized on a gross basis. Contract and Contract-Related Liabilities In providing goods and services to 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 in 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 $4,521 as of September 30, 2023 increased by $2,728 from the balance of $1,793 as of December 31, 2022. Advance customer deposits and ticket sales of $2,162 as of September 30, 2022 decreased by $97 from the balance of $2,259 as of December 31, 2021. (e) Comprehensive Loss and Accumulated Other Comprehensive Losses Comprehensive loss includes net loss and other non-shareholder As of September 30, 2023 and December 31, 2022, the Company’s accumulated other comprehensive losses 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 adjusted for participation interest 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 2023 2022 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 770,352,700 690,440,759 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 770,352,700 762,952,519 Anti-dilutive Class A ordinary shares under the if-converted 72,511,760 — (g) Recent Changes in Accounting Standards Recent Accounting Pronouncement Not Yet Adopted The Company has evaluated the recently issued, but not yet effective, accounting pronouncements that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements, and anticipated the future adoption of these pronouncements will not have a material effect on the Company’s financial position, results of operations and cash flows. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2023 | |
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, Cash $ 43,056 $ 54,340 Cash equivalents 249,895 455,183 Total cash and cash equivalents 292,951 509,523 Non-current 129 130 Total cash, cash equivalents and restricted cash $ 293,080 $ 509,653 |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 4. ACCOUNTS RECEIVABLE, NET Components of accounts receivable, net are as follows: September 30, December 31, Hotel $ 885 $ 250 Other 221 13 Sub-total 1,106 263 Less: allowances for credit losses (6 ) — $ 1,100 $ 263 The Company’s allowances for credit losses as of September 30, 2023 were from its hotel receivables. Movement in the allowances for credit losses are as follows: Nine Months Ended 2023 2022 Balance at beginning of year $ — $ — Provision for credit losses 6 — Balance at end of period $ 6 $ — |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 5. PROPERTY AND EQUIPMENT, NET September 30, December 31, Cost $ 3,807,797 $ 3,780,769 Less: accumulated depreciation and amortization (1,005,516 ) (912,705 ) Property and equipment, net $ 2,802,281 $ 2,868,064 As of September 30, 2023 and December 31, 2022, the amount of property and equipment, net included balances of construction in progress, included interest capitalized in accordance with applicable accounting standards and other direct incidental costs capitalized mainly for the Studio City Phase 2 project of $4,966 and $1,079,112, respectively. Upon the opening of Studio City Phase 2 first stage in April 2023 and second stage in September 2023, its associated construction in progress balances were placed into service in the respective period. The depreciation and amortization expenses of property and equipment recognized for the nine months ended September 30, 2023 and 2022 were $ and $ , respectively . Under the terms of the Macau gaming law and the Concession, the gaming and gaming support areas comprising the Studio City Casino with an area of 28,784.3 square meters with its land lease right held by Studio City Developments, and related gaming equipment and utensils (collectively as referred to the “Reversion Assets”), which were reverted to the Macau government without compensation and free and clear from any charges or encumbrances on December 31, 2022 at the expiration of the previous subconcession, effective as of January 1, 2023, have been transferred by the Macau government to Melco Resorts Macau for the duration of the Concession, in return for annual payments for the right to use and operate the Reversion Assets. The Reversion Assets are owned by the Macau government and Melco Resorts Macau pays an annual fee of MOP0.75 per square meter of the casino for years 1 to 3 of the Concession, subject to a consumer price index increase in years 2 and 3 of the Concession. The fee will increase to MOP2.5 per square meter of the casino for years 4 to 10 of the Concession, subject to a consumer price index increase in years 5 to 10 of the Concession. As Studio City Casino continues to be operated at and with the Reversion Assets in the same manner as under the previous subconcession, obtains substantially all of the economic benefits and bears all of the risks arising from the operation of these assets, as well as assuming Melco Resorts Macau will be successful in the awarding of a new concession upon expiry of the Concession, Melco Resorts Macau and Studio City Developments continues to recognize these Reversion Assets as property and equipment over their remaining estimated useful lives. |
LONG-TERM PREPAYMENTS, DEPOSITS
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Long Term 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, Other long-term assets $ 18,399 $ 16,824 Less: accumulated amortization (8,728 ) (4,309 ) Other long-term assets, net 9,671 12,515 Long-term prepayments 6,332 29,250 Advance payments and deposits for acquisition of property and equipment 1,002 1,645 Other deposits and other 4,917 4,582 Deferred financing costs, net 292 333 Long-term prepayments, deposits and other assets $ 22,214 $ 48,325 The amortization expenses of other long-term assets recognized for the nine |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES September 30, December 31, Property and equipment payables $ 52,459 $ 87,701 Interest expenses payable 27,832 63,371 Operating expense and other accruals and liabilities 21,348 11,728 Advance customer deposits and ticket sales 4,521 1,793 Operating lease liabilities 1,067 1,095 $ 107,227 $ 165,688 |
LONG-TERM DEBT, NET
LONG-TERM DEBT, NET | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT, NET | 8. LONG-TERM DEBT, NET Long-term debt, net consisted of the following: September 30, December 31, Senior Notes 2022 7.000% Studio City Secured Notes, due 2027 (net of unamortized deferred financing costs of $4,321 and $5,134, respectively) $ 345,679 $ 344,866 2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $3,779 and $4,228, respectively) 1,096,221 1,095,772 2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $1,937 and $2,692, respectively) 496,063 497,308 2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $3,110 and $3,598, respectively) 496,890 496,402 Credit Facilities 2016 Studio City Credit Facilities (1) 128 128 $ 2,434,981 $ 2,434,476 Note (1) As of September 30, 2023 and December 31, 2022, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $ 292 and $ 333 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively. During the nine months ended September 30, 2023, there was no significant change to the long-term debt as disclosed in the Company’s consolidated financial statements as of December 31, 2022. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASES | 9. LEASES Lessor Arrangements During the nine months ended September 30, 2023 and 2022, the Company earned minimum operating lease income of $2,962 and $3,303, respectively, and contingent operating lease income of $2,296 and $260, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS The carrying values of cash equivalents, 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 values of long-term debt as of September 30, 2023 and December 31, 2022, were approximately $2,047,603 and $1,959,195, respectively, as compared to their carrying values, excluding unamortized deferred financing costs and original issue premiums, of $2,448,128 and $2,450,128, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 2022 7.000% Studio City Secured Notes, 2021 5.000% Studio City Notes and the 2020 Studio City Notes. Fair value for the 2016 Studio City Credit Facilities approximated its 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, 2023 and December 31, 2022, the Company did not have any non-financial |
CAPITAL STRUCTURE
CAPITAL STRUCTURE | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
CAPITAL STRUCTURE | 11. CAPITAL STRUCTURE During February and March 2022, Studio City International, respectively, announced and completed a series of private offers (the “2022 Private Placements”) of 400,000,000 Class A ordinary shares to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $300,000 and offering expenses of $841. The 2022 Private Placements resulted in an adjustment to the carrying amount of the Participation Interest with a corresponding increase in the Company’s additional paid-in As of September 30, 2023 and December 31, 2022, 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. As of September 30, 2023 and December 31, 2022, 770,352,700 Class A ordinary shares and 72,511,760 Class B ordinary shares were issued and outstanding in each of those periods . |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES The income tax (benefit) expense consisted of: Nine Months Ended 2023 2022 Over provision of income taxes in prior years: Hong Kong Profits Tax $ (14 ) $ — Income tax (benefit) expense - deferred: Macau Complementary Tax (63 ) 485 Total income tax (benefit) expense $ (77 ) $ 485 Studio City Entertainment applied for an extension of the Macau Complementary Tax exemption for 2022 and for the period from January 1, 2023 through December 31, 2027. These applications are subject to the discretionary approval of the Macau government. The non-gaming The effective tax rates for the nine months ended September 30, 2023 and 2022 were 0.1% and (0.2)%, respectively. Such rates differ from the statutory Macau Complementary Tax rate of 12%, where the majority of the Company’s operations are located, primarily due to the effects of expenses for which no income tax benefit is receivable, changes in valuation allowances, different tax rates of subsidiaries operating in other jurisdictions and income for which no income tax expense is payable for the relevant periods together with the effect of profits expected to be exempted from Macau Complementary Tax for the nine months ended September 30, 2023. As of September 30, 2023 and December 31, 2022, valuation allowances of $90,813 and $91,092 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, 2023, other than the above, there was no significant change to the tax exposures as disclosed in the Company’s consolidated financial statements as of December 31, 2022. |
DISTRIBUTION OF PROFITS
DISTRIBUTION OF PROFITS | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
DISTRIBUTION OF PROFITS | 13. DISTRIBUTION OF PROFITS During the nine months ended September 30, 2023 and 2022, Studio City International did not declare or pay any cash dividends on the ordinary shares. No dividends have been proposed since the end of the reporting period. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES (a) Capital Commitments As of September 30, 2023, the Company had capital commitments contracted for but not incurred for the construction and acquisition of property and equipment for Studio City totaling $14,673. (b) Guarantee As of September 30, 2023, except the maturity date of the Trade Credit Facility which was further extended from August 31, 2023 to August 31, 2025, there was no significant change to the guarantee as disclosed in the Company’s consolidated financial statements as of December 31, 2022. (c) Litigation As of September 30, 2023, 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 been adequately provided for or 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, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2023 and 2022, the Company entered into the following significant related party transactions: Nine Months Ended Related companies Nature of transactions 2023 2022 Transactions with affiliated companies Melco and its subsidiaries Revenues (services provided by the Company): Revenue from casino contract $ 98,546 $ (44,171 ) Rooms and food and beverage (1) 75,218 19,379 Services fee (2) 22,569 16,215 Entertainment (1) 39,492 473 Costs and expenses (services provided to the Company): Staff costs recharges (3) 64,661 42,928 Corporate services (4) 25,701 24,583 Other services 16,415 12,977 Staff costs for construction and renovation work capitalized 3,585 8,993 Purchase of goods and services 458 108 Sale and purchase of assets: Sale of property and equipment and other long-term assets 756 6 Purchase of property and equipment 8 184 Transfer-in 1,636 749 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, 2023 and 2022, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $ 114,710 and $ 19,852 , respectively, of which $ 80,473 and $ 17,708 related to Studio City Casino’s gaming patrons and $ 34,237 and $ 2,144 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 Transactions As of September 30, 2023 and December 31, 2022, Mr. Lawrence Yau Lung Ho, Studio City International’s director, and his controlled entity held an aggregate principal amount of $60,000 of senior notes issued by Studio City Finance in each of those periods. As of September 30, 2023 and December 31, 2022, an independent director of Studio City International held an aggregate principal amount of $ City Company in each of those periods . During the nine months ended September 30, 2023 and 2022, total interest expenses of $2,475 and $2,475 in relation to the senior notes issued by Studio City Finance, were paid or payable to Mr. Lawrence Yau Lung Ho and his controlled entity, respectively. During the nine months ended September 30, 2023 and 2022, total interest expenses of $21 and $7 in relation to the senior notes issued by Studio City Company, were paid or payable to the independent director of Studio City International, respectively. (a) Receivables from Affiliated Companies The outstanding balances as of September 30, 2023 and December 31, 2022 are receivables from Melco’s subsidiaries mainly arising from operating income or prepayment of operating expenses, and are unsecured, non-interest (b) Payables to Affiliated Companies The outstanding balances as of September 30, 2023 and December 31, 2022 are payables to Melco International’s subsidiaries mainly arising from operating expenses, and are unsecured, non-interest |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION The Company’s principal operating activities are engaged in the hospitality business and provision of services pursuant to a casino contract 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, 2023 and December 31, 2022, the Company operated in one geographical area, Macau, where it derives its revenues and its long-lived assets are located. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS On November 9, 2023, Studio City Finance announced a cash tender offer (the “Tender Offer”) for up to an aggregate principal amount of $75,000 of the 2020 6.000% SC Notes. The Tender Offer will expire on December 8, 2023, unless extended or terminated by Studio City Finance. As of November 22, 2023, the early tender date, an aggregate principal amount of $317,461 of the 2020 6.000% SC Notes was tendered. On November 24, 2023, Studio City Finance announced that it would amend the Tender Offer to increase the aggregate principal amount of the 2020 6.000% SC Notes to $100,000. Studio City Finance accepted for purchase the 2020 6.000% SC Notes that were validly tendered (and not validly withdrawn) pursuant to the Tender Offer for a combined aggregate principal amount equal to $100,000. Settlement of such purchase took place on November 28, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation | (a) Basis of Presentation and Principles of Consolidation On December 16, 2022, the Macau government awarded a ten-year concession to operate games of fortune and chance in casinos in Macau (the “Concession”) to Melco Resorts Macau. The term of the Concession commenced on January 1, 2023 and ends on December 31, 2032. Under the Concession, Melco Resorts Macau is authorized to operate the Studio City Casino. Under the Studio City Casino Agreement as amended on June 23, 2022, Melco Resorts Macau agreed to operate the Studio City Casino since the Company does not hold a gaming concession in Macau, Melco Resorts Macau deducts gaming taxes and the costs incurred in connection with its operations from Studio City Casino’s gross gaming revenues. The residual gross gaming revenues which the Company receives as revenue is captioned as revenue from casino contract. In December 2015, Studio City International and certain of its subsidiaries entered into a master services agreement; and certain of its subsidiaries entered into the 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, which expired in June 2022 and were extended to December 31, 2032 in March 2023. 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’s 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 Studio City Casino Agreement, captioned as costs related to casino contract, 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 15. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles for interim financial reporting. The results of operations for the nine months ended September 30, 2023 and 2022 are not necessarily indicative of expected results for the full year. The financial information as of December 31, 2022 presented in these condensed consolidated financial statements is derived from the Company’s consolidated financial statements as of December 31, 2022. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2022. 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, 2022. |
Principles of 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, 2022. |
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, 2023 and December 31, 2022, 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 margins. 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 involving significant assumptions, such as discount rates. If an asset is still under development, future cash flows include remaining construction costs. No impairment losses were recognized during the nine months ended September 30, 2023 and 2022. |
Revenue Recognition | (d) Revenue Recognition The Company follows the accounting standards for reporting revenue gross as a principal versus net as an agent, when accounting for operations of one of its hotels and concluded that it is the controlling entity and is the principal to this arrangement. For the operations of one of its hotels, the Company is the owner of the hotel property, and the hotel manager operates the hotel under a management agreement providing management services to the Company, and the Company receives all rewards and takes substantial risks associated with the hotel’s business, it is principal and the transactions are, therefore, recognized on a gross basis. Contract and Contract-Related Liabilities In providing goods and services to 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 in 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 $4,521 as of September 30, 2023 increased by $2,728 from the balance of $1,793 as of December 31, 2022. Advance customer deposits and ticket sales of $2,162 as of September 30, 2022 decreased by $97 from the balance of $2,259 as of December 31, 2021. |
Comprehensive Loss and Accumulated Other Comprehensive Losses | (e) Comprehensive Loss and Accumulated Other Comprehensive Losses Comprehensive loss includes net loss and other non-shareholder As of September 30, 2023 and December 31, 2022, the Company’s accumulated other comprehensive losses 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 adjusted for participation interest 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 2023 2022 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 770,352,700 690,440,759 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 770,352,700 762,952,519 Anti-dilutive Class A ordinary shares under the if-converted 72,511,760 — |
Recent Changes in Accounting Standards | (g) Recent Changes in Accounting Standards Recent Accounting Pronouncement Not Yet Adopted The Company has evaluated the recently issued, but not yet effective, accounting pronouncements that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements, and anticipated the future adoption of these pronouncements will not have a material effect on the Company’s financial position, results of operations and cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 2022 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 770,352,700 690,440,759 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 770,352,700 762,952,519 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, 2023 | |
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, Cash $ 43,056 $ 54,340 Cash equivalents 249,895 455,183 Total cash and cash equivalents 292,951 509,523 Non-current 129 130 Total cash, cash equivalents and restricted cash $ 293,080 $ 509,653 |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Components of Accounts Receivable, Net | Components of accounts receivable, net are as follows: September 30, December 31, Hotel $ 885 $ 250 Other 221 13 Sub-total 1,106 263 Less: allowances for credit losses (6 ) — $ 1,100 $ 263 |
Movement in Allowances for Credit Losses | Movement in the allowances for credit losses are as follows: Nine Months Ended 2023 2022 Balance at beginning of year $ — $ — Provision for credit losses 6 — Balance at end of period $ 6 $ — |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment, Net | September 30, December 31, Cost $ 3,807,797 $ 3,780,769 Less: accumulated depreciation and amortization (1,005,516 ) (912,705 ) Property and equipment, net $ 2,802,281 $ 2,868,064 |
LONG-TERM PREPAYMENTS, DEPOSI_2
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Long Term Prepayments Deposits And Other Assets [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, Other long-term assets $ 18,399 $ 16,824 Less: accumulated amortization (8,728 ) (4,309 ) Other long-term assets, net 9,671 12,515 Long-term prepayments 6,332 29,250 Advance payments and deposits for acquisition of property and equipment 1,002 1,645 Other deposits and other 4,917 4,582 Deferred financing costs, net 292 333 Long-term prepayments, deposits and other assets $ 22,214 $ 48,325 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | September 30, December 31, Property and equipment payables $ 52,459 $ 87,701 Interest expenses payable 27,832 63,371 Operating expense and other accruals and liabilities 21,348 11,728 Advance customer deposits and ticket sales 4,521 1,793 Operating lease liabilities 1,067 1,095 $ 107,227 $ 165,688 |
LONG-TERM DEBT, NET (Tables)
LONG-TERM DEBT, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt, Net | Long-term debt, net consisted of the following: September 30, December 31, Senior Notes 2022 7.000% Studio City Secured Notes, due 2027 (net of unamortized deferred financing costs of $4,321 and $5,134, respectively) $ 345,679 $ 344,866 2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $3,779 and $4,228, respectively) 1,096,221 1,095,772 2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $1,937 and $2,692, respectively) 496,063 497,308 2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $3,110 and $3,598, respectively) 496,890 496,402 Credit Facilities 2016 Studio City Credit Facilities (1) 128 128 $ 2,434,981 $ 2,434,476 Note (1) As of September 30, 2023 and December 31, 2022, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $ 292 and $ 333 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The income tax (benefit) expense consisted of: Nine Months Ended 2023 2022 Over provision of income taxes in prior years: Hong Kong Profits Tax $ (14 ) $ — Income tax (benefit) expense - deferred: Macau Complementary Tax (63 ) 485 Total income tax (benefit) expense $ (77 ) $ 485 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Significant Related Party Transactions | During the nine months ended September 30, 2023 and 2022, the Company entered into the following significant related party transactions: Nine Months Ended Related companies Nature of transactions 2023 2022 Transactions with affiliated companies Melco and its subsidiaries Revenues (services provided by the Company): Revenue from casino contract $ 98,546 $ (44,171 ) Rooms and food and beverage (1) 75,218 19,379 Services fee (2) 22,569 16,215 Entertainment (1) 39,492 473 Costs and expenses (services provided to the Company): Staff costs recharges (3) 64,661 42,928 Corporate services (4) 25,701 24,583 Other services 16,415 12,977 Staff costs for construction and renovation work capitalized 3,585 8,993 Purchase of goods and services 458 108 Sale and purchase of assets: Sale of property and equipment and other long-term assets 756 6 Purchase of property and equipment 8 184 Transfer-in 1,636 749 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, 2023 and 2022, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $ 114,710 and $ 19,852 , respectively, of which $ 80,473 and $ 17,708 related to Studio City Casino’s gaming patrons and $ 34,237 and $ 2,144 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, $ in Thousands | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2023 HKD ($) | Dec. 31, 2022 USD ($) $ / shares |
Organization and Business [Line Items] | |||
Cash and cash equivalents | $ | $ 292,951 | $ 509,523 | |
2016 Studio City Credit Facilities [Member] | Revolving Credit Facility [Member] | |||
Organization and Business [Line Items] | |||
Remaining Borrowing Capacity | $ 29,755 | $ 233,000 | |
New Cotai, LLC [Member] | |||
Organization and Business [Line Items] | |||
Common stock dividend percentage | 9.40% | 9.40% | 9.40% |
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 - Summary of Weighted Average Number of Class A Ordinary Shares Used in the Calculation of Basic and Diluted Net Loss (Detail) - Common Class A [Member] - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 770,352,700 | 690,440,759 |
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 | 770,352,700 | 762,952,519 |
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, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Significant Accounting Policies [Line Items] | ||||
Impairment losses recognized on property and equipment | $ 0 | $ 0 | ||
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 | $ 4,521 | 2,162 | $ 1,793 | $ 2,259 |
Increase (decrease) in advance customer deposits and ticket sales | $ 2,728 | $ (97) |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash Cash Equivalents And Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 43,056 | $ 54,340 | ||
Cash equivalents | 249,895 | 455,183 | ||
Total cash and cash equivalents | 292,951 | 509,523 | ||
Non-current portion of restricted cash | 129 | 130 | ||
Total cash, cash equivalents and restricted cash | $ 293,080 | $ 509,653 | $ 620,687 | $ 499,419 |
ACCOUNTS RECEIVABLE, NET - Comp
ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable [Line Items] | ||||
Accounts receivable, gross | $ 1,106 | $ 263 | ||
Less: allowances for credit losses | (6) | 0 | $ 0 | $ 0 |
Accounts receivable, net | 1,100 | 263 | ||
Hotel [Member] | ||||
Accounts Receivable [Line Items] | ||||
Accounts receivable, gross | 885 | 250 | ||
Other [Member] | ||||
Accounts Receivable [Line Items] | ||||
Accounts receivable, gross | $ 221 | $ 13 |
ACCOUNTS RECEIVABLE, NET - Move
ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Receivables [Abstract] | ||
Balance at beginning of year | $ 0 | $ 0 |
Provision for credit losses | 6 | 0 |
Balance at end of period | $ 6 | $ 0 |
PROPERTY AND EQUIPMENT, NET - C
PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and Equipment, Net | ||
Cost | $ 3,807,797 | $ 3,780,769 |
Less: accumulated depreciation and amortization | (1,005,516) | (912,705) |
Property and equipment, net | $ 2,802,281 | $ 2,868,064 |
PROPERTY AND EQUIPMENT, NET - A
PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 USD ($) m² | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Description of annual fee paid by macau government from one to three years | MOP0.75 per square meter | ||
Description of annual fee paid by macau government from one to three years | MOP2.5 per square meter | ||
Area of Land | m² | 28,784.3 | ||
Depreciation and amortization expenses of property and equipment | $ 110,728 | $ 84,520 | |
Studio City Phase 2 project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in progress, gross | $ 4,966 | $ 1,079,112 |
LONG-TERM PREPAYMENTS, DEPOSI_3
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Long Term Prepayments Deposits And Other Assets [Abstract] | ||
Amortization expenses of other long-term assets | $ 4,439 | $ 7,288 |
LONG-TERM PREPAYMENTS, DEPOSI_4
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long Term Prepayments Deposits And Other Assets [Abstract] | ||
Other long-term assets | $ 18,399 | $ 16,824 |
Less: accumulated amortization | (8,728) | (4,309) |
Other long-term assets, net | 9,671 | 12,515 |
Long-term prepayments | 6,332 | 29,250 |
Advance payments and deposits for acquisition of property and equipment | 1,002 | 1,645 |
Other deposits and other | 4,917 | 4,582 |
Deferred financing costs, net | 292 | 333 |
Long-term prepayments, deposits and other assets | $ 22,214 | $ 48,325 |
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, 2023 | Dec. 31, 2022 |
Property and equipment payables | $ 52,459 | $ 87,701 |
Interest expenses payable | 27,832 | 63,371 |
Operating expense and other accruals and liabilities | 21,348 | 11,728 |
Operating lease liabilities | 1,067 | 1,095 |
Total Accrued Expenses and Other Current Liabilities | $ 107,227 | $ 165,688 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total Accrued Expenses and Other Current Liabilities | Total Accrued Expenses and Other Current Liabilities |
Advance Customer Deposits And Ticket Sales [Member] | ||
Advance customer deposits and ticket sales | $ 4,521 | $ 1,793 |
LONG-TERM DEBT, NET - Summary o
LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Long-term Debt [Line Items] | |||
Long-term debt, net | $ 2,434,981 | $ 2,434,476 | |
2022 7.000% Studio City Secured Notes, due 2027 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 345,679 | 344,866 | |
2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 1,096,221 | 1,095,772 | |
2020 6.000% SC Notes, due 2025 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 496,063 | 497,308 | |
2020 6.500% SC Notes, due 2028 [Member] | Senior Notes [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | 496,890 | 496,402 | |
2016 Studio City Credit Facilities [Member] | Total Credit Facility [Member] | |||
Long-term Debt [Line Items] | |||
Long-term debt, net | [1] | $ 128 | $ 128 |
[1]As of September 30, 2023 and December 31, 2022, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $292 and $333 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively. |
LONG-TERM DEBT, NET - Summary_2
LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2022 7.000% Studio City Secured Notes, due 2027 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | $ 4,321 | $ 5,134 |
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 | 3,779 | 4,228 |
2020 6.000% SC Notes, due 2025 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | 1,937 | 2,692 |
2020 6.500% SC Notes, due 2028 [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Unamortized deferred financing costs | 3,110 | 3,598 |
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 | $ 292 | $ 333 |
LEASES - Additional Information
LEASES - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Minimum operating lease income | $ 2,962 | $ 3,303 |
Contingent operating lease income | $ 2,296 | $ 260 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
The estimated fair values of long-term debt | $ 2,047,603 | $ 1,959,195 |
The carrying value of long-term debt, excluding unamortized deferred financing costs and original issue premiums | $ 2,448,128 | $ 2,450,128 |
CAPITAL STRUCTURE - Additional
CAPITAL STRUCTURE - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Two Thousand And Twenty Two Private Placements [Member] | |||
Capital Structure [Line Items] | |||
Gross proceeds from shares | $ 300,000 | ||
Offering expenses | $ 841 | ||
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 | 770,352,700 | 770,352,700 | |
Ordinary shares, outstanding | 770,352,700 | 770,352,700 | |
Class A Ordinary Shares [Member] | Two Thousand And Twenty Two Private Placements [Member] | |||
Capital Structure [Line Items] | |||
Issuance of ordinary shares | 400,000,000 | ||
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 |
INCOME TAXES - Summary of Incom
INCOME TAXES - Summary of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income tax (benefit) expense - deferred: | ||
Total income tax (benefit) expense | $ (77) | $ 485 |
Macau Complementary Tax [Member] | ||
Income tax (benefit) expense - deferred: | ||
Income tax (benefit) expense - deferred | (63) | 485 |
Hong Kong Profits Tax [Member] | ||
Over provision of income taxes in prior years: | ||
Over provision of income taxes in prior years | $ (14) | $ 0 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule Of Income Taxes [Line Items] | |||
Percentage of tax on estimated taxable income | 12% | 12% | |
Effective tax rate | 0.10% | 0.20% | |
Valuation allowances | $ 90,813 | $ 91,092 | |
Macau Complementary Tax [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Period For Which Complementary Tax exemption Applied | January 1, 2023 through December 31, 2027 |
DISTRIBUTION OF PROFITS - Addit
DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Distribution Of Profits [Abstract] | ||
Dividends declared | $ 0 | $ 0 |
Dividends paid | 0 | $ 0 |
Dividends proposed | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Commitments and Contingencies [Line Items] | |
Capital commitments | $ 14,673 |
Trade Credit Facility [Member] | |
Commitments and Contingencies [Line Items] | |
Credit facility, maturity date | Aug. 31, 2023 |
Trade Credit Facility [Member] | Extended Maturity [Member] | |
Commitments and Contingencies [Line Items] | |
Credit facility, maturity date | Aug. 31, 2025 |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues (services provided by the Group): | ||
Revenues | $ 304,287 | $ 7,311 |
Casino Contract [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 98,546 | (44,171) |
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 21,265 | 21,864 |
Services Fee [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 22,569 | 16,215 |
Entertainment [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 58,785 | 1,175 |
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 49,352 | 1,704 |
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 | 756 | 6 |
Purchase of property and equipment | 8 | 184 |
Transfer-in of other long-term assets | 1,636 | 749 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Casino Contract [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 98,546 | (44,171) |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Rooms Food and Beverage [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 75,218 | 19,379 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Services Fee [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 22,569 | 16,215 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Entertainment [Member] | ||
Revenues (services provided by the Group): | ||
Revenues | 39,492 | 473 |
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 | 64,661 | 42,928 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Corporate Services [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 25,701 | 24,583 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Other Services [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 16,415 | 12,977 |
Melco and its Subsidiaries [Member] | Transactions with affiliated companies [Member] | Staff costs for construction and renovation work capitalized [Member] | ||
Costs and expenses (services provided to the Group): | ||
Costs and expenses | 3,585 | 8,993 |
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 | $ 458 | $ 108 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Aggregated revenue | $ 304,287 | $ 7,311 |
Melco and its Subsidiaries [Member] | Rooms Food and Beverage and Entertainment Revenues [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregated revenue | 114,710 | 19,852 |
Melco and its Subsidiaries [Member] | Rooms Food and Beverage and Entertainment Revenues [Member] | Studio City Casinos Gaming Patrons [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregated revenue | 80,473 | 17,708 |
Melco and its Subsidiaries [Member] | Rooms Food and Beverage and Entertainment Revenues [Member] | Non Studio City Casinos Gaming Patrons [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregated revenue | $ 34,237 | $ 2,144 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Aggregate principal amount | $ 2,448,128 | $ 2,450,128 | |
Total interest expenses | 93,806 | $ 70,430 | |
Lawrence Yau Lung Ho and his controlled entity [Member] | |||
Related Party Transaction [Line Items] | |||
Total interest expenses | 2,475 | 2,475 | |
Lawrence Yau Lung Ho and his controlled entity [Member] | Senior Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate principal amount | 60,000 | 60,000 | |
Independent Director [Member] | |||
Related Party Transaction [Line Items] | |||
Total interest expenses | 21 | $ 7 | |
Independent Director [Member] | Senior Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate principal amount | $ 400 | $ 400 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Detail) - Subsequent Event [Member] - 2020 6.000% SC Notes [Member] - USD ($) $ in Thousands | Nov. 24, 2023 | Nov. 22, 2023 | Nov. 09, 2023 |
Tender Offer | |||
Subsequent Events [Line Items] | |||
Tender offer amount, maximum | $ 75,000 | ||
Senior Notes [Member] | |||
Subsequent Events [Line Items] | |||
Interest rate per annum | 6% | ||
Debt instrument tendered offered amount | $ 100,000 | $ 317,461 |