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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2019 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	STUDIO CITY INTERNATIONAL HOLDINGS LIMITED
Entity Voluntary Filers	No
Entity Central Index Key	0001713334
Entity File Number	001-38699
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Trading Symbol	MSC
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	36th Floor, The Centrium, 60 Wyndham Street
Entity Address, City or Town	Central
Entity Address, Postal Zip Code	000000
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	U.S. GAAP
Entity Address, Country	HK
Security Exchange Name	NYSE
Title of 12(b) Security	American depositary shares each representing four Class A ordinary shares
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	36th Floor, The Centrium, 60 Wyndham Street
Entity Address, City or Town	Central
Entity Address, Postal Zip Code	000000
Contact Personnel Name	Company Secretary
Entity Address, Country	HK
City Area Code	852
Local Phone Number	2598 3600
Class A Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	241,818,016
Class B Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	72,511,760

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 299,367	$ 345,854
Restricted cash	27,735	31,582
Accounts receivable, net	1,397	1,712
Amounts due from affiliated companies	61,990	42,339
Inventories	9,763	9,904
Prepaid expenses and other current assets	14,188	27,650
Total current assets	414,440	459,041
PROPERTY AND EQUIPMENT, NET	2,107,457	2,175,858
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS	57,087	45,766
RESTRICTED CASH	130	129
OPERATING LEASE RIGHT-OF-USE ASSETS	14,238	0
LAND USE RIGHT, NET	118,888	121,544
TOTAL ASSETS	2,712,240	2,802,338
CURRENT LIABILITIES
Accounts payable	3,337	6,421
Accrued expenses and other current liabilities	82,553	62,825
Income tax payable	33	33
Current portion of long-term debt, net	0	347,740
Amounts due to affiliated companies	14,248	21,953
Total current liabilities	100,171	438,972
LONG-TERM DEBT, NET	1,435,088	1,261,904
OTHER LONG-TERM LIABILITIES	3,149	4,017
DEFERRED TAX LIABILITIES	1,453	1,044
OPERATING LEASE LIABILITIES, NON-CURRENT	13,720	0
TOTAL LIABILITIES	1,553,581	1,705,937
COMMITMENTS AND CONTINGENCIES (Note 15)
SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST
Additional paid-in capital	1,655,602	1,655,602
Accumulated other comprehensive income (loss)	269	(14,063)
Accumulated losses	(764,534)	(798,098)
Total shareholders' equity	891,368	843,472
PARTICIPATION INTEREST	267,291	252,929
Total shareholders' equity and participation interest	1,158,659	1,096,401
TOTAL LIABILITIES, SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST	2,712,240	2,802,338
Class A Ordinary Shares [Member]
SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST
Ordinary shares, value	24	24
Class B Ordinary Shares [Member]
SHAREHOLDERS' EQUITY AND PARTICIPATION INTEREST
Ordinary shares, value	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2018	Dec. 31, 2017
Ordinary shares, authorized			2,000,000,000
Class A Ordinary Shares [Member]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, authorized	1,927,488,240	1,927,488,240	1,927,488,240
Ordinary shares, issued	241,818,016	241,818,016		181,279,400
Ordinary shares, outstanding	241,818,016	241,818,016
Class B Ordinary Shares [Member]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, authorized	72,511,760	72,511,760	72,511,760
Ordinary shares, issued	72,511,760	72,511,760
Ordinary shares, outstanding	72,511,760	72,511,760

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING REVENUES
OPERATING REVENUES	$ 626,733	$ 571,213	$ 539,814
OPERATING COSTS AND EXPENSES
General and administrative (including expenses to related parties of $72,847, $74,514 and $69,043 for the years ended December 31, 2019, 2018 and 2017, respectively)	(128,931)	(132,637)	(130,465)
Pre-opening costs (including expenses to related parties of $32, $152 and $101 for the years ended December 31, 2019, 2018 and 2017, respectively)	(2,567)	(4,550)	(116)
Amortization of land use right	(3,300)	(3,298)	(3,323)
Depreciation and amortization	(168,643)	(164,593)	(173,003)
Property charges and other (including expenses to related parties of $630 for the year ended December 31, 2019)	(8,521)	(4,464)	(22,210)
Total operating costs and expenses	(448,737)	(433,351)	(459,364)
OPERATING INCOME	177,996	137,862	80,450
NON-OPERATING INCOME (EXPENSES)
Interest income	5,861	3,578	2,171
Interest expenses	(132,291)	(160,508)	(159,918)
Loan commitment fees	(416)	(419)	(419)
Foreign exchange (losses) gains, net	(3,975)	1,972	466
Other income (expenses), net	430	(197)	574
Loss on extinguishment of debt	(2,995)	(2,489)	0
Costs associated with debt modification	(579)	0	0
Total non-operating expenses, net	(133,965)	(158,063)	(157,126)
INCOME (LOSS) BEFORE INCOME TAX	44,031	(20,201)	(76,676)
INCOME TAX (EXPENSE) CREDIT	(402)	(544)	239
NET INCOME (LOSS)	43,629	(20,745)	(76,437)
NET INCOME ATTRIBUTABLE TO PARTICIPATION INTEREST	(10,065)	(853)	0
NET INCOME (LOSS) ATTRIBUTABLE TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED	$ 33,564	$ (21,598)	$ (76,437)
NET INCOME (LOSS) ATTRIBUTABLE TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER CLASS A ORDINARY SHARE:
Basic and diluted	$ 0.139	$ (0.113)	$ (0.422)
WEIGHTED AVERAGE CLASS A ORDINARY SHARES OUTSTANDING USED IN NET INCOME (LOSS) ATTRIBUTABLE TO STUDIO CITY INTERNATIONAL HOLDINGS LIMITED PER CLASS A ORDINARY SHARE CALCULATION:
Basic and diluted	241,818,016	191,533,455	181,279,400
Provision of Gaming Related Services [Member]
OPERATING REVENUES
OPERATING REVENUES	$ 393,512	$ 339,924	$ 295,638
OPERATING COSTS AND EXPENSES
Cost of revenue	(24,179)	(20,263)	(24,019)
Rooms [Member]
OPERATING REVENUES
OPERATING REVENUES	85,975	88,317	88,699
OPERATING COSTS AND EXPENSES
Cost of revenue	(21,766)	(21,855)	(21,750)
Food and Beverage [Member]
OPERATING REVENUES
OPERATING REVENUES	68,706	65,904	60,705
OPERATING COSTS AND EXPENSES
Cost of revenue	(57,718)	(56,342)	(54,266)
Entertainment [Member]
OPERATING REVENUES
OPERATING REVENUES	21,815	12,073	18,534
OPERATING COSTS AND EXPENSES
Cost of revenue	(22,719)	(11,978)	(16,364)
Services Fee [Member]
OPERATING REVENUES
OPERATING REVENUES	39,470	39,126	39,971
Mall [Member]
OPERATING REVENUES
OPERATING REVENUES	14,844	22,298	29,498
OPERATING COSTS AND EXPENSES
Cost of revenue	(8,658)	(10,960)	(9,098)
Retail and Other [Member]
OPERATING REVENUES
OPERATING REVENUES	2,411	3,571	6,769
OPERATING COSTS AND EXPENSES
Cost of revenue	$ (1,735)	$ (2,411)	$ (4,750)

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
General and administrative expenses to related parties	$ 72,847	$ 74,514	$ 69,043
Pre-opening costs expenses to related parties	32	152	101
Property charges and other expenses to related parties	630
Provision of Gaming Related Services [Member]
Costs to related parties	21,445	17,634	20,386
Rooms [Member]
Revenues from related parties	53,865	53,925	53,945
Costs to related parties	12,491	12,572	12,926
Food and Beverage [Member]
Revenues from related parties	38,719	35,937	28,917
Costs to related parties	27,797	27,089	28,954
Entertainment [Member]
Revenues from related parties	7,685	1,191	1,328
Costs to related parties	4,521	4,815	6,884
Mall [Member]
Costs to related parties	2,026	2,010	2,181
Retail and Other [Member]
Costs to related parties	$ 1,739	$ 2,370	$ 3,523

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 43,629	$ (20,745)	$ (76,437)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	18,629	(18,774)	0
Other comprehensive income (loss)	18,629	(18,774)	0
Total comprehensive income (loss)	62,258	(39,519)	(76,437)
Comprehensive (income) loss attributable to participation interest	(14,362)	3,370	0
Comprehensive income (loss) attributable to Studio City International Holdings Limited	$ 47,896	$ (36,149)	$ (76,437)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ' EQUITY - USD ($) $ in Thousands	Total	Class A Ordinary Shares [Member]	Class B Ordinary Shares [Member]	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, 2016	$ 816,480			$ 18	$ 0	$ 1,512,705	$ 488	$ (696,731)	$ 0
BEGINNING BALANCE (in shares) at Dec. 31, 2016				181,279,400	0
Net (loss) income for the year	(76,437)			$ 0	$ 0	0	0	(76,437)	0
Foreign currency translation adjustments	0
ENDING BALANCE at Dec. 31, 2017	740,043			$ 18	$ 0	1,512,705	488	(773,168)	0
ENDING BALANCE (in shares) at Dec. 31, 2017				181,279,400	0
Net (loss) income for the year	(20,745)			$ 0	$ 0	0	0	(21,598)	853
Foreign currency translation adjustments	(18,774)			0	0	0	(14,551)	0	(4,223)
Exchange of Class A ordinary shares to Class B ordinary shares	0			$ (7)	$ 7	0	0	0	0
Exchange of Class A ordinary shares to Class B ordinary shares, shares		72,511,760	72,511,760	(72,511,760)	72,511,760
Shares issued, net of offering expenses	399,209			$ 13	$ 0	399,196	0	0	0
Shares issued, net of offering expenses, shares				133,050,376	0
Participation Interest resulted from Organizational Transactions and the Offering (as described in Note 1)	0			$ 0	$ 0	(256,299)	0	0	256,299
ENDING BALANCE at Dec. 31, 2018	1,096,401			$ 24	$ 7	1,655,602	(14,063)	(798,098)	252,929
ENDING BALANCE (in shares) at Dec. 31, 2018				241,818,016	72,511,760
Cumulative-effect adjustment upon adoption of New Revenue Standard	(3,332)			$ 0	$ 0	0	0	(3,332)	0
Net (loss) income for the year	43,629			0	0	0	0	33,564	10,065
Foreign currency translation adjustments	18,629			0	0	0	14,332	0	4,297
ENDING BALANCE at Dec. 31, 2019	$ 1,158,659			$ 24	$ 7	$ 1,655,602	$ 269	$ (764,534)	$ 267,291
ENDING BALANCE (in shares) at Dec. 31, 2019				241,818,016	72,511,760

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 43,629	$ (20,745)	$ (76,437)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	171,943	167,891	176,326
Amortization of deferred financing costs	7,554	8,189	7,600
Loss on disposal of property and equipment and other long-term assets	545	905	489
Impairment loss recognized on property and equipment	0	0	19,645
Written-off of other assets	7,556	0	0
Provision for doubtful debts	19	109	887
Loss on extinguishment of debt	2,995	2,489	0
Costs associated with debt modification	579	0	0
Changes in operating assets and liabilities:
Accounts receivable	324	241	442
Amounts due from affiliated companies	(23,426)	(9,906)	(38,269)
Inventories and prepaid expenses and other	3,621	(9,390)	(7,223)
Long-term prepayments, deposits and other	6,267	9,869	(854)
Accounts payable and accrued expenses and other	9,521	(4,806)	5,817
Amounts due to affiliated companies	(3,525)	140	(13,054)
Other long-term liabilities	902	(5,468)	(7,056)
Net cash provided by operating activities	228,504	139,518	68,313
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	(78,588)	(153,247)	(43,797)
Placement of bank deposits with original maturities over three months	(60,152)	(24,823)	(9,884)
Funds to an affiliated company	(13,711)	(13,355)	(2,839)
Proceeds from sale of property and equipment and other long-term assets	1,377	9,235	1,067
Withdrawals of bank deposits with original maturities over three months	60,152	34,675	0
Insurance proceeds received for damaged property and equipment and other long-term assets	0	0	108
Net cash used in investing activities	(90,922)	(147,515)	(55,345)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on long-term debt	(558,466)	(400,000)	0
Payments of deferred financing costs	(9,913)	0	(1,285)
(Payments for) net proceeds from issuance of shares	(5,063)	405,152	0
Proceeds from long-term debt	383,466	0	0
Net cash (used in) provided by financing activities	(189,976)	5,152	(1,285)
EFFECT OF FOREIGN EXCHANGE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	2,061	(2,519)	0
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(50,333)	(5,364)	11,683
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	377,565	382,929	371,246
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	327,232	377,565	382,929
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for interest	(112,544)	(155,153)	(152,318)
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	(1,032)	0	0
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	20,728	10,316	18,817
Change in amounts due from/to affiliated companies related to acquisition of property and equipment and other long-term assets	18,521	19,320	4,696
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	0	5,943	0
Amounts due from affiliated companies offsetting with amounts due to affiliated companies	$ 0	$ 0	$ 2,950

COMPANY INFORMATION

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

COMPANY INFORMATION

1.	COMPANY INFORMATION

Studio City International Holdings Limited (“Studio City International”) was redomiciled by way of continuation as an exempted company incorporated with limited liability in the Cayman Islands in connection with the Organizational Transactions as described below. On October 22, 2018, Studio City International completed an initial public offering of 28,750,000 American depositary shares (“ADSs”), representing

115,000,000

Class A ordinary shares with par value of $

0.0001

per share, and listed its ADSs on the New York Stock Exchange under the symbol “MSC” in the United States of America (the “Offering”).

Studio City International conducts its principal activities through its subsidiaries, which are primarily located in the Macau Special Administrative Region of the People’s Republic of China (“Macau”). Studio City International together with its subsidiaries (collectively referred to as the “Company”) currently operates the

non-gaming

operations of Studio City, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau, and provides gaming related services to Melco Resorts (Macau) Limited (“Melco Resorts Macau”), a subsidiary of Melco Resorts & Entertainment Limited (“Melco”), which holds the gaming subconcession in Macau, for the operations of the gaming area at Studio City (“Studio City Casino”). Melco’s ADSs are listed on the NASDAQ Global Select Market in the United States of America.

Immediately prior to the Organizational Transactions as described below, Studio City International was

% held directly by MCO Cotai Investments Limited (“MCO Cotai”), a subsidiary of Melco, and

% held directly by New Cotai, LLC (“New Cotai”), a private company organized in the United States of America. As of December 31, 2019 and 2018, 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

Organizational Transactions

Prior to the completion of the Offering, the Company underwent a series of organizational transactions (the “Organizational Transactions”), all of which were completed in October 2018, pursuant to, among others, an implementation agreement entered into among MCO Cotai, Melco, New Cotai, MSC Cotai Limited (“MSC Cotai”), a subsidiary of Studio City International, and Studio City International. The Organizational Transactions included, among other things, the following: (i) Studio City International contributed substantially all of its assets and liabilities to MSC Cotai in exchange for newly-issued ordinary shares of MSC Cotai; (ii) 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; (iii) the

% equity interest in Studio City International held directly by MCO Cotai prior to the Organizational Transactions was reclassified into 108,767,640 Class A ordinary shares; (iv) the

% equity interest in Studio City International held directly by New Cotai prior to the Organizational Transactions was exchanged for

72,511,760

Class B ordinary shares, which have only voting and no economic rights and, through its Class B ordinary shares, New Cotai has voting rights in Studio City International which controls MSC Cotai; (v) New Cotai has a

non-voting,

non-shareholding

economic participation interest (the “Participation Interest”) in MSC Cotai, the terms of which are set forth in a participation agreement (the “Participation Agreement”) that was entered into by MSC Cotai, New Cotai and Studio City International; and (iv) Studio City International was redomiciled by way of continuation as an exempted company incorporated with limited liability in the Cayman Islands.

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 its profits and surplus assets. Immediately

prior to the Offering, the Participation Interest entitled New Cotai to receive from MSC Cotai an amount equal to 66 2/3% of the amount of any distribution, dividend or other consideration paid by MSC Cotai to Studio City International, subject to adjustments, exceptions and conditions as set out in the Participation Agreement (the “MSC Cotai’s Distribution”). The 66

% represented the equivalent of New Cotai’s 40% interest in Studio City International prior to the Organizational Transactions. The Participation Agreement also provides that New Cotai is entitled to exchange all or a portion of its Participation Interest for a number of Class A ordinary shares subject to adjustments, exceptions and conditions as set out in the Participation Agreement and a proportionate number of Class B ordinary shares will be deemed surrendered and automatically canceled for no consideration as set out in the Participation Agreement when New Cotai exchanges all or a portion of the Participation Interest for Class A ordinary shares.

Immediately following the completion of the Offering, with a concurrent private placement of 800,376 Class A ordinary shares issued to Melco International to effect an assured entitlement distribution,

115,800,376

Class A ordinary shares were issued; and pursuant to the full exercise by the underwriters of the over-allotment option, an additional

4,312,500

ADSs, representing

17,250,000

Class A ordinary shares, were issued in November 2018.

As a result of the Organizational Transactions, the Offering including the concurrent private placement, and the full exercise by the underwriters of the over-allotment option as mentioned above, the Company recognized an adjustment to the Participation Interest in accordance with the Participation Agreement with a corresponding decrease in the Company’s additional

paid-in

capital. As of December 31, 2019 and 2018, the Participation Interest entitled New Cotai to receive from MSC Cotai an amount equal to approximately

30.0

% of the MSC Cotai’s Distribution.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

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 tax

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’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

rates, subject to a base fee and cap. Senior management service fees and staff costs on operational services are allocated to the Company based on percentages of efforts on the

services provided to the Company. Other costs in relation to shared office equipment are allocated based on a percentage of usage.

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 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 16.

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

The accompanying consolidated financial statements include the accounts of Studio City International and its subsidiaries. All intercompany accounts and transactions have been

eliminated

on consolidation.

(b)

Use of Estimates

The preparation of

accompanying

consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Accordingly, actual results could differ from those estimates.

(c)

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The Company estimated the fair values using appropriate valuation methodologies and market information available as of the balance sheet date.

(d)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less.

Cash equivalents are placed with financial institutions with high-credit ratings and quality.

(e)

Restricted Cash

The current portion of restricted cash represents cash deposited into bank accounts which are restricted as to withdrawal and use and the Company expects these funds will be released or utilized in accordance with the terms of the respective agreements within the next twelve months, while the

non-current

portion of restricted cash represents funds that will not be released or utilized within the next twelve months. Restricted cash mainly consists of i) bank accounts that are restricted for withdrawals and for payment of project costs or debt servicing associated with borrowings under the respective senior notes and credit facilities; and ii) collateral bank accounts associated with borrowings under the credit facilities.

(f)

Accounts Receivable and Credit Risk

Accounts receivable, including hotel and other receivables, are typically

non-interest

bearing and are initially recorded at cost. Accounts are written off when management deems it is probable the receivables are uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful debts is maintained to reduce the Company’s receivables to their carrying amounts, which approximate fair values. The allowance is estimated based on specific reviews of customer accounts as well as management’s experience with collection trends in the industry and current economic and business conditions. Management believes that as of December 31, 2019 and 2018, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

(g)

Inventories

Inventories consist of retail merchandise, food and beverage items and certain operating supplies, which are stated at the lower of cost or net realizable value. Cost is calculated using the

first-in,

first-out,

weighted average and specific identification methods.

(h)

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization, and impairment losses, if any. Gains or losses on dispositions of property and equipment are included in the accompanying consolidated statements of operations. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

During the construction and development stage of Studio City, direct and incremental costs related to the design and construction, including costs under the construction contracts, duties and tariffs, equipment installation, shipping costs, payroll and payroll-benefit related costs, applicable portions of interest and amortization of deferred financing costs, are capitalized in property and equipment. The capitalization of such costs begins when the construction and development of a project starts and ceases once the construction is substantially completed or development activity is suspended for more than a brief period.

Depreciation and amortization expense related to capitalized construction costs and other property and equipment is recognized from the time each asset is placed in service. This may occur at different stages as Studio City’s facilities are completed and opened.

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Buildings		4 to 40 years
Furniture, fixtures and equipment		2 to 15 years
Leasehold improvements		4 to 10 years or over the lease term, whichever is shorter
Motor vehicles		5 years

(i)

Other Long-term Assets

Other long-term assets, represent the payments for the future economic benefits of certain plant and equipment for the operations of the Studio City Casino transferred from Melco Resorts Macau to the Company pursuant to the Services and Right to Use Arrangements (the “Studio City Gaming Assets”),

are stated at cost, net of accumulated amortization, and impairment losses, if any. The legal ownerships of the Studio City Gaming Assets are retained by Melco Resorts Macau. An item of the Studio City Gaming Assets is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of an item of the Studio City Gaming Assets. Any gain or loss arising on the disposal or retirement of an item of the Studio City Gaming Assets is determined as the difference between the sale proceeds and the carrying amount of an item of the Studio City Gaming Assets and is recognized in the accompanying consolidated statements of operations.

Amortization is recognized so as to write off the cost of the Studio City Gaming Assets using straight-line method over the respective estimated useful lives of the Studio City Gaming Assets, ranging from

years.

(j)

Capitalized Interest

Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in the cost of the project

. The capitalization of interest ceases when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Company’s outstanding borrowings to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Total interest expenses incurred amounted to $

132,291

, $

160,508

and $

159,918

, of which no interest expenses were capitalized during the years ended December 31, 2019, 2018 and 2017, respectively.

(k)

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. 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 year ended December 31, 2017, impairment loss of $

19,645

was recognized, mainly due to reconfigurations and renovations at Studio City, and included in the

accompanying

consolidated statements of operations.

impairment loss was recognized during the years ended December 31, 2019 and 2018.

(l)

Deferred Financing Costs

Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are capitalized and amortized to interest expenses over the terms of the related debt agreements using the effective interest method. Deferred financing costs incurred in connection with the issuance of revolving credit facilities are included in other assets either current or non-current in the accompanying consolidated balance sheets, based on the maturity of each revolving credit facility. All other deferred financing costs are presented as a reduction of long-term debt in the accompanying consolidated balance sheets.

(m)

Land Use Right

Land use right represents the upfront land premium paid for the use of land held under operating lease, which is recorded at cost less accumulated amortization.

Amortization

is provided over the estimated term of the land use right

years on a straight-line basis.

(n)

Leases

On January 1, 2019, the Company adopted the Accounting Standard

Codification 842,

Leases,

using the modified retrospective method. At the inception of the contract or upon modification, the Company will perform an assessment as to whether the contract is a lease or contains a lease. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. A lessee has control of an identified asset if it has both the right to direct the use of the asset and the right to receive substantially all of the economic benefits from the use of the asset.

Operating lease

right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the

right-of-use

assets also includes any prepaid lease payments and any initial direct costs incurred, and is reduced by any lease incentive received. For leases where the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.

The Company’s lease contracts have lease and

non-lease

components. For contracts in which the Company is a lessee, the Company accounts for the lease components and

non-lease

components as a single lease component for all classes of underlying assets, except for real estate. For contracts in which the Company is a lessor, all

are

accounted for as operating leases, and the lease components and

non-lease

components are accounted for separately.

The major changes from the previous basis, as a result of the adoption of the new leases standard are summarized in Note 2(v).

(o)

Revenue Recognition

On January 1, 2018, the Company adopted the Accounting Standards Codification 606,

Revenue from Contracts with Customers

(“New Revenue Standard”), using the modified retrospective method. The cumulative effect of the adoption of this guidance did not have a material impact on the accumulated losses as of January 1, 2018. In addition, the adoption of this guidance did not have a material impact on net loss, comprehensive loss, basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share amounts for the year ended December 31, 2018 and net assets as of December 31, 2018.

The Company’s revenues from contracts with customers consist of provision of gaming related services, sales of rooms, food and beverage, entertainment, retail and other goods and services.

Revenues from provision of gaming related services represent revenues arising from the provision of facilities for the operations of Studio City Casino and services related thereto pursuant to the Services and Right to Use Arrangements, under which Melco Resorts Macau operates the Studio City Casino. Melco Resorts Macau deducts gaming taxes and the costs incurred in connection with the operations of Studio City Casino pursuant to the Services and Right to Use Arrangements, including the standalone selling prices of complimentary services within Studio City provided to the Studio City gaming patrons, from the Studio City Casino gross gaming revenues. The Company recognizes the residual amount as revenues from provision of gaming related services. The Company has concluded that it is not the controlling entity to the arrangements and recognizes the revenues from provision of gaming related services on a net basis.

Non-gaming

revenues include services provided for cash consideration and services provided on a complimentary basis to the gaming patrons at Studio City. The transaction prices for rooms, food and beverage, entertainment, retail and other goods and services are the net amounts collected from customers for such goods and services that are recorded as revenues when the goods are provided, services are performed or events are held. Service taxes and other applicable taxes collected by the Company are excluded from revenues. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customers. Revenues from contracts with multiple goods or services provided by the Company are allocated to each good or service based on its relative standalone selling price.

Minimum operating and right to use fees representing lease revenues, adjusted for contractual base fees and operating fee escalations, are included in mall revenues and are recognized over the terms of the related agreements on a straight-line basis.

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 type of liabilities related to contracts with customers is advance deposits on rooms and advance ticket sales which represent cash received in advance for goods or services to be provided in the future. These amounts are included in accrued expenses and other current liabilities on the

accompanying

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 $

3,946

as of December 31, 2019 decreased by $

434

from the balance of $

4,380

as of December 31, 2018. Advance customer deposits and ticket sales of $

4,380

as of December 31, 2018 decreased by $

from the balance of $

4,409

as of January 1, 2018.

(p)

Pre-opening Costs

Pre-opening

costs represent personnel, marketing and other costs incurred prior to the opening of new or

start-up

operations and are expensed as incurred. During the years ended December 31, 2019, 2018 and 2017, the Company incurred

pre-opening

costs in connection with the development and other

one-off

activities related to the marketing of new facilities and operations of Studio City.

(q)

Advertising and Promotional Costs

The Company expenses advertising and promotional costs the first time the advertising takes place or as incurred. Advertising and promotional costs included in the accompanying consolidated statements of operations were $22,177, $28,009 and $23,854 for the years ended December 31, 2019, 2018 and 2017, respectively.

(r)

Foreign Currency Transactions and Translations

All transactions in currencies other than functional currencies of Studio City International and its subsidiaries during the year are remeasured at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the accompanying consolidated statements of operations.

The functional currency of Studio City International is the United States dollar (“$” or “US$”) and the functional currency of most of Studio City International’s foreign subsidiaries is the local currency in which the subsidiary operates. All assets and liabilities are translated at the rates of exchange prevailing at the balance sheet date and all income and expense items are translated at the average rates of exchange over the year. All exchange differences arising from the translation of foreign subsidiaries’ financial statements are recorded as a component of other comprehensive income (loss).

(s)

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss) includes net income (loss) and other non-shareholder changes in equity, or other comprehensive income (loss) and is reported in the accompanying consolidated statements of comprehensive income (loss).

As of December 31, 2019 and 2018, the Company’s accumulated other comprehensive income (loss) consisted solely of foreign currency translation adjustments.

(

)

Income Tax

The Company is subject to income taxes in Macau and Hong Kong where it operates.

Deferred income taxes are recognized for all significant temporary differences between the tax basis of assets and liabilities and their reported amounts in the accompanying consolidated financial statements. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The Company’s income tax

returns

are subject to examination by tax authorities in the jurisdictions where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. These accounting standards utilize a

two-step

approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position, based on the technical merits of position, will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than

% likely,

based on cumulative probability.

(

)

Net Income (Loss) Attributable to Studio City International Holdings Limited Per Class A Ordinary Share

Basic net income (loss) attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net income (loss) attributable to Studio City International Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the year.

Diluted net income (loss) attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net income (loss) attributable to Studio City International

Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the year 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

method is applied for the potential dilutive effect of the exchange of Class B ordinary share for the proportionate number of Class A ordinary share. During the years ended December 31, 2019, 2018 and 2017, there were no potentially dilutive securities issued or outstanding.

Basic and diluted net income (loss) attributable to Studio City International

Holdings

Limited per Class A ordinary share does not include Class B ordinary share as such share do not participate in the

income

(

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 income (loss) attributable to Studio City International Holdings Limited per share. For the calculation of net loss attributable to Studio City International Holdings Limited per Class A ordinary share for periods prior to the Offering, including the year ended December 31, 2018 for which a portion of the period preceded the Offering, Studio City International has retrospectively presented net loss attributable to Studio City International Holdings Limited per Class A ordinary share and the share capital as if the Organizational Transactions had occurred at the beginning of the earliest period presented. Such retrospective presentation reflects the

redesignation

of the then

issued

18,127.94

ordinary shares of $

par value each into

181,279,400

Class A ordinary shares of $

0.0001

par value each. For periods prior to the Offering date, the retrospective presentation does not include the exchange of

72,511,760

Class A ordinary shares into

72,511,760

Class B ordinary shares of $

0.0001

par value each and the issuance of

115,000,000

Class A ordinary shares in the Offering.

(v)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement:

In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (as subsequently amended) on leases, which amends various aspects of existing accounting guidance for leases (“New Leases Standard”). The guidance requires all lessees to recognize a lease liability and a

right-of-use

asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The standard also requires more detailed disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases.

On January 1, 2019, the Company adopted the New Leases Standard using the modified retrospective method without restating comparative information. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date; and (3) initial direct costs for any existing leases as of the adoption date. As a

Newly Adopted Accounting Pronouncement

- continued

result of adoption, the Company recognized $14,745 of operating lease

right-of-use

assets and $14,745 of operating lease liabilities as of January 1, 2019. The adoption of this guidance did not have a material impact on net income or cash flows.

Recent Accounting Pronouncement Not Yet Adopted:

In June 2016, the FASB issued an accounting standard

update which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for interim and fiscal years beginning after December 15, 2019, with early adoption permitted. The guidance is applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Company adopted this new guidance on January 1, 2020 and this adoption did not have a material impact on the Company’s

consolidated

financial statements.

Parent Company [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	Basis of Presentation

The

accompanying

condensed financial information has been prepared using the same accounting policies as set out in Studio City International’s consolidated financial statements except that the parent company has used equity method to account for its investments in subsidiaries.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2019

Reconciliation Of Cash Cash Equivalents And Restricted Cash [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Cash, cash equivalents and restricted cash reported within the accompanying consolidated statements of cash flows consisted of the following:


	December 31,
	2019		2018
Cash and cash equivalents	$	299,367	$	345,854
Current portion of restricted cash		27,735		31,582
Non-current portion of restricted cash		130		129

Total cash, cash equivalents and restricted cash	$	327,232	$	377,565

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

4.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	December 31,
	2019			2018
Hotel	$	1,104		$	1,420
Other		1,258			1,252

Sub-total		2,362			2,672
Less: allowances for doubtful debts		(965	)		(960	)

	$	1,397		$	1,712

During the years ended December 31, 2019, 2018 and 2017, the Company has made additional provision for doubtful debts of nil, $

376

and $

, respectively, and

nil

and $

were written off during the years ended December 31, 2019, 2018 and 2017, respectively.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

5.	PROPERTY AND EQUIPMENT, NET


	December 31,
	2019			2018
Cost
Buildings	$	2,320,265		$	2,309,897
Furniture, fixtures and equipment		199,098			206,629
Leasehold improvements		109,834			80,670
Motor vehicles		2,602			2,588
Construction in progress		80,732			39,554

Sub-total		2,712,531			2,639,338
Less: accumulated depreciation and amortization		(605,074	)		(463,480	)

Property and equipment, net	$	2,107,457		$	2,175,858

As of December 31, 2019 and 2018, construction in progress in relation to Studio City included interest capitalized in accordance with applicable accounting standards and other direct incidental costs capitalized which, in the aggregate, amounted to $11,676 and $5,110, respectively.

LAND USE RIGHT, NET

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

LAND USE RIGHT, NET

6 .	LAND USE RIGHT, NET


	December 31,
	2019			2018
Cost	$	178,258		$	177,290
Less: accumulated amortization		(59,370	)		(55,746	)

Land use right, net	$	118,888		$	121,544

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

7.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2019		2018
Operating expense and other accruals and liabilities	$	52,326	$	45,293
Property and equipment payables		25,386		13,152
Advance customer deposits and ticket sales		3,946		4,380
Operating lease liabilities		895		—

	$	82,553	$	62,825

LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

8.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the

following:


	December 31,
	2019		2018
Senior Notes (a)
2016 7.250% SC Secured Notes, due 2021 (net of unamortized deferred financing costs of $7,211 and $10,580 , respectively )	$	842,789	$	839,420
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $7,829)		592,171		—
2012 8.500% Studio City Notes, due 2020 (net of unamortized deferred financing costs of $2,644)		—		422,356
2016 5.875% SC Secured Notes, due 2019 (net of unamortized deferred financing costs of $2,260)		—		347,740

Credit Facilities (b)
2016 Studio City Credit Facilities (1)		128		128

		1,435,088		1,609,644
Current portion of long-term debt (net of unamortized deferred financing costs of $2,260)		—		(347,740	)

	$	1,435,088	$	1,261,904

Note

(1)

Unamortized deferred financing costs of $885 and $1,299 as of December 31, 2019 and 2018, respectively, related to the 2016 SC Revolving Credit Facility of 2016 Studio City Credit Facilities are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

(a)

Senior Notes

2016 Studio City Secured Notes

On November 30, 2016, Studio City Company Limited (“Studio City Company”), a subsidiary of Studio City International, issued $350,000 in aggregate principal amount of 5.875% senior secured notes due November 30, 2019 and priced at 100% (the “2016 5.875% SC Secured Notes”) and $850,000 in aggregate principal amount of 7.250% senior secured notes due November 30, 2021 and priced at 100% (the “2016 7.250% SC Secured Notes” and together with the 2016 5.875% SC Secured Notes, the “2016 Studio City Secured Notes”). The net proceeds from the offering of the 2016 Studio City Secured Notes were used to partially repay the Studio City Borrower’s prior senior secured credit facilities (as described below).

The interest on the 2016 5.875% SC Secured Notes was accrued at a rate of 5.875% per annum, payable semi-annually in arrears. On November 30, 2019, Studio City Company repaid the 2016 5.875% SC Secured Notes in full at maturity with cash on hand.

The interest on the 2016 7.250% SC Secured Notes is accrued at a rate of 7.250% per annum, payable semi-

annually

in arrears on May 30 and November 30 of each year.

The 2016 7.250% SC Secured Notes are senior secured obligations of Studio City Company, rank equally in right of payment to all existing and future senior indebtedness of Studio City Company (although any

liabilities in respect of obligations under the 2016 Studio City Credit Facilities (as described below) that are secured by common collateral securing the 2016 7.250% SC Secured Notes will have priority over the 2016 7.250% SC Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral) and rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Company and effectively subordinated to Studio City Company’s existing and future secured indebtedness that is secured by assets that do not secure the 2016 7.250% SC Secured Notes, to the extent of the assets securing such indebtedness.

All of the existing subsidiaries of Studio City Investments Limited (“Studio City Investments”), the shareholder of the Studio City Company, (other than Studio City Company) and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the 2016 Studio City Credit Facilities) (the “2016 7.250% SC Secured Notes Guarantors”) jointly, severally and unconditionally guarantee the 2016 7.250% SC Secured Notes on a senior basis (the “2016 7.250% SC Secured Notes Guarantees”). The 2016 7.250% SC Secured Notes Guarantees are senior obligations of the 2016 7.250% SC Secured Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2016 7.250% SC Secured Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2016 7.250% SC Secured Notes Guarantors. The 2016 7.250% SC Secured Notes Guarantees are pari passu to the 2016 7.250% SC Secured Notes Guarantors’ obligations under

the 2016

Studio

ity

Credit Fa

cilities

, and effectively subordinated to any future secured indebtedness that is secured by assets that do not secure the 2016 7.250% SC Secured Notes and the 2016 7.250% SC Secured Notes Guarantees, to the extent of the value of the assets.

The 2016 7.250% SC Secured Notes are secured, on an equal basis with the 2016 Studio City Credit Facilities, by substantially all of the material assets of Studio City Investments and its subsidiaries (although obligations under the 2016 Studio City Credit Facilities that are secured by common collateral securing the 2016 7.250% SC Secured Notes will have priority over the 2016 7.250% SC Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral). The common collateral (shared with the 2016 Studio City Credit Facilities) includes a first-priority mortgage over any rights under the land concession contract of Studio City and an assignment of certain leases or rights to use agreements; as well as other customary security. The 2016 7.250% SC Secured Notes are secured by the common collateral and, in addition, certain bank accounts (together with the common collateral, the “Collateral”). Certain specified bank accounts of Melco Resorts Macau are pledged under 2016 Studio City Credit Facilities and related finance documents. In addition, the 2016 7.250% SC Secured Notes are also separately secured by certain specified bank accounts.

At any time prior to November 30, 2018, Studio City Company had the options i) to redeem all or a portion of the 2016 7.250% SC Secured Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2016 7.250% SC Secured Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Company has the option to redeem all or a portion of the 2016 7.250% SC Secured 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 2016 7.250% SC Secured Notes, Studio City Company also has the option to redeem in whole, but not in part the 2016 7.250% SC Secured Notes at fixed redemption prices.

The indenture governing the 2016 7.250% SC Secured Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Company, Studio City Investments and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens; (vii) impair the security interests in the Collateral; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with shareholders or affiliates; and (xi) effect a consolidation or merger. The indenture governing the 2016 7.250% SC Secured Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2016 7.250% SC Secured Notes that limit or prohibit certain payments of dividends and other distributions by Studio City Company, Studio City Investments and their respective restricted subsidiaries to companies or persons who are not Studio City Company, Studio City Investments and their respective restricted subsidiaries, subject to certain exceptions and conditions. As of December 31, 2019, the net assets of Studio City Investments and its restricted subsidiaries of approximately $1,082,000 were restricted from being distributed under the terms of the 2016 7.250% SC Secured Notes.

2019 Studio City Notes

On February 11, 2019, Studio City Finance Limited (“Studio City Finance”), a subsidiary of Studio City International, issued $600,000 in aggregate principal amount of 7.250% senior notes due February 11, 2024 and priced at 100% (the “2019 Studio City Notes”). The interest on the 2019 Studio City Notes is accrued at a rate of 7.250% per annum, payable semi-annually in arrears on February 11 and August 11 of each year, commenced on August 11, 2019. The 2019 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 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 2019 Studio City Notes were used to partially fund the Conditional Tender Offer, redeem in full the remaining outstanding balance of 2012 Studio City Notes with accrued interest (as described below) in March 2019 and with the remaining amount used 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 “2019 Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2019 Studio City Notes on a senior basis (the “2019 Studio City Notes Guarantees”). The 2019 Studio City Notes Guarantees are general obligations of the 2019 Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2019 Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2019 Studio City Notes Guarantors. The 2019 Studio City Notes Guarantees are effectively subordinated to the 2019 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 February 11, 2021, Studio City Finance has the options i) to redeem all or a portion of the 2019 Studio City Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2019 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 2019 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 2019 Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2019 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 2019 Studio City Notes, each holder of the 2019 Studio City Notes will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2019 Studio City Notes at a fixed redemption price.

The indenture governing the 2019 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 2019 Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2019 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 December 31, 2019, the net assets of Studio City Finance and its restricted subsidiaries of approximately $1,180,000 were restricted from being distributed under the terms of the 2019 Studio City Notes.

2012 Studio City Notes

On November 26, 2012, Studio City Finance issued $825,000 in aggregate principal amount of 8.5% senior notes due December 1, 2020 and priced at 100% (the “2012 Studio City Notes”). The interest on the 2012 Studio City Notes was accrued at a rate of 8.5% per annum, payable semi-annually in arrears. The net proceeds from the offering of the 2012 Studio City Notes were used to fund the Studio City project with conditions and sequence for disbursements in accordance with an agreement.

On December 31, 2018, Studio City Finance partially redeemed the 2012 Studio City Notes in aggregate principal amount of $400,000 at a price of 100%, together with accrued interest. The Company recorded a loss on extinguishment of debt of $2,489 during the year ended December 31, 2018 in connection with this redemption.

On January 22, 2019, Studio City Finance initiated a conditional tender offer (the “Conditional Tender Offer”), subject to sufficient funding, to purchase the outstanding balance of 2012 Studio City Notes in

aggregate principal amount of $425,000, with accrued interest. The Conditional Tender Offer expired on February 4, 2019 with $216,534 aggregate principal amount of the 2012 Studio City Notes tendered. Studio City Finance used a portion of the net proceeds from the offering of the 2019 Studio City Notes (as described above) to fund the Conditional Tender Offer, and to redeem in full the remaining outstanding balance of 2012 Studio City Notes in aggregate principal amount of $208,466, with accrued interest on March 13, 2019. In connection with the redemption of the 2012 Studio City Notes, the Company recorded a loss on extinguishment of debt of $2,995 and a cost associated with debt

modification

of $579, during the year ended December 31, 2019.

(b)

Credit Facilities

2016 Studio City Credit Facilities

On November 30, 2016, Studio City Company (the “Studio City Borrower”) amended and restated the Studio City Borrower’s prior senior secured credit facilities agreement from 10,855,880,000

Hong Kong dollars (

“

HK$

”

)

(equivalent to $1,395,357) to

HK$234,000,000 (equivalent to $30,077) senior secured credit facilities agreement (the “2016 Studio City Credit Facilities”), comprising a HK$1,000,000 (equivalent to $129) term loan facility (the “2016 SC Term Loan Facility”) and a HK$233,000,000 (equivalent to $29,948) revolving credit facility (the “2016 SC Revolving Credit Facility”). As of December 31, 2019, the outstanding principal amount of

he 2016 SC

Term Loan Facility

and the 2016 SC Revolving Credit Facility

were HK$

1,000,000 (equivalent to $128) and nil, respectively, and the available borrowing capacity under the 2016 SC Revolving Credit Facility was

HK$233,000,000 (equivalent to $29,914).

The 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility mature on November 30, 2021. The 2016 SC Term Loan Facility has to be repaid at maturity 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 maturity date. The 2016 SC Term Loan Facility is collateralized by cash

HK$1,012,500 (equivalent to $130). The Studio City Borrower is subject to mandatory prepayment requirements in respect of various amounts of the 2016 SC Revolving Credit Facility as specified in the 2016 Studio City Credit Facilities; in the event of the disposal of all or substantially all of the business and assets of the Studio City borrowing group which includes the Studio City Borrower and certain of its subsidiaries as defined under the 2016 Studio City Credit Facilities (the “2016 Studio City Borrowing Group”), the 2016 Studio City Credit Facilities are required to be repaid in full.

In the event of a change of control, the Studio City Borrower may be required, at the election of any lender under the 2016 Studio City Credit Facilities, to repay such lender in full (other than the principal amount of the 2016 SC Term Loan Facility).

The indebtedness under the 2016 Studio City Credit Facilities is guaranteed by Studio City Investments and its subsidiaries (other than the Studio City Borrower). Security for the 2016 Studio City Credit Facilities includes a first-priority mortgage over any rights under the land concession contract of Studio City and an assignment of certain leases or rights to use agreements; as well as other customary security. The 2016 Studio City Credit Facilities contain certain affirmative and negative covenants customary for such financings, as well as affirmative, negative and financial covenants equivalent to those contained in the 2016 7.250% SC Secured Notes. Certain specified bank accounts of Melco Resorts Macau are pledged

under 2016 Studio City Credit Facilities and related finance documents. The 2016 Studio City Credit Facilities are secured, on an equal basis with the 2016 7.250% SC Secured Notes, by substantially all of the material assets of Studio City Investments and its subsidiaries (although obligations under the 2016 Studio City Credit Facilities that are secured by common collateral securing the 2016 7.250% SC Secured Notes will have priority over the 2016 7.250% SC Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral).

The 2016 Studio City Credit Facilities contain certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Company, Studio City Investments and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens; (vii) impair the security interests in the Collateral; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with shareholders or affiliates; and (xi) effect a consolidation or merger. The 2016 Studio City Credit Facilities also contains conditions and events of default customary for such financings.

There are provisions that limit certain payments of dividends and other distributions by the 2016 Studio City Borrowing Group to companies or persons who are not members of the 2016 Studio City Borrowing Group. As of December 31, 2019, the net assets of Studio City Investments and its restricted subsidiaries of

approximately $1,082,000

were restricted from being distributed under the terms of the 2016 Studio City Credit Facilities.

Borrowings under the 2016 Studio City Credit Facilities bear interest at HIBOR plus a margin of 4% per

annum

. The Studio City Borrower may select an interest period for borrowings under the 2016 Studio City Credit Facilities ranging from one to six months or any other agreed period. The Studio City Borrower is obligated to pay a commitment fee on the undrawn amount of the 2016 SC Revolving Credit Facility and recognized loan commitment fees of $416, $419

and $419

during the years ended December 31, 2019, 2018 and 2017, respectively.

(c)

Borrowing Rates and Scheduled Maturities of Long-term Debt

During the years ended December 31, 2019, 2018 and 2017, the Company’s average borrowing rates were approximately 7.05%, 7.50% and 7.52% per annum, respectively.

Scheduled maturities of the long-term debt (excluding unamortized

deferred

financing costs) as of December 31, 2019 are as follows:


Year ending December 31,
2020	$	—
2021		850,128
2022		—
2023		—
2024		600,000

	$	1,450,128

LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

Lessee Arrangements

The Company is the lessee under operating leases for equipment and real estate, including the land in Macau on which Studio City is located. Certain leases include options to extend the lease term and options to terminate the lease term. The land concession contract of Studio City has a term of 25 years, which is renewable for further consecutive periods of 10 years, subject to applicable legislation in Macau. The estimated term related to the land concession contract of Studio City is 40 years.

The components of lease cost are as follows:


	Year Ended December 31, 2019
Operating lease cost:
Amortization of land use right	$	3,300
Operating lease cost		1,409
Short-term lease cost		1,049

Total lease cost	$	5,758

Other information related to lease term and discount rate is as follows:


	December 31, 2019
Weighted average remaining lease term Operating leases		35.9 y ears
Weighted average discount rate Operating leases		7.01%

Maturities of operating lease liabilities as of December 31, 2019 are as follows:


Year ending December 31,
2020	$	921
2021		1,012
2022		1,130
2023		1,130
2024		1,130
Over 2024		34,792

Total future minimum lease payments		40,115
Less: amount representing interest		(25,500	)

Present value of future minimum lease payments		14,615
Current portion		(895	)

Non-current portion	$	13,720

Lessor Arrangements

The Company is the lessor under

non-cancellable

operating leases mainly for mall spaces in Studio City with various retailers that expire at various dates through August 2028. Certain of the operating leases include minimum base fees with contingent fee clauses based on a percentage of turnover.

During the years ended December 31, 2019, 2018 and 2017, the Company earned minimum operating lease income of $

150

, $

7,428

and $

13,151

and contingent operating lease income of $

8,077

, $

9,301

and $

10,216

, respectively.

Future minimum fees, excluding the contingent fees to be received under

non-cancellable

operating leases as of December 31, 2019 were as follows:


Year ending December 31,
2020	$	15,955
2021		6,825
2022		2,896
2023		2,170
2024		1,509
Over 2024		3,539

	$	32,894

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

10 .	FAIR VALUE MEASUREMENTS

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value

measurement in its entirety falls is based upon the lowest level of input that is

significant

to the fair value measurement as follows:

•

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•

Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

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 December 31, 2019 and 2018, which included the 201

Studio City

Secured

Notes, the 2019 Studio City Notes, the 201

Studio City Notes and the 2016 Studio City Credit Facilities, were approximately $1,505,673 and $1,648,050, respectively, as compared to its carrying value, excluding unamortized deferred financing costs, of $1,450,128 and $1,625,128, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 201

Studio City

Secured

Notes, the 2019 Studio City Notes and the 201

Studio City Notes. Fair value for the 2016 Studio City Credit Facilities approximated the carrying value as the instrument carried variable interest rates approximated the market rates and was classified as level 2 in the fair value hierarchy.

As of December 31, 2019 and 2018, the Company did not have any

non-financial

assets or liabilities that were recognized or disclosed at fair value in the

accompanying

consolidated financial statements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CAPITAL STRUCTURE

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

CAPITAL STRUCTURE

Immediately prior to the Organizational Transactions, Studio City International’s authorized share capital

was

200,000

shares of $

par value per share and 18,127.94 ordinary shares were issued and fully paid.

In October 2018, in connection with the Organizational Transactions, Studio City International amended and restated the memorandum and articles of association to, among other things, 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. Studio City International’s authorized share capital of $200 was divided into 2,000,000,000 shares comprising of 1,927,488,240 Class A ordinary shares and 72,511,760 Class B ordinary shares of a par value of $0.0001 each. The 60% equity interest in Studio City International held directly by MCO Cotai prior to the Organizational Transactions was reclassified into 108,767,640 Class A ordinary shares while the 40% equity interest in Studio City International held directly by New Cotai prior to the Organizational Transactions was exchanged for 72,511,760 Class B ordinary shares.

Each Class A ordinary share and each Class B ordinary share entitles its holder to one vote on all matters to be voted on by shareholders generally and holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters presented to the shareholders for their vote or approval,

except as otherwise required by applicable law or the memorandum of association and articles of association. The Class A ordinary shares and the Class B ordinary shares have the same rights, except that holders of the Class B ordinary shares only have voting and no economic rights to receive dividends or distribution upon the liquidation or winding up of Studio City International. In addition, pursuant to the terms of the Participation Agreement, New Cotai has a

non-voting,

non-shareholding

economic Participation Interest in MSC Cotai, which entitles New Cotai to receive from MSC Cotai an amount equal to a certain percentage of the MSC Cotai’s Distribution, subject to adjustments, exceptions and conditions as set out in the Participation Agreement. The Participation Agreement also provides that New Cotai is entitled to exchange all or a portion of its Participation Interest for a number of Class A ordinary shares subject to adjustments, exceptions and conditions as set out in the Participation Agreement and a proportionate number of Class B ordinary shares will be deemed surrendered and automatically canceled for no consideration as set out in the Participation Agreement when New Cotai exchanges all or a portion of the Participation Interest for Class A ordinary shares.

On October 22, 2018, Studio City International completed the Offering of 28,750,000 ADSs, representing 115,000,000 Class A ordinary shares, and together with the concurrent private placement of 800,376 Class A ordinary shares to Melco International to effect an assured entitlement distribution, a total of 115,800,376 Class A ordinary shares were issued with gross proceeds amounting to $361,876 and offering expenses of $16,573.

On November 19, 2018, pursuant to the full exercise by the underwriters of the over-allotment option, Studio City International issued an additional 4,312,500 ADSs, representing 17,250,000 Class A ordinary shares with gross proceeds amounting to $53,906.

As of December 31, 2019 and 2018, Studio City International had 241,818,016 Class A ordinary shares and 72,511,760 Class B ordinary

issued and outstanding.

For the preparation of the accompanying consolidated financial statements, Studio City International has retrospectively presented the share capital as if the Organizational Transactions had occur

ed at the beginning of the earliest period presented. Such retrospective presentation reflects the redesignation of the then issued 18,127.94 ordinary shares of $1 par value each into 181,279,400 Class A ordinary shares of $0.0001 par value each. Further information is included in Note 2(

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

12.	INCOME TAXES

Income (loss) before income tax consisted of:


	Year Ended December 31,
	2019			2018			2017
Macau operations	$	181,579		$	137,918		$	83,201
Hong Kong and other jurisdictions operations		(137,548	)		(158,119	)		(159,877	)

Income (loss) before income tax	$	44,031		$	(20,201	)	$	(76,676)

The income tax expense (credit) consisted of:


	Year Ended December 31,
	2019		2018		2017
Under provision of income taxes in prior years:
Macau Complementary Tax	$	—	$	86	$	—

Income tax expense (credit) - deferred:
Macau Complementary Tax		402		458		(239	)

Total income tax expense (credit)	$	402	$	544	$	(239	)

A reconciliation of the income tax expense (credit) from income (loss) before income tax

per

the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
	2019			2018			2017
Income (loss) before income tax	$	44,031		$	(20,201	)	$	(76,676	)
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax expense (credit) at Macau Complementary Tax rate		5,284			(2,424	)		(9,201	)
Under provision in prior years		—			86			—
Effect of income for which no income tax expense is payable		—			(177	)		—
Effect of expenses for which no income tax benefit is receivable		17,438			20,001			20,190
Effect of profits exempted from Macau Complementary Tax		(42,203	)		(35,698	)		(29,833	)
Changes in valuation allowances		5,017			(1,456	)		17,993
Expired tax loss es		14,866			20,212			612

Income tax expense (credit)	$	402		$	544		$	(239	)

Studio City International and certain of its subsidiaries are exempt from tax in the Cayman Islands or BVI, where they are incorporated. The remaining subsidiaries of Studio City International incorporated in Macau and Hong Kong are subject to Macau Complementary Tax and Hong Kong Profits Tax, respectively, during the years ended December 31, 2019, 2018 and 2017.

Macau Complementary Tax and Hong Kong Profits Tax are provided at 12% and 16.5% on the estimated taxable income earned in or derived from Macau and Hong Kong, respectively, during the years ended December 31, 2019, 2018 and 2017, if applicable.

Pursuant to the approval notice issued by the Macau government in January 2017, one of the Studio City International’s subsidiaries in Macau was granted an extension of the Macau Complementary Tax exemption on profits generated from income received from Melco Resorts Macau under the Services and Right to Use Arrangements for an additional five years from 2017 to 2021, to the extent that such income is derived from Studio City gaming operations and has been subject to gaming tax. The

non-gaming

profits and dividend distributions of such subsidiary to its shareholders continue to be subject to Macau Complementary Tax.

During the years ended December 31, 2019 and 2018, had the Company not received the income tax exemption on profits generated from income received from Melco Resorts Macau under the Services and Right to Use Arrangements, the Company’s consolidated net income attributable to Studio City International Holdings Limited for the year ended December 31, 2019

would have been decreased by $32,467 and diluted net income attributable to Studio City International Holdings Limited per Class A ordinary share would have been decreased by $0.134 per share, and the Company’s consolidated net loss attributable to Studio City International Holdings Limited for the years ended December 31, 2018 and 2017

would have been increased

by $33,835 and $29,833,

and diluted net

loss attributable to Studio City International Holdings Limited per Class A ordinary share would have been increased

by $0.177 and $0.165 per share, respectively.

The effective tax rates for the years ended December 31, 2019, 2018 and 2017 were 0.9%, (2.7)% and 0.3%, respectively. Such rates differ from the statutory Macau Complem

ntary Tax rate of 12% primarily due to the effect of profits exempted from Macau Complementary Tax, the effect of

expired

tax

loss

, the effect of changes in valuat

on allowances and the effect of

expenses for which no income tax

benefit is

receivable for the years ended December 31, 2019, 2018 and 2017.

The net deferred tax liabilities as of December 31, 2019 and 2018 consisted of the following:


	December 31,
	2019			2018
Deferred tax assets
Net operating losses carried forward	$	45,658		$	44,237
Depreciation and amortization		18,166			14,101
Lease liabilities		1,754			—

Sub-total		65,578			58,338

Valuation allowances		(63,869	)		(58,338	)

Total deferred tax assets		1,709			—

Deferred tax liabilities
Right- of- use assets		(1,709	)		—
Unrealized capital allowances		(1,453	)		(1,044	)

Total deferred tax liabilities		(3,162	)		(1,044	)

Deferred tax liabilities, net	$	(1,453	)	$	(1,044	)

As of December 31, 2019 and 2018, valuation allowances of $63,869 and $58,338 were provided, respectively, as management believes it is more likely than not that these deferred tax assets will not be realized. As of December 31, 2019, adjusted operating tax losses carry forward, amounting to $111,823, $135,237 and $133,424 will expire in 2020, 2021 and 2022, respectively. Adjusted operating tax losses carried forward of $123,886 expired during the year ended December 31, 2019.

Deferred tax, where applicable, is provided under the asset and liability method at the

enacted

statutory income tax rate of the respective tax jurisdictions, applicable to the respective financial years, on the difference between the consolidated financial statements carrying amounts and income tax base of assets and liabilities.

Undistributed earnings of a foreign subsidiary of Studio City International available for distribution to Studio City International of approximately $982,864 and $631,174 as at December 31, 2019 and 2018,

respectively, are considered to be indefinitely reinvested. Accordingly, no provision has been made for the dividend withholding taxes that would be payable upon the distribution of those amounts to Studio City International. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, Studio City International would have to record a deferred income tax liability in respect of those undistributed earnings of approximately $117,944 and $75,741 as at December 31, 2019 and 2018, respectively.

The Company concluded that there were no significant uncertain tax positions requiring recognition in the accompanying consolidated financial statements for the years ended December 31, 2019, 2018 and 2017 and there are no material unrecognized tax benefits which would favorably affect the effective income tax rates in future periods. As of December 31, 2019 and 2018, there were no interest and penalties related to uncertain tax positions recognized in the accompanying consolidated financial statements. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits within the next twelve months.

Income tax returns of Studio City

International’s

subsidiaries remain open and subject to examination by the tax authorities of Macau and Hong Kong until the statute of limitations expire in each corresponding jurisdiction. The statute of limitations in Macau and Hong Kong are five years and six years, respectively.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

13 .	EMPLOYEE BENEFIT PLANS

The Company provides defined contribution plans for its employees in Macau. Certain executive officers of the Company are members of defined contribution plan in Hong Kong operated by Melco. During the years ended December 31, 2019, 2018 and 2017, the Company’s contributions into these plans were $

(20),

$(324) and $85, respectively.

DISTRIBUTION OF PROFITS

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

DISTRIBUTION OF PROFITS

14 .	DISTRIBUTION OF PROFITS

All subsidiaries of Studio City International incorporated in Macau are required to set aside a minimum of 25% of the entity’s profit after tax to the legal reserve until the balance of the legal reserve reaches a level equivalent to 50% of the entity’s share capital in accordance with the provisions of the Macau Commercial Code. The legal reserve sets aside an amount from the subsidiaries’ statements of operations and is not available for distribution to the shareholders of the subsidiaries. The appropriation of

the

legal reserve is recorded in the subsidiaries’ financial statements in the year in which it is approved by the board of directors of the relevant subsidiaries. As of December 31, 2019 and 2018, the balance of the reserve amounted to $6 and $6, respectively.

The Company’s borrowings, subject to certain exceptions and conditions, contain certain restrictions on paying dividends and other distributions, as defined in the respective indentures governing the relevant senior notes and the credit facility agreement, details of which are disclosed in Note

under each of the respective borrowings.

During the years ended December 31, 2019, 2018 and 2017, 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

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

(a)

Capital Commitments

As of December 31, 2019, the Company had capital commitments contracted for but not incurred for the construction and acquisition of property and equipment for Studio City totaling $481,446.

(b)

Guarantee

Except as disclosed in Note

, the Company has made the following significant guarantee as of December 31, 2019:

Trade Credit Facility

In October 2013, one of the Studio City International’s subsidiaries entered into a trade credit facility agreement for HK$200,000,000 (equivalent to $25,677) (“Trade Credit Facility”) with a bank to meet certain payment obligations of the Studio City project. The Trade Credit Facility which matured on August 31, 2019 was further extended to August 31, 2021, and is guaranteed by Studio City Company. As of December 31, 2019, approximately $642 of the Trade Credit Facility had been utilized.

(c)

Litigation

As of December 31, 2019, 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 outcome of such proceedings have no material impacts on the Company’s consolidated financial statements as a whole.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

During the years ended December 31, 2019, 2018 and 2017, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2019		2018		2017

Transactions with affiliated companies

Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	393,512	$	339,924	$	295,638
	Rooms and food and beverage (1)		92,584		89,862		82,862
	Services fee (2)		39,470		39,126		39,971
	Entertainment (1)		7,685		1,191		1,328

	Costs and expenses (services provided to the Company):
	Staff costs recharges (3)		89,273		92,214		98,622
	Corporate services (4)		34,519		33,256		33,453
	Other services		16,117		12,498		11,043
	Staff and related costs capitalized in construction in progress		7,864		3,617		1,504
	Purchases of goods and services		523		310		312

	Sale and purchase of assets:
	Transfer-in of other long-term assets		17,516		15,246		2,584
	Purchases of property and equipment		8		41		282
	Sale of property and equipment and other long-term assets		1,323		9,112		1,667

A joint venture and a subsidiary of MECOM Power and Construction Limited (“MECOM”) (5)	Costs and expenses (services provided to the Company): Consultancy fee		3,096		2,878		568
	Purchase of assets:
	Construction and renovation work performed and recognized as property and equipment		4,328		3,741		5,101

Notes

(1)

These revenues primarily represented the retail values (before the adoption of the New Revenue Standard) or standalone selling prices (upon the adoption of the New Revenue Standard) 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 years ended December 31, 2019, 2018 and 2017, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $100,269, $91,053 and $84,190, respectively, of which $87,005, $81,267 and $74,326 related to Studio City Casino’s gaming patrons and $13,264, $9,786 and $9,864 related to non-Studio City Casino’s gaming patrons, respectively.

(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.

(5)

A company in which Mr. Lawrence Yau Lung Ho, Studio City International’s director, had beneficial interest of approximately 20% until December 10, 2019, the date on which Mr. Lawrence Yau Lung Ho disposed his entire beneficial interest in MECOM. The amount in 2019 represents the transaction

with a joint venture and a subsidiary of MECOM during the period from January 1, 2019 to December 10, 2019.

(a)

Amounts Due from Affiliated Companies

The outstanding balances mainly arising from operating income or prepayment of operating expenses as of December 31, 2019 and 2018, are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
Melco’s subsidiaries	$	61,990	$	42,338
Others		—		1

	$	61,990	$	42,339

(b)

Amounts Due to Affiliated Companies

The outstanding balances mainly arising from construction and renovation work performed and operating expenses as of December 31, 2019 and 2018, are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
Melco and its subsidiaries	$	14,248	$	18,543
A joint venture and a subsidiary of MECOM		—		3,410

	$	14,248	$	21,953

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

17.	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 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 December 31, 2019 and 2018, the Company operated in one geographical area, Macau, where it derives its revenue and its long-lived assets are located.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

18.	SUBSEQUENT EVENTS

(a)

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, subject to early termination with 30 days’ prior notice by either the Company or Melco Resorts Macau.

(b)

In connection with the outbreak of the coronavirus (Covid-19) in the first quarter of 2020, severe travel restrictions, temporary business closures and other prohibitions have been imposed by the People’s Republic of China (“PRC”), Macau and other countries throughout the world, which has significantly disrupted the Company’s operations. On February 5, 2020, the Studio City casino operations were suspended for a 15-day period. On February 20, 2020, casino operations resumed in Macau with limited visitation from Hong Kong, Taiwan and certain regions of the PRC among other countries. In March 2020, the Macau government, the Hong Kong government and several provinces in the PRC, including Guangdong, imposed further entry bans, restrictions and quarantine requirements on nearly all visitors traveling to and from Macau, which is expected to significantly impact the Studio City casino and resort operations.

The Covid-19 outbreak and the related events have also caused severe disruptions to the Company’s resort tenants and other business partners, which may increase the risk of these entities defaulting on their contractual obligations with the Company.

The disruptions to the Company’s business had material adverse effects on its financial condition and operations during the first quarter of 2020. As the disruptions are ongoing, the Company expects such adverse effects will continue, and may worsen beyond the first quarter of 2020. The Company is unable to reasonably estimate the financial impact to the Company’s future results of operations, cash flows and financial condition due to uncertainties surrounding the business closures, travel restrictions and other events related to the Covid-19 outbreak.

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2019

Parent Company [Member]

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED BALANCE SHEETS

(In thousands of U.S. dollars, except share and per share data)


	December 31,
	2019			2018
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	908		$	5,970
Amount due from a subsidiary		5			1

Total current assets		913			5,971


INVESTMENTS IN SUBSIDIARIES		891,367			843,472



TOTAL ASSETS	$	892,280		$	849,443


LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES
Accrued expenses and other current liabilities	$	880		$	5,925
Amounts due to subsidiaries		32			46

Total current liabilities		912			5,971


TOTAL LIABILITIES		912			5,971


SHAREHOLDERS’ EQUITY

Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 241,818,016 shares issued and outstanding		24			24
Class B ordinary shares, par value $0.0001; 72,511,760 shares authorized; 72,511,760 shares issued and outstanding		7			7
Additional paid-in capital		1,655,602			1,655,602
Accumulated other comprehensive income ( loss )		269			(14,063	)
Accumulated losses		(764,534	)		(798,098	)

Total shareholders’ equity		891,368			843,472

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	892,280		$	849,443

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars)


	Year Ended December 31,
	2019		2018			2017
REVENUE	$	—	$	—		$	—

OPERATING COSTS AND EXPENSES
General and administrative		—		(133	)		(412	)

Total operating costs and expenses		—		(133	)		(412	)

OPERATING LOSS		—		(133	)		(412	)

NON-OPERATING INCOME (EXPENSES)
Interest income		—		102			129
Foreign exchange gains, net		1		616			—
Share of results of subsidiaries		33,563		(22,183	)		(76,154	)

Total non-operating income (expenses), net		33,564		(21,465	)		(76,025	)

INCOME (LOSS) BEFORE INCOME TAX		33,564		(21,598	)		(76,437	)
INCOME TAX EXPENSE		—		—			—

NET INCOME (LOSS)	$	33,564	$	(21,598	)	$	(76,437	)

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands of U.S. dollars)


	Year Ended December 31,
	2019		2018			2017
Net income (loss)	$	33,564	$	(21,598	)	$	(76,437	)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax		14,332		(14,551	)		—

Other comprehensive income (loss)		14,332		(14,551	)		—

Total comprehensive income (loss)	$	47,896	$	(36,149	)	$	(76,437	)

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)


	Year Ended December 31,
	2019			2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	1		$	(2,346	)	$	(321	)

CASH FLOWS FROM INVESTING ACTIVITIES
Advances to subsidiaries		—			(423,553	)		(6	)
Withdrawal of bank deposit with original maturity over three months		—			5,000			—
Placement of bank deposit with original maturity over three months		—			—			(5,000	)

Net cash used in investing activities		—			(418,553	)		(5,006	)

CASH FLOW FROM A FINANCING ACTIVITY
(Payments for) net proceeds from issuance of shares		(5,063	)		405,152			—

Cash (used in) provided by a financing activity		(5,063	)		405,152			—

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(5,062	)		(15,747	)		(5,327	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR		5,970			21,717			27,044

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	$	908		$	5,970		$	21,717

SUPPLEMENTAL CASH FLOW DISCLOSURE
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$	—		$	5,943		$	—

SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

12 Months Ended

Dec. 31, 2019

Parent Company [Member]

SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENT SCHEDULE 1

(In thousands of U.S. dollars)

Schedule 1 has been provided pursuant to the requirements of Rule

12-04(a)

and

4-08(e)(3)

of Regulation

S-X,

which require condensed financial information as to financial position, cash flows and results and operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of end of the most recently completed fiscal year. As of December 31, 2019, approximately $1,180,000 of the restricted net assets were not available for distribution, and as such, the condensed financial information of Studio City International has been presented for the years ended December 31, 2019, 2018 and 2017. Studio City International did not receive any cash dividend from its subsidiary during the years ended December 31, 2019, 2018 and 2017.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Basis of Presentation

(a)

Basis of Presentation and Principles of Consolidation

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.

pre-negotiated

rates, subject to a base fee and cap. Senior management service fees and staff costs on operational services are allocated to the Company based on percentages of efforts on the

services provided to the Company. Other costs in relation to shared office equipment are allocated based on a percentage of usage.

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

The accompanying consolidated financial statements include the accounts of Studio City International and its subsidiaries. All intercompany accounts and transactions have been

eliminated

on consolidation.

Use of Estimates

(b)

Use of Estimates

The preparation of

accompanying

Fair Value of Financial Instruments

(c)

Fair Value of Financial Instruments

Cash and Cash Equivalents

(d)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less.

Cash equivalents are placed with financial institutions with high-credit ratings and quality.

Restricted Cash

(e)

Restricted Cash

non-current

Accounts Receivable and Credit Risk

(f)

Accounts Receivable and Credit Risk

Accounts receivable, including hotel and other receivables, are typically

non-interest

Inventories

(g)

Inventories

Inventories consist of retail merchandise, food and beverage items and certain operating supplies, which are stated at the lower of cost or net realizable value. Cost is calculated using the

first-in,

first-out,

weighted average and specific identification methods.

Property and Equipment

(h)

Property and Equipment

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Buildings		4 to 40 years
Furniture, fixtures and equipment		2 to 15 years
Leasehold improvements		4 to 10 years or over the lease term, whichever is shorter
Motor vehicles		5 years

Other Long-term Assets

(i)

Other Long-term Assets

years.

Capitalized Interest

(j)

Capitalized Interest

Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in the cost of the project

132,291

, $

160,508

and $

159,918

, of which no interest expenses were capitalized during the years ended December 31, 2019, 2018 and 2017, respectively.

Impairment of Long-lived Assets

(k)

Impairment of Long-lived Assets

During the year ended December 31, 2017, impairment loss of $

19,645

was recognized, mainly due to reconfigurations and renovations at Studio City, and included in the

accompanying

consolidated statements of operations.

impairment loss was recognized during the years ended December 31, 2019 and 2018.

Deferred Financing Costs

(l)

Deferred Financing Costs

Land Use Right

(m)

Land Use Right

Land use right represents the upfront land premium paid for the use of land held under operating lease, which is recorded at cost less accumulated amortization.

Amortization

is provided over the estimated term of the land use right

years on a straight-line basis.

Leases

(n)

Leases

On January 1, 2019, the Company adopted the Accounting Standard

Codification 842,

Leases,

Operating lease

right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the

right-of-use

The Company’s lease contracts have lease and

non-lease

components. For contracts in which the Company is a lessee, the Company accounts for the lease components and

non-lease

components as a single lease component for all classes of underlying assets, except for real estate. For contracts in which the Company is a lessor, all

are

accounted for as operating leases, and the lease components and

non-lease

components are accounted for separately.

The major changes from the previous basis, as a result of the adoption of the new leases standard are summarized in Note 2(v).

Revenue Recognition

(o)

Revenue Recognition

On January 1, 2018, the Company adopted the Accounting Standards Codification 606,

Revenue from Contracts with Customers

The Company’s revenues from contracts with customers consist of provision of gaming related services, sales of rooms, food and beverage, entertainment, retail and other goods and services.

Non-gaming

Contract and Contract-Related Liabilities

accompanying

3,946

as of December 31, 2019 decreased by $

434

from the balance of $

4,380

as of December 31, 2018. Advance customer deposits and ticket sales of $

4,380

as of December 31, 2018 decreased by $

from the balance of $

4,409

as of January 1, 2018.

Pre-opening Costs

(p)

Pre-opening Costs

Pre-opening

costs represent personnel, marketing and other costs incurred prior to the opening of new or

start-up

operations and are expensed as incurred. During the years ended December 31, 2019, 2018 and 2017, the Company incurred

pre-opening

costs in connection with the development and other

one-off

activities related to the marketing of new facilities and operations of Studio City.

Advertising and Promotional Costs

(q)

Advertising and Promotional Costs

Foreign Currency Transactions and Translations

(r)

Foreign Currency Transactions and Translations

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

(s)

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

As of December 31, 2019 and 2018, the Company’s accumulated other comprehensive income (loss) consisted solely of foreign currency translation adjustments.

Income Tax

(

)

Income Tax

The Company is subject to income taxes in Macau and Hong Kong where it operates.

The Company’s income tax

returns

two-step

% likely,

based on cumulative probability.

Net Loss Attributable to Studio City International Holdings Limited Per Class A Ordinary Share

(

)

Net Income (Loss) Attributable to Studio City International Holdings Limited Per Class A Ordinary Share

if-converted

Basic and diluted net income (loss) attributable to Studio City International

Holdings

Limited per Class A ordinary share does not include Class B ordinary share as such share do not participate in the

income

(

loss

)

redesignation

of the then

issued

18,127.94

ordinary shares of $

par value each into

181,279,400

Class A ordinary shares of $

0.0001

par value each. For periods prior to the Offering date, the retrospective presentation does not include the exchange of

72,511,760

Class A ordinary shares into

72,511,760

Class B ordinary shares of $

0.0001

par value each and the issuance of

115,000,000

Class A ordinary shares in the Offering.

Recent Changes in Accounting Standards

(v)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement:

right-of-use

result of adoption, the Company recognized $14,745 of operating lease

right-of-use

assets and $14,745 of operating lease liabilities as of January 1, 2019. The adoption of this guidance did not have a material impact on net income or cash flows.

Recent Accounting Pronouncement Not Yet Adopted:

In June 2016, the FASB issued an accounting standard

consolidated

financial statements.

Parent Company [Member]

Basis of Presentation

2.	Basis of Presentation

The

accompanying

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Buildings		4 to 40 years
Furniture, fixtures and equipment		2 to 15 years
Leasehold improvements		4 to 10 years or over the lease term, whichever is shorter
Motor vehicles		5 years

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation Of Cash Cash Equivalents And Restricted Cash [Abstract]

Summary of Cash, cash equivalents and restricted cash reported in consolidated statements of cash flows

Cash, cash equivalents and restricted cash reported within the accompanying consolidated statements of cash flows consisted of the following:


	December 31,
	2019		2018
Cash and cash equivalents	$	299,367	$	345,854
Current portion of restricted cash		27,735		31,582
Non-current portion of restricted cash		130		129

Total cash, cash equivalents and restricted cash	$	327,232	$	377,565

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	December 31,
	2019			2018
Hotel	$	1,104		$	1,420
Other		1,258			1,252

Sub-total		2,362			2,672
Less: allowances for doubtful debts		(965	)		(960	)

	$	1,397		$	1,712

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	December 31,
	2019			2018
Cost
Buildings	$	2,320,265		$	2,309,897
Furniture, fixtures and equipment		199,098			206,629
Leasehold improvements		109,834			80,670
Motor vehicles		2,602			2,588
Construction in progress		80,732			39,554

Sub-total		2,712,531			2,639,338
Less: accumulated depreciation and amortization		(605,074	)		(463,480	)

Property and equipment, net	$	2,107,457		$	2,175,858

LAND USE RIGHT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Schedule of Land Use Right, Net


	December 31,
	2019			2018
Cost	$	178,258		$	177,290
Less: accumulated amortization		(59,370	)		(55,746	)

Land use right, net	$	118,888		$	121,544

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2019		2018
Operating expense and other accruals and liabilities	$	52,326	$	45,293
Property and equipment payables		25,386		13,152
Advance customer deposits and ticket sales		3,946		4,380
Operating lease liabilities		895		—

	$	82,553	$	62,825

LONG-TERM DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Long-term Debt, Net

Long-term debt, net consisted of the

following:


	December 31,
	2019		2018
Senior Notes (a)
2016 7.250% SC Secured Notes, due 2021 (net of unamortized deferred financing costs of $7,211 and $10,580 , respectively )	$	842,789	$	839,420
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $7,829)		592,171		—
2012 8.500% Studio City Notes, due 2020 (net of unamortized deferred financing costs of $2,644)		—		422,356
2016 5.875% SC Secured Notes, due 2019 (net of unamortized deferred financing costs of $2,260)		—		347,740

Credit Facilities (b)
2016 Studio City Credit Facilities (1)		128		128

		1,435,088		1,609,644
Current portion of long-term debt (net of unamortized deferred financing costs of $2,260)		—		(347,740	)

	$	1,435,088	$	1,261,904

Note

(1)

Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs)


Year ending December 31,
2020	$	—
2021		850,128
2022		—
2023		—
2024		600,000

	$	1,450,128

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Summary of components of lease cost

The components of lease cost are as follows:


	Year Ended December 31, 2019
Operating lease cost:
Amortization of land use right	$	3,300
Operating lease cost		1,409
Short-term lease cost		1,049

Total lease cost	$	5,758

Disclosure of other information related to lease term and discount rate

Other information related to lease term and discount rate is as follows:


	December 31, 2019
Weighted average remaining lease term Operating leases		35.9 y ears
Weighted average discount rate Operating leases		7.01%

Summary of maturities of operating lease liabilities

Maturities of operating lease liabilities as of December 31, 2019 are as follows:


Year ending December 31,
2020	$	921
2021		1,012
2022		1,130
2023		1,130
2024		1,130
Over 2024		34,792

Total future minimum lease payments		40,115
Less: amount representing interest		(25,500	)

Present value of future minimum lease payments		14,615
Current portion		(895	)

Non-current portion	$	13,720

Summary of future minimum fees, excluding the contingent fees to be received under non-cancellable operating leases

Future minimum fees, excluding the contingent fees to be received under

non-cancellable

operating leases as of December 31, 2019 were as follows:


Year ending December 31,
2020	$	15,955
2021		6,825
2022		2,896
2023		2,170
2024		1,509
Over 2024		3,539

	$	32,894

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax

Income (loss) before income tax consisted of:


	Year Ended December 31,
	2019			2018			2017
Macau operations	$	181,579		$	137,918		$	83,201
Hong Kong and other jurisdictions operations		(137,548	)		(158,119	)		(159,877	)

Income (loss) before income tax	$	44,031		$	(20,201	)	$	(76,676)

Summary of Income Tax (Credit) Expense

The income tax expense (credit) consisted of:


	Year Ended December 31,
	2019		2018		2017
Under provision of income taxes in prior years:
Macau Complementary Tax	$	—	$	86	$	—

Income tax expense (credit) - deferred:
Macau Complementary Tax		402		458		(239	)

Total income tax expense (credit)	$	402	$	544	$	(239	)

Schedule of Reconciliation of Income Tax Expense (Credit) from Loss Before Income Tax

A reconciliation of the income tax expense (credit) from income (loss) before income tax

per

the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
	2019			2018			2017
Income (loss) before income tax	$	44,031		$	(20,201	)	$	(76,676	)
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax expense (credit) at Macau Complementary Tax rate		5,284			(2,424	)		(9,201	)
Under provision in prior years		—			86			—
Effect of income for which no income tax expense is payable		—			(177	)		—
Effect of expenses for which no income tax benefit is receivable		17,438			20,001			20,190
Effect of profits exempted from Macau Complementary Tax		(42,203	)		(35,698	)		(29,833	)
Changes in valuation allowances		5,017			(1,456	)		17,993
Expired tax loss es		14,866			20,212			612

Income tax expense (credit)	$	402		$	544		$	(239	)

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of December 31, 2019 and 2018 consisted of the following:


	December 31,
	2019			2018
Deferred tax assets
Net operating losses carried forward	$	45,658		$	44,237
Depreciation and amortization		18,166			14,101
Lease liabilities		1,754			—

Sub-total		65,578			58,338

Valuation allowances		(63,869	)		(58,338	)

Total deferred tax assets		1,709			—

Deferred tax liabilities
Right- of- use assets		(1,709	)		—
Unrealized capital allowances		(1,453	)		(1,044	)

Total deferred tax liabilities		(3,162	)		(1,044	)

Deferred tax liabilities, net	$	(1,453	)	$	(1,044	)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Significant Related Party Transactions

During the years ended December 31, 2019, 2018 and 2017, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2019		2018		2017

Transactions with affiliated companies

Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	393,512	$	339,924	$	295,638
	Rooms and food and beverage (1)		92,584		89,862		82,862
	Services fee (2)		39,470		39,126		39,971
	Entertainment (1)		7,685		1,191		1,328

	Costs and expenses (services provided to the Company):
	Staff costs recharges (3)		89,273		92,214		98,622
	Corporate services (4)		34,519		33,256		33,453
	Other services		16,117		12,498		11,043
	Staff and related costs capitalized in construction in progress		7,864		3,617		1,504
	Purchases of goods and services		523		310		312

	Sale and purchase of assets:
	Transfer-in of other long-term assets		17,516		15,246		2,584
	Purchases of property and equipment		8		41		282
	Sale of property and equipment and other long-term assets		1,323		9,112		1,667

A joint venture and a subsidiary of MECOM Power and Construction Limited (“MECOM”) (5)	Costs and expenses (services provided to the Company): Consultancy fee		3,096		2,878		568
	Purchase of assets:
	Construction and renovation work performed and recognized as property and equipment		4,328		3,741		5,101

Notes

(1)

(2)

(3)

(4)

(5)

with a joint venture and a subsidiary of MECOM during the period from January 1, 2019 to December 10, 2019.

Schedule of Outstanding Balances Arising from Operating Income or Prepayment of Operating Expenses


	December 31,
	2019		2018
Melco’s subsidiaries	$	61,990	$	42,338
Others		—		1

	$	61,990	$	42,339

Schedule of Current Portion of Amounts Due to Affiliated Companies Arising from Construction and Renovation Works Performed

The outstanding balances mainly arising from construction and renovation work performed and operating expenses as of December 31, 2019 and 2018, are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2019		2018
Melco and its subsidiaries	$	14,248	$	18,543
A joint venture and a subsidiary of MECOM		—		3,410

	$	14,248	$	21,953

COMPANY INFORMATION - Additional Information (Detail) - $ / shares			1 Months Ended
	Nov. 19, 2018	Oct. 22, 2018	Nov. 30, 2018	Oct. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
MCO Cotai Investments Limited [Member]
Organizational Transactions and Participation Agreements [Line Items]
Percentage of ownership				60.00%
New Cotai, LLC [Member]
Organizational Transactions and Participation Agreements [Line Items]
Percentage of ownership				40.00%
Common stock dividend before adjustments, percentage		66.67%
Common stock dividend percentage					30.00%	30.00%
American Depository Shares [Member]
Organizational Transactions and Participation Agreements [Line Items]
Ordinary shares	4,312,500		4,312,500
Class A Ordinary Shares [Member]
Organizational Transactions and Participation Agreements [Line Items]
Ordinary shares	17,250,000	115,800,376	17,250,000
Ordinary shares, par value				$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class A Ordinary Shares [Member] \| MCO Cotai Investments Limited [Member]
Organizational Transactions and Participation Agreements [Line Items]
Percentage of ownership				60.00%
Reclassification of ordinary shares				108,767,640
Class B Ordinary Shares [Member]
Organizational Transactions and Participation Agreements [Line Items]
Ordinary shares, par value				$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class B Ordinary Shares [Member] \| New Cotai, LLC [Member]
Organizational Transactions and Participation Agreements [Line Items]
Percentage of ownership				40.00%
Reclassification of ordinary shares				72,511,760
IPO [Member] \| American Depository Shares [Member]
Organizational Transactions and Participation Agreements [Line Items]
Ordinary shares		28,750,000
IPO [Member] \| Class A Ordinary Shares [Member]
Organizational Transactions and Participation Agreements [Line Items]
Ordinary shares		115,000,000
Ordinary shares, par value		$ 0.0001
Private Placement [Member] \| Class A Ordinary Shares [Member] \| Melco International [Member]
Organizational Transactions and Participation Agreements [Line Items]
Ordinary shares		800,376

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2019
Buildings [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	4 years
Buildings [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	40 years
Furniture, fixtures and equipment [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	2 years
Furniture, fixtures and equipment [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	15 years
Leasehold improvements [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	4 to 10 years or over the lease term, whichever is shorter
Motor vehicles [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Nov. 19, 2018	Oct. 22, 2018	Nov. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019	Oct. 31, 2018	Jan. 31, 2018
Schedule Of Significant Accounting Policies [Line Items]
Interest expenses incurred				$ 132,291	$ 160,508	$ 159,918
Interest expenses capitalized				0	0	0
Impairment losses recognized on property and equipment				$ 0	0	19,645
Land use rights, estimated useful life				40 years
Maximum deposits recognizing period				1 year
Advertising and promotional costs				$ 22,177	28,009	$ 23,854
Percentage of tax benefit greater than likelihood				50.00%
Operating lease right-of-use assets				$ 14,238	0
Operating lease liabilities				14,615
Advance Customer Deposits and Ticket Sales [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advance customer deposits and ticket sales				3,946	4,380				$ 4,409
Decrease in advance customer deposits and ticket sales				$ (434)	$ (29)
Accounting Standards Update 2016-02 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Operating lease right-of-use assets							$ 14,745
Operating lease liabilities							$ 14,745
Ordinary Shares [Member]
Schedule Of Significant Accounting Policies [Line Items]
Ordinary shares, issued						18,127.94
Ordinary shares, par value						$ 1
Class A Ordinary Shares [Member]
Schedule Of Significant Accounting Policies [Line Items]
Ordinary shares, issued				241,818,016	241,818,016	181,279,400
Ordinary shares, par value				$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Exchange of Class A ordinary shares to Class B ordinary shares					72,511,760
Ordinary shares	17,250,000	115,800,376	17,250,000
Class A Ordinary Shares [Member] \| IPO [Member]
Schedule Of Significant Accounting Policies [Line Items]
Ordinary shares, par value		$ 0.0001
Ordinary shares		115,000,000
Class B Ordinary Shares [Member]
Schedule Of Significant Accounting Policies [Line Items]
Ordinary shares, issued				72,511,760	72,511,760
Ordinary shares, par value				$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Exchange of Class A ordinary shares to Class B ordinary shares					72,511,760
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Amortization writeoff of Gaming Assets				2 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Amortization writeoff of Gaming Assets				10 years

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation Of Cash Cash Equivalents And Restricted Cash [Abstract]
Cash and cash equivalents	$ 299,367	$ 345,854
Current portion of restricted cash	27,735	31,582
Non-current portion of restricted cash	130	129
Total cash, cash equivalents and restricted cash	$ 327,232	$ 377,565	$ 382,929	$ 371,246

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 2,362	$ 2,672
Less: allowance for doubtful debts	(965)	(960)
Accounts receivable, net	1,397	1,712
Hotel [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	1,104	1,420
Other [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 1,258	$ 1,252

ACCOUNTS RECEIVABLE, NET - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Additional provision for doubtful debts	$ 0	$ 376	$ 33
Write-offs of provision for doubtful debts	$ 0	$ 0	$ 33

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment, Net
Cost	$ 2,712,531	$ 2,639,338
Less: accumulated depreciation and amortization	(605,074)	(463,480)
Property and equipment, net	2,107,457	2,175,858
Buildings [Member]
Property and Equipment, Net
Cost	2,320,265	2,309,897
Furniture, fixtures and equipment [Member]
Property and Equipment, Net
Cost	199,098	206,629
Leasehold improvements [Member]
Property and Equipment, Net
Cost	109,834	80,670
Motor vehicles [Member]
Property and Equipment, Net
Cost	2,602	2,588
Construction in progress [Member]
Property and Equipment, Net
Cost	$ 80,732	$ 39,554

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Costs capitalized to construction in progress	$ 11,676	$ 5,110

LAND USE RIGHT, NET - Schedule of Land Use Right, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Land Use Right [Abstract]
Cost	$ 178,258	$ 177,290
Less: accumulated amortization	(59,370)	(55,746)
Land use right, net	$ 118,888	$ 121,544

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating expense and other accruals and liabilities	$ 52,326	$ 45,293
Property and equipment payables	25,386	13,152
Operating lease liabilities	895	0
Total Accrued Expenses and Other Current Liabilities	82,553	62,825
Advance Customer Deposits And Ticket Sales [Member]
Advance customer deposits and ticket sales	$ 3,946	$ 4,380

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt [Line Items]
Long-term debt, net	$ 1,435,088	$ 1,609,644
Current portion of long-term debt, net	0	(347,740)
Non current portion of long-term debt, net	1,435,088	1,261,904
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Long-term debt, net	842,789	839,420
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Long-term debt, net	592,171	0
2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Long-term debt, net	0	422,356
2016 5.875% SC Secured Notes, due 2019 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Long-term debt, net	0	347,740
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member]
Long-term Debt [Line Items]
Long-term debt, net	$ 128	$ 128

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt [Line Items]
Current portion of unamortized deferred financing costs		$ 2,260
2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs		2,644
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	$ 7,829
2016 5.875% SC Secured Notes, due 2019 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs		2,260
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	7,211	10,580
Revolving Credit Facility [Member] \| 2016 Studio City Credit Facilities [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs included in long-term prepayments, deposits and other assets	$ 885	$ 1,299

LONG-TERM DEBT, NET (2012 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands					12 Months Ended
	Mar. 13, 2019	Feb. 11, 2019	Feb. 04, 2019	Nov. 26, 2012	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2019	Jan. 22, 2019	Nov. 30, 2016
Long-term Debt [Line Items]
Total long-term debt					$ 1,450,128	$ 1,625,128
Interest rate per annum								5.875%		7.25%
Repayments of long-term debt					558,466	400,000	$ 0
Loss on extinguishment of debt					2,995	2,489	0
Costs associated with debt modification					$ 579	0	$ 0
Conditional Tender Offer [Member]
Long-term Debt [Line Items]
Repayments of long-term debt			$ 216,534
2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt				$ 825,000
Purchase price as percentage of principal				100.00%
Maturity date					Dec. 01, 2020
Interest rate per annum				8.50%
Repayments of long-term debt	$ 208,466					$ 400,000
Redemption price as percentage of principal						100.00%
Loss on extinguishment of debt					$ 2,995	$ 2,489
2012 8.500% Studio City Notes, due 2020 [Member] \| Senior Notes [Member] \| Conditional Tender Offer [Member]
Long-term Debt [Line Items]
Total long-term debt			$ 216,534						$ 425,000
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt		$ 600,000
Purchase price as percentage of principal		100.00%
Maturity date					Feb. 11, 2024
Interest rate per annum		7.25%
Costs associated with debt modification					$ 579

LONG-TERM DEBT, NET (2019 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 11, 2019	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2018	Nov. 30, 2016
Long-term Debt [Line Items]
Total long-term debt		$ 1,450,128		$ 1,625,128
Interest rate per annum			5.875%		7.25%
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 600,000
Purchase price as percentage of principal	100.00%
Maturity date		Feb. 11, 2024
Interest rate per annum	7.25%
Net assets restricted from distribution		$ 1,180,000
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member] \| Prior to February 11, 2021 [Member]
Long-term Debt [Line Items]
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%

LONG-TERM DEBT, NET (2016 Studio City Secured Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Nov. 30, 2019	Nov. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-term Debt [Line Items]
Total long-term debt			$ 1,450,128	$ 1,625,128
Interest rate per annum	5.875%	7.25%
Repayments of long-term debt			$ 558,466	$ 400,000	$ 0
2016 5.875% SC Secured Notes, due 2019 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt		$ 350,000
Interest rate per annum	5.875%
Maturity date			Nov. 30, 2019
Purchase price as percentage of principal		100.00%
Repayments of long-term debt	$ 350,000
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt		$ 850,000
Interest rate per annum	7.25%
Maturity date			Nov. 30, 2021
Purchase price as percentage of principal		100.00%
Net assets restricted from distribution			$ 1,082,000
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member] \| Prior to November 30, 2018 [Member]
Long-term Debt [Line Items]
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%

LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail)		12 Months Ended
	Nov. 30, 2016 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 HKD ($)	Nov. 30, 2016 HKD ($)	Jan. 28, 2013 USD ($)	Jan. 28, 2013 HKD ($)
Long-term Debt [Line Items]
Total outstanding borrowings		$ 1,450,128,000	$ 1,625,128,000
Studio City Project Facility [Member] \| Total Credit Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity							$ 1,395,357,000	$ 10,855,880,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 30,077,000					$ 234,000,000
Maturity date		Nov. 30, 2021
Net assets restricted from distribution		$ 1,082,000,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member]
Long-term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	4.00%
2016 Studio City Credit Facilities [Member] \| Term Loan Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 129,000					1,000,000
Total outstanding borrowings		128,000			$ 1,000,000
Term loan facility, cash collateral	130,000					1,012,500
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 29,948,000					$ 233,000,000
Total outstanding borrowings					0
Amount available for future drawdown		29,914,000			$ 233,000,000
Loan commitment fees recognized		$ 416,000	$ 419,000	$ 419,000

LONG-TERM DEBT, NET - Interest on Long-term Debt - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Average borrowing rate per annum	7.05%	7.50%	7.52%

LONG-TERM DEBT, NET - Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs) (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Year ending December 31, 2020	$ 0
Year ending December 31, 2021	850,128
Year ending December 31, 2022	0
Year ending December 31, 2023	0
Year ending December 31, 2024	600,000
Total long-term debt	$ 1,450,128	$ 1,625,128

LEASES -Summary of components of lease cost (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Operating lease cost:
Amortization of land use right	$ 3,300
Operating lease cost	1,409
Short-term lease cost	1,049
Total lease cost	$ 5,758

LEASES - Disclosure of other information related to lease term and discount rate (Detail)	Dec. 31, 2019
Lessee Operating Lease Other Information Related To Lease Term And Discount Rate [Abstract]
Weighted average remaining lease term Operating leases	35 years 10 months 24 days
Weighted average discount rate Operating leases	7.01%

LEASES - Summary of maturities of operating lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Year ending December 31, 2020	$ 921
Year ending December 31, 2021	1,012
Year ending December 31, 2022	1,130
Year ending December 31, 2023	1,130
Year ending December 31, 2024	1,130
Over year ending December 31, 2024	34,792
Total future minimum lease payments	40,115
Less: amount representing interest	(25,500)
Present value of future minimum lease payments	14,615
Present value of future minimum lease payments current portion	(895)	$ 0
Present value of future minimum lease payments non-current portion	$ 13,720	$ 0

LEASES - Summary of future minimum fees, excluding the contingent fees to be received under non-cancellable operating leases (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Lessor, Lease, Description [Line Items]
Year ending December 31, 2020	$ 15,955
Year ending December 31, 2021	6,825
Year ending December 31, 2022	2,896
Year ending December 31, 2023	2,170
Year ending December 31, 2024	1,509
Over year ending December 31, 2024	3,539
Total minimum future fees to be received	$ 32,894

LEASES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessor, Lease, Description [Line Items]
Minimum operating lease income	$ 150	$ 7,428	$ 13,151
Contingent operating lease income	$ 8,077	$ 9,301	$ 10,216
Operating leases - as lessor, last expiry date	2028-08
Land Concession Contracts [Member]
Lessor, Lease, Description [Line Items]
Estimated Lease Term	40 years
Renewable contract term	10 years
Initial contract term (in years)	25 years

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 1,505,673	$ 1,648,050
The carrying value of long-term debt, excluding unamortized deferred financing costs	$ 1,450,128	$ 1,625,128

CAPITAL STRUCTURE - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended
	Nov. 19, 2018	Oct. 22, 2018	Nov. 30, 2018	Oct. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capital Structure [Line Items]
Ordinary shares, authorized				2,000,000,000
Ordinary shares, authorized value				$ 200
Ordinary Shares [Member]
Capital Structure [Line Items]
Ordinary shares, authorized							200,000
Ordinary shares, par value							$ 1
Ordinary shares, issued							18,127.94
American Depository Shares [Member]
Capital Structure [Line Items]
Ordinary shares	4,312,500		4,312,500
American Depository Shares [Member] \| IPO [Member]
Capital Structure [Line Items]
Ordinary shares		28,750,000
Class A Ordinary Shares [Member]
Capital Structure [Line Items]
Ordinary shares, authorized				1,927,488,240	1,927,488,240	1,927,488,240
Ordinary shares, par value				$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, issued					241,818,016	241,818,016	181,279,400
Ordinary shares	17,250,000	115,800,376	17,250,000
Gross proceeds from shares	$ 53,906	$ 361,876
Offering expenses		$ 16,573
Ordinary shares, outstanding					241,818,016	241,818,016
Class A Ordinary Shares [Member] \| IPO [Member]
Capital Structure [Line Items]
Ordinary shares, par value		$ 0.0001
Ordinary shares		115,000,000
Class A Ordinary Shares [Member] \| MCO Cotai Investments Limited [Member]
Capital Structure [Line Items]
Percentage of ownership				60.00%
Reclassification of ordinary shares				108,767,640
Class A Ordinary Shares [Member] \| Melco International [Member] \| Private Placement [Member]
Capital Structure [Line Items]
Ordinary shares		800,376
Class B Ordinary Shares [Member]
Capital Structure [Line Items]
Ordinary shares, authorized				72,511,760	72,511,760	72,511,760
Ordinary shares, par value				$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, issued					72,511,760	72,511,760
Ordinary shares, outstanding					72,511,760	72,511,760
Class B Ordinary Shares [Member] \| New Cotai, LLC [Member]
Capital Structure [Line Items]
Percentage of ownership				40.00%
Reclassification of ordinary shares				72,511,760

INCOME TAXES - Schedule of Loss before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Income Taxes [Line Items]
Income (loss) before income tax	$ 44,031	$ (20,201)	$ (76,676)
Macau Complementary Tax [Member]
Schedule Of Income Taxes [Line Items]
Income (loss) before income tax	181,579	137,918	83,201
Income Tax in Hong Kong and Other Jurisdictions [Member]
Schedule Of Income Taxes [Line Items]
Income (loss) before income tax	$ (137,548)	$ (158,119)	$ (159,877)

INCOME TAXES - Summary of Income Tax Expense (Credit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Under provision of income tax in prior years:
Under provision of income tax in prior years	$ 0	$ 86	$ 0
Income tax (credit) expense - deferred:
Income tax expense (credit) - deferred	402	458	(239)
Income tax expense (credit)	$ 402	$ 544	$ (239)

INCOME TAXES - Schedule of Reconciliation of Income Tax Expense (Credit) from Loss Before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income (loss) before income tax	$ 44,031	$ (20,201)	$ (76,676)
Macau Complementary Tax rate	12.00%	12.00%	12.00%
Income tax expense (credit) at Macau Complementary Tax rate	$ 5,284	$ (2,424)	$ (9,201)
Under provision in prior years	0	86	0
Effect of income for which no income tax expense is payable	0	(177)	0
Effect of expenses for which no income tax benefit is receivable	17,438	20,001	20,190
Effect of profits exempted from Macau Complementary Tax	(42,203)	(35,698)	(29,833)
Change in valuation allowances	5,017	(1,456)	17,993
Expired tax losses	14,866	20,212	612
Income tax expense (credit)	$ 402	$ 544	$ (239)

INCOME TAXES - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	12.00%	12.00%	12.00%
Expected increase in net loss attributable to the parent if taxes on profits generated from income received from under the Services and Right to Use Arrangements have been paid	$ 32,467,000	$ 33,835,000	$ 29,833,000
Effective tax rate	0.90%	(2.70%)	0.30%
Valuation allowances	$ 63,869,000	$ 58,338,000
Adjusted operating tax losses carried forwards, expired	123,886,000
Aggregate undistributed earnings of foreign subsidiaries	982,864,000	631,174,000
Provision related to tax withholding for dividends	0	0
Deferred income tax liability, undistributed earnings	117,944,000	75,741,000
Interest and penalties related to uncertain tax positions recognized	$ 0	$ 0
Diluted Earnings Per Class A Share [Member]
Schedule Of Income Taxes [Line Items]
Expected increase in loss per share if taxes on profits generated from income received from under the Services and Right to Use Arrangements have been paid	$ 0.134	$ 0.177	$ 0.165
Operating Tax Loss Carry Forwards Expiring 2022 [Member]
Schedule Of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	$ 133,424,000
Operating Tax Loss Carry Forwards Expiring 2020 [Member]
Schedule Of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	111,823,000
Operating Tax Loss Carry Forwards Expiring 2021 [Member]
Schedule Of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	$ 135,237,000
Macau Complementary Tax [Member]
Schedule Of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	12.00%	12.00%	12.00%
Hong Kong Profits Tax [Member]
Schedule Of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	16.50%	16.50%	16.50%
Statute of limitation for tax return	6 years
Macau Tax [Member]
Schedule Of Income Taxes [Line Items]
Statute of limitation for tax return	5 years

INCOME TAXES - Schedule of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Net operating losses carried forward	$ 45,658	$ 44,237
Depreciation and amortization	18,166	14,101
Lease liabilities	1,754	0
Sub-total	65,578	58,338
Valuation allowances	(63,869)	(58,338)
Total deferred tax assets	1,709	0
Deferred tax liabilities
Right-of-use assets	(1,709)	0
Unrealized capital allowances	(1,453)	(1,044)
Total deferred tax liabilities	(3,162)	(1,044)
Deferred tax liabilities, net	$ (1,453)	$ (1,044)

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Amount of employer contributions into the defined contribution retirement benefits schemes	$ (20)	$ (324)	$ 85

DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Distribution Of Profits [Abstract]
Percentage of share capital as the limit of allocation of profit after tax to legal reserve	50.00%
Allocation of profit after tax to legal reserve, minimum percentage	25.00%
Aggregate balance of legal reserves	$ 6,000	$ 6,000
Dividends declared	0	0	$ 0
Dividends paid	0	$ 0	$ 0
Dividends proposed	$ 0

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2013 USD ($)	Oct. 31, 2013 HKD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies [Line Items]
Capital commitments			$ 481,446
Trade Credit Facility [Member]
Commitments and Contingencies [Line Items]
Amount entered with a bank to meet certain payment obligations	$ 25,677	$ 200,000,000
Credit facility utilized			$ 642
Credit facility, maturity date			Aug. 31, 2019
Trade Credit Facility [Member] \| Extended Maturity [Member]
Commitments and Contingencies [Line Items]
Credit facility, maturity date			Aug. 31, 2021

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Provision of Gaming Related Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 21,445	$ 17,634	$ 20,386
Entertainment [Member]
Revenues (services provided by the Group):
Revenues	7,685	1,191	1,328
Costs and expenses (services provided to the Group):
Costs and expenses	4,521	4,815	6,884
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member]
Sale and purchase of assets:
Transfer-in of other long-term assets	17,516	15,246	2,584
Purchase of property and equipment	8	41	282
Sale of property and equipment and other long-term assets	1,323	9,112	1,667
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Provision of Gaming Related Services [Member]
Revenues (services provided by the Group):
Revenues	393,512	339,924	295,638
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Rooms Food and Beverage [Member]
Revenues (services provided by the Group):
Revenues	92,584	89,862	82,862
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Services Fee [Member]
Revenues (services provided by the Group):
Revenues	39,470	39,126	39,971
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Entertainment [Member]
Revenues (services provided by the Group):
Revenues	7,685	1,191	1,328
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	89,273	92,214	98,622
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Corporate Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	34,519	33,256	33,453
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Other Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	16,117	12,498	11,043
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Staff and Related Costs Capitalized in Construction in Progress [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	7,864	3,617	1,504
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	523	310	312
Joint Venture and Subsidiary of MECOM Power and Construction Limited [Member] \| Transactions with affiliated companies [Member]
Sale and purchase of assets:
Purchase of property and equipment	4,328	3,741	5,101
Joint Venture and Subsidiary of MECOM Power and Construction Limited [Member] \| Transactions with affiliated companies [Member] \| Consultancy Fee Expense [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 3,096	$ 2,878	$ 568

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Melco and its Subsidiaries [Member] \| Rooms Food and Beverage and Entertainment Revenues [Member]
Related Party Transaction [Line Items]
Aggregated revenue	$ 100,269	$ 91,053	$ 84,190
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	87,005	81,267	74,326
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	$ 13,264	$ 9,786	$ 9,864
Subsidiary of MECOM Power and Construction Limited [Member] \| Director [Member]
Related Party Transaction [Line Items]
Share percentage holding by Director	20.00%

RELATED PARTY TRANSACTIONS - Schedule of Outstanding Balances Arising from Operating Income or Prepayment of Operating Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 61,990	$ 42,339
Amounts due to affiliated companies	14,248	21,953
Transactions with affiliated companies [Member] \| Melco and its Subsidiaries [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	61,990	42,338
Amounts due to affiliated companies	14,248	18,543
Transactions with affiliated companies [Member] \| Others [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	0	1
Transactions with affiliated companies [Member] \| Joint Venture and Subsidiary of MECOM Power and Construction Limited [Member]
Related Party Transaction [Line Items]
Amounts due to affiliated companies	$ 0	$ 3,410

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 299,367	$ 345,854
Total current assets	414,440	459,041
TOTAL ASSETS	2,712,240	2,802,338
CURRENT LIABILITIES
Accrued expenses and other current liabilities	82,553	62,825
Total current liabilities	100,171	438,972
TOTAL LIABILITIES	1,553,581	1,705,937
SHAREHOLDERS' EQUITY
Additional paid-in capital	1,655,602	1,655,602
Accumulated other comprehensive income (loss)	269	(14,063)
Accumulated losses	(764,534)	(798,098)
Total shareholders' equity	891,368	843,472
Class A Ordinary Shares [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	24	24
Class B Ordinary Shares [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	7	7
Parent Company [Member]
CURRENT ASSETS
Cash and cash equivalents	908	5,970
Amount due from a subsidiary	5	1
Total current assets	913	5,971
INVESTMENTS IN SUBSIDIARIES	891,367	843,472
TOTAL ASSETS	892,280	849,443
CURRENT LIABILITIES
Accrued expenses and other current liabilities	880	5,925
Amounts due to subsidiaries	32	46
Total current liabilities	912	5,971
TOTAL LIABILITIES	912	5,971
SHAREHOLDERS' EQUITY
Additional paid-in capital	1,655,602	1,655,602
Accumulated other comprehensive income (loss)	269	(14,063)
Accumulated losses	(764,534)	(798,098)
Total shareholders' equity	891,368	843,472
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	892,280	849,443
Parent Company [Member] \| Class A Ordinary Shares [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	24	24
Parent Company [Member] \| Class B Ordinary Shares [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	$ 7	$ 7

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Parenthetical) (Detail) - $ / shares	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, authorized			2,000,000,000
Class A Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, authorized	1,927,488,240	1,927,488,240	1,927,488,240
Ordinary shares, issued	241,818,016	241,818,016		181,279,400
Ordinary shares, outstanding	241,818,016	241,818,016
Class B Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, authorized	72,511,760	72,511,760	72,511,760
Ordinary shares, issued	72,511,760	72,511,760
Ordinary shares, outstanding	72,511,760	72,511,760
Parent Company [Member] \| Class A Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	1,927,488,240	1,927,488,240
Ordinary shares, issued	241,818,016	241,818,016
Ordinary shares, outstanding	241,818,016	241,818,016
Parent Company [Member] \| Class B Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
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

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
REVENUE	$ 626,733	$ 571,213	$ 539,814
OPERATING COSTS AND EXPENSES
General and administrative	(128,931)	(132,637)	(130,465)
Total operating costs and expenses	(448,737)	(433,351)	(459,364)
OPERATING LOSS	177,996	137,862	80,450
NON-OPERATING INCOME (EXPENSES)
Interest income	5,861	3,578	2,171
Foreign exchange gains, net	(3,975)	1,972	466
Total non-operating expenses, net	(133,965)	(158,063)	(157,126)
INCOME TAX EXPENSE	(402)	(544)	239
NET INCOME (LOSS)	43,629	(20,745)	(76,437)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
REVENUE	0	0	0
OPERATING COSTS AND EXPENSES
General and administrative	0	(133)	(412)
Total operating costs and expenses	0	(133)	(412)
OPERATING LOSS	0	(133)	(412)
NON-OPERATING INCOME (EXPENSES)
Interest income	0	102	129
Foreign exchange gains, net	1	616	0
Share of results of subsidiaries	33,563	(22,183)	(76,154)
Total non-operating expenses, net	33,564	(21,465)	(76,025)
INCOME (LOSS) BEFORE INCOME TAX	33,564	(21,598)	(76,437)
INCOME TAX EXPENSE	0	0	0
NET INCOME (LOSS)	$ 33,564	$ (21,598)	$ (76,437)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ 43,629	$ (20,745)	$ (76,437)
Other comprehensive income (loss):
Other comprehensive income (loss)	18,629	(18,774)	0
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	33,564	(21,598)	(76,437)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	14,332	(14,551)	0
Other comprehensive income (loss)	14,332	(14,551)	0
Total comprehensive income (loss)	$ 47,896	$ (36,149)	$ (76,437)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$ 228,504	$ 139,518	$ 68,313
CASH FLOWS FROM INVESTING ACTIVITIES
Placement of bank deposit with original maturity over three months	(60,152)	(24,823)	(9,884)
Net cash used in investing activities	(90,922)	(147,515)	(55,345)
CASH FLOW FROM A FINANCING ACTIVITY
(Payments for) net proceeds from issuance of shares	(5,063)	405,152	0
Cash (used in) provided by a financing activity	(189,976)	5,152	(1,285)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(50,333)	(5,364)	11,683
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	377,565	382,929	371,246
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	327,232	377,565	382,929
SUPPLEMENTAL CASH FLOW DISCLOSURE
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	0	5,943	0
Parent Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	1	(2,346)	(321)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances to subsidiaries	0	(423,553)	(6)
Withdrawal of bank deposit with original maturity over three months	0	5,000	0
Placement of bank deposit with original maturity over three months	0	0	(5,000)
Net cash used in investing activities	0	(418,553)	(5,006)
CASH FLOW FROM A FINANCING ACTIVITY
(Payments for) net proceeds from issuance of shares	(5,063)	405,152	0
Cash (used in) provided by a financing activity	(5,063)	405,152	0
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(5,062)	(15,747)	(5,327)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	5,970	21,717	27,044
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	908	5,970	21,717
SUPPLEMENTAL CASH FLOW DISCLOSURE
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$ 0	$ 5,943	$ 0

FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY - Additional Information (Detail) - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organizational Transactions and Participation Agreements [Line Items]
Net assets restricted from distribution	$ 1,180,000
Cash dividend received	$ 0	$ 0	$ 0
Minimum [Member]
Organizational Transactions and Participation Agreements [Line Items]
Percentage threshold of restricted net assets of consolidated and unconsolidated subsidiaries	25.00%