Form 6-K
Table of Contents

 

 

FORM 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a–16 OR 15d–16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2020

Commission File Number: 001-38699

 

 

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

 

 

36th Floor, The Centrium

60 Wyndham Street

Central

Hong Kong

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20–F or Form 40– F. Form 20-F  ☒ Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This Form 6-K is hereby incorporated by reference into the registration statement of Studio City International Holdings Limited (“Studio City” or the “Company”) on Form F-3 (Registration Number 333-248804) and the related prospectus, as such registration statement and prospectus may be amended from time to time.

 

 

 


Table of Contents

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

Form 6–K

TABLE OF CONTENTS

 

Signature

   3
Exhibit 99.1   


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED
By:   /s/ Geoffrey Davis
Name:   Geoffrey Davis, CFA
Title:   Chief Financial Officer

Date: November 5, 2020

 

3


Table of Contents

EXHIBIT INDEX

 

Exhibit No.

  

Description

Exhibit 99.1    Unaudited Results for Third Quarter of 2020
Unaudited Results for Third Quarter of 2020

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Studio City International Holdings Limited Announces

Unaudited Third Quarter 2020 Earnings

Macau, Thursday, November 5, 2020 – Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the third quarter of 2020.

Total operating revenues for the third quarter of 2020 were US$0.9 million, compared to total operating revenues of US$158.1 million in the third quarter of 2019. The decrease in total operating revenues was due to the decrease in revenues from the provision of gaming related services and lower non-gaming revenues as a result of the COVID-19 pandemic, which resulted in a significant decline in inbound tourism in the third quarter of 2020.

Revenues from the provision of gaming related services are derived from the provision of facilities for the operations of Studio City Casino by Melco Resorts (Macau) Limited (the “Gaming Operator”), a subsidiary of Melco Resorts & Entertainment Limited (“Melco”) and holder of a gaming subconcession, and services related thereto.

Studio City Casino generated gross gaming revenues of US$23.4 million and US$345.6 million for the third quarters of 2020 and 2019, respectively.

Studio City’s rolling chip volume was US$0.15 billion for the third quarter of 2020, versus US$2.77 billion in the third quarter of 2019. The rolling chip win rate was 3.41% in the third quarter of 2020, versus 2.71% in the third quarter of 2019. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop decreased to US$49.7 million in the third quarter of 2020, compared with US$880.6 million in the third quarter of 2019. The mass market table games hold percentage was 31.5% in the third quarter of 2020, compared to 28.4% in the third quarter of 2019.

Gaming machine handle for the third quarter of 2020 was US$99.2 million, compared with US$711.2 million in the third quarter of 2019. The gaming machine win rate was 2.7% in the third quarter of 2020, compared to 2.8% in the third quarter of 2019.

Total gaming taxes and the costs incurred in connection with the operation of Studio City Casino deducted from gross gaming revenues were US$39.9 million and US$248.9 million in the third quarters of 2020 and 2019, respectively.

Revenues from the provision of gaming related services were negative US$16.5 million for the third quarter of 2020, compared with revenues from the provision of gaming related services of US$96.7 million for the third quarter of 2019. Revenues from the provision of gaming related services are net of gaming taxes and the costs incurred in connection with the operation of Studio City Casino deducted by the Gaming Operator pursuant to the Services and Right to Use Arrangements.

 

LOGO

 

1


LOGO

 

Total non-gaming revenues at Studio City for the third quarter of 2020 were US$17.5 million, compared with US$61.4 million for the third quarter of 2019.

Operating loss for the third quarter of 2020 was US$72.5 million, compared with operating income of US$47.6 million in the third quarter of 2019.    

Studio City generated negative Adjusted EBITDA(1) of US$30.2 million in the third quarter of 2020, compared to Adjusted EBITDA of US$90.9 million in the third quarter of 2019. The year-over-year decrease in Adjusted EBITDA was mainly attributable to the decrease in revenues from the provision of gaming related services and lower non-gaming revenues.

Net loss attributable to Studio City International Holdings Limited for the third quarter of 2020 was US$98.2 million, compared with net income attributable to Studio City International Holdings Limited of US$14.3 million in the third quarter of 2019. The net loss attributable to participation interest during the third quarter of 2020 was US$22.9 million and the net income attributable to participation interest during the third quarter of 2019 was US$4.3 million.    

Other Factors Affecting Earnings

Total net non-operating expenses for the third quarter of 2020 were US$48.5 million, which mainly included interest expenses, net of amounts capitalized, of US$30.0 million and loss on extinguishment of debt of US$18.5 million.

Depreciation and amortization costs of US$42.4 million were recorded in the third quarter of 2020, of which US$0.8 million was related to the amortization expense for the land use right.

The negative Adjusted EBITDA for Studio City for the three months ended September 30, 2020 referred to in Melco’s earnings release dated November 5, 2020 (“Melco’s earnings release”) was US$8.5 million less than the negative Adjusted EBITDA of Studio City contained in this press release. The Adjusted EBITDA of Studio City contained in this press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melco’s earnings release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in Melco’s earnings release does not reflect certain intercompany costs related to the table games operations at Studio City Casino.

 

LOGO

 

2


LOGO

 

Financial Position and Capital Expenditures

Total cash and bank balances as of September 30, 2020 aggregated to US$657.6 million (December 31, 2019: US$327.2 million), including US$0.1 million of restricted cash (December 31, 2019: US$27.9 million). Total debt, net of unamortized deferred financing costs at the end of the third quarter of 2020, was US$1.58 billion (December 31, 2019: US$1.44 billion).

Capital expenditures for the third quarter of 2020 were US$53.7 million.

Recent Developments

The COVID-19 outbreak continues to have a material effect on our operations, financial position, and prospects during the fourth quarter of 2020.

Commencing from July 15, 2020, certain travelers entering Guangdong from Macau were no longer subject to mandatory quarantine, while from August 12, 2020, those entering China from Macau were generally no longer subject to mandatory quarantine. On August 26, 2020, the Chinese authorities resumed the issuance of IVS visas for Guangdong residents, while the nationwide resumption of IVS visa issuance commenced on September 23, 2020. Despite these developments, our operations continue to be impacted by significant travel bans, restrictions, and quarantine requirements imposed by the governments in Macau, Hong Kong, and certain provinces in China on visitors traveling to and from Macau, and such bans, restrictions and requirements have been, and may continue to be, modified by the relevant authorities from time to time as COVID-19 developments unfold. Additionally, health-related precautionary measures remain in place at our property, which could continue to impact visitation and customer spending. Furthermore, we continue to monitor the impact of COVID-19 on the construction of Studio City Phase 2. Prior to the COVID-19 outbreak, we estimated a construction period of approximately 32 months for Phase 2. With the disruptions from the COVID-19 outbreak, the construction period has been delayed and is expected to extend beyond the estimated 32 months and the current development period.

As the disruptions from the COVID-19 outbreak are ongoing, any recovery from such disruptions will depend on future developments, such as the duration of travel and visa restrictions and customer sentiment and behavior, including the length of time before customers resume traveling and participating in entertainment and leisure activities at high-density venues and the impact of potential higher unemployment rates, declines in income levels and loss of personal wealth resulting from the COVID-19 outbreak on consumer behavior related to discretionary spending and traveling, all of which are highly uncertain.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) the recent global pandemic of COVID-19, caused by a novel strain of the coronavirus, and the continued impact of its consequences on our business, our industry and the global economy, (ii) growth of the gaming market and visitations in Macau, (iii) capital and credit market volatility, (iv) local and global economic conditions, (v) our anticipated growth strategies, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

 

LOGO

 

3


LOGO

 

Non-GAAP Financial Measures

 

(1)

“Adjusted EBITDA” is defined as net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, other non-operating income and expenses. We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. This non-GAAP financial measure eliminates the impact of items that we do not consider indicative of the performance of our business. While we believe that this non-GAAP financial measure is useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with U.S. GAAP. It should not be considered in isolation or construed as an alternative to net income/loss, cash flow or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities. The use of Adjusted EBITDA has material limitations as an analytical tool, as Adjusted EBITDA does not include all items that impact our net income/loss. In addition, the Company’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

 

(2)

“Adjusted net income/loss” is net income/loss before pre-opening costs, property charges and other, loss on extinguishment of debt and costs associated with debt modification, net of participation interest. Adjusted net income/loss is presented as supplemental disclosure because management believes it provides useful information to investors and others in understanding and evaluating our performance, in addition to income/loss computed in accordance with U.S. GAAP. Adjusted net income/loss may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Studio City International Holdings Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

 

LOGO

 

4


LOGO

 

About Studio City International Holdings Limited

The Company, with its American depositary shares listed on the New York Stock Exchange (NYSE: MSC), is a world-class integrated resort located in Cotai, Macau. For more information about the Company, please visit www.studiocity-macau.com.

The Company is strongly supported by its single largest shareholder, Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).

For the investment community, please contact:

Richard Huang

Director, Investor Relations

Tel: +852 2598 3619

Email: richardlshuang@melco-resorts.com

For media enquiries, please contact:

Chimmy Leung

Executive Director, Corporate Communications

Tel: +852 3151 3765

Email: chimmyleung@melco-resorts.com

 

LOGO

 

5


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

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

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2020     2019     2020     2019  

Operating revenues:

        

Provision of gaming related services

   $ (16,534   $ 96,689     $ (38,986   $ 288,225  

Rooms

     2,567       21,872       12,330       63,822  

Food and beverage

     4,596       17,180       15,613       51,970  

Entertainment

     134       5,452       1,025       15,535  

Services fee

     4,612       10,514       19,706       29,892  

Mall

     5,246       5,827       14,738       7,753  

Retail and other

     319       567       1,077       1,717  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating revenues

     940       158,101       25,503       458,914  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

        

Provision of gaming related services

     (7,368     (5,719     (18,932     (17,353

Rooms

     (2,134     (5,497     (8,473     (16,230

Food and beverage

     (4,451     (14,163     (20,556     (43,489

Entertainment

     (682     (4,051     (2,676     (17,271

Mall

     (1,101     (2,069     (3,648     (7,076

Retail and other

     (239     (443     (880     (1,345

General and administrative

     (15,181     (35,211     (69,787     (98,470

Pre-opening costs

     (77     (6     (133     (2,555

Amortization of land use right

     (834     (825     (2,499     (2,473

Depreciation and amortization

     (41,517     (42,744     (122,406     (128,821

Property charges and other

     100       256       (4,101     (8,069
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (73,484     (110,472     (254,091     (343,152
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

     (72,544     47,629       (228,588     115,762  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-operating income (expenses):

        

Interest income

     423       2,691       1,175       4,652  

Interest expenses, net of amounts capitalized

     (29,982     (33,392     (81,081     (100,800

Loan commitment fees

     (106     (104     (315     (311

Foreign exchange (losses) gains, net

     (303     2,003       (4,107     702  

Other (expenses) income, net

     (78     (87     (255     518  

Loss on extinguishment of debt

     (18,497     —         (18,497     (2,995

Costs associated with debt modification

     —         —         —         (579
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expenses, net

     (48,543     (28,889     (103,080     (98,813
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income tax

     (121,087     18,740       (331,668     16,949  

Income tax (expense) credit

     (36     (201     106       (344
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     (121,123     18,539       (331,562     16,605  

Net loss (income) attributable to participation interest

     22,880       (4,278     71,427       (3,831
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Studio City International Holdings Limited

   $ (98,243   $ 14,261     $ (260,135   $ 12,774  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share:

        

Basic

   $ (0.303   $ 0.059     $ (0.965   $ 0.053  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.305   $ 0.059     $ (0.969   $ 0.053  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Studio City International Holdings Limited per ADS:

        

Basic

   $ (1.212   $ 0.236     $ (3.861   $ 0.211  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (1.221   $ 0.236     $ (3.878   $ 0.211  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Class A ordinary shares outstanding used in net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share calculation:

        

Basic

     324,207,049       241,818,016       269,481,487       241,818,016  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     396,718,809       241,818,016       341,993,247       241,818,016  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

6


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Balance Sheets

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

 

     September 30,
2020
    December 31,
2019
 
     (Unaudited)        

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 657,465     $ 299,367  

Restricted cash

     13       27,735  

Accounts receivable, net

     184       1,397  

Amounts due from affiliated companies

     16,240       61,990  

Inventories

     9,347       9,763  

Prepaid expenses and other current assets

     11,270       14,188  
  

 

 

   

 

 

 

Total current assets

     694,519       414,440  
  

 

 

   

 

 

 

Property and equipment, net

     2,144,564       2,107,457  

Long-term prepayments, deposits and other assets

     94,127       57,087  

Restricted cash

     131       130  

Operating lease right-of-use assets

     17,426       14,238  

Land use right, net

     116,985       118,888  
  

 

 

   

 

 

 

Total assets

   $ 3,067,752     $ 2,712,240  
  

 

 

   

 

 

 

LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST

    

Current liabilities:

    

Accounts payable

   $ 452     $ 3,337  

Accrued expenses and other current liabilities

     82,326       82,553  

Income tax payable

     33       33  

Amounts due to affiliated companies

     33,830       14,248  
  

 

 

   

 

 

 

Total current liabilities

     116,641       100,171  
  

 

 

   

 

 

 

Long-term debt, net

     1,583,883       1,435,088  

Other long-term liabilities

     6,119       3,149  

Deferred tax liabilities, net

     1,355       1,453  

Operating lease liabilities, non-current

     16,920       13,720  
  

 

 

   

 

 

 

Total liabilities

     1,724,918       1,553,581  
  

 

 

   

 

 

 

Shareholders’ equity and participation interest:

    

Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 370,352,700 and 241,818,016 shares issued and outstanding, respectively

     37       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

     2,134,227       1,655,602  

Accumulated other comprehensive income

     13,198       269  

Accumulated losses

     (1,024,669     (764,534
  

 

 

   

 

 

 

Total shareholders’ equity

     1,122,800       891,368  
  

 

 

   

 

 

 

Participation interest

     220,034       267,291  
  

 

 

   

 

 

 

Total shareholders’ equity and participation interest

     1,342,834       1,158,659  
  

 

 

   

 

 

 

Total liabilities, shareholders’ equity and participation interest

   $ 3,067,752     $ 2,712,240  
  

 

 

   

 

 

 

 

7


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net (Loss) Income Attributable to Studio City International Holdings Limited to

Adjusted Net (Loss) Income Attributable to Studio City International Holdings Limited (Unaudited)

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

 

     Three Months Ended
September 30,
   

Nine Months Ended

September 30,

 
     2020     2019     2020     2019  

Net (loss) income attributable to Studio City International Holdings Limited

   $ (98,243   $ 14,261     $ (260,135   $ 12,774  

Pre-opening costs

     77       6       133       2,555  

Property charges and other

     (100     (256     4,101       8,069  

Loss on extinguishment of debt

     18,497       —         18,497       2,995  

Costs associated with debt modification

     —         —         —         579  

Participation interest impact on adjustments

     (3,141     58       (4,123     (3,275
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net (loss) income attributable to Studio City International Holdings Limited

   $ (82,910   $ 14,069     $ (241,527   $ 23,697  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share:

        

Basic

   $ (0.256   $ 0.058     $ (0.896   $ 0.098  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.259   $ 0.058     $ (0.903   $ 0.098  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net (loss) income attributable to Studio City International Holdings Limited per ADS:

        

Basic

   $ (1.023   $ 0.233     $ (3.585   $ 0.392  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (1.035   $ 0.233     $ (3.612   $ 0.392  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Class A ordinary shares outstanding used in adjusted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share calculation:

        

Basic

     324,207,049       241,818,016       269,481,487       241,818,016  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     396,718,809       241,818,016       341,993,247       241,818,016  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

8


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Operating (Loss) Income to Adjusted EBITDA (Unaudited)

(In thousands of U.S. dollars)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2020      2019      2020      2019  

Operating (loss) income

   $  (72,544    $  47,629      $  (228,588    $  115,762  

Pre-opening costs

     77        6        133        2,555  

Depreciation and amortization

     42,351        43,569        124,905        131,294  

Property charges and other

     (100      (256      4,101        8,069  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

   $  (30,216    $ 90,948      $ (99,449    $ 257,680  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

9


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net (Loss) Income Attributable to Studio City International Holdings Limited

to Adjusted EBITDA (Unaudited)

(In thousands of U.S. dollars)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2020      2019      2020      2019  

Net (loss) income attributable to Studio City International Holdings Limited

   $  (98,243    $ 14,261      $  (260,135    $ 12,774  

Net (loss) income attributable to participation interest

     (22,880      4,278        (71,427      3,831  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net (loss) income

     (121,123      18,539        (331,562      16,605  

Income tax expense (credit)

     36        201        (106      344  

Interest and other non-operating expenses, net

     48,543        28,889        103,080        98,813  

Property charges and other

     (100      (256      4,101        8,069  

Depreciation and amortization

     42,351        43,569        124,905        131,294  

Pre-opening costs

     77        6        133        2,555  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

   $  (30,216    $  90,948      $  (99,449 )    $  257,680  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

10


Studio City International Holdings Limited and Subsidiaries

Supplemental Data Schedule

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2020     2019     2020     2019  

Room Statistics(3):

        

Average daily rate(4)

   $ 119     $ 135     $ 134     $ 134  

Occupancy per available room

     13     100     20     100

Revenue per available room(5)

   $ 16     $ 135     $ 27     $ 134  

Other Information(6):

        

Average number of table games

     291       292       279       293  

Average number of gaming machines

     595       896       579       952  

Table games win per unit per day(7)

   $ 774     $ 12,126     $ 2,234     $ 12,481  

Gaming machines win per unit per day(8)

   $ 48     $ 243     $ 96     $ 226  

 

(3)

Room statistics exclude rooms that were temporarily closed or provided to staff members during the three and nine months ended September 30, 2020 due to the COVID-19 outbreak

(4)

Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms

(5)

Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available

(6)

Table games and gaming machines that were not in operation during the three and nine months ended September 30, 2020 due to government-mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded

(7)

Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including the point-loyalty programs) as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

(8)

Gaming machines win per unit per day is shown before non-discretionary incentives (including the point-loyalty programs) as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

 

11