0001193125-21-101299 | 20-F | XBRL Viewer | Studio City International Holdings LTD

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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2020 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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
ICFR Auditor Attestation Flag	true
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
Phone Fax Number Description	+852 2537 3618
Class A Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	370,352,700
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, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 575,215	$ 299,367
Restricted cash	13	27,735
Accounts receivable, net of allowances for credit losses of $976 and $965	157	1,397
Amounts due from affiliated companies	10,672	61,990
Inventories	9,297	9,763
Prepaid expenses and other current assets	12,467	14,188
Total current assets	607,821	414,440
Property and equipment, net	2,180,897	2,107,457
Intangible assets, net	4,005	0
Long-term prepayments, deposits and other assets	117,555	57,087
Restricted cash	131	130
Operating lease right-of-use assets	17,379	14,238
Land use right, net	116,109	118,888
Total assets	3,043,897	2,712,240
Current liabilities:
Accounts payable	206	3,337
Accrued expenses and other current liabilities	118,946	82,553
Income tax payable	33	33
Amounts due to affiliated companies	42,966	14,248
Total current liabilities	162,151	100,171
Long-term debt, net	1,584,660	1,435,088
Other long-term liabilities	11,778	3,149
Deferred tax liabilities, net	448	1,453
Operating lease liabilities, non-current	17,137	13,720
Total liabilities	1,776,174	1,553,581
Commitments and contingencies (Note 18)
Shareholders' equity and participation interest:
Additional paid-in capital	2,134,227	1,655,602
Accumulated other comprehensive income	11,876	269
Accumulated losses	(1,086,160)	(764,534)
Total shareholders' equity	1,059,987	891,368
Participation interest	207,736	267,291
Total shareholders' equity and participation interest	1,267,723	1,158,659
Total liabilities, shareholders' equity and participation interest	3,043,897	2,712,240
Class A Ordinary Shares [Member]
Shareholders' equity and participation interest:
Ordinary shares, value	37	24
Class B Ordinary Shares [Member]
Shareholders' equity and participation interest:
Ordinary shares, value	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2018	Dec. 31, 2017
Ordinary shares, authorized				2,000,000,000
Accounts receivable, net of allowances for credit losses	$ 976	$ 965	$ 960		$ 588
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	370,352,700	241,818,016			181,279,400
Ordinary shares, outstanding	370,352,700	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenues:
Operating revenues	$ 49,208	$ 626,733	$ 571,213
Operating costs and expenses:
General and administrative (including expenses to related parties of $52,213, $72,847 and $74,514 for the years ended December 31, 2020, 2019 and 2018, respectively)	(89,006)	(128,931)	(132,637)
Pre-opening costs (including expenses to related parties of $240, $32 and $152 for the years ended December 31, 2020, 2019 and 2018, respectively)	(201)	(2,567)	(4,550)
Amortization of land use right	(3,333)	(3,300)	(3,298)
Depreciation and amortization	(157,001)	(168,643)	(164,593)
Property charges and other (including expenses to related parties of $1,698 and $630 for the years ended December 31, 2020 and 2019, respectively)	(4,798)	(8,521)	(4,464)
Total operating costs and expenses	(329,136)	(448,737)	(433,351)
Operating (loss) income	(279,928)	177,996	137,862
Non-operating income (expenses):
Interest income	1,276	5,861	3,578
Interest expenses, net of amounts capitalized	(104,799)	(132,291)	(160,508)
Other financing costs	(421)	(416)	(419)
Foreign exchange (losses) gains, net	(3,434)	(3,975)	1,972
Other (expenses) income, net	(81)	430	(197)
Loss on extinguishment of debt	(18,716)	(2,995)	(2,489)
Costs associated with debt modification	0	(579)	0
Total non-operating expenses, net	(126,175)	(133,965)	(158,063)
(Loss) income before income tax	(406,103)	44,031	(20,201)
Income tax credit (expense)	1,011	(402)	(544)
Net (loss) income	(405,092)	43,629	(20,745)
Net loss (income) attributable to participation interest	83,466	(10,065)	(853)
Net (loss) income attributable to Studio City International Holdings Limited	$ (321,626)	$ 33,564	$ (21,598)
Net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share
Basic	$ (1.091)	$ 0.139	$ (0.113)
Diluted	$ (1.103)	$ 0.139	$ (0.113)
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	294,837,092	241,818,016	191,533,455
Diluted	367,348,852	241,818,016	191,533,455
Provision of Gaming Related Services [Member]
Operating revenues:
Operating revenues	$ (42,682)	$ 393,512	$ 339,924
Operating costs and expenses:
Cost of revenue	(26,993)	(24,179)	(20,263)
Rooms [Member]
Operating revenues:
Operating revenues	21,997	85,975	88,317
Operating costs and expenses:
Cost of revenue	(11,229)	(21,766)	(21,855)
Food and Beverage [Member]
Operating revenues:
Operating revenues	22,653	68,706	65,904
Operating costs and expenses:
Cost of revenue	(27,301)	(57,718)	(56,342)
Entertainment [Member]
Operating revenues:
Operating revenues	1,389	21,815	12,073
Operating costs and expenses:
Cost of revenue	(3,409)	(22,719)	(11,978)
Services Fee [Member]
Operating revenues:
Operating revenues	26,151	39,470	39,126
Mall [Member]
Operating revenues:
Operating revenues	17,008	14,844	22,298
Operating costs and expenses:
Cost of revenue	(4,661)	(8,658)	(10,960)
Retail and Other [Member]
Operating revenues:
Operating revenues	2,692	2,411	3,571
Operating costs and expenses:
Cost of revenue	$ (1,204)	$ (1,735)	$ (2,411)

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
General and administrative expenses to related parties	$ 52,213	$ 72,847	$ 74,514
Pre-opening costs expenses to related parties	240	32	152
Property charges and other expenses to related parties	1,694	630
Provision of Gaming Related Services [Member]
Costs to related parties	25,576	21,445	17,634
Rooms [Member]
Revenues from related parties	15,981	53,865	53,925
Costs to related parties	7,527	12,491	12,572
Food and Beverage [Member]
Revenues from related parties	14,487	38,719	35,937
Costs to related parties	19,370	27,797	27,089
Entertainment [Member]
Revenues from related parties	25	7,685	1,191
Costs to related parties	2,273	4,521	4,815
Mall [Member]
Costs to related parties	2,025	2,026	2,010
Retail and Other [Member]
Costs to related parties	$ 1,220	$ 1,739	$ 2,370

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (405,092)	$ 43,629	$ (20,745)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	15,208	18,629	(18,774)
Other comprehensive income (loss)	15,208	18,629	(18,774)
Total comprehensive (loss) income	(389,884)	62,258	(39,519)
Comprehensive loss (income) attributable to participation interest	79,865	(14,362)	3,370
Comprehensive (loss) income attributable to Studio City International Holdings Limited	$ (310,019)	$ 47,896	$ (36,149)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ' EQUITY - USD ($) $ in Thousands	Total	Cumulative-effect adjustment upon adoption of New Revenue Standard [Member]	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]	Accumulated Losses [Member] Cumulative-effect adjustment upon adoption of New Revenue Standard [Member]	Participation Interest [Member]
BEGINNING BALANCE at Dec. 31, 2017	$ 740,043	$ (3,332)			$ 18		$ 1,512,705	$ 488	$ (773,168)	$ (3,332)
BEGINNING BALANCE (in shares) at Dec. 31, 2017					181,279,400
Net loss 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
Net loss 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
Net loss for the year	(405,092)				$ 0	$ 0	0	0	(321,626)		(83,466)
Foreign currency translation adjustments	15,208				0	0	0	11,607	0		3,601
Shares issued, net of offering expenses	498,948				$ 13	$ 0	498,935	0	0		0
Shares issued, net of offering expenses, shares					128,534,684	0
Change in Participation Interest resulted from Private Placements	0				$ 0	$ 0	(20,310)	0	0		20,310
ENDING BALANCE at Dec. 31, 2020	$ 1,267,723				$ 37	$ 7	$ 2,134,227	$ 11,876	$ (1,086,160)		$ 207,736
ENDING BALANCE (in shares) at Dec. 31, 2020					370,352,700	72,511,760

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (405,092)	$ 43,629	$ (20,745)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	160,334	171,943	167,891
Amortization of deferred financing costs	4,507	7,554	8,189
(Gain) loss on disposal of property and equipment and other long-term assets	(272)	545	905
Impairment loss recognized on property and equipment	3,769	0	0
Write-off of other assets	0	7,556	0
Provision for credit losses	1,277	19	109
Loss on extinguishment of debt	18,716	2,995	2,489
Costs associated with debt modification	0	579	0
Changes in operating assets and liabilities:
Accounts receivable	1,241	324	241
Amounts due from affiliated companies	54,405	(23,426)	(9,906)
Inventories, prepaid expenses and other	1,931	3,621	(9,390)
Long-term prepayments, deposits and other	(54,748)	6,267	9,869
Accounts payable, accrued expenses and other	22,134	9,521	(4,806)
Amounts due to affiliated companies	24,512	(3,525)	140
Other long-term liabilities	(139)	902	(5,468)
Net cash (used in) provided by operating activities	(167,425)	228,504	139,518
Cash flows from investing activities:
Acquisition of property and equipment	(202,712)	(78,588)	(153,247)
Funds to an affiliated company	(9,616)	(13,711)	(13,355)
Acquisition of intangible assets	(101)	0	0
Proceeds from sale of property and equipment and other long-term assets	2,640	1,377	9,235
Placement of bank deposits with original maturities over three months	0	(60,152)	(24,823)
Withdrawals of bank deposits with original maturities over three months	0	60,152	34,675
Net cash used in investing activities	(209,789)	(90,922)	(147,515)
Cash flows from financing activities:
Principal payments on long-term debt	(850,000)	(558,466)	(400,000)
Payments of deferred financing costs	(25,411)	(9,913)	0
Net proceeds from (payments for) issuance of shares	499,222	(5,063)	405,152
Proceeds from long-term debt	1,000,000	383,466	0
Net cash provided by (used in) financing activities	623,811	(189,976)	5,152
Effect of exchange rate on cash, cash equivalents and restricted cash	1,530	2,061	(2,519)
Increase (decrease) in cash, cash equivalents and restricted cash	248,127	(50,333)	(5,364)
Cash, cash equivalents and restricted cash at beginning of year	327,232	377,565	382,929
Cash, cash equivalents and restricted cash at end of year	575,359	327,232	377,565
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	(81,488)	(112,544)	(155,153)
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases	(735)	(1,032)	0
Change in operating lease right-of-use assets and lease liabilities arising from lease modification	3,213	(187)	0
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	61,024	20,728	10,316
Change in amounts due from/to affiliated companies related to acquisition of property and equipment and other long-term assets	9,464	18,521	19,320
Change in amounts due to affiliated companies related to acquisition of intangible assets	3,938	0	0
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$ 445	$ 0	$ 5,943

ORGANIZATION AND BUSINESS

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

(a)

Company Information

Studio City International Holdings Limited (“Studio City International”) was 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 together with its subsidiaries (collectively referred to as the “Company”) currently operates

the non-gaming operations

of Studio City, a cinematically-themed integrated resort in Cotai, Macau Special Administrative Region of the People’s Republic of China (“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 60% held directly by MCO Cotai Investments Limited (“MCO Cotai”), a subsidiary of Melco, and 40% held directly by New Cotai, LLC (“New Cotai”), a private company organized in the United States of America. As of December 31, 2020 and 2019, 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 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; (iv) 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, 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 2/3% 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.

Private Placements

During July and August 2020, Studio City International announced and

completed a series of private offers (the “Private Placements”) of its

72,185,488

Class A ordinary shares and

14,087,299

ADSs

(

representing

56,349,196

Class A ordinary shares

)

to certain existing shareholders and holders of its ADSs, including Melco, which resulted in an adjustment to the carrying amount of the Participation Interest with a corresponding decrease in the Company’s additional

paid-in

capital.

As of December 31, 2020 and 2019, the Participation Interest entitled New Cotai to receive from MSC Cotai an amount equal to approximately 19.6% and 30.0% of the MSC Cotai’s Distribution, respectively.

(b)

Recent Developments Related to

COVID-19

and Other Business Developments

In connection with the outbreak of the coronavirus

(COVID-19)

in the first quarter of 2020, travel restrictions, temporary business closures and other prohibitions have been imposed by the People’s Republic of China (“PRC”), Macau and other countries or regions throughout the world. Additionally, health-related precautionary measures have been imposed and remain in place at Studio City which have significantly disrupted its casino and resort operations.

On February 5, 2020, the Studio City’s casino operations were suspended for a

15-day

period and resumed operations only on a reduced basis on February 20, 2020 with limited visitations from Hong

Kong, Taiwan and certain regions of the PRC among other countries. In March 2020, the governments in Macau, Hong Kong and certain provinces in the PRC, including

Guangdong, imposed further entry bans, restrictions and quarantine requirements on nearly all visitors traveling to and from Macau.

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

the

PRC from Macau were generally no longer subject to mandatory quarantine

. On August 26, 2020, the Chinese authorities resumed the issuance of Individual Visit Scheme (“IVS”) visas for Guangdong residents, while the nationwide resumption of IVS visa issuance

commenced on September 23, 2020. On December 21, 2020, the Macau government announced that

generally, individuals who have been to countries and regions other than

the

PRC and Taiwan in the p

eceding 21 days are required to undergo a mandatory

21-day

quarantine upon entry into Macau from

the

PRC, Taiwan or Hong Kong. Foreigners continue to be unable to enter Macau, except if they have been in

the

PRC in the preceding 21 days and are eligible for an exemption application. Despite these developments, the Company’s 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

the PRC

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.

The

COVID-19

outbreak has also impacted

the construction

sch

edules

of the remaining

development

project

Studio City. The Company currently expects additional time will be needed to complete the construction of the project.

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 for the year ended December 31, 2020. As the disruptions are ongoing, such adverse effects have continued beyond the

2020

year and the Company is unable to reasonably estimate the financial impact to its future results of operations, cash flows and financial condition due to uncertainties surrounding the business recovery from such disruptions, successful development of safe and effective vaccines and treatment of COVID-19, travel restrictions, customer sentiment and other events related to the

COVID-19

outbreak.

As of December 31, 2020, the Company had cash and cash equivalents of $575,215 and available borrowing capacity under the 2016 SC Revolving Credit Facility (as described in Note 10) of HK$233,000,000 (equivalent to $30,054), subject to the satisfaction of certain conditions precedent.

The Company has taken various mitigating measures to manage through the current

COVID-19

outbreak challenges, such as implementing cost reduction programs to minimize cash outflow

for

non-essential

items, rationalizing the Company’s capital expenditure programs with deferrals and reductions, refinancing existing borrowing

and raising additional capital through the Private Placements and new senior note offering

The Company believes it will be able to support continuing operations and capital expenditures

for

at least twelve months from the date of these consolidated financial statements.

In January 2019, Melco Resorts Macau informed the Company that it would cease VIP rolling chip operations at the Studio City Casino on January 15, 2020. In January 2020, Melco Resorts Macau agreed to continue the VIP rolling chip operations at the Studio City Casino until January 15, 2021, and in December 2020, it further agreed to continue VIP rolling chip operations at Studio City Casino until December 31, 2021, subject to early termination with 30 days’ prior notice by either the Company or Melco Resorts Macau.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation and Principles of Consolidation

On May 11, 2007, one of the Studio City International’s subsidiaries and Melco Resorts Macau entered into a services and right to use agreement, as amended on June 15, 2012, together with related agreements (together, the “Services and Right to Use Arrangements”). Under these arrangements, Melco Resorts Macau deducts gaming taxes and the costs of operation of Studio City Casino. The Company receives the residual gross gaming revenues and recognizes these amounts as revenues from provision of gaming related services.

In December 2015, certain of the Studio City International’s subsidiaries entered into a master services agreement and related work agreements (collectively, the “Management and Shared Services Arrangements”) with certain of Melco’s subsidiaries with respect to services provided to and from Studio City.

Under the Management and Shared Services Arrangements, certain of the corporate and administrative functions as well as operational activities of the Company are administered by staff employed by certain Melco’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 19.

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 the 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 recorded at

amortized

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 credit losses is maintained to reduce the Company’s receivables to their carrying amounts, which reflects the net amount the Company expects to collect. The allowance is estimated based on specific reviews of customer accounts with a balance over a specified dollar amount, based upon the age of the account, the customer’

financial condition as well as management’s experience with collection trends

the

customers

, current economic and business conditions, and management’s expectations of future economic and business conditions and forecasts.

Management believes that as of December 31, 2020 and 2019, 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, including 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 substantially suspended.

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 2 to 10 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 projects. The capitalization of interest ceases when the project is substantially completed or the development activity is substantially suspended

. 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 $

115,697

, $

132,291

and $

160,508

, of which $

10,898

nil

and

nil

were capitalized during the years ended December

2020

2019

and

2018

, respectively.

(k)

Intangible Assets

Intangible assets are amortized over their useful lives unless their lives are determined to be indefinite in which case they are not amortized. Intangible assets are carried at cost, less accumulated amortization. The Company’s intangible assets consist of internal-use software, a finite-lived intangible asset. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software of 3 years on a straight-line basis. The capitalization of such costs begins during the application development stage of the software project and ceases once the software project is substantially complete and ready for its intended use. Costs of specified upgrades and enhancements to the internal-use software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

(l)

Impairment of Long-lived Assets

The Company evaluates the long-lived assets with finite lives to be held and used for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the assets, on an undiscounted basis, to the carrying values of the assets.

Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates and gross margin.

If the undiscounted cash flows exceed the carrying values, no impairments are indicated. If the undiscounted cash flows do not exceed the carrying values, then an impairment charge is recorded based on the fair values of the assets, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs.

During the year ended December 31, 2020,

impairment loss of $3,769

was recognized, mainly due to reconfigurations and renovations at Studio City, and included in property charges and other in the accompanying consolidated statements of operations. As a result of the COVID-19 pandemic as disclosed in Note 1(b), the Company evaluated its long-lived assets for recoverability as of December 31, 2020 and concluded no impairment existed at that date as the estimated undiscounted future cash flows exceeded their carrying values

. No impairment loss

s were

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

(m)

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.

(n)

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 of 40 years on a straight-line basis.

(o)

Leases

On January 1, 2019, the Company adopted the guidance on leases under the accounting standards update (as subsequently amended) issued in February 2016 by the Financial Accounting Standards Board (“FASB”), which amends various aspects of existing accounting guidance for leases, using the modified retrospective method without restating comparative information.

The Company 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 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.

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.

(p)

Revenue Recognition

On January 1, 2018, the Company adopted the guidance under the accounting standards update (as subsequently amended) issued in May 2014 by the FASB, which outlined a single comprehensive model for entities to use in accounting for revenues arising from contracts with customers and

superseded most current revenue recognition guidance, including industry-specific guidance (“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 yet to be provided. 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 $2,403 as of December 31, 2020 decreased by $1,543 from the balance of $3,946 as of December 31, 2019. 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.

(q)

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, 2020, 2019 and 2018, 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.

(r)

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 $4,607, $22,177 and $28,009 for the years ended December 31, 2020, 2019 and 2018, respectively.

(s)

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).

(t)

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

Comprehensive (loss) income includes net (loss) income and other

non-shareholder

changes in equity, or other comprehensive (loss) income and is reported in the accompanying consolidated statements of comprehensive (loss) income.

As of December 31, 2020 and 2019, the Company’s accumulated other comprehensive (loss) income consisted solely of foreign currency translation adjustments, net of tax and participation interest.

(u)

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 50% likely, based on cumulative probability.

(v)

Net

oss

)

Income Attributable to Studio City International Holdings Limited Per Class

A Ordinary Share

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

Diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net (loss) income 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 and 2018, there were no potentially dilutive securities issued or outstanding.

Basic and diluted net (loss) income 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 (loss) income of Studio City International. As a result, Class B ordinary shares are not considered participating securities and are not included in the weighted average number of shares outstanding for purposes of computing net (loss) income 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 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

2018

. 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.

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.

The weighted average number of Class A ordinary shares used in the calculation of basic and diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share consisted of the following:


	Year Ended December 31,
	2020		2019		2018
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		294,837,092		241,818,016		191,533,455
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		72,511,760		—		—

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		367,348,852		241,818,016		191,533,455

Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		—		72,511,760		14,303,690

(w)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement

In June 2016, the FASB issued an accounting standards 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 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

s consolidated financial statements.

In August 2018, the FASB issued an accounting standards update which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain

internal-use

software (and hosting arrangements that include an

internal-use

software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by this new guidance. The guidance is applied prospectively. The Company adopted this new guidance on January 1, 2020 and this adoption did not have a material impact

s consolidated financial statements.

Recent Accounting Pronouncement Not Yet Adopted

In December 2019, the FASB issued an accounting standards update which simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740,

Income Taxes

, in order to reduce cost and complexity of its application. This guidance is effective for interim and fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its 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

the

equity method to account for its investments in subsidiaries.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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


	December 31,
	2020		2019
Cash and cash equivalents	$	575,215	$	299,367
Current portion of restricted cash		13		27,735
Non-current portion of restricted cash		131		130

Total cash, cash equivalents and restricted cash	$	575,359	$	327,232

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

4.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	December 31,
	2020			2019
Hotel	$	106		$	1,104
Other		1,027			1,258

Sub-total		1,133			2,362
Less: allowances for credit losses		(976	)		(965	)

	$	157		$	1,397

The Company’s allowances for credit losses as of December 31, 2020 and 2019 were primarily related to receivables for entertainment business.

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	965	$	960	$	588
Provision for credit losses		6		—		376
Effect of exchange rate		5		5		(4	)

Balance at end of year	$	976	$	965	$	960

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

5.	PROPERTY AND EQUIPMENT, NET


	December 31,
	2020			2019
Cost
Buildings	$	2,328,832		$	2,320,265
Furniture, fixtures and equipment		196,428			199,098
Leasehold improvements		126,538			109,834
Motor vehicles		2,615			2,602
Construction in progress		256,225			80,732

Sub-total		2,910,638			2,712,531
Less: accumulated depreciation and amortization		(729,741	)		(605,074	)

Property and equipment, net	$	2,180,897		$	2,107,457

As of December 31, 2020 and 2019, 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 $32,497 and $11,676, respectively.

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

6.	INTANGIBLE ASSETS, NET

As of December 31, 2020, intangible assets comprised the carrying amounts of

internal-use

software, finite-lived intangible asset

, of $4,005.

The cost and the accumulated amortization of

internal-use

software amounted to $4,038 and $33 as of December 31, 2020. The amortization expense

internal-use

software recognized for the year ended December 31, 2020 were $33.

As of December 31, 2020, the estimated future amortization expenses of

internal-use

software are as follows:


Year ending December 31,
2021	$	1,346
2022		1,346
2023		1,313

	$	4,005

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2020

LONGTERM PREPAYMENTS DEPOSITS AND OTHER ASSETS [Abstract]

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

7.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

Long-term prepayments, deposits and other assets consisted of the following:


	December 31,
	2020			2019
Other long-term assets	$	106,268		$	103,699
Less: accumulated amortization		(80,170	)		(67,845	)

Other long-term assets, net		26,098			35,854
Long-term prepayments		48,469			—
Advance payments and deposits for acquisition of property and equipment		30,928			14,217
Other deposits and other		11,620			4,517
Deferred financing costs, net		440			885
Other long-term receivables		—			1,614

Long-term prepayments, deposits and other assets	$	117,555		$	57,087

During the year ended December 31, 2020, the Company has made additional provision for credit losses, primarily related to other long-term receivables for mall operations, of $903 which was written off during the year ended December 31, 2020.

LAND USE RIGHT, NET

12 Months Ended

Dec. 31, 2020

Text Block [Abstract]

LAND USE RIGHT, NET

8.	LAND USE RIGHT, NET


	December 31,
	2020			2019
Cost	$	179,091		$	178,258
Less: accumulated amortization		(62,982	)		(59,370	)

Land use right, net	$	116,109		$	118,888

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2020		2019
Property and equipment payables	$	49,161	$	25,386
Interest expenses payable		45,737		22,053
Operating expense and other accruals and liabilities		20,650		30,273
Advance customer deposits and ticket sales		2,403		3,946
Operating lease liabilities		995		895

	$	118,946	$	82,553

LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

10.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:


	December 31,
	2020		2019
Senior Notes (a)
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $6,165 and $7,829, respectively)	$	593,835	$	592,171
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $4,566)		495,434		—
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,738)		495,262		—
2016 7.250% SC Secured Notes, due 2021 (net of unamortized deferred financing costs of $7,211)		—		842,789

Credit Facilities (b)
2016 Studio City Credit Facilities (1)		129		128

	$	1,584,660	$	1,435,088

Note

(1)

As of December 31, 2020 and 2019, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $440 and $885 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

(a)

Senior Notes

2019 7.250% 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

which would have been

due

February 11, 2024 at

an issue price of

100

of the principal amount

(

the “2019 7.250% Studio City Notes”). The interest on the 2019 7.250% Studio City Notes

was

accrued at a rate of

7.250

% per annum, payable semi-annually in arrears on February 11 and August 11 of each year,

and

commenced on August 11, 2019. The 2019 7.250% Studio City Notes

re 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

re 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 7.250% Studio City Notes were used to partially fund the conditional tender offer and the remaining outstanding balance

with accrued interest

of the previous senior notes of Studio City Finance

in March

2019

and with the remaining amount used for general corporate purposes.

As of February 17, 2021, no amount of the 2019 7.250% Studio City Notes remained outstanding following the conditional tender offer in January 2021 as disclosed in Note 21(b) and the redemption of the remaining outstanding amount in February 2021 as disclosed in Note 21(c).

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

as described below

) (the “2019 7.250% Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee

the 2019 7.250% Studio City Notes on a senior basis (the “2019 7.250% Studio City Notes Guarantees”). The 2019 7.250% Studio City Notes Guarantees

were

general obligations of the 2019 7.250% Studio City Notes Guarantors, rank

equally in right of payment to all existing and future senior indebtedness of the 2019 7.250% Studio City Notes Guarantors and rank

senior in right of payment to any existing and future subordinated indebtedness of the 2019 7.250% Studio City Notes Guarantors. The 2019 7.250% Studio City Notes Guarantees

re effectively subordinated to the 2019 7.250% 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 ha

the options i) to redeem all or a portion of the 2019 7.250% Studio City Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2019 7.250% Studio City Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Finance ha

the option to redeem all or a portion of the 2019 7.250% 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 7.250% Studio City Notes, Studio City Finance also ha

the option to redeem in whole, but not in part the 2019 7.250% 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 7.250% Studio City Notes, each holder of the 2019 7.250% Studio City Notes w

ould

have the right to require Studio City Finance to repurchase all or any part of such holder’s 2019 7.250% Studio City Notes at a fixed redemption price.

The indenture governing the 2019 7.250% Studio City Notes contain

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 7.250% Studio City Notes also

contain

conditions and events of default customary for such financings.

There

re provisions under the indenture governing the 2019 7.250% 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

re not Studio City Finance or restricted subsidiaries of Studio City Finance, subject to certain exceptions and conditions. As of December 31, 2020, the net assets of Studio City Finance and its restricted subsidiaries of approximately $1,288,000 were restricted from being distributed under the terms of the 2019 7.250% Studio City Notes.

2020 Studio City Notes

On July 15, 2020, Studio City Finance issued $500,000 in aggregate principal amount of 6.000% senior notes due July 15, 2025 at

an issue price of

100%

of the

principal amount

(the “2020 6.000% SC Notes”) and $500,000 in aggregate principal amount of 6.500% senior notes due January 15, 2028

at an issue price of

100

of the principal amount

he “2020 6.500% SC Notes” and together with 2020 6.000% SC Notes, the “2020 Studio City Notes”). The interest on the 2020 6.000% SC Notes and 2020 6.500% SC Notes is accrued at a rate of

6.000

% and

6.500

% per annum, respectively, payable semi-annually in arrears on January 15 and July 15 of each year,

and

commenced

on January 15, 2021. The 2020 Studio City Notes are general obligations of Studio City Finance, rank equally in right of payment to all existing and future senior indebtedness of Studio City Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Finance and are effectively subordinated to all of Studio City Finance’s existing and future secured indebtedness to the extent of the value of the property and assets securing such indebtedness.

The net proceeds from the offering of the 2020 Studio City Notes were partially used to redeem in full the 2016 7.250% SC Secured Notes (as described below) with accrued interest and redemption premium in August 2020 and with the remaining amount used for the capital expenditures of the remaining

developmen

project

Studio City.

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 “2020 Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2020 Studio City Notes on a senior basis (the “2020 Studio City Notes Guarantees”). The 2020 Studio City Notes Guarantees are general obligations of the 2020 Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2020 Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2020 Studio City Notes Guarantors. The 2020 Studio City Notes Guarantees are effectively subordinated to the 2020 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 July 15, 2022, Studio City Finance has the options i) to redeem all or a portion of the 2020 6.000% SC Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2020 6.000% SC 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 2020 6.000% SC Notes at any time at fixed redemption prices that decline ratably over time. At any time prior to July 15, 2023, Studio City Finance has the options i) to redeem all or a portion of the 2020 6.500% SC Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2020 6.500% SC 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 2020 6.500% SC 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 2020 Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2020 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 2020 Studio City Notes, each holder of the 2020 Studio City Notes

will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2020 Studio City Notes at a fixed redemption price.

The indenture governing the 2020 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 2020 Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under t

e indenture governing the 2020 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, 2020, the net assets of Studio City Finance and its restricted subsidiaries of approximately $1,288,000 were

restricted from being distributed under the terms of the 2020 Studio City Notes.

2016 7.250% SC Secured Notes

On November 30, 2016, Studio City Company Limited (“Studio City Company”), a subsidiary of Studio City International, issued $

850,000

in aggregate principal amount of 7.250% senior secured notes due

November 30, 2021

n issue price of

100

of the principal amount

(the “2016 7.250% SC Secured Notes”). The net proceeds from the offering of the 2016 7.250% SC 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 7.250% SC Secured Notes was accrued at a rate of 7.250% per annum

nd was

payable semi-annually in arrears. On August 14, 2020, Studio City Company used a portion of the net proceeds from the offering of the 2020 Studio City Notes to redeem in full the 2016 7.250% SC Secured Notes, together with accrued interest and redemption premium. In connection with the redemption of the 2016 7.250% SC Secured Notes, the Company recorded a loss on extinguishment of debt of $18,716 during the year ended December 31, 2020.

(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 a 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, 2020, the outstanding principal amount of the

2016

SC Term Loan Facility and the 2016 SC Revolving Credit Facility were HK$1,000,000 (equivalent to $129) and nil, respectively, and the available borrowing capacity under the 2016 SC Revolving Credit Facility was HK$233,000,000 (equivalent to $30,054).

The 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility

which would have

matured

on November 30, 2021

were extended to January 15, 2028 as dis

closed in Note 21

(d)

. 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 of HK$1,012,500 (equivalent to $131). 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 Limited (“Studio City Investments”), the shareholder of Studio City Company, 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. 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 by substantially all of the material assets of Studio City Investments and its subsidiaries.

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 contain 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, 2020, the net assets of Studio City Investments and its restricted subsidiaries of approximately $1,192,000 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 $421, $416 and $419 during the years ended December 31, 2020, 2019 and 2018, respectively.

(c)

Borrowing Rates and Scheduled Maturities of Long-term Debt

During the years ended December 31, 2020, 2019 and 2018, the Company’s average borrowing rates were approximately 6.98%, 7.05% and 7.50% per annum, respectively.

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs) as of December 31, 2020 are as follows:


Year end i n g December 31,
2021	$	—
2022		—
2023		—
2024		600,000
2025		500,000
Over 2025		500,129

	$	1,600,129

LEASES

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

11.

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 operating lease cost

are as follows:


	Year Ended December 31,
	2020		2019
Amortization of land use right	$	3,333	$	3,300
Operating lease cost s		1,108		1,409
Short-term lease cost s		405		1,049

Total operating lease cost s	$	4,846	$	5,758

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


	December 31,
	2020		2019
Weighted average remaining lease term		34.9 years		35.9 years
Weighted average discount rate		5.25%		7.01%

Maturities of operating lease liabilities as of December 31, 2020 are as fo

lows:


Year ending December 31,
2021	$	1,017
2022		1,135
2023		1,135
2024		1,135
2025		1,135
Over 2025		33,820

Total future minimum lease payments		39,377
Less: amount representing interest		(21,245)

Present value of future minimum lease payments		18,132
Current portion		(995)

Non-current portion	$	17,137

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 percentage

of turnover.

During the year ended December 31, 2020, the Company earned minimum operating lease income of $12,064 and contingent operating lease income of $(1,254). Total lease income was reduced by $3,913 as a result of the rent concessions and uncollectible lease

income

related to the effects of the

COVID-19

pandemic. During the years ended December 31, 2019 and 2018, the Company earned minimum operating lease income of $150 and $7,428 and contingent operating lease income of $8,077 and $9,301, respectively.

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

non-cance

lable

operating leases as of December 31, 2020 were as follows:


Year ending December 31,
2021	$	8,579
2022		7,090
2023		2,407
2024		1,882
2025		1,408
Over 2025		2,532

	$	23,898

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12.	FAIR VALUE MEASUREMENTS

Authoritative literature provides a fair value hierarchy, which prioritizes the input 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 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

, other

long-term

rece

ivables

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, 2020 and 2019 were approximately $1,693,260 and $1,505,673, respectively, as compared to its carrying value, excluding unamortized deferred financing costs, of $1,600,129 and $1,450,128, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 2019 7.250% Studio City Notes, the 2020 Studio City Notes and the 2016 7.250% SC Secured Notes. Fair value for the 2016 Studio City Credit Facilities approximated the carrying value as the instrument carried variable interest rates that approximated the market rates and was classified as level 2 in the fair value hierarchy.

As of December 31, 2020 and 2019, 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, 2020

Text Block [Abstract]

CAPITAL STRUCTURE

13.	CAPITAL STRUCTURE

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

ital was 200,000 shares of $1 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.

During July

and

August 2020

, Studio City International

announced and

completed the Private Placements of

72,185,488

Class A ordinary shares and

14,087,299

ADSs

(

representing

56,349,196

Class A ordinary shares

)

to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $

500,000

and offering expenses of $

1,052

As of December 31, 2020 and 2019, Studio City International had 370,352,700 and 241,818,016 Class A ordinary shares and 72,511,760 and 72,511,760 Class B ordinary shares issued and outstanding, respectively.

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

2018

. 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(v).

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

14.	INCOME TAXES

(Loss) income before income tax consisted of:


	Year Ended December 31,
	2020			2019			2018
Macau operations	$	(278,388	)	$	181,579		$	137,918
Hong Kong and other jurisdictions operations		(127,715	)		(137,548	)		(158,119	)

(Loss) income before income tax	$	(406,103	)	$	44,031		$	(20,201	)

The income tax (credit) expense consisted of:


	Year Ended December 31,
	2020			2019		2018
Under provision of income taxes in prior years:
Macau Complementary Tax	$	—		$	—	$	86

Income tax (credit) expense - deferred:
Macau Complementary Tax		(1,011	)		402		458

Total income tax (credit) expense	$	(1,011	)	$	402	$	544

A reconciliation of the income tax (credit) expense from (loss) income before income tax per the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
	2020			2019			2018

(Loss) income before income tax	$	(406,103	)	$	44,031		$	(20,201	)
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax (credit) expense at Macau Complementary Tax rate		(48,732	)		5,284			(2,424	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		(2,995	)		—			—
Under provision in prior years		—			—			86
Effect of income for which no income tax expense is payable		(295	)		—			(177	)
Effect of expenses for which no income tax benefit is receivable		19,724			17,438			20,001
Effect of profits exempted from Macau Complementary Tax		—			(42,203	)		(35,698	)
Effect of tax losses that cannot be carried forward		10,768			—			—
Changes in valuation allowances		7,361			5,017			(1,456	)
Expired tax losses		13,158			14,866			20,212

Income tax (credit) expense	$	(1,011	)	$	402		$	544

Studio City International and certain of its subsidiaries are exempt from tax in the Cayman Islands or British Virgin Islands (“BVI”), where they are incorporated,

while

one of these subsidiaries incorporated in BVI

subject to Hong Kong Profits Tax on income derived from Hong Kong during the years ended December 31, 2020 and 2019. 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, 2020, 2019 and 2018.

Macau Complementary Tax and Hong Kong Profits Tax have been provided at

% and

16.5

% on the estimated taxable income earned in or

derived from Macau and Hong Kong, respectively, during the years ended December

2020

2019

and

2018

, if applicable.

Pursuant to the approval notice issued by the Macau government in January 2017, one of 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 year ended December 31, 2020, the

subsidiary of Studio City International

did not have any profits generated from income received from Melco Resorts Macau under the Services and Right to Use Arrangements

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

subsidiary of

Studio City International

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

incom

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 year ended December 31, 2018 would have been increased by $33,835 and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share would have been increased by $0.177 per share.

The effective tax rates for the years ended December 31, 2020, 2019 and 2018 were 0.2%, 0.9% and (2.7)%, respectively. Such rates differ from the statutory Macau Complementary Tax rate of 12% primarily due to the effect of

expenses for which no income tax benefit is receivable, the effect of expired tax losses and the effect of changes in valuation allowances for the relevant years together with the effect of tax losses that cannot be carried forward for the year ended December 31, 2020 and the effect of profits exempted from Macau Complementary Tax for the years ended December 31, 2019 and 2018.

The net deferred tax liabilities as of Dec

mber 31, 2020 and 2019 consisted of the following:


	December 31,
	2020			2019
Deferred tax assets
Net operating losses carried forward	$	49,448		$	45,658
Depreciation and amortization		27,004			18,166
Lease liabilities		2,176			1,754
Others		207			—

Sub-total		78,835			65,578

Valuation allowances		(75,867	)		(63,869	)

Total deferred tax assets		2,968			1,709

Deferred tax liabilities
Right-of-use assets		(2,086	)		(1,709	)
Unrealized capital allowances		(1,330	)		(1,453	)

Total deferred tax liabilities		(3,416	)		(3,162	)

Deferred tax liabilities, net	$	(448	)	$	(1,453	)

As of December 31, 2020 and 2019, valuation allowances of $75,867 and $63,869 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, 2020, adjusted operating tax losses carr

ied

forward, amounting to $135,869, $131,364 and $144,836 will expire in 2021, 2022 and 2023, respectively. Adjusted operating tax losses carried forward of $109,654 expired during the year ended December 31, 2020.

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 $892,924 and $982,864 as at December 31, 2020 and 2019, 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 $107,151 and $117,944 as at December 31, 2020 and 2019, 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, 2020, 2019 and 2018 and there are no material unrecognized tax benefits which would favorably affect the effective income tax rates in future periods. As of December 31, 2020 and 2019, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

15.	SHARE-BASED COMPENSATION

In January 2021, Melco approved the grant of restricted shares under a share incentive plan adopted by Melco in 2011 (“Melco Share Incentive Plan”) to the eligible management personnel of Melco in lieu of the 2020 bonus for their services performed during 2020. The grant vested immediately on the grant date on March 31, 2021 and the grant date fair value was determined with reference to the closing price of Melco’s ADS trading on the Nasdaq Global Select Market on the date of grant.

In accordance with the applicable accounting standards, the share-based compensation expenses related to this grant of restricted shares under Melco Share Incentive Plan to the eligible management personnel of Melco, to the extent of services received by the Company, were recognized in the accompanying consolidated statements of operations with a corresponding increase in amounts due to affiliated companies as the amounts were charged to the Company by Melco’s subsidiaries under the Management and Shared Services Arrangements.

The share-based compensation expenses for the Company were recognized as follows:


	Year Ended
	December 31, 2020
Share-based compensation expenses	$	1,200
Less: share-based compensation expenses capitalized in construction in progress		(409	)

Share-based compensation expenses recognized in general and administrative expenses	$	791

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

16.	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, 2020, 2019 and 2018, the Company’s contributions into these plans were $28, $(20) and $(324), respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

DISTRIBUTION OF PROFITS

12 Months Ended

Dec. 31, 2020

Text Block [Abstract]

DISTRIBUTION OF PROFITS

17.	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, 2020 and 2019, 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 10 under each of the respective borrowings.

During the years ended December 31, 2020, 2019 and 2018, 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, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

18.	COMMITMENTS AND CONTINGENCIES

(a)

Capital and Other Commitments

As of December 31, 2020, the Company had capital commitments contracted for but not incurred for the construction and acquisition of property and equipment for Studio City totaling $498,490.

In accordance with the Studio City land concession and the extension granted by the Macau government in November 2019, the land on which Studio City is located must be fully developed by May 31, 2022.

(b)

Guarantee

Except as disclosed in Note 10, the Company has made the following significant guarantee as of December 31, 2020:

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 $25,797) (“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, 2020, approximately $645 of the Trade Credit Facility had been utilized.

(c)

Litigation

As of December 31, 2020, 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, 2020

RELATED PARTY TRANSACTIONS

19.	RELATED PARTY TRANSACTIONS

During the years ended December 31, 2020, 2019 and 2018, the C

mpany entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2020			2019		2018

Transactions with affiliated companies

Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	(42,682	)	$	393,512	$	339,924
	Rooms and food and beverage (1)		30,468			92,584		89,862
	Services fee (2)		26,151			39,470		39,126
	Entertainment (1)		25			7,685		1,191

	Costs and expenses (services provided to the Company):
	Staff costs recharges (3)(4)		65,515			89,273		92,214
	Corporate services (5)		32,354			34,519		33,256
	Other services		14,118			16,117		12,498
	Staff costs capitalized in construction in progress (4)		10,949			7,864		3,617
	Purchases of goods and services		151			523		310

	Sale and purchase of assets:
	Sale of property and equipment and other long-term assets		2,692			1,323		9,112
	Transfer-in of other long-term assets		7,206			17,516		15,246
	Purchases of intangible assets		3,938			—		—

A joint venture and a subsidiary of MECOM Power and Construction Limited (“MECOM”) (6)	Costs and expenses (services provided to the Company):
	Consultancy fee		—			3,096		2,878

	Purchase of assets:
	Construction and renovation work performed and recognized as property and equipment		—			4,328		3,741

Notes

(1)

These revenues primarily represented the 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, 2020, 2019 and 2018, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $30,493, $100,269 and $91,053, respectively, of which $27,090, $87,005 and $81,267 related to Studio City Casino’s gaming patrons and $3,403, $13,264 and $9,786 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)

These staff costs included share-based compensation expenses.

(5)

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.

(6)

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 transactions 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 as of December 31, 2020 and 2019 are receivables from Melco’s subsidiaries mainly arising from operating income or prepayment of operating expenses, and are unsecured,

non-interest

bearing and repayable on demand.

(b)

Amounts Due to Affiliated Companies

The outstanding balances as of December 31, 2020 and 2019 are payables to Melco and its subsidiaries mainly arising from operating expenses, and are unsecured,

non-interest

bearing and repayable on demand.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

20.	SEGMENT INFORMATION

The Company’s principal operating activities are engaged in the hospitality business and provision of gaming related services in Macau. The Company monitors its operations and evaluates its earnings by reviewing the assets and operations of Studio City as one operating segment. Accordingly, the Company does not present separate segment information. As of December 31, 2020 and 2019, the Company operated in one geographical area, Macau, where it derives its revenues and its long-lived assets are located.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21.	SUBSEQUENT EVENTS

(a)

In December 2020, Melco Resorts Macau further agreed to continue VIP rolling chip operations at the Studio City Casino until December 2021, subject to early termination with 30 day’s prior notice by either the Company or Melco Resorts Macau.

(b)

On January 4, 2021, Studio City Finance initiated a conditional tender offer (the “Conditional Tender Offer”) to purchase for cash any and all of the outstanding 2019 7.250% Studio City Notes with accrued interest. The Conditional Tender Offer was conditional upon, among other things, Studio City Finance raising sufficient funding from the completion of one or more financing transactions, together with cash on hand, to fund the purchase of validly tendered notes. The Conditional Tender Offer expired on January 11, 2021 with $347,056 aggregate principal amount of the 2019 7.250% Studio City Notes tendered.

(c)

On January 14, 2021, Studio City Finance issued $750,000 in aggregate principal amount of 5.000% senior notes due

January 15,

2029 at

an issue price of

100

of the principal amount

(the “

2021

5.000

% Studio City Notes”). The net proceeds from the offering of the

2021

5.000

% Studio City Notes were used to fund the Conditional Tender Offer and, on

February 17, 2021

, redeem the

2019

7.250

% Studio

		City Notes in aggregate principal amount of $252,944 which remained outstanding following the completion of the Conditional Tender Offer, together with accrued interest. The remaining proceeds will be used to partially fund the capital expenditures of the remaining development project at Studio City and for general corporate purposes. All of the existing subsidiaries of Studio City Finance and any other future restricted subsidiaries as defined in the 2021 5.000 % Studio City Notes are guarantors to guarantee the indebtedness under the 2021 5.000 % Studio City Notes .
	(d)	On March 15, 2021, Studio City Company amended the terms of the 2016 Studio City Credit Facilities, including the extension of the maturity date for the 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility from November 30, 2021 to January 15, 2028 (the “Extended Maturity Date”). The 2016 SC Term Loan Facility shall be repaid at the Extended Maturity Date with no interim amortization payments. The 2016 SC Revolving Credit Facility is available up to the date that is one month prior to the 2016 SC Revolving Credit Facility’s Extended Maturity Date. Changes have also been made to the covenants in order to align them with those of certain other financings at Studio City Finance, including amending the threshold sizes and measurement dates of the covenants. Accordingly, the outstanding principal amount of the 2016 SC Term Loan Facility, and the related deferred financing costs and restricted cash as of December 31, 2020 were classified as non-current liabilities or assets in the accompanying consolidated balance sheets.

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

12 Months Ended

Dec. 31, 2020

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,
	2020			2019
ASSETS

Current assets:
Cash and cash equivalents	$	11		$	908
Amount due from a subsidiary		—			5

Total current assets		11			913


Investments in subsidiaries		1,061,037			891,367


Total assets	$	1,061,048		$	892,280


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accrued expenses and other current liabilities	$	445		$	880
Amounts due to subsidiaries		616			32

Total current liabilities		1,061			912


Total liabilities		1,061			912

Shareholders’ equity:
Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 370,352,700 a nd 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		11,876			269
Accumulated losses		(1,086,160	)		(764,534	)

Total shareholders’ equity		1,059,987			891,368

Total liabilities and shareholders’ equity	$	1,061,048		$	892,280

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,
	2020			2019		2018
Operating revenue	$	—		$	—	$	—

Operating costs and expenses:
General and administrative		—			—		(133	)

Total operating costs and expenses		—			—		(133	)

Operating loss		—			—		(133	)

Non-operating income (expenses):
Interest income		—			—		102
Foreign exchange gains, net		1			1		616
Share of results of subsidiaries		(321,627	)		33,563		(22,183	)

Total non-operating income (expenses), net		(321,626	)		33,564		(21,465	)

(Loss) income before income tax		(321,626	)		33,564		(21,598	)
Income tax expense		—			—		—

Net (loss) income	$	(321,626	)	$	33,564	$	(21,598	)

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands of U.S. dollars)


	Year Ended December 31,
	2020			2019		2018
Net (loss) income	$	(321,626	)	$	33,564	$	(21,598	)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax		11,607			14,332		(14,551	)

Other comprehensive income (loss)		11,607			14,332		(14,551	)

Total comprehensive (loss) income	$	(310,019	)	$	47,896	$	(36,149	)

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,
	2020			2019			2018
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$	(119	)	$	1		$	(2,346	)

Cash flows from investing activities:
Advances to subsidiaries		(500,000	)		—			(423,553	)
Withdrawal of a bank deposit with an original maturity over three months		—			—			5,000

Net cash used in investing activities		(500,000	)		—			(418,553	)

Cash flow from a financing activity:
Net proceeds from (payments for) issuance of shares		499,222			(5,063	)		405,152

Cash provided by (used in) a financing activity		499,222			(5,063	)		405,152

Decrease in cash, cash equivalent and restricted cash		(897	)		(5,062	)		(15,747	)
Cash, cash equivalents and restricted cash at beginning of year		908			5,970			21,717

Cash and cash equivalents at end of year	$	11		$	908		$	5,970

Supplemental cash flow disclosure:
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$	445		$	—		$	5,943

SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

12 Months Ended

Dec. 31, 2020

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

the

end of the most recently completed fiscal year. As of December 31, 2020, approximately $1,288,000 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, 2020, 2019 and 2018. Studio City International did not receive any cash dividend from its subsidiary during the years ended December 31, 2020, 2019 and 2018.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

Basis of Presentation

(a)

Basis of Presentation and Principles of Consolidation

pre-negotiated

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

Principles of Consolidation

Use of Estimates

(b)

Use of Estimates

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

bearing and are recorded at

amortized

financial condition as well as management’s experience with collection trends

the

customers

, current economic and business conditions, and management’s expectations of future economic and business conditions and forecasts.

Management believes that as of December 31, 2020 and 2019, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

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

Capitalized Interest

(j)

Capitalized Interest

. The amount to be capitalized is determined by applying the weighted average

115,697

, $

132,291

and $

160,508

, of which $

10,898

nil

and

nil

were capitalized during the years ended December

2020

2019

and

2018

, respectively.

Intangible Assets

(k)

Intangible Assets

Impairment of Long-lived Assets

(l)

Impairment of Long-lived Assets

Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates and gross margin.

During the year ended December 31, 2020,

impairment loss of $3,769

. No impairment loss

s were

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

Deferred Financing Costs

(m)

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

Land Use Right

(n)

Land Use Right

Leases

(o)

Leases

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.

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 are accounted for separately.

Revenue Recognition

(p)

Revenue Recognition

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

the

Pre-opening Costs

(q)

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, 2020, 2019 and 2018, 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

(r)

Advertising and Promotional Costs

Foreign Currency Transactions and Translations

(s)

Foreign Currency Transactions and Translations

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

(t)

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

Comprehensive (loss) income includes net (loss) income and other

non-shareholder

changes in equity, or other comprehensive (loss) income and is reported in the accompanying consolidated statements of comprehensive (loss) income.

As of December 31, 2020 and 2019, the Company’s accumulated other comprehensive (loss) income consisted solely of foreign currency translation adjustments, net of tax and participation interest.

Income Tax

(u)

Income Tax

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

two-step

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

(v)

Net

oss

)

Income Attributable to Studio City International Holdings Limited Per Class

A Ordinary Share

if-converted

2018

. 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.

The


	Year Ended December 31,
	2020		2019		2018
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		294,837,092		241,818,016		191,533,455
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		72,511,760		—		—

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		367,348,852		241,818,016		191,533,455

Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		—		72,511,760		14,303,690

Recent Changes in Accounting Standards

(w)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement

s consolidated financial statements.

internal-use

software (and hosting arrangements that include an

internal-use

s consolidated financial statements.

Recent Accounting Pronouncement Not Yet Adopted

Income Taxes

Parent Company [Member]

Basis of Presentation

2.	Basis of Presentation

the

equity method to account for its investments in subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

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

Summary of weighted average number of Class A ordinary shares used in the calculation of basic and diluted net (loss) income


	Year Ended December 31,
	2020		2019		2018
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		294,837,092		241,818,016		191,533,455
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		72,511,760		—		—

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		367,348,852		241,818,016		191,533,455

Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		—		72,511,760		14,303,690

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Schedule of 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,
	2020		2019
Cash and cash equivalents	$	575,215	$	299,367
Current portion of restricted cash		13		27,735
Non-current portion of restricted cash		131		130

Total cash, cash equivalents and restricted cash	$	575,359	$	327,232

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	December 31,
	2020			2019
Hotel	$	106		$	1,104
Other		1,027			1,258

Sub-total		1,133			2,362
Less: allowances for credit losses		(976	)		(965	)

	$	157		$	1,397

Movement in Allowances for Credit Losses

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	965	$	960	$	588
Provision for credit losses		6		—		376
Effect of exchange rate		5		5		(4	)

Balance at end of year	$	976	$	965	$	960

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	December 31,
	2020			2019
Cost
Buildings	$	2,328,832		$	2,320,265
Furniture, fixtures and equipment		196,428			199,098
Leasehold improvements		126,538			109,834
Motor vehicles		2,615			2,602
Construction in progress		256,225			80,732

Sub-total		2,910,638			2,712,531
Less: accumulated depreciation and amortization		(729,741	)		(605,074	)

Property and equipment, net	$	2,180,897		$	2,107,457

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2020, the estimated future amortization expenses of

internal-use

software are as follows:


Year ending December 31,
2021	$	1,346
2022		1,346
2023		1,313

	$	4,005

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

LongtermPrepaymentsDepositsAndOtherAssets [Abstract]

Summary Of Long-term prepayments, deposits and other assets


	December 31,
	2020			2019
Other long-term assets	$	106,268		$	103,699
Less: accumulated amortization		(80,170	)		(67,845	)

Other long-term assets, net		26,098			35,854
Long-term prepayments		48,469			—
Advance payments and deposits for acquisition of property and equipment		30,928			14,217
Other deposits and other		11,620			4,517
Deferred financing costs, net		440			885
Other long-term receivables		—			1,614

Long-term prepayments, deposits and other assets	$	117,555		$	57,087

LAND USE RIGHT, NET (Tables)

12 Months Ended

Dec. 31, 2020

Text Block [Abstract]

Schedule of Land Use Right, Net


	December 31,
	2020			2019
Cost	$	179,091		$	178,258
Less: accumulated amortization		(62,982	)		(59,370	)

Land use right, net	$	116,109		$	118,888

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2020		2019
Property and equipment payables	$	49,161	$	25,386
Interest expenses payable		45,737		22,053
Operating expense and other accruals and liabilities		20,650		30,273
Advance customer deposits and ticket sales		2,403		3,946
Operating lease liabilities		995		895

	$	118,946	$	82,553

LONG-TERM DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Long-term Debt, Net

Long-term debt, net consisted of the following:


	December 31,
	2020		2019
Senior Notes (a)
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $6,165 and $7,829, respectively)	$	593,835	$	592,171
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $4,566)		495,434		—
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,738)		495,262		—
2016 7.250% SC Secured Notes, due 2021 (net of unamortized deferred financing costs of $7,211)		—		842,789

Credit Facilities (b)
2016 Studio City Credit Facilities (1)		129		128

	$	1,584,660	$	1,435,088

Note

(1)

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

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs) as of December 31, 2020 are as follows:


Year end i n g December 31,
2021	$	—
2022		—
2023		—
2024		600,000
2025		500,000
Over 2025		500,129

	$	1,600,129

- 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=120391452&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=119993939&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=120395691&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=119993939&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, 2020

Leases [Abstract]

Summary of components of lease costs

The components of operating lease cost

are as follows:


	Year Ended December 31,
	2020		2019
Amortization of land use right	$	3,333	$	3,300
Operating lease cost s		1,108		1,409
Short-term lease cost s		405		1,049

Total operating lease cost s	$	4,846	$	5,758

Disclosure of other information related to lease term and discount rate

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


	December 31,
	2020		2019
Weighted average remaining lease term		34.9 years		35.9 years
Weighted average discount rate		5.25%		7.01%

Summary of maturities of operating lease liabilities

Maturities of operating lease liabilities as of December 31, 2020 are as fo

lows:


Year ending December 31,
2021	$	1,017
2022		1,135
2023		1,135
2024		1,135
2025		1,135
Over 2025		33,820

Total future minimum lease payments		39,377
Less: amount representing interest		(21,245)

Present value of future minimum lease payments		18,132
Current portion		(995)

Non-current portion	$	17,137

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-cance

lable

operating leases as of December 31, 2020 were as follows:


Year ending December 31,
2021	$	8,579
2022		7,090
2023		2,407
2024		1,882
2025		1,408
Over 2025		2,532

	$	23,898

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income before Income Tax

(Loss) income before income tax consisted of:


	Year Ended December 31,
	2020			2019			2018
Macau operations	$	(278,388	)	$	181,579		$	137,918
Hong Kong and other jurisdictions operations		(127,715	)		(137,548	)		(158,119	)

(Loss) income before income tax	$	(406,103	)	$	44,031		$	(20,201	)

Summary of Income Tax (Credit) Expense

The income tax (credit) expense consisted of:


	Year Ended December 31,
	2020			2019		2018
Under provision of income taxes in prior years:
Macau Complementary Tax	$	—		$	—	$	86

Income tax (credit) expense - deferred:
Macau Complementary Tax		(1,011	)		402		458

Total income tax (credit) expense	$	(1,011	)	$	402	$	544

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

A reconciliation of the income tax (credit) expense from (loss) income before income tax per the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
	2020			2019			2018

(Loss) income before income tax	$	(406,103	)	$	44,031		$	(20,201	)
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax (credit) expense at Macau Complementary Tax rate		(48,732	)		5,284			(2,424	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		(2,995	)		—			—
Under provision in prior years		—			—			86
Effect of income for which no income tax expense is payable		(295	)		—			(177	)
Effect of expenses for which no income tax benefit is receivable		19,724			17,438			20,001
Effect of profits exempted from Macau Complementary Tax		—			(42,203	)		(35,698	)
Effect of tax losses that cannot be carried forward		10,768			—			—
Changes in valuation allowances		7,361			5,017			(1,456	)
Expired tax losses		13,158			14,866			20,212

Income tax (credit) expense	$	(1,011	)	$	402		$	544

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of Dec

mber 31, 2020 and 2019 consisted of the following:


	December 31,
	2020			2019
Deferred tax assets
Net operating losses carried forward	$	49,448		$	45,658
Depreciation and amortization		27,004			18,166
Lease liabilities		2,176			1,754
Others		207			—

Sub-total		78,835			65,578

Valuation allowances		(75,867	)		(63,869	)

Total deferred tax assets		2,968			1,709

Deferred tax liabilities
Right-of-use assets		(2,086	)		(1,709	)
Unrealized capital allowances		(1,330	)		(1,453	)

Total deferred tax liabilities		(3,416	)		(3,162	)

Deferred tax liabilities, net	$	(448	)	$	(1,453	)

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of share-based compensation expenses

The share-based compensation expenses for the Company were recognized as follows:


	Year Ended
	December 31, 2020
Share-based compensation expenses	$	1,200
Less: share-based compensation expenses capitalized in construction in progress		(409	)

Share-based compensation expenses recognized in general and administrative expenses	$	791

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Significant Related Party Transactions

During the years ended December 31, 2020, 2019 and 2018, the C

mpany entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2020			2019		2018

Transactions with affiliated companies

Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	(42,682	)	$	393,512	$	339,924
	Rooms and food and beverage (1)		30,468			92,584		89,862
	Services fee (2)		26,151			39,470		39,126
	Entertainment (1)		25			7,685		1,191

	Costs and expenses (services provided to the Company):
	Staff costs recharges (3)(4)		65,515			89,273		92,214
	Corporate services (5)		32,354			34,519		33,256
	Other services		14,118			16,117		12,498
	Staff costs capitalized in construction in progress (4)		10,949			7,864		3,617
	Purchases of goods and services		151			523		310

	Sale and purchase of assets:
	Sale of property and equipment and other long-term assets		2,692			1,323		9,112
	Transfer-in of other long-term assets		7,206			17,516		15,246
	Purchases of intangible assets		3,938			—		—

A joint venture and a subsidiary of MECOM Power and Construction Limited (“MECOM”) (6)	Costs and expenses (services provided to the Company):
	Consultancy fee		—			3,096		2,878

	Purchase of assets:
	Construction and renovation work performed and recognized as property and equipment		—			4,328		3,741

Notes

(1)

non-Studio

City Casino’s gaming patrons, respectively.

(2)

(3)

(4)

These staff costs included share-based compensation expenses.

(5)

(6)

ORGANIZATION AND BUSINESS - Additional Information (Detail)				1 Months Ended	12 Months Ended
	Aug. 31, 2020 shares	Nov. 19, 2018 shares	Oct. 22, 2018 $ / shares shares	Oct. 31, 2018 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 HKD ($)	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2017 $ / shares
Organization and Business [Line Items]
Cash and cash equivalents \| $					$ 575,215,000		$ 299,367,000
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Organization and Business [Line Items]
Remaining Borrowing Capacity					$ 30,054,000	$ 233,000,000
MCO Cotai Investments Limited [Member]
Organization and Business [Line Items]
Percentage of ownership				60.00%
New Cotai, LLC [Member]
Organization and Business [Line Items]
Percentage of ownership				40.00%
Percentage of ownership					40.00%
Common stock dividend before adjustments, percentage			66.67%		66.23%	66.23%
Common stock dividend percentage					19.60%	19.60%	30.00%
American Depository Shares [Member]
Organization and Business [Line Items]
Issuance of ordinary shares	14,087,299	4,312,500
Class A Ordinary Shares [Member]
Organization and Business [Line Items]
Issuance of ordinary shares	72,185,488		115,800,376
Ordinary shares, par value \| $ / shares				$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Class A Ordinary Shares [Member] \| MCO Cotai Investments Limited [Member]
Organization and Business [Line Items]
Percentage of ownership				60.00%
Reclassification of ordinary shares				108,767,640
Class B Ordinary Shares [Member]
Organization and Business [Line Items]
Ordinary shares, par value \| $ / shares				$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Class B Ordinary Shares [Member] \| New Cotai, LLC [Member]
Organization and Business [Line Items]
Percentage of ownership				40.00%
Reclassification of ordinary shares				72,511,760
Equivalent Class A Ordinary Shares for ADS [Member]
Organization and Business [Line Items]
Issuance of ordinary shares	56,349,196	17,250,000
IPO [Member] \| American Depository Shares [Member]
Organization and Business [Line Items]
Issuance of ordinary shares			28,750,000
IPO [Member] \| Equivalent Class A Ordinary Shares for ADS [Member]
Organization and Business [Line Items]
Issuance of ordinary shares			115,000,000
Ordinary shares, par value \| $ / shares			$ 0.0001
Private Placement [Member] \| Class A Ordinary Shares [Member] \| Melco International [Member]
Organization and Business [Line Items]
Issuance of ordinary shares			800,376

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2020
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 - Schedule of Basic And Diluted Net (Loss) Income (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Significant Accounting Policies [Line Items]
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	294,837,092	241,818,016	191,533,455
Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	367,348,852	241,818,016	191,533,455
Common Class A [Member]
Schedule Of Significant Accounting Policies [Line Items]
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	294,837,092	241,818,016	191,533,455
Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	367,348,852	241,818,016	191,533,455
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method	72,511,760	0	0
Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	0	72,511,760	14,303,690

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Aug. 31, 2020	Nov. 19, 2018	Oct. 22, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Oct. 31, 2018	Dec. 31, 2017
Schedule Of Significant Accounting Policies [Line Items]
Interest expenses incurred				$ 115,697	$ 132,291	$ 160,508
Interest expenses capitalized				10,898	0	0
Impairment losses recognized on property and equipment				$ 3,769	0	0
Land use rights, estimated useful life				40 years
Maximum deposits recognizing period				1 year
Advertising and promotional costs				$ 4,607	22,177	28,009
Percentage of tax benefit greater than likelihood				50.00%
Operating lease right-of-use assets				$ 17,379	14,238
Operating lease liabilities				$ 18,132
Internal-use Software [Member]
Schedule Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life				3 years
Advance Customer Deposits and Ticket Sales [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advance customer deposits and ticket sales				$ 2,403	3,946	$ 4,380
Decrease in advance customer deposits and ticket sales				$ (1,543)	$ (434)
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				370,352,700	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	72,185,488		115,800,376
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
Equivalent Class A Ordinary Shares for ADS [Member]
Schedule Of Significant Accounting Policies [Line Items]
Ordinary shares	56,349,196	17,250,000
Equivalent Class A Ordinary Shares for ADS [Member] \| IPO [Member]
Schedule Of Significant Accounting Policies [Line Items]
Ordinary shares, par value			$ 0.0001
Ordinary shares			115,000,000
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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 575,215	$ 299,367
Current portion of restricted cash	13	27,735
Non-current portion of restricted cash	131	130
Total cash, cash equivalents and restricted cash	$ 575,359	$ 327,232	$ 377,565	$ 382,929

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 1,133	$ 2,362
Less: allowances for credit losses	(976)	(965)	$ (960)	$ (588)
Accounts receivable, net	157	1,397
Hotel [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	106	1,104
Other [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 1,027	$ 1,258

ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Balance at beginning of year	$ 965	$ 960	$ 588
Provision for credit losses	6	0	376
Effect of exchange rate	5	5	(4)
Balance at end of year	$ 976	$ 965	$ 960

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment, Net
Cost	$ 2,910,638	$ 2,712,531
Less: accumulated depreciation and amortization	(729,741)	(605,074)
Property and equipment, net	2,180,897	2,107,457
Buildings [Member]
Property and Equipment, Net
Cost	2,328,832	2,320,265
Furniture, fixtures and equipment [Member]
Property and Equipment, Net
Cost	196,428	199,098
Leasehold improvements [Member]
Property and Equipment, Net
Cost	126,538	109,834
Motor vehicles [Member]
Property and Equipment, Net
Cost	2,615	2,602
Construction in progress [Member]
Property and Equipment, Net
Cost	$ 256,225	$ 80,732

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Costs capitalized to construction in progress	$ 32,497	$ 11,676

INTANGIBLE ASSETS, NET - Additional Information (Detail) - Internal-use Software [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 4,005
Finite-lived intangible assets, gross	4,038
Finite-lived intangible assets, accumulated amortization	33
Amortization of finite lived intangible assets	$ 33

INTANGIBLE ASSETS, NET -Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - Internal-use Software [Member] $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill And Intangible Assets [Line Items]
2021	$ 1,346
2022	1,346
2023	1,313
Finite-lived intangible assets, net	$ 4,005

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long term prepayments deposits and other assets [Abstract]
Other long-term assets	$ 106,268	$ 103,699
Less: accumulated amortization	(80,170)	(67,845)
Other long-term assets, net	26,098	35,854
Long-term prepayments	48,469	0
Advance payments and deposits for acquisition of property and equipment	30,928	14,217
Other deposits and other	11,620	4,517
Deferred financing costs, net	440	885
Other long-term receivables	0	1,614
Long-term prepayments, deposits and other assets	$ 117,555	$ 57,087

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Parenthetical) (Detail) - Mall [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Long term Prepayments Deposits And Other Assets [Line Items]
Provision For Other Credit Losses	$ 903
Other Credit Loss Write Offs	$ 903

LAND USE RIGHT, NET - Schedule of Land Use Right, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Land Use Right [Abstract]
Cost	$ 179,091	$ 178,258
Less: accumulated amortization	(62,982)	(59,370)
Land use right, net	$ 116,109	$ 118,888

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property and equipment payables	$ 49,161	$ 25,386
Interest expenses payable	45,737	22,053
Operating expense and other accruals and liabilities	20,650	30,273
Operating lease liabilities	$ 995	$ 895
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityCurrent	us-gaap:OperatingLeaseLiabilityCurrent
Total Accrued Expenses and Other Current Liabilities	$ 118,946	$ 82,553
Advance Customer Deposits And Ticket Sales [Member]
Advance customer deposits and ticket sales	$ 2,403	$ 3,946

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Long-term Debt [Line Items]

Long-term debt, net

$ 1,584,660

$ 1,435,088

2016 7.250% SC Secured Notes, due 2021 [Member] | Senior Notes [Member]

Long-term Debt [Line Items]

Long-term debt, net

842,789

2019 7.250% Studio City Notes, due 2024 [Member] | Senior Notes [Member]

Long-term Debt [Line Items]

Long-term debt, net

593,835

592,171

2016 Studio City Credit Facilities [Member] | Total Credit Facility [Member]

Long-term Debt [Line Items]

Long-term debt, net

^[1]

129

128

2020 6.500% SC Notes, due 2028 [Member] | Senior Notes [Member]

Long-term Debt [Line Items]

Long-term debt, net

495,262

2020 6.000% SC Notes, due 2025 [Member] | Senior Notes [Member]

Long-term Debt [Line Items]

Long-term debt, net

$ 495,434

$ 0

[1]

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	$ 6,165	$ 7,829
2016 7.250% SC Secured Notes, due 2021 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs		7,211
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	4,738
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	4,566
Revolving Credit Facility [Member] \| 2016 Studio City Credit Facilities [Member] \| Long term Prepayments, Deposits and Other Assets [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	$ 440	$ 885

LONG-TERM DEBT, NET (2019 7.250% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 11, 2019	Dec. 31, 2020	Feb. 17, 2021	Dec. 31, 2019
Long-term Debt [Line Items]
Total long-term debt		$ 1,600,129		$ 1,450,128
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 600,000		$ 0
Purchase price as percentage of principal	100.00%
Maturity date		Feb. 11, 2024
Interest rate per annum	7.25%
Net assets restricted from distribution		$ 1,288,000
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 (2020 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jul. 15, 2020	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt [Line Items]
Total long-term debt		$ 1,600,129	$ 1,450,128
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 500,000
Purchase price as percentage of principal	100.00%
Maturity date		Jul. 15, 2025
Interest rate per annum	6.00%
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member] \| Prior to July 15, 2022 [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%
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 500,000
Purchase price as percentage of principal	100.00%
Maturity date		Jan. 15, 2028
Interest rate per annum	6.50%
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member] \| Prior to July 15, 2023 [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%
2020 Studio City Notes [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Net assets restricted from distribution		$ 1,288,000

LONG-TERM DEBT, NET (2016 7.250% SC Secured Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Aug. 14, 2020	Nov. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt [Line Items]
Total long-term debt			$ 1,600,129	$ 1,450,128
Repayments of long-term debt			850,000	558,466	$ 400,000
Loss on extinguishment of debt			$ 18,716	$ 2,995	$ 2,489
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%
Repayments of long-term debt	$ 850,000
Loss on extinguishment of debt			$ 18,716

LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail)			12 Months Ended
	Mar. 15, 2021	Nov. 30, 2016 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 HKD ($)	Nov. 30, 2016 HKD ($)	Jan. 28, 2013 USD ($)	Jan. 28, 2013 HKD ($)
Long-term Debt [Line Items]
Total outstanding borrowings			$ 1,600,129,000	$ 1,450,128,000
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			$ 1,192,000,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member] \| Extended Maturity [Member]
Long-term Debt [Line Items]
Maturity date	Jan. 15, 2028
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			129,000			$ 1,000,000
Term loan facility, cash collateral		131,000					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			30,054,000			$ 233,000,000
Loan commitment fees recognized			$ 421,000	$ 416,000	$ 419,000

LONG-TERM DEBT, NET - Borrowing Rates of Long-term Debt - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Average borrowing rate per annum	6.98%	7.05%	7.50%

LONG-TERM DEBT, NET - Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs) (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 0
2022	0
2023	0
2024	600,000
2025	500,000
Over 2025	500,129
Total long-term debt	$ 1,600,129	$ 1,450,128

LEASES -Summary of components of lease cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost:
Amortization of land use right	$ 3,333	$ 3,300
Operating lease costs	1,108	1,409
Short-term lease costs	405	1,049
Total lease costs	$ 4,846	$ 5,758

LEASES - Disclosure of other information related to lease term and discount rate (Detail)	Dec. 31, 2020	Dec. 31, 2019
Lessee Operating Lease Other Information Related To Lease Term And Discount Rate [Abstract]
Operating leases, Weighted average remaining lease term	34 years 10 months 24 days	35 years 10 months 24 days
Operating leases, Weighted average discount rate	5.25%	7.01%

LEASES - Summary of maturities of operating lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Year ending December 31, 2021	$ 1,017
Year ending December 31, 2022	1,135
Year ending December 31, 2023	1,135
Year ending December 31, 2024	1,135
Year ending December 31, 2025	1,135
Over year ending December 31, 2025	33,820
Total future minimum lease payments	39,377
Less: amount representing interest	(21,245)
Present value of future minimum lease payments	18,132
Present value of future minimum lease payments current portion	(995)	$ (895)
Present value of future minimum lease payments non-current portion	$ 17,137	$ 13,720

LEASES - Summary of future minimum fees, excluding the contingent fees to be received under non-cancellable operating leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Lessor, Lease, Description [Line Items]
Year ending December 31, 2021	$ 8,579
Year ending December 31, 2022	7,090
Year ending December 31, 2023	2,407
Year ending December 31, 2024	1,882
Year ending December 31, 2025	1,408
Over year ending December 31, 2025	2,532
Total minimum future fees to be received	$ 23,898

LEASES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Minimum operating lease income	$ 12,064	$ 150	$ 7,428
Contingent operating lease income, Net of adjustment	$ (1,254)	$ 8,077	$ 9,301
Operating leases - as lessor, last expiry date	2028-08
Amount of reduction in lease income as a result of the rent concession and uncollectible lease income	$ 3,913
Land Concession Contracts [Member]
Lessee, 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, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 1,693,260	$ 1,505,673
The carrying value of long-term debt, excluding unamortized deferred financing costs	$ 1,600,129	$ 1,450,128

CAPITAL STRUCTURE - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		12 Months Ended
	Aug. 31, 2020	Nov. 19, 2018	Oct. 22, 2018	Jul. 31, 2020	Oct. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Capital Structure [Line Items]
Ordinary shares, authorized					2,000,000,000
Ordinary shares, authorized value					$ 200
Gross proceeds from shares	$ 500,000	$ 53,906	$ 361,876	$ 500,000
Offering expenses	$ 1,052		$ 16,573	$ 1,052
New Cotai, LLC [Member]
Capital Structure [Line Items]
Percentage of ownership						40.00%
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]
Issuance of ordinary shares	14,087,299	4,312,500
American Depository Shares [Member] \| IPO [Member]
Capital Structure [Line Items]
Issuance of 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						370,352,700	241,818,016	181,279,400
Issuance of ordinary shares	72,185,488		115,800,376
Ordinary shares, outstanding						370,352,700	241,818,016
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]
Issuance of 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
Equivalent Class A Ordinary Shares for ADS [Member]
Capital Structure [Line Items]
Issuance of ordinary shares	56,349,196	17,250,000
Equivalent Class A Ordinary Shares for ADS [Member] \| IPO [Member]
Capital Structure [Line Items]
Ordinary shares, par value			$ 0.0001
Issuance of ordinary shares			115,000,000

INCOME TAXES - Schedule of (Loss) Income before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Income Taxes [Line Items]
(Loss) Income before income tax	$ (406,103)	$ 44,031	$ (20,201)
Macau Complementary Tax [Member]
Schedule Of Income Taxes [Line Items]
(Loss) Income before income tax	(278,388)	181,579	137,918
Income Tax in Hong Kong and Other Jurisdictions [Member]
Schedule Of Income Taxes [Line Items]
(Loss) Income before income tax	$ (127,715)	$ (137,548)	$ (158,119)

INCOME TAXES - Summary of Income Tax (Credit) Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Under provision of income taxes in prior years:
Under provision of income taxes in prior years:	$ 0	$ 0	$ 86
Income tax (credit) expense - deferred:
Income tax (credit) expense - deferred	(1,011)	402	458
Income tax (credit) expense	$ (1,011)	$ 402	$ 544

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Schedule of Reconciliation of Income Tax (Credit) Expense from (Loss) Income Before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
(Loss) income before income tax	$ (406,103)	$ 44,031	$ (20,201)
Macau Complementary Tax rate	12.00%	12.00%	12.00%
Income tax (credit) expense at Macau Complementary Tax rate	$ (48,732)	$ 5,284	$ (2,424)
Effect of different tax rates of subsidiaries operating in other jurisdictions	(2,995)	0	0
Under provision in prior years	0	0	86
Effect of income for which no income tax expense is payable	(295)	0	(177)
Effect of expenses for which no income tax benefit is receivable	19,724	17,438	20,001
Effect of profits exempted from Macau Complementary Tax	0	(42,203)	(35,698)
Effect of tax losses that cannot be carried forward	10,768	0	0
Change in valuation allowances	7,361	5,017	(1,456)
Expired tax losses	13,158	14,866	20,212
Income tax (credit) expense	$ (1,011)	$ 402	$ 544

INCOME TAXES - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 0	$ 32,467,000	$ 33,835,000
Effective tax rate	0.20%	0.90%	(2.70%)
Valuation allowances	$ 75,867,000	$ 63,869,000
Adjusted operating tax losses carried forwards, expired	109,654,000
Aggregate undistributed earnings of foreign subsidiaries	892,924,000	982,864,000
Provision related to tax withholding for dividends	0	0
Deferred income tax liability, undistributed earnings	107,151,000	117,944,000
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	$ 0.134	$ 0.177
Operating Tax Loss Carry Forwards Expiring 2022 [Member]
Schedule Of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	$ 131,364,000
Operating Tax Loss Carry Forwards Expiring 2021 [Member]
Schedule Of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	135,869,000
Operating Tax Loss Carry Forwards Expiring 2023 [Member]
Schedule Of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards expiration	$ 144,836,000
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, 2020	Dec. 31, 2019
Deferred tax assets
Net operating losses carried forward	$ 49,448	$ 45,658
Depreciation and amortization	27,004	18,166
Lease liabilities	2,176	1,754
Others	207	0
Sub-total	78,835	65,578
Valuation allowances	(75,867)	(63,869)
Total deferred tax assets	2,968	1,709
Deferred tax liabilities
Right-of-use assets	(2,086)	(1,709)
Unrealized capital allowances	(1,330)	(1,453)
Total deferred tax liabilities	(3,416)	(3,162)
Deferred tax liabilities, net	$ (448)	$ (1,453)

SHARE-BASED COMPENSATION - Summary of share-based compensation expenses (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses	$ 1,200
Less: share-based compensation expenses capitalized in construction in progress	(409)
Share-based compensation expenses recognized in general and administrative expenses	$ 791

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Amount of employer contributions into the defined contribution retirement benefits schemes	$ (28)	$ 20	$ 324

DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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, 2020 USD ($)
Commitments and Contingencies [Line Items]
Capital commitments			$ 498,490
Trade Credit Facility [Member]
Commitments and Contingencies [Line Items]
Amount entered with a bank to meet certain payment obligations	$ 25,797	$ 200,000,000
Credit facility utilized			$ 645
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Provision of Gaming Related Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 25,576	$ 21,445	$ 17,634
Entertainment [Member]
Revenues (services provided by the Group):
Revenues	25	7,685	1,191
Costs and expenses (services provided to the Group):
Costs and expenses	2,273	4,521	4,815
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member]
Sale and purchase of assets:
Sale of property and equipment and other long-term assets	2,692	1,323	9,112
Transfer-in of other long-term assets	7,206	17,516	15,246
Purchases of intangible assets	3,938	0	0
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Provision of Gaming Related Services [Member]
Revenues (services provided by the Group):
Revenues	(42,682)	393,512	339,924
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Rooms Food and Beverage [Member]
Revenues (services provided by the Group):
Revenues	30,468	92,584	89,862
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Services Fee [Member]
Revenues (services provided by the Group):
Revenues	26,151	39,470	39,126
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Entertainment [Member]
Revenues (services provided by the Group):
Revenues	25	7,685	1,191
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	65,515	89,273	92,214
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Corporate Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	32,354	34,519	33,256
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Other Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	14,118	16,117	12,498
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Staff costs capitalized in construction in progress
Costs and expenses (services provided to the Group):
Costs and expenses	10,949	7,864	3,617
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	$ 151	523	310
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
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

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lawrence Yau Lung Ho [Member] \| 2020 Studio City Notes [Member]
Related Party Transaction [Line Items]
Share percentage holding by Director		20.00%	20.00%
Melco and its Subsidiaries [Member] \| Rooms Food and Beverage and Entertainment Revenues [Member]
Related Party Transaction [Line Items]
Aggregated revenue	$ 30,493	$ 100,269	$ 91,053
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	27,090	87,005	81,267
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	$ 3,403	$ 13,264	$ 9,786

SUBSEQUENT EVENTS - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 17, 2021	Jan. 14, 2021	Jan. 11, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Events [Line Items]
Total long-term debt				$ 1,600,129	$ 1,450,128
Subsequent Event [Member] \| 2019 7.250% Studio City Notes [Member]
Subsequent Events [Line Items]
Debt Instrument Redemption Amount	$ 252,944
Subsequent Event [Member] \| 2019 7.250% Studio City Notes [Member] \| Conditional Tender Offer [Member]
Subsequent Events [Line Items]
Total long-term debt			$ 347,056
Subsequent Event [Member] \| 2021 5.000% Studio City Notes, due 2029 [Member]
Subsequent Events [Line Items]
Total long-term debt		$ 750,000
Interest rate per annum		5.00%
Purchase price as percentage of principal		100.00%
Maturity date		2029

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 575,215	$ 299,367
Total current assets	607,821	414,440
Total assets	3,043,897	2,712,240
Current liabilities:
Accrued expenses and other current liabilities	118,946	82,553
Total current liabilities	162,151	100,171
Total liabilities	1,776,174	1,553,581
Shareholders' equity:
Additional paid-in capital	2,134,227	1,655,602
Accumulated other comprehensive income	11,876	269
Accumulated losses	(1,086,160)	(764,534)
Total shareholders' equity	1,059,987	891,368
Class A Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	37	24
Class B Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	7	7
Parent Company [Member]
Current assets:
Cash and cash equivalents	11	908
Amount due from a subsidiary	0	5
Total current assets	11	913
Investments in subsidiaries	1,061,037	891,367
Total assets	1,061,048	892,280
Current liabilities:
Accrued expenses and other current liabilities	445	880
Amounts due to subsidiaries	616	32
Total current liabilities	1,061	912
Total liabilities	1,061	912
Shareholders' equity:
Additional paid-in capital	2,134,227	1,655,602
Accumulated other comprehensive income	11,876	269
Accumulated losses	(1,086,160)	(764,534)
Total shareholders' equity	1,059,987	891,368
Total liabilities and shareholders' equity	1,061,048	892,280
Parent Company [Member] \| Class A Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	37	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, 2020	Dec. 31, 2019	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	370,352,700	241,818,016		181,279,400
Ordinary shares, outstanding	370,352,700	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	370,352,700	241,818,016
Ordinary shares, outstanding	370,352,700	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Operating revenues	$ 49,208	$ 626,733	$ 571,213
Operating costs and expenses:
General and administrative	(89,006)	(128,931)	(132,637)
Total operating costs and expenses	(329,136)	(448,737)	(433,351)
Operating loss	(279,928)	177,996	137,862
Non-operating income (expenses):
Interest income	1,276	5,861	3,578
Foreign exchange gains, net	(3,434)	(3,975)	1,972
Total non-operating expenses, net	(126,175)	(133,965)	(158,063)
Income tax expense	(1,011)	402	544
Net (loss) income	(405,092)	43,629	(20,745)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Operating revenues	0	0	0
Operating costs and expenses:
General and administrative	0	0	(133)
Total operating costs and expenses	0	0	(133)
Operating loss	0	0	(133)
Non-operating income (expenses):
Interest income	0	0	102
Foreign exchange gains, net	1	1	616
Share of results of subsidiaries	(321,627)	33,563	(22,183)
Total non-operating expenses, net	(321,626)	33,564	(21,465)
(Loss) income before income tax	(321,626)	33,564	(21,598)
Income tax expense	0	0	0
Net (loss) income	$ (321,626)	$ 33,564	$ (21,598)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	$ (405,092)	$ 43,629	$ (20,745)
Other comprehensive income (loss):
Other comprehensive income (loss)	15,208	18,629	(18,774)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(321,626)	33,564	(21,598)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	11,607	14,332	(14,551)
Other comprehensive income (loss)	11,607	14,332	(14,551)
Total comprehensive (loss) income	$ (310,019)	$ 47,896	$ (36,149)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$ (167,425)	$ 228,504	$ 139,518
Cash flows from investing activities:
Net cash used in investing activities	(209,789)	(90,922)	(147,515)
Cash flow from a financing activity
Net proceeds from (payments for) issuance of shares	499,222	(5,063)	405,152
Cash provided by (used in) a financing activity	623,811	(189,976)	5,152
Increase (decrease) in cash, cash equivalents and restricted cash	248,127	(50,333)	(5,364)
Cash, cash equivalents and restricted cash at beginning of year	327,232	377,565	382,929
Cash, cash equivalents and restricted cash at end of year	575,359	327,232	377,565
Supplemental cash flow disclosure:
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	445	0	5,943
Parent Company [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities	(119)	1	(2,346)
Cash flows from investing activities:
Advances to subsidiaries	(500,000)	0	(423,553)
Withdrawal of a bank deposit with an original maturity over three months	0	0	5,000
Net cash used in investing activities	(500,000)	0	(418,553)
Cash flow from a financing activity
Net proceeds from (payments for) issuance of shares	499,222	(5,063)	405,152
Cash provided by (used in) a financing activity	499,222	(5,063)	405,152
Increase (decrease) in cash, cash equivalents and restricted cash	(897)	(5,062)	(15,747)
Cash, cash equivalents and restricted cash at beginning of year	908	5,970	21,717
Cash, cash equivalents and restricted cash at end of year	11	908	5,970
Supplemental cash flow disclosure:
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$ 445	$ 0	$ 5,943

FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY - Additional Information (Detail) - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organizational Transactions and Participation Agreements [Line Items]
Net assets restricted from distribution	$ 1,288,000
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%