0001193125-21-342837 | 6-K | XBRL Viewer | Studio City International Holdings LTD

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Cover Page	9 Months Ended
Cover Page	Sep. 30, 2021
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Entity Registrant Name	STUDIO CITY INTERNATIONAL HOLDINGS LIMITED
Entity Central Index Key	0001713334
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 650,941	$ 575,215
Restricted cash	0	13
Accounts receivable, net of allowances for credit losses of $972 and $976	54	157
Amounts due from affiliated companies	5,580	10,672
Inventories	8,144	9,297
Prepaid expenses and other current assets	47,838	12,467
Total current assets	712,557	607,821
Property and equipment, net	2,401,336	2,180,897
Intangible assets, net	3,132	4,005
Long-term prepayments, deposits and other assets	71,605	117,555
Restricted cash	130	131
Operating lease right-of-use assets	14,640	17,379
Land use right, net	113,131	116,109
Total assets	3,316,531	3,043,897
Current liabilities:
Accounts payable	463	206
Accrued expenses and other current liabilities	131,824	118,946
Income tax payable	12	33
Amounts due to affiliated companies	40,702	42,966
Total current liabilities	173,001	162,151
Long-term debt, net	2,086,978	1,584,660
Other long-term liabilities	26,980	11,778
Deferred tax liabilities, net	495	448
Operating lease liabilities, non-current	14,591	17,137
Total liabilities	2,302,045	1,776,174
Commitments and contingencies (Note 13)
Shareholders' equity and participation interest:
Additional paid-in capital	2,134,227	2,134,227
Accumulated other comprehensive (loss) income	(1,290)	11,876
Accumulated losses	(1,284,769)	(1,086,160)
Total shareholders' equity	848,212	1,059,987
Participation interest	166,274	207,736
Total shareholders' equity and participation interest	1,014,486	1,267,723
Total liabilities, shareholders' equity and participation interest	3,316,531	3,043,897
Class A Ordinary Shares [Member]
Shareholders' equity and participation interest:
Ordinary shares, value	37	37
Class B Ordinary Shares [Member]
Shareholders' equity and participation interest:
Ordinary shares, value	$ 7	$ 7

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, net of allowances for credit losses	$ 972	$ 976	$ 976	$ 965
Class A Ordinary Shares [Member]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	1,927,488,240	1,927,488,240
Ordinary shares, issued	370,352,700	370,352,700
Ordinary shares, outstanding	370,352,700	370,352,700
Class B Ordinary Shares [Member]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	72,511,760	72,511,760
Ordinary shares, issued	72,511,760	72,511,760
Ordinary shares, outstanding	72,511,760	72,511,760

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating revenues:
Operating revenues	$ 78,487	$ 25,503
Operating costs and expenses:
General and administrative (including expenses to related parties of $38,782 and $43,050 for the nine months ended September 30, 2021 and 2020, respectively)	(68,949)	(69,787)
Pre-opening costs (including expenses to related parties of $125 and $158 for the nine months ended September 30, 2021 and 2020, respectively)	(739)	(133)
Amortization of land use right	(2,496)	(2,499)
Depreciation and amortization	(93,299)	(122,406)
Property charges and other (including expenses to related parties of $4,107 and $1,497 for the nine months ended September 30, 2021 and 2020, respectively)	(4,129)	(4,101)
Total operating costs and expenses	(225,087)	(254,091)
Operating loss	(146,600)	(228,588)
Non-operating income (expenses):
Interest income	2,350	1,175
Interest expenses, net of amounts capitalized	(69,073)	(81,081)
Other financing costs	(314)	(315)
Foreign exchange gains (losses), net	4,989	(4,107)
Other expenses, net	0	(255)
Loss on extinguishment of debt	(28,817)	(18,497)
Total non-operating expenses, net	(90,865)	(103,080)
Loss before income tax	(237,465)	(331,668)
Income tax (expense) credit	(29)	106
Net loss	(237,494)	(331,562)
Net loss attributable to participation interest	38,885	71,427
Net loss attributable to Studio City International Holdings Limited	$ (198,609)	$ (260,135)
Common Class A [Member]
Net loss attributable to Studio City International Holdings Limited per Class A ordinary share:
Basic	$ (0.536)	$ (0.965)
Diluted	$ (0.536)	$ (0.969)
Weighted average Class A ordinary shares outstanding used in net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation:
Basic	370,352,700	269,481,487
Diluted	370,352,700	341,993,247
Provision of Gaming Related Services [Member]
Operating revenues:
Operating revenues	$ (5,522)	$ (38,986)
Operating costs and expenses:
Cost of revenue	(18,934)	(18,932)
Rooms [Member]
Operating revenues:
Operating revenues	30,774	12,330
Operating costs and expenses:
Cost of revenue	(9,328)	(8,473)
Food and Beverage [Member]
Operating revenues:
Operating revenues	20,417	15,613
Operating costs and expenses:
Cost of revenue	(20,939)	(20,556)
Entertainment [Member]
Operating revenues:
Operating revenues	2,428	1,025
Operating costs and expenses:
Cost of revenue	(2,252)	(2,676)
Services Fee [Member]
Operating revenues:
Operating revenues	19,493	19,706
Mall [Member]
Operating revenues:
Operating revenues	9,684	14,738
Operating costs and expenses:
Cost of revenue	(2,907)	(3,648)
Retail and Other [Member]
Operating revenues:
Operating revenues	1,213	1,077
Operating costs and expenses:
Cost of revenue	$ (1,115)	$ (880)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
General and administrative expenses to related parties	$ 38,782	$ 43,050
Pre-opening costs expenses to related parties	125	158
Property charges and other expenses to related parties	4,107	1,497
Provision of Gaming Related Services [Member]
Costs to related parties	18,140	17,473
Rooms [Member]
Revenues from related parties	24,147	8,725
Costs to related parties	5,995	5,696
Food and Beverage [Member]
Revenues from related parties	13,794	10,234
Costs to related parties	12,877	15,201
Entertainment [Member]
Revenues from related parties	550	9
Costs to related parties	1,700	1,814
Mall [Member]
Costs to related parties	1,312	1,563
Retail and Other [Member]
Costs to related parties	$ 1,026	$ 895

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (237,494)	$ (331,562)
Other comprehensive (loss) income:
Foreign currency translation adjustments, before and after tax	(15,743)	16,789
Other comprehensive (loss) income	(15,743)	16,789
Total comprehensive loss	(253,237)	(314,773)
Comprehensive loss attributable to participation interest	41,462	67,567
Comprehensive loss attributable to Studio City International Holdings Limited	$ (211,775)	$ (247,206)

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member] Class A Ordinary Shares [Member]	Common Stock [Member] Class B Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Losses [Member]	Participation Interest [Member]
BEGINNING BALANCE at Dec. 31, 2019	$ 1,158,659	$ 24	$ 7	$ 1,655,602	$ 269	$ (764,534)	$ 267,291
BEGINNING BALANCE (in shares) at Dec. 31, 2019		241,818,016	72,511,760
Net loss for the period	(331,562)	$ 0	$ 0	0	0	(260,135)	(71,427)
Foreign currency translation adjustments	16,789	0	0	0	12,929	0	3,860
Shares issued, net of offering expenses	498,948	$ 13	$ 0	498,935	0	0	0
Shares issued, net of offering expenses, shares		128,534,684	0
Change in Participation Interest resulted from Private Placements	0	$ 0	$ 0	(20,310)	0	0	20,310
ENDING BALANCE at Sep. 30, 2020	1,342,834	$ 37	$ 7	2,134,227	13,198	(1,024,669)	220,034
ENDING BALANCE (in shares) at Sep. 30, 2020		370,352,700	72,511,760
BEGINNING BALANCE at Dec. 31, 2020	1,267,723	$ 37	$ 7	2,134,227	11,876	(1,086,160)	207,736
BEGINNING BALANCE (in shares) at Dec. 31, 2020		370,352,700	72,511,760
Net loss for the period	(237,494)	$ 0	$ 0	0	0	(198,609)	(38,885)
Foreign currency translation adjustments	(15,743)	0	0	0	(13,166)	0	(2,577)
ENDING BALANCE at Sep. 30, 2021	$ 1,014,486	$ 37	$ 7	$ 2,134,227	$ (1,290)	$ (1,284,769)	$ 166,274
ENDING BALANCE (in shares) at Sep. 30, 2021		370,352,700	72,511,760

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net cash used in operating activities	$ (120,862)	$ (148,825)
Cash flows from investing activities:
Placement of bank deposits with original maturities over three months	(278,700)	0
Acquisition of property and equipment	(266,650)	(140,891)
Acquisition of intangible assets	(3,921)	0
Funds to an affiliated company	(3,672)	(9,415)
Proceeds from sale of property and equipment and other long-term assets	1,727	2,621
Withdrawals of bank deposits with original maturities over three months	278,700	0
Net cash used in investing activities	(272,516)	(147,685)
Cash flows from financing activities:
Principal payments on long-term debt	(252,944)	(850,000)
Payments of deferred financing costs	(33,297)	(24,051)
Net (payments for) proceeds from issue of shares	(445)	499,291
Proceeds from long-term debt	758,194	1,000,000
Net cash provided by financing activities	471,508	625,240
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,418)	1,647
Increase in cash, cash equivalents and restricted cash	75,712	330,377
Cash, cash equivalents and restricted cash at beginning of period	575,359	327,232
Cash, cash equivalents and restricted cash at end of period	651,071	657,609
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	(84,141)	(81,483)
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	(734)	(735)
Change in operating lease right-of-use assets and lease liabilities arising from lease modification	(2,575)	3,213
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	100,090	43,005
Change in amounts due from/to affiliated companies related to acquisition of property and equipment and other long-term assets	6,090	7,106
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$ 0	$ 514

ORGANIZATION AND BUSINESS

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

(a)

Company Information

Studio City International Holdings Limited (“Studio City International”) was an exempted company with limited liability registered by way of continuation in the Cayman Islands, with its American depositary shares (“ADSs”) listed on the New York Stock Exchange under the symbol “MSC” in the United States of America.

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

the non-gaming operations

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.

Studio City International authorized two classes of ordinary shares, the Class A ordinary shares and the Class B ordinary shares, in each case with a par value of $0.0001 each. The Class A ordinary share and Class B ordinary share have the same rights, except that holders of the Class B ordinary shares do not have any right to receive dividends or distributions upon the liquidation or winding up of Studio City International or to otherwise share in profits and surplus assets. MCO Cotai Investments Limited (“MCO Cotai”), a subsidiary of Melco, through its ownership of the Class A ordinary shares, is the controlling shareholder of Studio City International. New Cotai, LLC (“New Cotai”), a private company organized in the United States of America, is the holder of all outstanding Class B ordinary shares which have only voting and no economic rights. New Cotai has a

non-voting,

non-shareholding

economic participation interest (“Participation Interest”) in MSC Cotai Limited (“MSC Cotai”), a subsidiary of Studio City International, which entitles New Cotai to receive from MSC Cotai an amount equal to a certain percentage 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 “Participation Agreement”) entered into by MSC Cotai, New Cotai and Studio City International in 2018 (the “MSC Cotai’s Distribution”). 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. As of September 30, 2021 and December 31, 2020, the Participation Interest entitled New Cotai to receive from

MSC Cotai an amount equal to approximately 19.6% of the MSC Cotai’s Distribution.

As of September 30, 2021 and December 31, 2020, Melco International Development Limited (“Melco International”), a company listed in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”), is the single largest shareholder of Melco.

(b)

Recent Developments Related to

COVID-19

and Other Business Developments

The disruptions to the Company’s business caused by the

COVID-19

outbreak continue to have a material effect on its financial condition and operations during the first three quarters of 2021.

The Company’s operations have been impacted by

on-and-off

travel restrictions and quarantine requirements as imposed by the governments of Macau, Hong Kong and the People’s Republic of China (the “PRC”) in response to isolated cases. The appearance of

COVID-19

cases in early August 2021 and late September 2021 led to city-wide mandatory testing, mandatory closure of most entertainment and leisure venues (casinos and gaming areas excluded), and strict travel restrictions and requirements being implemented to enter and exit Macau. Since October 19, 2021, authorities have eased pandemic prevention measures such that travelers no longer require a

14-day

quarantine on arrival in Zhuhai, and the validity of negative nucleic acid tests were extended from 24 hours to 48 hours or seven days. As a result, the Company’s visitation has been gradually recovering.

The

COVID-19

outbreak has also impacted the construction schedules of the remaining development project at Studio City. As announced by Studio City International in May 2021, the Macau government granted an extension of the development period under the Studio City land concession to December 27, 2022. The Company currently expects to complete the construction of this project within the development period.

The pace of recovery from

COVID-19-related

disruptions continues to depend on future events, including duration of travel and visa restrictions, the pace of vaccination progress, development of new medicine for

COVID-19

as well as customer sentiment and consumer behavior related to discretionary spending and travel, all of which remain highly uncertain. The Company is unable to reasonably estimate the financial impact to its future results of operations, cash flows and financial condition.

As of September 30, 2021, the Company had cash and cash equivalents of $650,941 and available borrowing capacity under the 2016 SC Revolving Credit Facility of HK$233,000,000 (equivalent to $29,927), subject to the satisfaction of certain conditions precedent.

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

COVID-19

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

non-essential

items, rationalizing the Company’s capital expenditure programs with deferrals and reductions, refinancing existing borrowings and raising additional capital through equity offering or new borrowing.

The Company believes it will be able to support continuing operations and capital expenditures for at least twelve months after the date that these condensed consolidated financial statements are issued.

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

(c)

Macau gaming subconcession contract

On September 8, 2006, the Macau government granted a gaming subconcession to Melco Resorts Macau to operate its gaming business in Macau. Melco Resorts Macau’s subconcession contract expires on June 26, 2022. Under current applicable Macau law, a concession or subconcession may be extended or renewed by order of the Macau Chief Executive, one or more times, up to a maximum of 5 years.

Melco Resorts Macau operates Studio City Casino pursuant to the Services and Right to Use Arrangements (as described in Note 2). These arrangements remain effective until June 26, 2022 and will be extended if Melco Resorts Macau obtains a gaming concession, subconcession or other right to legally operate gaming in Macau beyond June 26, 2022 and if the Macau government permits such extension.

In September 2021, the Macau government launched the public consultation process on the proposed changes to the Macau gaming law which sets out the basic legal framework for new concessions. Such public consultation process is ongoing. The Macau government continues to be in contact with the gaming industry and all procedures are expected to be followed. If Melco Resorts Macau is unable to secure a new concession or subconcession or an extension or renewal of its subconcession, or if the Macau government were to exercise its redemption or other termination rights prior to June 26, 2022, Melco Resorts Macau would be unable to operate casino gaming in Macau including Studio City Casino and in accordance with current legislation on reversion of casino premises, all casino premises and gaming-related equipment under Melco Resorts Macau’s subconcession will automatically revert to the Macau government without any compensation, and Melco Resorts Macau will cease to generate revenues from such operations.

Under the indentures of the senior notes issued by Studio City Finance Limited (“Studio City Finance”), a subsidiary of Studio City International, holders of the senior notes can require Studio City Finance to repurchase all or any part of the senior notes at par, plus any accrued and unpaid interest (the “Special Put Option”) (1) upon the occurrence of any event after which Melco Resorts Macau’s subconcession or other permits or authorizations as are necessary for the operation of the casino at Studio City in substantially the same manner and scope as operations were conducted at the issue date of the respective senior notes issued by Studio City Finance cease to be in full force and effect, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of Studio City Finance and its subsidiaries, taken as a whole; or (2) if the termination, rescission, revocation or modification of Melco Resorts Macau’s subconcession has had a material adverse effect on the financial condition, business, properties, or results of operations of Studio City Finance and its subsidiaries.

In addition, in relation to the credit facilities of Studio City Company Limited (“Studio City Company”), a subsidiary of Studio City International, any termination, revocation, rescission or modification of Melco Resorts Macau’s subconcession which has had a material adverse effect on the financial condition, business, properties, or results of operations of the Company, taken as a whole, would constitute a mandatory prepayment event, which would result in (i) the cancellation of available commitments; and (ii) subject to each lender’s election, such electing lender’s share of all outstanding amounts under such facilities becoming immediately due and payable.

The Company believes Melco Resorts Macau is in a position to satisfy the requirements related to the grant of new concession or subconcession or the extension or renewal of its subconcession as they may be set out by the Macau government and, the Services and Right to Use Arrangements will be extended successfully. Accordingly, the accompanying condensed consolidated financial statements are prepared on a going concern basis.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation and Principles of Consolidation

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

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

Under the Management and Shared Services Arrangements, certain of the corporate and administrative functions as well as operational activities of the Company are administered by staff employed by certain Melco subsidiaries, including senior management services, centralized corporate functions and operational and venue support services. Payment arrangements for the services are provided for in the individual work agreements and may vary depending on the services provided. Corporate services are charged at

pre-negotiated

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 condensed consolidated financial statements reflect the Company’s cost of doing business. However, such allocations may not be indicative of the actual expenses the Company would have incurred had it operated as an independent company for the periods presented. Details of the services and related charges are disclosed in Note 14.

The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting. The results of operations for the nine months ended September 30, 2021 and 2020 are not necessarily indicative of expected results for the full year. The financial information as of December 31, 2020 presented in these condensed consolidated financial statements is derived from the Company’s consolidated financial statements as of December 31, 2020.

The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2020. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial results of such periods.

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

The accompanying condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2020, except as otherwise disclosed in Note 2(g).

(b)

Accounts Receivable and Credit Risk

Accounts receivable, including hotel and other receivables, are typically

non-interest

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, the age of the balances owed, the customers’ financial condition, management’s experience with the collection trends of the customers and management’s expectations of the current and future economic conditions.

Management believes that as of September 30, 2021 and December 31, 2020, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

(c)

Impairment of Long-lived Assets

The Company evaluates the long-lived assets with finite lives to be held and used for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the assets, on an undiscounted basis, to the carrying values of the assets. Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates and gross margin. If the undiscounted cash flows exceed the carrying values, no impairments are indicated. If the undiscounted cash flows do not exceed the carrying values, then an impairment charge is recorded based on the fair values of the assets, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs.

During the nine months ended September 30, 2021 and 2020, impairment losses of $203 and $3,769

were recognized, respectively, mainly due to reconfigurations and renovations at Studio City, and included in property charges and other in the accompanying condensed 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 September 30, 2021 and concluded no impairment existed at that date as the estimated undiscounted future cash flows exceeded their carrying values.

(d)

Revenue Recognition

Contract and Contract-Related Liabilities

In providing goods and services to its customers, there may be a timing difference between cash receipts from customers and recognition of revenues, resulting in a contract or contract-related liability. The Company’s primary types of liabilities related to contracts with customers are advance deposits on rooms and advance ticket sales which represent cash received in advance for goods or services yet to be provided. These amounts are included in accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets and will be recognized as revenues when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenues and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as

revenues within one year. Advance customer deposits and ticket sales of $2,440 as of September 30, 2021 increased by $37 from the balance of $2,403 as of December 31, 2020. Advance customer deposits and ticket sales of $3,400 as of September 30, 2020 decreased by $546 from the balance of $3,946 as of December 31, 2019.

(e)

Comprehensive Loss and Accumulated Other Comprehensive (Loss) Income

Comprehensive loss includes net loss and foreign currency translation adjustments and is reported in the accompanying condensed consolidated statements of comprehensive loss.

As of September 30, 2021 and December 31, 2020, the Company’s accumulated other comprehensive (loss) income consisted solely of foreign currency translation adjustments, net of tax and participation interest.

(f)

Net Loss Attributable to Studio City International Holdings Limited Per Class

A Ordinary Share

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

Diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share is calculated by dividing the net loss attributable to Studio City International Holdings Limited by the weighted average number of Class A ordinary shares outstanding during the period adjusted to include the number of additional Class A ordinary shares that would have been outstanding if potential dilutive securities had been issued and the

if-converted

method is applied for the potential dilutive effect of the exchange of Class B ordinary shares for the proportionate number of Class A ordinary shares.

Basic and diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share does not include Class B ordinary shares as such shares do not participate in the loss of Studio City International. As a result, Class B ordinary shares are not considered participating securities and are not included in the weighted average number of shares outstanding for purposes of computing net loss attributable to Studio City International Holdings Limited per share.

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


	Nine Months Ended
	September 30,
	2021		2020
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		269,481,487
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		—		72,511,760

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		341,993,247

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

(g)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement:

In December 2019, the Financial Accounting Standards

Board 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. The Company adopted this new guidance on January 1, 2021 and this adoption did not have a material impact on its condensed consolidated financial statements.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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


	September 30,		December 31,
	2021		2020
Cash and cash equivalents	$	650,941	$	575,215
Current portion of restricted cash		—		13
Non-current portion of restricted cash		130		131

Total cash, cash equivalents and restricted cash	$	651,071	$	575,359

ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

4.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	September 30,			December 31,
	2021			2020
Hotel	$	28		$	106
Other		998			1,027

Sub-total		1,026			1,133
Less: allowances for credit losses		(972	)		(976	)

	$	54		$	157

The Company’s allowances for credit losses as of September 30, 2021 and December 31, 2020 were primarily related to receivables for entertainment business.

Movement in the allowances for credit losses are as follows:


	Nine Months Ended
	September 30,
	2021			2020
Balance at beginning of year	$	976		$	965
Provision for credit losses		—			6
Effect of exchange rate		(4	)		5

Balance at end of period	$	972		$	976

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

5.	PROPERTY AND EQUIPMENT, NET


	September 30,			December 31,
	2021			2020
Cost	$	3,182,644		$	2,910,638
Less: accumulated depreciation and amortization		(781,308	)		(729,741	)

Property and equipment, net	$	2,401,336		$	2,180,897

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

9 Months Ended

Sep. 30, 2021

LONGTERM PREPAYMENTS DEPOSITS AND OTHER ASSETS [Abstract]

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

6.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

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


	September 30,			December 31,
	2021			2020
Other long-term assets	$	109,627		$	106,268
Less: accumulated amortization		(87,794	)		(80,170	)

Other long-term assets, net		21,833			26,098
Advance payments and deposits for acquisition of property and equipment		33,275			30,928
Long-term prepayments		12,458			48,469
Other deposits and other		3,636			11,620
Deferred financing costs, net		403			440

Long-term prepayments, deposits and other assets	$	71,605		$	117,555

During the nine months ended September 30, 2020, the Company had made additional provision for credit losses of

$903

, primarily related to other long-term receivables for mall operations, which was written off during the nine months ended September 30, 2020

. No provision for credit losses for other long-term receivables was made during the nine months ended September 30, 2021.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

7.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	September 30,		December 31,
	2021		2020
Property and equipment payables	$	89,769	$	49,161
Interest expenses payable		24,807		45,737
Operating expense and other accruals and liabilities		13,922		20,650
Advance customer deposits and ticket sales		2,440		2,403
Operating lease liabilities		886		995

	$	131,824	$	118,946

LONG-TERM DEBT, NET

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

8.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:


	September 30,		December 31,
	2021		2020
Senior Notes
2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $4,936)	$	1,095,064	$	—
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $3,888 and $4,566, respectively)		496,112		495,434
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,326 and $4,738, respectively)		495,674		495,262
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $6,165)		—		593,835
Credit Facilities
2016 Studio City Credit Facilities (1)		128		129

	$	2,086,978	$	1,584,660

Note

(1)

As of September 30, 2021 and December 31, 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of

the

2016 Studio City Credit Facilities of $403 and $440 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively.

Senior Notes

2021 5.000% Studio City Notes

On January 14, 2021, Studio City Finance issued $750,000 in aggregate principal amount of 5.000% senior notes due January 15, 2029 at an issue price of 100% of the principal amount (the “First 2021 5.000% Studio City Notes”); and on May 20, 2021, Studio City Finance further issued $350,000 in aggregate principal amount of 5.000% senior notes due January 15, 2029 at an issue price of 101.50% of the principal amount (the “Additional 2021 5.000% Studio City Notes”). The Additional 2021 5.000% Studio City Notes are consolidated and form a single series with the First 2021 5.000% Studio City Notes (the “2021 5.000% Studio City Notes”). The interest on the 2021 5.000% Studio City Notes is accrued at a rate of 5.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, and commenced on July 15, 2021. The 2021 5.000% Studio City Notes are general obligations of Studio City Finance, rank equally in right of payment to all existing and future senior indebtedness of Studio City Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Finance and are effectively subordinated to all of Studio City Finance’s existing and future secured indebtedness to the extent of the value of the property and assets securing such indebtedness.

The net proceeds from the offering of the 2021 5.000% Studio City Notes were partially used to fund the Conditional Tender Offer and the Redemption (as described below) of the 2019 7.250% Studio City Notes; and with the remaining balance to partially fund the capital expenditures of the remaining development project at Studio City and for general corporate purposes.

All of the existing subsidiaries of Studio City Finance and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the 2016 Studio City Credit Facilities) (the “2021 5.000% Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2021 5.000% Studio City Notes on a senior basis (the “2021 5.000% Studio City Notes Guarantees”). The 2021 5.000% Studio City Notes Guarantees are general obligations of the 2021 5.000% Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2021 5.000% Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2021 5.000% Studio City Notes Guarantors. The 2021 5.000% Studio City Notes Guarantees are effectively subordinated to the 2021 5.000% Studio City Notes Guarantors’ obligations under all existing and any future secured indebtedness to the extent of the value of such property and assets securing such indebtedness.

At any time prior to January 15, 2024, Studio City Finance has the options i) to redeem all or a portion of the 2021 5.000% Studio City Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2021 5.000% Studio City Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Finance has the option to redeem all or a portion of the 2021 5.000% Studio City Notes at any time at fixed redemption prices that decline ratably over time. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture governing the 2021 5.000% Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2021 5.000% Studio City Notes at fixed redemption prices. In certain events that relate to the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2021 5.000% Studio City Notes, each holder of the 2021 5.000% Studio City Notes will have the right to require Studio City Finance to repurchase all or any part of such holder’s 2021 5.000% Studio City Notes at a fixed redemption price.

The indenture governing the 2021 5.000% Studio City Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Finance and its restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness; (ii) make specified restricted payments; (iii) issue or sell capital stock; (iv) sell assets; (v) create liens; (vi) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vii) enter into transactions with shareholders or affiliates; and (viii) effect a consolidation or merger. The indenture governing the 2021 5.000% Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2021 5.000% Studio City Notes that limit or prohibit certain payments of dividends and other distributions by Studio City Finance and its restricted subsidiaries to companies or persons who are not Studio City Finance or restricted subsidiaries of Studio City Finance, subject to certain exceptions and conditions. As of September 30, 2021, the net assets of Studio City Finance and its restricted subsidiaries of approximately $1,035,000 were restricted from being distributed under the terms of the 2021 5.000% Studio City Notes.

On July 26, 2021, the 2021 5.000% Studio City Notes which were originally listed on the Official List of the Singapore Exchange Securities Trading Limited, were also listed on the Chongwa (Macao) Financial Asset Exchange Co., Limited.

2019 7.250% Studio City Notes

On January 4, 2021, Studio City Finance initiated a

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.

On January 14, 2021, Studio City Finance issued $750,000 in aggregate principal amount of the First 2021 5.000% Studio City Notes. The net proceeds from the offering of the First 2021 5.000% Studio City Notes were used to fund the Conditional Tender Offer, and, on February 17, 2021, redeem the 2019 7.250% Studio City Notes in aggregate principal amount of $252,944 which remained outstanding following the completion of the Conditional Tender Offer, together with accrued interest (the “Redemption”).

In connection with the full redemption of the 2019 7.250% Studio City Notes, the Company recorded a loss on extinguishment of debt of $28,817 during the nine months ended September 30, 2021.

Credit Facilities

2016 Studio City Credit Facilities

On March 15, 2021, Studio City Company amended the terms of the 2016 Studio City Credit Facilities, including the extension of the maturity date for the 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility from November 30, 2021 to January 15, 2028 (the “Extended Maturity Date”). The 2016 SC Term Loan Facility shall be repaid at the Extended Maturity Date with no interim amortization payments. The 2016 SC Revolving Credit Facility is available up to the date that is one month prior to the 2016 SC Revolving Credit Facility’s Extended Maturity Date. Changes have also been made to the covenants in order to align them with those of certain other financings at Studio City Finance, including amending the threshold sizes and measurement dates of the covenants.

During the nine months ended September 30, 2021, other than above, there was no significant change to the long-term debt as disclosed in the Company’s consolidated financial statements as of December 31, 2020.

LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

Lessor Arrangements

During the nine months ended September 30, 2021, the Company earned minimum operating lease income of $5,558 and contingent operating lease income of $1,402. During the nine months ended September 30, 2020, the Company earned minimum operating lease income of $11,087 and contingent operating lease income of $(2,193)

. Total lease income for the nine months ended September 30, 2020 was reduced by

$3,943 as a result of the rent concessions and uncollectible lease income related to the effects of the

COVID-19

pandemic.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

10.	FAIR VALUE MEASUREMENTS

The carrying values of cash and cash equivalents and restricted cash approximated fair value and were classified as level 1 in the fair value hierarchy. The carrying values of long-term deposits and other long-term liabilities approximated fair value and were classified as level 2 in the fair value hierarchy.

The estimated fair value of long-term debt as of September 30, 2021 and December 31, 2020 were approximately $2,012,444 and $1,693,260, respectively, as compared to its carrying value, excluding unamortized deferred financing costs and original issue premiums, of $2,100,128 and $1,600,129, respectively. Fair values were estimated using quoted market prices and were classified as level 1 in the fair value hierarchy for the 2021 5.000% Studio City Notes, the 2020 Studio City Notes and the 2019 7.250% Studio City Notes. Fair value for the 2016 Studio City Credit Facilities approximated the carrying value as the instrument carried variable interest rates that approximated the market rates and was classified as level 2 in the fair value hierarchy.

As of September 30, 2021 and December 31, 2020, the Company did not have any

non-financial

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

9 Months Ended

Sep. 30, 2021

Text Block [Abstract]

CAPITAL STRUCTURE

11.	CAPITAL STRUCTURE

During July and August 2020, Studio City International announced and completed a series of private offers (the “Private Placements”) of 72,185,488 Class A ordinary shares and 14,087,299 ADSs (representing 56,349,196 Class A ordinary shares) to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $500,000 and offering expenses of $1,052. The Private Placements resulted in an adjustment to the carrying amount of the Participation Interest with a corresponding decrease in the Company’s additional

paid-in

capital.

As of September 30, 2021 and December 31, 2020, Studio City International’s authorized share capital was 1,927,488,240 Class A ordinary shares and 72,511,760 Class B ordinary shares of a par value of $0.0001

each;

and 370,352,700 Class A ordinary shares and 72,511,760 Class B ordinary shares were issued and outstanding.

INCOME TAXES

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

12.	INCOME TAXES

The income tax expense (credit) consisted of:


	Nine Months Ended
	September 30,
	2021			2020
(Over) under provision of income taxes in prior years:
Macau Complementary Tax	$	(29	)	$	—
Hong Kong Profits Tax		8			—

Sub-total		(21	)		—

Income tax expense (credit) - deferred:
Macau Complementary Tax		50			(106	)

Total income tax expense (credit)	$	29		$	(106	)

The effective tax rates for the nine months ended September 30, 2021 and 2020 were (0.01)% and 0.03%, respectively. Such rates differ from the statutory Macau Complementary Tax rate of 12% primarily due to the effect of expenses for which no income tax benefit is receivable, the effect of changes in valuation allowances, the effect of different tax rates of subsidiaries operating in other jurisdictions and the effect of tax losses that cannot be carried forward for the nine months ended September 30, 2021 and 2020.

As of September 30, 2021 and December 31, 2020, valuation allowances of $87,560 and $75,867 were provided, respectively, as management believes it is more likely than not that these deferred tax assets will not be realized.

As of September 30, 2021, other than the above, there was no significant change to the

tax exposures as disclosed in the Company’s consolidated financial statements as of December 31, 2020.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

13.	COMMITMENTS AND CONTINGENCIES

(a)

Capital and Other Commitments

As of September 30, 2021, the Company had capital commitments contracted for but not incurred for the construction and acquisition of property and equipment for Studio City totaling $434,808. In accordance with the Studio City land concession and the extension granted by the Macau government as announced by Studio City International in May 2021, the land on which Studio City is located must be fully developed by December 27, 2022.

(b)

Guarantee

As of September 30, 2021, except as disclosed in Note 8 and the maturity date of the Trade Credit Facility which was further extended from August 31, 2021 to August 31, 2023, there was no significant change to the guarantee as disclosed in the Company’s consolidated financial statements as of December 31, 2020.

(c)

Litigation

As of September 30, 2021, the Company was a party to certain legal proceedings which relate to matters arising out of the ordinary course of its business. Management believes that the outcomes of such proceedings have no material impacts on the Company’s condensed consolidated financial statements as a whole.

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2021

RELATED PARTY TRANSACTIONS

14.	RELATED PARTY TRANSACTIONS

During the nine months ended September 30, 2021 and 2020, the Company entered into the following significant related party transactions:


		Nine Months Ended
		September 30,
Related companies	Nature of transactions	2021			2020
Transactions with affiliated companies
Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	(5,522	)	$	(38,986	)
	Rooms and food and beverage (1)		37,941			18,959
	Services fee (2)		19,493			19,706
	Entertainment (1)		550			9
	Costs and expenses (services provided to the Company):
	Staff costs recharges (3)		46,302			51,713
	Corporate services (4)		24,315			24,472
	Other services		13,355			11,029
	Staff costs capitalized in construction in progress		7,354			7,287
	Purchase of goods and services		92			133
	Sale and purchase of assets:
	Sale of property and equipment and other long-term assets		1,728			2,687
	Transfer-in of other long-term assets		4,764			6,411
	Purchases of intangible assets		192			—

Notes

(1)

These revenues primarily represented the standalone selling prices of the complimentary services (including rooms, food and beverage and entertainment services) provided to Studio City Casino’s gaming patrons and charged to Melco Resorts Macau. For the nine months ended September 30, 2021 and 2020, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $38,491 and $18,968, respectively, of which $34,211 and $16,648 related to Studio City Casino’s gaming patrons and $4,280 and $2,320 related to

non-Studio

City Casino’s gaming patrons, respectively.

(2)

Services provided by the Company to Melco and its subsidiaries mainly include, but are not limited to, certain shared administrative services and shuttle bus transportation services provided to Studio City Casino.

(3)

Staff costs are recharged by Melco and its subsidiaries for staff who are solely dedicated to Studio City to carry out activities, including food and beverage management, retail management, hotel management, entertainment projects, mall development and sales and marketing activities and staff costs for certain shared administrative services.

(4)

Corporate services are provided to the Company by Melco and its subsidiaries. These services include, but are not limited to, general corporate services and senior executive management services for operational purposes.

Other Related Party Transaction

As of September 30, 2021, Mr. Lawrence Yau Lung Ho and his controlled entity held an aggregate principal amount of $30,000 of the 2020 6.000% SC Notes and an aggregate principal amount of $30,000 of the 2021 5.000% Studio City Notes of which the $30,000 of the 2021 5.000% Studio City Notes was purchased by Mr. Lawrence Yau Lung Ho’s controlled entity during the nine months ended September 30, 2021.

During the nine months ended September 30, 2021, total interest expenses of $3,669 in relation to the aforesaid senior notes were paid or payable to Mr. Lawrence Yau Lung Ho and his controlled entity.

(a)

Amounts Due from Affiliated Companies

The outstanding balances as of September 30, 2021 and December 31, 2020 are receivables from Melco’s subsidiaries mainly arising from operating income or prepayment of operating expenses, and are unsecured,

non-interest

bearing and repayable on demand.

(b)

Amounts Due to Affiliated Companies

The outstanding balances as of September 30, 2021 and December 31, 2020 are payables to Melco and its subsidiaries mainly arising from operating expenses, and are unsecured,

non-interest

bearing and repayable on demand.

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

15.	SEGMENT INFORMATION

The Company’s principal operating activities are engaged in the hospitality business and provision of gaming related services in Macau. The Company monitors its operations and evaluates its earnings by reviewing the assets and operations of Studio City as one operating segment. Accordingly, the Company does not present separate segment information. As of September 30, 2021 and December 31, 2020, the Company operated in one geographical area, Macau, where it derives its revenues and its long-lived assets are located.

- 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.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2021

Basis of Presentation

(a)

Basis of Presentation and Principles of Consolidation

pre-negotiated

Principles of Consolidation

Accounts Receivable and Credit Risk

(b)

Accounts Receivable and Credit Risk

Accounts receivable, including hotel and other receivables, are typically

non-interest

Management believes that as of September 30, 2021 and December 31, 2020, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

Impairment of Long-lived Assets

(c)

Impairment of Long-lived Assets

During the nine months ended September 30, 2021 and 2020, impairment losses of $203 and $3,769

COVID-19

Revenue Recognition

(d)

Revenue Recognition

Contract and Contract-Related Liabilities

Comprehensive Loss and Accumulated Other Comprehensive (Loss) Income

(e)

Comprehensive Loss and Accumulated Other Comprehensive (Loss) Income

Comprehensive loss includes net loss and foreign currency translation adjustments and is reported in the accompanying condensed consolidated statements of comprehensive loss.

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

(f)

Net Loss Attributable to Studio City International Holdings Limited Per Class

A Ordinary Share

if-converted

method is applied for the potential dilutive effect of the exchange of Class B ordinary shares for the proportionate number of Class A ordinary shares.


	Nine Months Ended
	September 30,
	2021		2020
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		269,481,487
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		—		72,511,760

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		341,993,247

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

Recent Changes in Accounting Standards

(g)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement:

In December 2019, the Financial Accounting Standards

Board 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

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


	Nine Months Ended
	September 30,
	2021		2020
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		269,481,487
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		—		72,511,760

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		341,993,247

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

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Cash Cash Equivalents And Restricted Cash

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


	September 30,		December 31,
	2021		2020
Cash and cash equivalents	$	650,941	$	575,215
Current portion of restricted cash		—		13
Non-current portion of restricted cash		130		131

Total cash, cash equivalents and restricted cash	$	651,071	$	575,359

ACCOUNTS RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	September 30,			December 31,
	2021			2020
Hotel	$	28		$	106
Other		998			1,027

Sub-total		1,026			1,133
Less: allowances for credit losses		(972	)		(976	)

	$	54		$	157

Movement in Allowances for Credit Losses

Movement in the allowances for credit losses are as follows:


	Nine Months Ended
	September 30,
	2021			2020
Balance at beginning of year	$	976		$	965
Provision for credit losses		—			6
Effect of exchange rate		(4	)		5

Balance at end of period	$	972		$	976

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	September 30,			December 31,
	2021			2020
Cost	$	3,182,644		$	2,910,638
Less: accumulated depreciation and amortization		(781,308	)		(729,741	)

Property and equipment, net	$	2,401,336		$	2,180,897

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

9 Months Ended

Sep. 30, 2021

LongtermPrepaymentsDepositsAndOtherAssets [Abstract]

Summary Of Long-term prepayments, deposits and other assets

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


	September 30,			December 31,
	2021			2020
Other long-term assets	$	109,627		$	106,268
Less: accumulated amortization		(87,794	)		(80,170	)

Other long-term assets, net		21,833			26,098
Advance payments and deposits for acquisition of property and equipment		33,275			30,928
Long-term prepayments		12,458			48,469
Other deposits and other		3,636			11,620
Deferred financing costs, net		403			440

Long-term prepayments, deposits and other assets	$	71,605		$	117,555

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	September 30,		December 31,
	2021		2020
Property and equipment payables	$	89,769	$	49,161
Interest expenses payable		24,807		45,737
Operating expense and other accruals and liabilities		13,922		20,650
Advance customer deposits and ticket sales		2,440		2,403
Operating lease liabilities		886		995

	$	131,824	$	118,946

LONG-TERM DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Long-term Debt, Net

Long-term debt, net consisted of the following:


	September 30,		December 31,
	2021		2020
Senior Notes
2021 5.000% Studio City Notes, due 2029 (net of unamortized deferred financing costs and original issue premiums of $4,936)	$	1,095,064	$	—
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $3,888 and $4,566, respectively)		496,112		495,434
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,326 and $4,738, respectively)		495,674		495,262
2019 7.250% Studio City Notes, due 2024 (net of unamortized deferred financing costs of $6,165)		—		593,835
Credit Facilities
2016 Studio City Credit Facilities (1)		128		129

	$	2,086,978	$	1,584,660

Note

(1)

As of September 30, 2021 and December 31, 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of

the

2016 Studio City Credit Facilities of $403 and $440 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively.

- 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.

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+ Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense (Credit)

The income tax expense (credit) consisted of:


	Nine Months Ended
	September 30,
	2021			2020
(Over) under provision of income taxes in prior years:
Macau Complementary Tax	$	(29	)	$	—
Hong Kong Profits Tax		8			—

Sub-total		(21	)		—

Income tax expense (credit) - deferred:
Macau Complementary Tax		50			(106	)

Total income tax expense (credit)	$	29		$	(106	)

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Significant Related Party Transactions

During the nine months ended September 30, 2021 and 2020, the Company entered into the following significant related party transactions:


		Nine Months Ended
		September 30,
Related companies	Nature of transactions	2021			2020
Transactions with affiliated companies
Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	(5,522	)	$	(38,986	)
	Rooms and food and beverage (1)		37,941			18,959
	Services fee (2)		19,493			19,706
	Entertainment (1)		550			9
	Costs and expenses (services provided to the Company):
	Staff costs recharges (3)		46,302			51,713
	Corporate services (4)		24,315			24,472
	Other services		13,355			11,029
	Staff costs capitalized in construction in progress		7,354			7,287
	Purchase of goods and services		92			133
	Sale and purchase of assets:
	Sale of property and equipment and other long-term assets		1,728			2,687
	Transfer-in of other long-term assets		4,764			6,411
	Purchases of intangible assets		192			—

Notes

(1)

non-Studio

City Casino’s gaming patrons, respectively.

(2)

(3)

(4)

ORGANIZATION AND BUSINESS - Additional Information (Detail) $ / shares in Units, $ in Thousands	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2021 HKD ($)	Dec. 31, 2020 USD ($) $ / shares
Organization and Business [Line Items]
Cash and cash equivalents \| $	$ 650,941		$ 575,215
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Organization and Business [Line Items]
Remaining Borrowing Capacity	$ 29,927	$ 233,000,000
New Cotai, LLC [Member]
Organization and Business [Line Items]
Common stock dividend percentage	19.60%	19.60%	19.60%
Class A Ordinary Shares [Member]
Organization and Business [Line Items]
Ordinary shares, par value	$ 0.0001		$ 0.0001
Class B Ordinary Shares [Member]
Organization and Business [Line Items]
Ordinary shares, par value	$ 0.0001		$ 0.0001

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Basic And Diluted Net Loss (Detail) - Common Class A [Member] - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Significant Accounting Policies [Line Items]
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net loss attributable to Studio City International Holdings Limited per Class A ordinary share	370,352,700	269,481,487
Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method	0	72,511,760
Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share	370,352,700	341,993,247
Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net loss attributable to Studio City International Holdings Limited per Class A ordinary share	72,511,760	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Significant Accounting Policies [Line Items]
Impairment losses recognized on property and equipment	$ 203	$ 3,769
Maximum deposits recognizing period	1 year
Advance Customer Deposits and Ticket Sales [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advance customer deposits and ticket sales	$ 2,440	3,400	$ 2,403	$ 3,946
Increase (Decrease) in advance customer deposits and ticket sales	$ 37	$ (546)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 650,941	$ 575,215
Current portion of restricted cash	0	13
Non-current portion of restricted cash	130	131
Total cash, cash equivalents and restricted cash	$ 651,071	$ 575,359	$ 657,609	$ 327,232

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 1,026	$ 1,133
Less: allowances for credit losses	(972)	(976)	$ (976)	$ (965)
Accounts receivable, net	54	157
Hotel [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	28	106
Other [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 998	$ 1,027

ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Balance at beginning of year	$ 976	$ 965
Provision for credit losses	0	6
Effect of exchange rate	(4)	5
Balance at end of period	$ 972	$ 976

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property and Equipment, Net
Cost	$ 3,182,644	$ 2,910,638
Less: accumulated depreciation and amortization	(781,308)	(729,741)
Property and equipment, net	$ 2,401,336	$ 2,180,897

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Long term prepayments deposits and other assets [Abstract]
Other long-term assets	$ 109,627	$ 106,268
Less: accumulated amortization	(87,794)	(80,170)
Other long-term assets, net	21,833	26,098
Advance payments and deposits for acquisition of property and equipment	33,275	30,928
Long-term prepayments	12,458	48,469
Other deposits and other	3,636	11,620
Deferred financing costs, net	403	440
Long-term prepayments, deposits and other assets	$ 71,605	$ 117,555

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Long term Prepayments Deposits And Other Assets [Line Items]
Provision For Other Credit Losses For Other Long Term Receivables	$ 0
Mall [Member]
Long term Prepayments Deposits And Other Assets [Line Items]
Other Credit Loss Write Offs		$ 903

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property and equipment payables	$ 89,769	$ 49,161
Interest expenses payable	24,807	45,737
Operating expense and other accruals and liabilities	13,922	20,650
Operating lease liabilities	886	995
Total Accrued Expenses and Other Current Liabilities	$ 131,824	$ 118,946
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating lease liabilities	Operating lease liabilities
Advance Customer Deposits And Ticket Sales [Member]
Advance customer deposits and ticket sales	$ 2,440	$ 2,403

LONG-TERM DEBT, NET (2021 5.000% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands			9 Months Ended
	May 20, 2021	Jan. 14, 2021	Sep. 30, 2021	Dec. 31, 2020
Long-term Debt [Line Items]
Total long-term debt			$ 2,100,128	$ 1,600,129
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Interest rate per annum			5.00%
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price			35.00%
Net assets restricted from distribution			$ 1,035,000
2021 5.000% Studio City Notes, due 2029 [Member] \| First 2021 5.000% Studio City Notes [Member]
Long-term Debt [Line Items]
Total long-term debt		$ 750,000
Purchase price as percentage of principal		100.00%
Maturity date			Jan. 15, 2029
Interest rate per annum		5.00%
2021 5.000% Studio City Notes, due 2029 [Member] \| Additional 2021 5.000% Studio City Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 350,000
Purchase price as percentage of principal	101.50%
Maturity date			Jan. 15, 2029
Interest rate per annum	5.00%

LONG-TERM DEBT, NET (2019 7.250% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Feb. 17, 2021	Sep. 30, 2021	Sep. 30, 2020	Jan. 14, 2021	Jan. 11, 2021	Jan. 04, 2021	Dec. 31, 2020
Long-term Debt [Line Items]
Loss on extinguishment of debt		$ 28,817	$ 18,497
Total long-term debt		$ 2,100,128					$ 1,600,129
2019 7.250% Studio City Notes, due 2024 [Member]
Long-term Debt [Line Items]
Interest rate per annum	7.25%				7.25%	7.25%
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Interest rate per annum		7.25%
Loss on extinguishment of debt		$ 28,817
Debt instrument redemption amount	$ 252,944
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member] \| Conditional Tender Offer [Member]
Long-term Debt [Line Items]
Total long-term debt					$ 347,056
2021 5.000% Studio City Notes[Member]
Long-term Debt [Line Items]
Interest rate per annum				5.00%
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Interest rate per annum		5.00%
2021 5.000% Studio City Notes, due 2029 [Member] \| First 2021 5.000% Studio City Notes [Member]
Long-term Debt [Line Items]
Interest rate per annum				5.00%
Total long-term debt				$ 750,000

LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail) - 2016 Studio City Credit Facilities [Member] - Total Credit Facility [Member]		9 Months Ended	12 Months Ended
	Mar. 15, 2021	Sep. 30, 2021	Dec. 31, 2020
Long-term Debt [Line Items]
Maturity date			Nov. 30, 2021
Extended Maturity [Member]
Long-term Debt [Line Items]
Maturity date	Jan. 15, 2028	Jan. 15, 2028

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

Sep. 30, 2021

Dec. 31, 2020

Long-term Debt [Line Items]

Long-term debt, net

$ 2,086,978

$ 1,584,660

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

Long-term Debt [Line Items]

Long-term debt, net

^[1]

128

129

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

Long-term Debt [Line Items]

Long-term debt, net

593,835

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

Long-term Debt [Line Items]

Long-term debt, net

496,112

495,434

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

Long-term Debt [Line Items]

Long-term debt, net

495,674

495,262

2021 5.000% Studio City Notes, due 2029 [Member] | Senior Notes [Member]

Long-term Debt [Line Items]

Long-term debt, net

$ 1,095,064

$ 0

[1]

As of September 30, 2021 and December 31, 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $403 and $440 are included in long-term prepayments, deposits and other assets in the accompanying condensed consolidated balance sheets, respectively.

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs		$ 6,165
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	$ 4,326	4,738
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	3,888	4,566
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	4,936
Revolving Credit Facility [Member] \| 2016 Studio City Credit Facilities [Member] \| Long term Prepayments, Deposits and Other Assets [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	$ 403	$ 440

LEASES - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Minimum operating lease income	$ 5,558	$ 11,087
Contingent operating lease income, Net of adjustment	$ 1,402	(2,193)
Amount of reduction in lease income as a result of the rent concession and uncollectible lease income		$ 3,943

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 2,012,444	$ 1,693,260
The carrying value of long-term debt, excluding unamortized deferred financing costs and original issue premiums	$ 2,100,128	$ 1,600,129

CAPITAL STRUCTURE - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Aug. 31, 2020	Jul. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Capital Structure [Line Items]
Gross proceeds from shares	$ 500,000	$ 500,000
Offering expenses	$ 1,052	$ 1,052
American Depository Shares [Member]
Capital Structure [Line Items]
Issuance of ordinary shares	14,087,299
Class A Ordinary Shares [Member]
Capital Structure [Line Items]
Ordinary shares, authorized			1,927,488,240	1,927,488,240
Ordinary shares, par value			$ 0.0001	$ 0.0001
Ordinary shares, issued			370,352,700	370,352,700
Issuance of ordinary shares	72,185,488
Ordinary shares, outstanding			370,352,700	370,352,700
Class B Ordinary Shares [Member]
Capital Structure [Line Items]
Ordinary shares, authorized			72,511,760	72,511,760
Ordinary shares, par value			$ 0.0001	$ 0.0001
Ordinary shares, issued			72,511,760	72,511,760
Ordinary shares, outstanding			72,511,760	72,511,760
Equivalent Class A Ordinary Shares for ADS [Member]
Capital Structure [Line Items]
Issuance of ordinary shares	56,349,196

INCOME TAXES - Summary of Income Tax Expense (Credit) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	$ (21)	$ 0
Income tax expense (credit) - deferred:
Total income tax expense (credit)	29	(106)
Macau Complementary Tax [Member]
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	(29)	0
Income tax expense (credit) - deferred:
Income tax expense (credit) - deferred:	50	(106)
Hong Kong Profits Tax [Member]
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	$ 8	$ 0

- Definition

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

+ References + Details

INCOME TAXES - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule Of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	12.00%	12.00%
Effective tax rate	(0.01%)	0.03%
Valuation allowances	$ 87,560		$ 75,867

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Commitments and Contingencies [Line Items]
Capital commitments	$ 434,808
Trade Credit Facility [Member]
Commitments and Contingencies [Line Items]
Credit facility, maturity date	Aug. 31, 2021
Trade Credit Facility [Member] \| Extended Maturity [Member]
Commitments and Contingencies [Line Items]
Credit facility, maturity date	Aug. 31, 2023

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Provision of Gaming Related Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 18,140	$ 17,473
Entertainment [Member]
Revenues (services provided by the Group):
Revenues	550	9
Costs and expenses (services provided to the Group):
Costs and expenses	1,700	1,814
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member]
Sale and purchase of assets:
Sale of property and equipment and other long-term assets	1,728	2,687
Transfer-in of other long-term assets	4,764	6,411
Purchases of intangible assets	192	0
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Provision of Gaming Related Services [Member]
Revenues (services provided by the Group):
Revenues	(5,522)	(38,986)
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Rooms Food and Beverage [Member]
Revenues (services provided by the Group):
Revenues	37,941	18,959
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Services Fee [Member]
Revenues (services provided by the Group):
Revenues	19,493	19,706
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Entertainment [Member]
Revenues (services provided by the Group):
Revenues	550	9
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Staff Costs Recharges [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	46,302	51,713
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Corporate Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	24,315	24,472
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Other Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	13,355	11,029
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Staff costs capitalized in construction in progress
Costs and expenses (services provided to the Group):
Costs and expenses	7,354	7,287
Melco and its Subsidiaries [Member] \| Transactions with affiliated companies [Member] \| Purchase of Goods and Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 92	$ 133

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Parenthetical) (Detail) - Melco and its Subsidiaries [Member] - Rooms Food and Beverage and Entertainment Revenues [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Aggregated revenue	$ 38,491	$ 18,968
Studio City Casinos Gaming Patrons [Member]
Related Party Transaction [Line Items]
Aggregated revenue	34,211	16,648
Non Studio City Casinos Gaming Patrons [Member]
Related Party Transaction [Line Items]
Aggregated revenue	$ 4,280	$ 2,320

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Total interest expenses	$ 69,073,000	$ 81,081,000
Aggregate principal amount	$ 2,100,128,000		$ 1,600,129,000
Mr Lawrence Yau Lung Ho [Member]
Related Party Transaction [Line Items]
Percentage of Studio City Notes	5.00%
Total interest expenses	$ 3,669,000
2020 6.000% SC Notes, due 2025 [Member] \| Mr Lawrence Yau Lung Ho [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Percentage of Studio City Notes	6.00%
Aggregate principal amount	$ 30,000
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Percentage of Studio City Notes	5.00%
2021 5.000% Studio City Notes, due 2029 [Member] \| Mr Lawrence Yau Lung Ho [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Aggregate principal amount	$ 30,000
Percentage of Studio City Notes	5.00%
Aggregate principal amount	$ 30,000