0001193125-22-090604 | 20-F | XBRL Viewer | Studio City International Holdings LTD

Print Document View Excel Document

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Amount of employer contributions into the defined contribution retirement benefits schemes	$ 8	$ 28	$ (20)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

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


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

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

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


	Year Ended December 31,
	2021		2020		2019
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		294,837,092		241,818,016

Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		—		72,511,760		—

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		367,348,852		241,818,016

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation and Principles of Consolidation

Under the Services and Right to Use Arrangements, Melco Resorts Macau deducts gaming taxes and the costs incurred in connection with its operations from Studio City Casino’s gross gaming revenues. 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 consolidated financial statements reflect the Company’s cost of doing business. However, such allocations may not be indicative of the actual expenses the Company would have incurred had it operated as an independent company for the periods presented. Details of the services and related charges are disclosed in Note 19.

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

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

(b)

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. These

estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Accordingly, actual results could differ from those estimates.

(c)

Fair Value of Financial Instruments

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

(d)

Cash and Cash Equivalents

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

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

(e)

Restricted Cash

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

non-current

portion of restricted cash represents funds that will not be released or utilized within the next twelve months. Restricted cash mainly represents collateral bank accounts associated with borrowings under the credit facilities.

(f)

Accounts Receivable and Credit Risk

Accounts receivable, including hotel and other receivables, are typically

non-interest

bearing and are recorded at amortized cost. Accounts are written off when management deems it is probable the receivables are uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for credit losses is maintained to reduce the Company’s receivables to their carrying amounts, which reflects the net amount the Company expects to collect. The allowance is estimated based on specific reviews of customer accounts with a balance over a specified dollar amount, 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 current and future economic conditions.

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

(g)

Inventories

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

first-in,

first-out

and weighted average methods.

(h)

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization, and impairment losses, if any. Gains or losses on dispositions of property and equipment are included in the

accompanying consolidated statements of operations. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

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

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

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


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

(i)

Other Long-term Assets

Other long-term assets, represent the payments for the future economic benefits of certain plant and equipment for the operation of Studio City Casino, transferred from Melco Resorts Macau to the Company pursuant to the Services and Right to Use Arrangements (the “Studio City Gaming Assets”), are stated at cost, net of accumulated amortization, and impairment losses, if any. The legal ownerships of the Studio City Gaming Assets are retained by Melco Resorts Macau. An item of the Studio City Gaming Assets is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of an item of the Studio City Gaming Assets. Any gain or loss arising on the disposal or retirement of an item of the Studio City Gaming Assets is determined as the difference between the sale proceeds and the carrying amount of an item of the Studio City Gaming Assets and is recognized in the accompanying consolidated statements of operations.

Amortization is recognized so as to write off the cost of the Studio City Gaming Assets using straight-line method over the respective estimated useful lives of the Studio City Gaming Assets, ranging from 2 to 10 years.

(j)

Capitalized Interest

Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in the cost of the projects. The capitalization of interest ceases when the project is substantially completed or the development activity is substantially suspended. The amount to be capitalized is determined by applying the weighted average interest rate of the Company’s outstanding borrowings to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Total interest expenses incurred amounted

114,694

, $

115,697

and $

132,291

, of which $

23,727

, $

10,898

and

nil

were capitalized during the years ended December 31, 2021, 2020 and 2019, respectively.

(k)

Intangible Assets

Intangible assets are amortized over their useful lives unless their lives are determined to be indefinite in which case they are not amortized. Intangible assets are carried at cost, less accumulated amortization. The Company’s intangible assets consist of

internal-use

software, finite-lived intangible assets. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software of 3 years on a straight-line basis. The capitalization of such costs begins during the application development stage of the software project and ceases once the software project is substantially complete and ready for its intended use. Costs of specified upgrades and enhancements to the

internal-use

software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

(l)

Impairment of Long-lived Assets

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

During the years ended December 31, 2021 and 2020, impairment losses of $1,500 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 consolidated statements of operations.

As a result of the

COVID-19

outbreak as disclosed in Note 1(b), the Company evaluated its long-lived assets for recoverability as of December 31, 2021 and 2020 and concluded no other impairment charges to be recorded. No impairment loss was recognized during the year ended December 31, 2019.

(m)

Deferred Financing Costs

Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are capitalized and amortized to interest expenses over the terms of the related debt agreements using the effective interest method. Deferred financing costs incurred in connection with the issuance of revolving credit facilities are included in other assets, either current or

non-current,

in the accompanying consolidated balance sheets, based on the maturity of each revolving credit facility. All other deferred financing costs are presented as a reduction of long-term debt in the accompanying consolidated balance sheets.

(n)

Land Use Right

Land use right represents the upfront land premium paid for the use of land held under operating lease, which is recorded at cost less accumulated amortization. Amortization is provided over the estimated term of the land use right of 40 years on a straight-line basis.

(o)

Leases

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

The Company elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date; and (3) initial direct costs for any existing leases as of the adoption date. As a result of adoption, the Company recognized $14,745 of operating lease

right-of-use

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

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

Operating lease

right-of-use

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

right-of-use

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

The Company’s lease contracts have lease and

non-lease

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

non-lease

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

non-lease

components are accounted for separately.

(p)

Revenue Recognition

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

Revenues from provision of gaming related services represent revenues arising from the provision of facilities for the operations of Studio City Casino and services related thereto pursuant to the Services

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

Non-gaming

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

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

(q)

Pre-opening

Costs

Pre-opening

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

start-up

operations and are expensed as incurred. During the years ended December 31, 2021, 2020 and 2019, the Company incurred

pre-opening

costs in connection with the development and other

one-off

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

City.

(r)

Advertising and Promotional Costs

The Company expenses advertising and promotional costs the first time the advertising takes place or as incurred. Advertising and promotional costs included in the accompanying consolidated statements of operations were $4,977, $4,607 and $22,177 for the years ended December 31, 2021, 2020 and 2019, respectively.

(s)

Foreign Currency Transactions and Translations

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

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

comprehensive (loss) income.

(t)

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

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

non-shareholder

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

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

(u)

Income Tax

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

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

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

two-step

approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position, based on the technical merits of

the

position, will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based on cumulative

probability.

(v)

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

A Ordinary Share

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

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

if-converted

method is applied for the potential dilutive effect of the exchange of Class B ordinary shares for the proportionate number of Class A ordinary shares. During the years ended December 31, 2021 and 2019, there were no potentially dilutive securities issued or outstanding.

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


	Year Ended December 31,
	2021		2020		2019
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		294,837,092		241,818,016

Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		—		72,511,760		—

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		367,348,852		241,818,016

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

(w)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement

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

Income Taxes

, in order to reduce cost and complexity of its application. The Company adopted this new guidance on January 1, 2021 and this adoption did not have a material impact on its consolidated financial statements.

Recent Accounting Pronouncement Not Yet Adopted

The Company has evaluated the recently issued, but not yet effective, accounting pronouncements that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements, and anticipated the future adoption of these pronouncements will not have a material effect on the Company’s financial position, results of operations and cash flows.

Parent Company [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	Basis of Presentation

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (302,002)	$ (405,092)	$ 43,629
Other comprehensive (loss) income:
Foreign currency translation adjustments	(21,538)	15,208	18,629
Other comprehensive (loss) income	(21,538)	15,208	18,629
Total comprehensive (loss) income	(323,540)	(389,884)	62,258
Comprehensive loss (income) attributable to participation interest	52,973	79,865	(14,362)
Comprehensive (loss) income attributable to Studio City International Holdings Limited	$ (270,567)	$ (310,019)	$ 47,896

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

18.	COMMITMENTS AND CONTINGENCIES

(a)

Capital Commitments

As of December 31, 2021, the Company had capital commitments contracted for but not incurred for the construction and acquisition of property and equipment for Studio City totaling $298,918.

(b)

Other Commitment

Studio City Land Concession

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.

(c)

Guarantee

Except as disclosed in Note 10, the Company has made the following significant guarantee as of December 31, 2021:

Trade Credit Facility

In October 2013, one of the Studio City International’s subsidiaries entered into a trade credit facility agreement for HK$200,000,000 (equivalent to $25,646) (“Trade Credit Facility”) with a bank to meet certain payment obligations of the Studio City project. The Trade Credit Facility which matured on August 31, 2021 was further extended to August 31, 2023, and is guaranteed by Studio City Company. As of December 31, 2021, approximately $641 of the Trade Credit Facility had been

utilized.

(d)

Litigation

As of December 31, 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 been adequately provided for or have no material impacts on the Company’s consolidated financial statements as a whole.

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	December 31,
	2021			2020
Cost

Buildings	$	2,306,889		$	2,328,832
Furniture, fixtures and equipment		224,826			196,428
Leasehold improvements		106,200			126,538
Motor vehicles		2,599			2,615
Construction in progress		721,471			256,225

Sub-total		3,361,985			2,910,638
Less: accumulated depreciation and amortization		(805,945	)		(729,741	)

Property and equipment, net	$	2,556,040		$	2,180,897

LONG-TERM DEBT, NET (2016 Studio City Credit Facilities) - Additional Information (Detail) $ in Thousands		12 Months Ended
	Nov. 30, 2016 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 HKD ($)	Nov. 30, 2016 HKD ($)	Jan. 28, 2013 USD ($)	Jan. 28, 2013 HKD ($)
Long-term Debt [Line Items]
Total outstanding borrowings		$ 2,100,128	$ 1,600,129
Studio City Project Facility [Member] \| Total Credit Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity							$ 1,395,357	$ 10,855,880,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 30,077					$ 234,000,000
Maturity date		Jan. 15, 2028
Net assets restricted from distribution		$ 900,000
2016 Studio City Credit Facilities [Member] \| Total Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member]
Long-term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	4.00%
2016 Studio City Credit Facilities [Member] \| Term Loan Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 129					1,000,000
Total outstanding borrowings		128			$ 1,000,000
Term loan facility, cash collateral	130					1,012,500
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 29,948					$ 233,000,000
Total outstanding borrowings					0
Amount available for future drawdown		29,878			$ 233,000,000
Loan commitment fees recognized		$ 419	$ 421	$ 416

LONG-TERM DEBT, NET (2019 7.250% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands				12 Months Ended
	Feb. 17, 2021	Jan. 11, 2021	Feb. 11, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt [Line Items]
Total long-term debt				$ 2,100,128	$ 1,600,129
Repayments of long-term debt				252,944	850,000	$ 558,466
Loss on extinguishment of debt				$ 28,817	$ 18,716	$ 2,995
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt			$ 600,000
Purchase price as percentage of principal			100.00%
Maturity date				Feb. 11, 2024
Interest rate per annum			7.25%
Repayments of long-term debt	$ 252,944
Loss on extinguishment of debt				$ 28,817
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member] \| Conditional Tender Offer [Member]
Long-term Debt [Line Items]
Repayments of long-term debt		$ 347,056

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (302,002)	$ (405,092)	$ 43,629
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	127,634	160,334	171,943
Amortization of deferred financing costs and original issue premiums	1,466	4,507	7,554
Loss (gain) on disposal of property and equipment and other long-term assets	171	(272)	545
Impairment loss recognized on property and equipment	1,500	3,769	0
Write-off of other assets	0	0	7,556
(Reversal) provision for credit losses	(65)	1,277	19
Loss on extinguishment of debt	28,817	18,716	2,995
Costs associated with debt modification	0	0	579
Changes in operating assets and liabilities:
Accounts receivable	(91)	1,241	324
Amounts due from affiliated companies	(5,750)	54,405	(23,426)
Inventories, prepaid expenses and other	(1,789)	1,931	3,621
Long-term prepayments, deposits and other	6,939	(54,748)	6,267
Accounts payable, accrued expenses and other	(6,024)	22,134	9,521
Amounts due to affiliated companies	14,207	24,512	(3,525)
Other long-term liabilities	(1,854)	(139)	902
Net cash (used in) provided by operating activities	(136,841)	(167,425)	228,504
Cash flows from investing activities:
Acquisition of property and equipment	(400,367)	(202,712)	(78,588)
Placement of bank deposits with original maturities over three months	(278,700)	0	(60,152)
Funds to an affiliated company	(4,449)	(9,616)	(13,711)
Acquisition of intangible assets	(4,113)	(101)	0
Proceeds from sale of property and equipment and other long-term assets	1,694	2,640	1,377
Withdrawals of bank deposits with original maturities over three months	278,700	0	60,152
Net cash used in investing activities	(407,235)	(209,789)	(90,922)
Cash flows from financing activities:
Principal payments on long-term debt	(252,944)	(850,000)	(558,466)
Payments of deferred financing costs	(33,297)	(25,411)	(9,913)
Net (payments for) proceeds from issuance of shares	(445)	499,222	(5,063)
Proceeds from long-term debt	758,194	1,000,000	383,466
Net cash provided by (used in) financing activities	471,508	623,811	(189,976)
Effect of exchange rate on cash, cash equivalents and restricted cash	(3,372)	1,530	2,061
(Decrease) increase in cash, cash equivalents and restricted cash	(75,940)	248,127	(50,333)
Cash, cash equivalents and restricted cash at beginning of year	575,359	327,232	377,565
Cash, cash equivalents and restricted cash at end of year	499,419	575,359	327,232
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	(84,141)	(81,488)	(112,544)
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases	(734)	(735)	(1,032)
Change in operating lease right-of-use assets and lease liabilities arising from lease modification	(2,575)	3,213	(187)
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	142,682	61,024	20,728
Change in amounts due from/to affiliated companies related to acquisition of property and equipment and other long-term assets	7,477	9,464	18,521
Change in amounts due to affiliated companies related to acquisition of intangible assets	0	3,938	0
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$ 0	$ 445	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Schedule Of Significant Accounting Policies [Line Items]
Interest expenses incurred	$ 114,694	$ 115,697	$ 132,291
Interest expenses capitalized	23,727	10,898	0
Impairment losses recognized on property and equipment	$ 1,500	3,769	0
Land use rights, estimated useful life	40 years
Maximum deposits recognizing period	1 year
Advertising and promotional costs	$ 4,977	4,607	22,177
Percentage of tax benefit greater than likelihood	50.00%
Operating lease right-of-use assets	$ 14,588	17,379
Operating lease liabilities	$ 15,696
Internal-use Software [Member]
Schedule Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Advance Customer Deposits and Ticket Sales [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advance customer deposits and ticket sales	$ 2,259	2,403	$ 3,946
Decrease in advance customer deposits and ticket sales	$ (144)	$ (1,543)
Accounting Standards Update 2016-02 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Operating lease right-of-use assets				$ 14,745
Operating lease liabilities				$ 14,745
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Amortization writeoff of Gaming Assets	2 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Amortization writeoff of Gaming Assets	10 years

DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Distribution Of Profits [Abstract]
Percentage of share capital as the limit of allocation of profit after tax to legal reserve	50.00%
Allocation of profit after tax to legal reserve, minimum percentage	25.00%
Aggregate balance of legal reserves	$ 6,000	$ 6,000
Dividends declared	0	0	$ 0
Dividends paid	0	$ 0	$ 0
Dividends proposed	$ 0

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	December 31,
	2021		2020
Hotel	$	204	$	106
Other		43		1,027

Sub-total		247		1,133
Less: allowances for credit losses		—		(976	)

	$	247	$	157

Movement in Allowances for Credit Losses

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2021			2020		2019
Balance at beginning of year	$	976		$	965	$	960
Provision for credit losses		—			6		—
Write-offs		(970	)		—		—
Effect of exchange rate		(6	)		5		5

Balance at end of year	$	—		$	976	$	965

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ (136,841)	$ (167,425)	$ 228,504
Cash flows from an investing activity:
Net cash used in investing activities	(407,235)	(209,789)	(90,922)
Cash flow from a financing activity:
Net (payments for) proceeds from issuance of shares	(445)	499,222	(5,063)
Net cash provided by (used in) financing activities	471,508	623,811	(189,976)
(Decrease) increase in cash, cash equivalents and restricted cash	(75,940)	248,127	(50,333)
Cash, cash equivalents and restricted cash at beginning of year	575,359	327,232	377,565
Cash, cash equivalents and restricted cash at end of year	499,419	575,359	327,232
Supplemental cash flow disclosure:
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	0	445	0
Parent Company [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	472	(119)	1
Cash flows from an investing activity:
Advances to subsidiaries	0	(500,000)	0
Net cash used in investing activities	0	(500,000)	0
Cash flow from a financing activity:
Net (payments for) proceeds from issuance of shares	(445)	499,222	(5,063)
Net cash provided by (used in) financing activities	(445)	499,222	(5,063)
(Decrease) increase in cash, cash equivalents and restricted cash	27	(897)	(5,062)
Cash, cash equivalents and restricted cash at beginning of year	11	908	5,970
Cash, cash equivalents and restricted cash at end of year	38	11	908
Supplemental cash flow disclosure:
Offering expenses capitalized for the issuance of shares included in accrued expenses and other current liabilities	$ 0	$ 445	$ 0

ORGANIZATION AND BUSINESS - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended
	Feb. 28, 2022 USD ($)	Feb. 16, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 USD ($) $ / shares
Organization and Business [Line Items]
Cash and cash equivalents			$ 499,289		$ 575,215
Proceeds from private placement	$ 300,000
Total long-term debt			2,100,128		$ 1,600,129
2016 Studio City Credit Facilities [Member] \| Revolving Credit Facility [Member]
Organization and Business [Line Items]
Remaining Borrowing Capacity			$ 29,878	$ 233,000,000
Total long-term debt				$ 0
2022 7.000% Studio City Secured Notes [Member]
Organization and Business [Line Items]
Total long-term debt		$ 350,000
Debt instrument, interest rate percentage		7.00%
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 \| $ / shares			$ 0.0001		$ 0.0001
Class B Ordinary Shares [Member]
Organization and Business [Line Items]
Ordinary shares, par value \| $ / shares			$ 0.0001		$ 0.0001

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Provision of Gaming Related Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 27,223	$ 25,576	$ 21,445
Entertainment [Member]
Revenues (services provided by the Group):
Revenues	361	25	7,685
Costs and expenses (services provided to the Group):
Costs and expenses	2,207	2,273	4,521
Transactions with affiliated companies [Member]
Sale and purchase of assets:
Purchase of property and equipment			4,328
Sale of property and equipment and other long-term assets	1,695	2,692	1,323
Transfer-in of other long-term assets	5,167	7,206	17,516
Purchases of intangible assets	192	3,938	0
Transactions with affiliated companies [Member] \| Provision of Gaming Related Services [Member]
Revenues (services provided by the Group):
Revenues	(1,455)	(42,682)	393,512
Transactions with affiliated companies [Member] \| Rooms Food and Beverage [Member]
Revenues (services provided by the Group):
Revenues	48,978	30,468	92,584
Transactions with affiliated companies [Member] \| Services Fee [Member]
Revenues (services provided by the Group):
Revenues	24,906	26,151	39,470
Transactions with affiliated companies [Member] \| Entertainment [Member]
Revenues (services provided by the Group):
Revenues	361	25	7,685
Transactions with affiliated companies [Member] \| Staff Costs Recharges [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	59,676	65,515	89,273
Transactions with affiliated companies [Member] \| Corporate Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	32,354	32,354	34,519
Transactions with affiliated companies [Member] \| Other Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	16,696	14,118	16,117
Transactions with affiliated companies [Member] \| Staff costs for construction and renovation work capitalized [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	11,362	10,949	7,864
Transactions with affiliated companies [Member] \| Purchase of Goods and Services [Member]
Costs and expenses (services provided to the Group):
Costs and expenses	$ 149	$ 151	523
Transactions with affiliated companies [Member] \| Consultancy Fee Expense [Member]
Costs and expenses (services provided to the Group):
Costs and expenses			$ 3,096

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment, Net
Cost	$ 3,361,985	$ 2,910,638
Less: accumulated depreciation and amortization	(805,945)	(729,741)
Property and equipment, net	2,556,040	2,180,897
Buildings [Member]
Property and Equipment, Net
Cost	2,306,889	2,328,832
Furniture, fixtures and equipment [Member]
Property and Equipment, Net
Cost	224,826	196,428
Leasehold improvements [Member]
Property and Equipment, Net
Cost	106,200	126,538
Motor vehicles [Member]
Property and Equipment, Net
Cost	2,599	2,615
Construction in progress [Member]
Property and Equipment, Net
Cost	$ 721,471	$ 256,225

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2021

LONGTERM PREPAYMENTS DEPOSITS AND OTHER ASSETS [Abstract]

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

7.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

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


	December 31,
	2021			2020
Other long-term assets	$	108,494		$	106,268
Less: accumulated amortization		(89,017	)		(80,170	)

Other long-term assets, net		19,477			26,098
Long-term prepayments		23,644			48,469
Advance payments and deposits for acquisition of property and equipment		21,651			30,928
Other deposits and other		4,463			11,620
Deferred financing costs, net		389			440

Long-term prepayments, deposits and other assets	$	69,624		$	117,555

LONG-TERM DEBT, NET - Borrowing Rates of Long-term Debt - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Average borrowing rate per annum	5.69%	6.98%	7.05%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 499,289	$ 575,215
Restricted cash	0	13
Accounts receivable, net of allowances for credit losses of nil and $976	247	157
Amounts due from affiliated companies	15,697	10,672
Inventories	5,828	9,297
Prepaid expenses and other current assets	42,633	12,467
Total current assets	563,694	607,821
Property and equipment, net	2,556,040	2,180,897
Intangible assets, net	2,777	4,005
Long-term prepayments, deposits and other assets	69,624	117,555
Restricted cash	130	131
Operating lease right-of-use assets	14,588	17,379
Land use right, net	112,114	116,109
Total assets	3,318,967	3,043,897
Current liabilities:
Accounts payable	211	206
Accrued expenses and other current liabilities	201,405	118,946
Income tax payable	21	33
Amounts due to affiliated companies	53,093	42,966
Total current liabilities	254,730	162,151
Long-term debt, net	2,087,486	1,584,660
Other long-term liabilities	17,771	11,778
Deferred tax liabilities, net	0	448
Operating lease liabilities, non-current	14,797	17,137
Total liabilities	2,374,784	1,776,174
Commitments and contingencies (Note [18])
Shareholders' equity and participation interest:
Additional paid-in capital	2,134,227	2,134,227
Accumulated other comprehensive (loss) income	(6,136)	11,876
Accumulated losses	(1,338,715)	(1,086,160)
Total shareholders' equity	789,420	1,059,987
Participation interest	154,763	207,736
Total shareholders' equity and participation interest	944,183	1,267,723
Total liabilities, shareholders' equity and participation interest	3,318,967	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

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

16.	EMPLOYEE BENEFIT PLANS

The Company provides defined contribution plans for its employees in Macau. Certain executive officers of the Company are members of defined contribution plan in Hong Kong operated by Melco. During the

years

ended December 31, 2021, 2020 and 2019

, the Company’s contributions into these plans were $

, $

and $

(20)

respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21.	SUBSEQUENT EVENTS

(a)

On February 16, 2022, Studio City Company issued $350,000 in aggregate principal amount of 7.000% senior secured notes due February 15, 2027 at an issue price of 100% of the

principal amount (the “2022 7.000% Studio City Secured Notes”). The net proceeds from the offering of the 2022 7.000% Studio City Secured Notes will be used to 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 Investments (other than Studio City Company) and any other future restricted subsidiaries as defined in the 2022 7.000% Studio City Secured Notes are guarantors to guarantee the indebtedness under the 2022 7.000% Studio City Secured Notes.

(b)

During February and March 2022, Studio City International respectively announced and completed a series of private offers of its 400,000,000 Class A ordinary shares to certain existing shareholders and holders of its ADSs, including Melco, with gross proceeds amounting to $300,000 (the “2022 Private Placements”).

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable, net of allowances for credit losses	$ 0	$ 976	$ 965	$ 960
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

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 499,289	$ 575,215
Current portion of restricted cash	0	13
Non-current portion of restricted cash	130	131
Total cash, cash equivalents and restricted cash	$ 499,419	$ 575,359	$ 327,232	$ 377,565

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 1,953,539	$ 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

LEASES -Summary of components of lease cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost:
Amortization of land use right	$ 3,325	$ 3,333
Operating lease costs	1,094	1,108
Short-term lease costs	0	405
Total lease costs	$ 4,419	$ 4,846

INTANGIBLE ASSETS, NET -Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - Internal-use Software [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
2022	$ 1,402
2023	1,369
2024	6
Finite-lived intangible assets, net	$ 2,777	$ 4,005

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment payables	$ 131,071	$ 49,161
Interest expenses payable	54,182	45,737
Operating expense and other accruals and liabilities	12,994	20,650
Operating lease liabilities	899	995
Total Accrued Expenses and Other Current Liabilities	$ 201,405	$ 118,946
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total Accrued Expenses and Other Current Liabilities	Total Accrued Expenses and Other Current Liabilities
Advance Customer Deposits And Ticket Sales [Member]
Advance customer deposits and ticket sales	$ 2,259	$ 2,403

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating revenues:
Operating revenues	$ 106,868	$ 49,208	$ 626,733
Operating costs and expenses:
General and administrative (including expenses to related parties of $46,274, $52,213 and $72,847 for the years ended December 31, 2021, 2020 and 2019, respectively)	(87,577)	(89,006)	(128,931)
Pre-opening costs (including expenses to related parties of $351, $240 and $32 for the years ended December 31, 2021, 2020 and 2019, respectively)	(984)	(201)	(2,567)
Amortization of land use right	(3,325)	(3,333)	(3,300)
Depreciation and amortization	(124,309)	(157,001)	(168,643)
Property charges and other (including expenses to related parties of $4,246, $1,694 and $630 for the years ended December 31, 2021, 2020 and 2019, respectively)	(6,031)	(4,798)	(8,521)
Total operating costs and expenses	(298,441)	(329,136)	(448,737)
Operating (loss) income	(191,573)	(279,928)	177,996
Non-operating income (expenses):
Interest income	3,060	1,276	5,861
Interest expenses, net of amounts capitalized	(90,967)	(104,799)	(132,291)
Other financing costs	(419)	(421)	(416)
Foreign exchange gains (losses), net	6,257	(3,434)	(3,975)
Other (expenses) income, net	0	(81)	430
Loss on extinguishment of debt	(28,817)	(18,716)	(2,995)
Costs associated with debt modification	0	0	(579)
Total non-operating expenses, net	(110,886)	(126,175)	(133,965)
(Loss) income before income tax	(302,459)	(406,103)	44,031
Income tax credit (expense)	457	1,011	(402)
Net (loss) income	(302,002)	(405,092)	43,629
Net loss (income) attributable to participation interest	49,447	83,466	(10,065)
Net (loss) income attributable to Studio City International Holdings Limited	(252,555)	(321,626)	33,564
Provision of Gaming Related Services [Member]
Operating revenues:
Operating revenues	(1,455)	(42,682)	393,512
Operating costs and expenses:
Cost of revenue	(28,085)	(26,993)	(24,179)
Rooms [Member]
Operating revenues:
Operating revenues	38,749	21,997	85,975
Operating costs and expenses:
Cost of revenue	(12,176)	(11,229)	(21,766)
Food and Beverage [Member]
Operating revenues:
Operating revenues	26,734	22,653	68,706
Operating costs and expenses:
Cost of revenue	(27,853)	(27,301)	(57,718)
Entertainment [Member]
Operating revenues:
Operating revenues	2,649	1,389	21,815
Operating costs and expenses:
Cost of revenue	(2,842)	(3,409)	(22,719)
Services Fee [Member]
Operating revenues:
Operating revenues	24,906	26,151	39,470
Mall [Member]
Operating revenues:
Operating revenues	13,683	17,008	14,844
Operating costs and expenses:
Cost of revenue	(3,785)	(4,661)	(8,658)
Retail and Other [Member]
Operating revenues:
Operating revenues	1,602	2,692	2,411
Operating costs and expenses:
Cost of revenue	$ (1,474)	$ (1,204)	$ (1,735)
Class A Ordinary Shares [Member]
Net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share
Basic	$ (0.682)	$ (1.091)	$ 0.139
Diluted	$ (0.682)	$ (1.103)	$ 0.139
Weighted average Class A ordinary shares outstanding used in net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share calculation:
Basic	370,352,700	294,837,092	241,818,016
Diluted	370,352,700	367,348,852	241,818,016

LONG-TERM DEBT, NET (2020 Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jul. 15, 2020	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt [Line Items]
Total long-term debt		$ 2,100,128	$ 1,600,129
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 500,000
Purchase price as percentage of principal	100.00%
Maturity date		Jul. 15, 2025
Interest rate per annum	6.00%
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member] \| Prior to July 15, 2022 [Member]
Long-term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Total long-term debt	$ 500,000
Purchase price as percentage of principal	100.00%
Maturity date		Jan. 15, 2028
Interest rate per annum	6.50%
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member] \| Prior to July 15, 2023 [Member]
Long-term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%
2020 Studio City Notes [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Net assets restricted from distribution		$ 964,000

CAPITAL STRUCTURE

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

CAPITAL STRUCTURE

13.	CAPITAL STRUCTURE

During July and August 2020, Studio City International respectively announced and completed a series of private offers (the “2020 Private Placements”)

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

2020

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 December 31, 2021 and 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Basic And Diluted Net (Loss) Income (Detail) - Common Class A [Member] - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Significant Accounting Policies [Line Items]
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	370,352,700	294,837,092	241,818,016
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	0
Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	370,352,700	367,348,852	241,818,016
Anti-dilutive Class A ordinary shares under the if-converted method excluded from the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share	72,511,760	0	72,511,760

INCOME TAXES - Schedule of (Loss) Income before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Income Taxes [Line Items]
(Loss) Income before income tax	$ (302,459)	$ (406,103)	$ 44,031
Macau Complementary Tax [Member]
Schedule Of Income Taxes [Line Items]
(Loss) Income before income tax	(191,655)	(278,388)	181,579
Income Tax in Hong Kong and Other Jurisdictions [Member]
Schedule Of Income Taxes [Line Items]
(Loss) Income before income tax	$ (110,804)	$ (127,715)	$ (137,548)

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of components of lease costs

The components of operating lease costs are as follows:


	Year Ended December 31,
	2021		2020


Amortization of land use right	$	3,325	$	3,333
Operating lease costs		1,094		1,108
Short-term lease costs		—		405

Total operating lease costs	$	4,419	$	4,846

Disclosure of other information related to lease term and discount rate

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


	December 31,
	2021		2020

Weighted average remaining lease term		33.9 years		34.9 years
Weighted average discount rate		6.30%		5.25%

Summary of maturities of operating lease liabilities

Maturities of operating lease liabilities as of December 31, 2021 are as follows:


Year ending December 31,
2022	$	923
2023		1,128
2024		1,128
2025		1,128
2026		1,128
Over 2026		32,494

Total future minimum lease payments		37,929
Less: amount representing interest		(22,233	)

Present value of future minimum lease payments		15,696
Current portion		(899	)

Non-current portion	$	14,797

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

Future

minimum fees, excluding the contingent fees to be received under

non-cancellable

operating leases as of December 31, 2021 were as follows:


Year ending December 31,
2022	$	6,972
2023		2,293
2024		1,791
2025		979
2026		979
Over 2026		1,300

	$	14,314

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 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 consolidated statements of cash flows consisted of the following:


	December 31,
	2021		2020
Cash and cash equivalents	$	499,289	$	575,215
Current portion of restricted cash		—		13
Non-current portion of restricted cash		130		131

Total cash, cash equivalents and restricted cash	$	499,419	$	575,359

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Costs capitalized to construction in progress	$ 67,974	$ 32,497

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Summary Of Long-term prepayments, deposits and other assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long term prepayments deposits and other assets [Abstract]
Other long-term assets	$ 108,494	$ 106,268
Less: accumulated amortization	(89,017)	(80,170)
Other long-term assets, net	19,477	26,098
Long-term prepayments	23,644	48,469
Advance payments and deposits for acquisition of property and equipment	21,651	30,928
Other deposits and other	4,463	11,620
Deferred financing costs, net	389	440
Long-term prepayments, deposits and other assets	$ 69,624	$ 117,555

FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY - Additional Information (Detail) - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organizational Transactions and Participation Agreements [Line Items]
Net assets restricted from distribution	$ 964,000
Cash dividend received	$ 0	$ 0	$ 0
Minimum [Member]
Organizational Transactions and Participation Agreements [Line Items]
Percentage threshold of restricted net assets of consolidated and unconsolidated subsidiaries	25.00%

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 499,289	$ 575,215
Total current assets	563,694	607,821
Other long-term assets	69,624	117,555
Total assets	3,318,967	3,043,897
Current liabilities:
Accrued expenses and other current liabilities	201,405	118,946
Total current liabilities	254,730	162,151
Total liabilities	2,374,784	1,776,174
Shareholders' equity:
Additional paid-in capital	2,134,227	2,134,227
Accumulated other comprehensive (loss) income	(6,136)	11,876
Accumulated losses	(1,338,715)	(1,086,160)
Total shareholders' equity	789,420	1,059,987
Class A Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	37	37
Class B Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	7	7
Parent Company [Member]
Current assets:
Cash and cash equivalents	38	11
Total current assets	38	11
Investments in subsidiaries	790,471	1,061,037
Other long-term assets	452	0
Total assets	790,961	1,061,048
Current liabilities:
Accrued expenses and other current liabilities	1,186	445
Amounts due to subsidiaries	355	616
Total current liabilities	1,541	1,061
Total liabilities	1,541	1,061
Shareholders' equity:
Additional paid-in capital	2,134,227	2,134,227
Accumulated other comprehensive (loss) income	(6,136)	11,876
Accumulated losses	(1,338,715)	(1,086,160)
Total shareholders' equity	789,420	1,059,987
Total liabilities and shareholders' equity	790,961	1,061,048
Parent Company [Member] \| Class A Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	37	37
Parent Company [Member] \| Class B Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares	$ 7	$ 7

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2021		2020
Property and equipment payables	$	131,071	$	49,161
Interest expenses payable		54,182		45,737
Operating expense and other accruals and liabilities		12,994		20,650
Advance customer deposits and ticket sales		2,259		2,403
Operating lease liabilities		899		995

	$	201,405	$	118,946

LEASES - Summary of future minimum fees, excluding the contingent fees to be received under non-cancellable operating leases (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Lessor, Lease, Description [Line Items]
Year ending December 31, 2022	$ 6,972
Year ending December 31, 2023	2,293
Year ending December 31, 2024	1,791
Year ending December 31, 2025	979
Year ending December 31, 2026	979
Over year ending December 31, 2026	1,300
Total minimum future fees to be received	$ 14,314

INCOME TAXES - Schedule of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating losses carried forward	$ 45,009	$ 49,448
Depreciation and amortization	30,076	27,004
Lease liabilities	1,883	2,176
Others	58	207
Sub-total	77,026	78,835
Valuation allowances	(74,417)	(75,867)
Total deferred tax assets	2,609	2,968
Deferred tax liabilities
Right-of-use assets	(1,750)	(2,086)
Unrealized capital allowances	(859)	(1,330)
Total deferred tax liabilities	(2,609)	(3,416)
Deferred tax liabilities, net	$ 0	$ (448)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Significant Related Party Transactions

During the years ended December 31, 2021, 2020 and 2019, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2021			2020			2019

Transactions with affiliated companies

Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	(1,455	)	$	(42,682	)	$	393,512
	Rooms and food and beverage (1)		48,978			30,468			92,584
	Services fee (2)		24,906			26,151			39,470
	Entertainment (1)		361			25			7,685

	Costs and expenses (services provided to the Company):
	Staff costs recharges (3) (4)		59,676			65,515			89,273
	Corporate services (5)		32,354			32,354			34,519
	Other services		16,696			14,118			16,117
	Staff costs for construction and renovation work capitalized (4)		11,362			10,949			7,864
	Purchases of goods and services		149			151			523

	Sale and purchase of assets:
	Sale of property and equipment and other long-term assets		1,695			2,692			1,323
	Transfer-in of other long-term assets		5,167			7,206			17,516
	Purchases of intangible assets		192			3,938			—

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

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

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 years ended December 31, 2021, 2020 and 2019, the related party rooms and food and beverage revenues and entertainment revenues aggregated to $49,339, $30,493 and $100,269, respectively, of which $44,117, $27,090 and $87,005 related to Studio City Casino’s gaming patrons and $5,222, $3,403 and $13,264 related to

non-Studio

City Casino’s gaming patrons, respectively.

(2)

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

(3)

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

(4)

These staff costs included share-based compensation expenses.

(5)

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

(6)

A company in which Mr. Lawrence Yau Lung Ho, Studio City International’s director, had beneficial interest of approximately 20% until December 10, 2019, the date on which Mr. Lawrence Yau Lung Ho disposed his entire beneficial interest in MECOM. The amount in 2019 represents the transactions with a joint venture and a subsidiary of MECOM during the period from January 1, 2019 to December 10, 2019.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

Basis of Presentation

(a)

Basis of Presentation and Principles of Consolidation

pre-negotiated

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

Principles of Consolidation

Use of Estimates

(b)

Use of Estimates

Fair Value of Financial Instruments

(c)

Fair Value of Financial Instruments

Cash and Cash Equivalents

(d)

Cash and Cash Equivalents

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

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

Restricted Cash

(e)

Restricted Cash

non-current

Accounts Receivable and Credit Risk

(f)

Accounts Receivable and Credit Risk

Accounts receivable, including hotel and other receivables, are typically

non-interest

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

Inventories

(g)

Inventories

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

first-in,

first-out

and weighted average methods.

Property and Equipment

(h)

Property and Equipment

accompanying consolidated statements of operations. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

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


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

Other Long-term Assets

(i)

Other Long-term Assets

(j)

Capitalized Interest

114,694

, $

115,697

and $

132,291

, of which $

23,727

, $

10,898

and

nil

were capitalized during the years ended December 31, 2021, 2020 and 2019, respectively.

Intangible Assets

(k)

Intangible Assets

internal-use

software, finite-lived intangible assets. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.

internal-use

software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

Impairment of Long-lived Assets

(l)

Impairment of Long-lived Assets

As a result of the

COVID-19

Deferred Financing Costs

(m)

Deferred Financing Costs

non-current,

Land Use Right

(n)

Land Use Right

Leases

(o)

Leases

right-of-use

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

Operating lease

right-of-use

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

right-of-use

The Company’s lease contracts have lease and

non-lease

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

non-lease

components are accounted for separately.

Revenue Recognition

(p)

Revenue Recognition

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

Non-gaming

Pre-opening Costs

(q)

Pre-opening

Costs

Pre-opening

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

start-up

operations and are expensed as incurred. During the years ended December 31, 2021, 2020 and 2019, the Company incurred

pre-opening

costs in connection with the development and other

one-off

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

City.

Advertising and Promotional Costs

(r)

Advertising and Promotional Costs

Foreign Currency Transactions and Translations

(s)

Foreign Currency Transactions and Translations

comprehensive (loss) income.

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

(t)

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

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

non-shareholder

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

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

Income Tax

(u)

Income Tax

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

two-step

the

probability.

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

(v)

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

A Ordinary Share

if-converted


	Year Ended December 31,
	2021		2020		2019
Weighted average number of Class A ordinary shares outstanding used in the calculation of basic net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		294,837,092		241,818,016

Incremental weighted average number of Class A ordinary shares from assumed exchange of Class B ordinary shares to Class A ordinary shares under the if-converted method		—		72,511,760		—

Weighted average number of Class A ordinary shares outstanding used in the calculation of diluted net (loss) income attributable to Studio City International Holdings Limited per Class A ordinary share		370,352,700		367,348,852		241,818,016

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

Recent Changes in Accounting Standards

(w)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement

Income Taxes

Recent Accounting Pronouncement Not Yet Adopted

Parent Company [Member]

Basis of Presentation

2.	Basis of Presentation

DISTRIBUTION OF PROFITS

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

DISTRIBUTION OF PROFITS

17.	DISTRIBUTION OF PROFITS

All subsidiaries of Studio City International incorporated in Macau are required to set aside a minimum

of 25% of the entity’s profit after tax to the legal reserve until the balance of the legal reserve reaches a level equivalent to 50% of the entity’s share capital in accordance with the provisions of the Macau Commercial Code. The legal reserve sets aside an amount from the subsidiaries’ statements of operations and is not available for distribution to the shareholders of the subsidiaries. The appropriation of the legal reserve is recorded in the subsidiaries’ financial statements in the year in which it is approved by the board of directors of the relevant subsidiaries. As of December 31, 2021 and 2020, the balance of the reserve amounted to $6 and $6, respectively.

The Company’s borrowings, subject to certain exceptions and conditions, contain certain restrictions on paying dividends and other distributions, as defined in the respective indentures governing the relevant senior notes and the credit facility agreement, details of which are disclosed in Note 10 under each of the respective borrowings.

During the years ended December 31, 2021, 2020 and 2019, Studio City International did not declare or pay any cash dividends on the ordinary shares. No dividends have been proposed since the end of the reporting period.

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of share-based compensation expenses

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


	Year Ended December 31,
	2021		2020
Share-based compensation expenses	$	438	$	1,200
Less: share-based compensation expenses capitalized in construction in progress		—		(409	)

Share-based compensation expenses recognized in General and administrative expenses	$	438	$	791

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2021
Buildings [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	4 years
Buildings [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	40 years
Furniture, fixtures and equipment [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	2 years
Furniture, fixtures and equipment [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	15 years
Leasehold improvements [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	4 to 10 years or over the lease term, whichever is shorter
Motor vehicles [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5 years

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 247	$ 1,133
Less: allowances for credit losses	0	(976)	$ (965)	$ (960)
Accounts receivable, net	247	157
Hotel [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	204	106
Other [Member]
Accounts Receivable [Line Items]
Accounts receivable, gross	$ 43	$ 1,027

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

12 Months Ended

Dec. 31, 2021

Parent Company [Member]

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

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED BALANCE SHEETS

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


	December 31,
	2021			2020
ASSETS

Current assets:
Cash and cash equivalents	$	38		$	11

Total current assets		38			11


Investments in subsidiaries		790,471			1,061,037

Other long-term assets		452			—


Total assets	$	790,961		$	1,061,048


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accrued expenses and other current liabilities	$	1,186		$	445
Amounts due to subsidiaries		355			616

Total current liabilities		1,541			1,061


Total liabilities		1,541			1,061

Shareholders’ equity:
Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 370,352,700 shares issued and outstanding		37			37
Class B ordinary shares, par value $0.0001; 72,511,760 shares authorized; 72,511,760 shares issued and outstanding		7			7
Additional paid-in capital		2,134,227			2,134,227
Accumulated other comprehensive (loss) income		(6,136	)		11,876
Accumulated losses		(1,338,715	)		(1,086,160	)

Total shareholders’ equity		789,420			1,059,987

Total liabilities and shareholders’ equity	$	790,961		$	1,061,048

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars)


	Year Ended December 31,
	2021			2020			2019
Operating revenue s	$	—		$	—		$	—
Operating costs and expenses		—			—			—

Operating loss		—			—			—

Non-operating (expenses) income:
Foreign exchange (losses) gains, net		(1	)		1			1
Share of results of subsidiaries		(252,554	)		(321,627	)		33,563

Total non-operating (expenses) income, net		(252,555	)		(321,626	)		33,564

(Loss) income before income tax		(252,555	)		(321,626	)		33,564
Income tax expense		—			—			—

Net (loss) income	$	(252,555	)	$	(321,626	)	$	33,564

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands of U.S. dollars)


	Year Ended December 31,
	2021			2020			2019
Net (loss) income	$	(252,555	)	$	(321,626	)	$	33,564
Other comprehensive (loss) income:
Foreign currency translation adjustments		(18,012	)		11,607			14,332

Other comprehensive (loss) income		(18,012	)		11,607			14,332

Total comprehensive (loss) income	$	(270,567	)	$	(310,019	)	$	47,896

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)


	Year Ended December 31,
	2021			2020			2019

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	472		$	(119	)	$	1

Cash flow from an investing activity:
Advances to subsidiaries		—			(500,000	)		—

Cash used in an investing activity		—			(500,000	)		—

Cash flow from a financing activity:
Net (payments for) proceeds from issuance of shares		(445	)		499,222			(5,063	)

Cash (used in) provided by a financing activity		(445	)		499,222			(5,063	)

Increase (decrease) in cash and cash equivalents		27			(897	)		(5,062	)
Cash and cash equivalents at beginning of year		11			908			5,970

Cash and cash equivalents at end of year	$	38		$	11		$	908

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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2021		2020
Property and equipment payables	$	131,071	$	49,161
Interest expenses payable		54,182		45,737
Operating expense and other accruals and liabilities		12,994		20,650
Advance customer deposits and ticket sales		2,259		2,403
Operating lease liabilities		899		995

	$	201,405	$	118,946

LONG-TERM DEBT, NET - Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs and Original Issue Premiums) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	0
2025	500,000
2026	0
Over 2026	1,600,128
Total long-term debt	$ 2,100,128	$ 1,600,129

INCOME TAXES - Summary of Income Tax (Credit) Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years	$ (21)	$ 0	$ 0
Income tax (credit) expense - deferred:
Total income tax (credit) expense	(457)	(1,011)	402
Macau Complementary Tax [Member]
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years	(29)	0	0
Income tax (credit) expense - deferred:
Income tax (credit) expense - deferred	(445)	(1,011)	402
Hong Kong Profits Tax [Member]
Income tax expense - current:
Income tax expense – current	9	0	0
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years	$ 8	$ 0	$ 0

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
General and administrative expenses to related parties	$ 46,712	$ 52,213	$ 72,847
Pre-opening costs expenses to related parties	351	240	32
Property charges and other expenses to related parties	4,246	1,694	630
Provision of Gaming Related Services [Member]
Costs to related parties	27,223	25,576	21,445
Rooms [Member]
Revenues from related parties	30,974	15,981	53,865
Costs to related parties	7,948	7,527	12,491
Food and Beverage [Member]
Revenues from related parties	18,004	14,487	38,719
Costs to related parties	17,146	19,370	27,797
Entertainment [Member]
Revenues from related parties	361	25	7,685
Costs to related parties	2,207	2,273	4,521
Mall [Member]
Costs to related parties	1,711	2,025	2,026
Retail and Other [Member]
Costs to related parties	$ 1,331	$ 1,220	$ 1,739

LAND USE RIGHT, NET

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

LAND USE RIGHT, NET

8.	LAND USE RIGHT, NET


	December 31,
	2021			2020
Cost	$	178,041		$	179,091
Less: accumulated amortization		(65,927	)		(62,982	)

Land use right, net	$	112,114		$	116,109

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

19.	RELATED PARTY TRANSACTIONS

During the years ended December 31, 2021, 2020 and 2019, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2021			2020			2019

Transactions with affiliated companies

Melco and its subsidiaries	Revenues (services provided by the Company):
	Provision of gaming related services	$	(1,455	)	$	(42,682	)	$	393,512
	Rooms and food and beverage (1)		48,978			30,468			92,584
	Services fee (2)		24,906			26,151			39,470
	Entertainment (1)		361			25			7,685

	Costs and expenses (services provided to the Company):
	Staff costs recharges (3) (4)		59,676			65,515			89,273
	Corporate services (5)		32,354			32,354			34,519
	Other services		16,696			14,118			16,117
	Staff costs for construction and renovation work capitalized (4)		11,362			10,949			7,864
	Purchases of goods and services		149			151			523

	Sale and purchase of assets:
	Sale of property and equipment and other long-term assets		1,695			2,692			1,323
	Transfer-in of other long-term assets		5,167			7,206			17,516
	Purchases of intangible assets		192			3,938			—

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

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

Notes

(1)

non-Studio

City Casino’s gaming patrons, respectively.

(2)

(3)

(4)

These staff costs included share-based compensation expenses.

(5)

(6)

Other Related Party Transaction

As of December 31, 2021 and 2020, Mr. Lawrence Yau Lung Ho and his controlled entity held an aggregate principal amount of $60,000 and $60,000 of senior notes issued by Studio City Finance, respectively.

During the years ended December 31, 2021 and 2020, total interest expenses of $

4,494

and $1,740 in relation to the senior notes issued by Studio City Finance, were paid or payable to Mr. Lawrence Yau Lung Ho and his controlled entity, respectively.

(a)

Amounts Due from Affiliated Companies

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

non-interest

bearing and repayable on demand.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income before Income Tax

(Loss) income before income tax consisted of:


	Year Ended December 31,
	2021			2020			2019
Macau operations	$	(191,655	)	$	(278,388	)	$	181,579
Hong Kong and other jurisdictions operations		(110,804	)		(127,715	)		(137,548	)

(Loss) income before income tax	$	(302,459	)	$	(406,103	)	$	44,031

Summary of Income Tax (Credit) Expense


The income tax (credit) expense consisted of:

	Year Ended December 31,
	2021			2020			2019
Income tax expense - current:
Hong Kong Profits Tax	$	9		$	—		$	—
(Over) under provision of income taxes in prior years:
Macau Complementary Tax		(29	)		—			—
Hong Kong Profits Tax		8			—			—

Sub-total		(21	)		—			—

Income tax (credit) expense - deferred:
Macau Complementary Tax		(445	)		(1,011	)		402

Total income tax (credit) expense	$	(457	)	$	(1,011	)	$	402

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


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

	Year Ended December 31,
	2021			2020			2019
(Loss) income before income tax	$	(302,459	)	$	(406,103	)	$	44,031
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax (credit) expense at Macau Complementary Tax rate		(36,295	)		(48,732	)		5,284
Effect of different tax rates of subsidiaries operating in other jurisdictions		(5,385	)		(2,995	)		—
Over provision in prior years		(21	)		—			—
Effect of income for which no income tax expense is payable		(534	)		(295	)		—
Effect of expenses for which no income tax benefit is receivable		20,970			19,724			17,438
Effect of profits exempted from Macau Complementary Tax		—			—			(42,203	)
Effect of tax losses that cannot be carried forward		5,532			10,768			—
Changes in valuation allowances		(925	)		7,361			5,017
Expired tax losses		16,201			13,158			14,866

Income tax (credit) expense	$	(457	)	$	(1,011	)	$	402

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021			2020
Deferred tax assets
Net operating losses carried forward	$	45,009		$	49,448
Depreciation and amortization		30,076			27,004
Lease liabilities		1,883			2,176
Others		58			207

Sub-total		77,026			78,835

Valuation allowances		(74,417	)		(75,867	)

Total deferred tax assets		2,609			2,968

Deferred tax liabilities
Right-of-use assets		(1,750	)		(2,086	)
Unrealized capital allowances		(859	)		(1,330	)

Total deferred tax liabilities		(2,609	)		(3,416	)

Deferred tax liabilities, net	$	—		$	(448	)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Parenthetical) (Detail) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Class A Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	1,927,488,240	1,927,488,240
Ordinary shares, issued	370,352,700	370,352,700
Ordinary shares, outstanding	370,352,700	370,352,700
Class B Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	72,511,760	72,511,760
Ordinary shares, issued	72,511,760	72,511,760
Ordinary shares, outstanding	72,511,760	72,511,760
Parent Company [Member] \| Class A Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	1,927,488,240	1,927,488,240
Ordinary shares, issued	370,352,700	370,352,700
Ordinary shares, outstanding	370,352,700	370,352,700
Parent Company [Member] \| Class B Ordinary Shares [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	72,511,760	72,511,760
Ordinary shares, issued	72,511,760	72,511,760
Ordinary shares, outstanding	72,511,760	72,511,760

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Operating revenues	$ 106,868	$ 49,208	$ 626,733
Operating costs and expenses	298,441	329,136	448,737
Operating loss	(191,573)	(279,928)	177,996
Non-operating (expenses) income:
Foreign exchange (losses) gains, net	6,257	(3,434)	(3,975)
Total non-operating expenses, net	(110,886)	(126,175)	(133,965)
Income tax expense	(457)	(1,011)	402
Net (loss) income	(302,002)	(405,092)	43,629
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Operating revenues	0	0	0
Operating costs and expenses	0	0	0
Operating loss	0	0	0
Non-operating (expenses) income:
Foreign exchange (losses) gains, net	(1)	1	1
Share of results of subsidiaries	(252,554)	(321,627)	33,563
Total non-operating expenses, net	(252,555)	(321,626)	33,564
(Loss) income before income tax	(252,555)	(321,626)	33,564
Income tax expense	0	0	0
Net (loss) income	$ (252,555)	$ (321,626)	$ 33,564

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2013 USD ($)	Oct. 31, 2013 HKD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies [Line Items]
Capital commitments			$ 298,918
Trade Credit Facility [Member]
Commitments and Contingencies [Line Items]
Amount entered with a bank to meet certain payment obligations	$ 25,646	$ 200,000,000
Credit facility utilized			$ 641
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

INCOME TAXES - Schedule of Reconciliation of Income Tax (Credit) Expense from (Loss) Income Before Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
(Loss) income before income tax	$ (302,459)	$ (406,103)	$ 44,031
Macau Complementary Tax rate	12.00%	12.00%	12.00%
Income tax (credit) expense at Macau Complementary Tax rate	$ (36,295)	$ (48,732)	$ 5,284
Effect of different tax rates of subsidiaries operating in other jurisdictions	(5,385)	(2,995)
Over provision in prior years	(21)	0	0
Effect of income for which no income tax expense is payable	(534)	(295)
Effect of expenses for which no income tax benefit is receivable	20,970	19,724	17,438
Effect of profits exempted from Macau Complementary Tax			(42,203)
Effect of tax losses that cannot be carried forward	5,532	10,768
Change in valuation allowances	(925)	7,361	5,017
Expired tax losses	16,201	13,158	14,866
Total income tax (credit) expense	$ (457)	$ (1,011)	$ 402

SHARE-BASED COMPENSATION - Summary of share-based compensation expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses	$ 438	$ 1,200
Less: share-based compensation expenses capitalized in construction in progress	0	(409)
Share-based compensation expenses recognized in General and administrative expenses	$ 438	$ 791

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12.	FAIR VALUE MEASUREMENTS

Authoritative

literature provides a fair value hierarchy, which prioritizes the input to valuation techniques used to measure fair values into three broad levels. The level in the hierarchy within which the fair value measurements in its entirety is based upon the lowest level of input that is significant to the fair value measurement as follows:

•

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

•

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

•

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

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

long-term

liabilities approximated fair value and were classified as level 2 in the fair value hierarchy.

The estimated fair value of long-term debt as of December 31, 2021 and 2020 were approximately $1,953,539 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 December 31, 2021 and 2020, the Company did not have any

non-financial

assets or liabilities that were recognized or disclosed at fair value in the accompanying consolidated financial statements.

- Definition

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

+ References + Details

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Aggregate principal amount	$ 2,100,128	$ 1,600,129
Lawrence Yau Lung Ho and his controlled entity [Member]
Related Party Transaction [Line Items]
Total interest expenses	4,494	1,740
Lawrence Yau Lung Ho and his controlled entity [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Aggregate principal amount	$ 60,000	$ 60,000

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	$ (302,002)	$ (405,092)	$ 43,629
Other comprehensive (loss) income:
Other comprehensive (loss) income	(21,538)	15,208	18,629
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(252,555)	(321,626)	33,564
Other comprehensive (loss) income:
Foreign currency translation adjustments	(18,012)	11,607	14,332
Other comprehensive (loss) income	(18,012)	11,607	14,332
Total comprehensive (loss) income	$ (270,567)	$ (310,019)	$ 47,896

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: 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(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

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)(4)(i))
-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)(4)(i))
-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 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: 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 11: 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 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 18: 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)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 25: 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 26: 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)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 27: 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 28: 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)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets, Net


	December 31,
	2021			2020
Finite-lived intangible assets:
Internal-use software	$	4,207		$	4,038
Less: accumulated amortization		(1,430	)		(33	)

	$	2,777		$	4,005

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2021, the estimated future amortization expenses of

internal-use

software are as follows:


Year ending December 31,
2022	$	1,402
2023		1,369
2024		6

	$	2,777

LEASES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Minimum operating lease income	$ 7,125	$ 12,064	$ 150
Contingent operating lease income	$ 1,638	(1,254)	$ 8,077
Operating leases - as lessor, last expiry date	2028-08
Amount of reduction in lease income as a result of the rent concession and uncollectible lease income		$ 3,913
Land Concession Contracts [Member]
Lessee, Lease, Description [Line Items]
Estimated Lease Term	40 years
Renewable contract term	10 years
Initial contract term (in years)	25 years

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

4.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	December 31,
	2021		2020
Hotel	$	204	$	106
Other		43		1,027

Sub-total		247		1,133
Less: allowances for credit losses		—		(976	)

	$	247	$	157

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

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2021			2020		2019
Balance at beginning of year	$	976		$	965	$	960
Provision for credit losses		—			6		—
Write-offs		(970	)		—		—
Effect of exchange rate		(6	)		5		5

Balance at end of year	$	—		$	976	$	965

LEASES - Summary of maturities of operating lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Year ending December 31, 2022	$ 923
Year ending December 31, 2023	1,128
Year ending December 31, 2024	1,128
Year ending December 31, 2025	1,128
Year ending December 31, 2026	1,128
Over year ending December 31, 2026	32,494
Total future minimum lease payments	37,929
Less: amount representing interest	(22,233)
Present value of future minimum lease payments	15,696
Present value of future minimum lease payments current portion	(899)	$ (995)
Present value of future minimum lease payments non-current portion	$ 14,797	$ 17,137

LONG-TERM DEBT, NET (2021 5.000% Studio City Notes) - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	May 20, 2021	Jan. 14, 2021	Dec. 31, 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%	5.00%
Net assets restricted from distribution			$ 964,000
2021 5.000% Studio City Notes, due 2029 [Member] \| Senior Notes [Member] \| Prior to January 15, 2024 [Member]
Long-term Debt [Line Items]
Maximum redeemable percentage of principal prior to a specific date for partial redemption with net cash proceeds from equity offerings at a fixed redemption price	35.00%	35.00%
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
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

INTANGIBLE ASSETS, NET - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Internal-use Software [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of finite lived intangible assets	$ 1,401	$ 33

LAND USE RIGHT, NET (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Schedule of Land Use Right, Net


	December 31,
	2021			2020
Cost	$	178,041		$	179,091
Less: accumulated amortization		(65,927	)		(62,982	)

Land use right, net	$	112,114		$	116,109

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

15.	SHARE-BASED COMPENSATION

Certain restricted shares were approved by Melco be granted to the eligible management personnel of Melco in lieu of the bonus for their services performed during 2021 and 2020 under respective share incentive plans adopted by Melco in 2021 and 2011 (the “Bonus Restricted Shares”). The Bonus Restricted Shares for 2021 are expected to be granted in April 2022 and the Bonus Restricted Shares for 2020 were granted in March 2021. The Bonus Restricted Shares vest immediately on its grant dates and the grant date fair value was determined with reference to the closing price of Melco’s ADS trading on the Nasdaq Global Select Market on the date of grant.

In accordance with the applicable accounting standards, the share-based compensation expenses related to the grant of Bonus Restricted Shares for 2021 and 2020 to the eligible management personnel of Melco, to the extent of services received by the Company, were recognized for the years ended December 31, 2021 and 2020, respectively, in the accompanying consolidated statements of operations with a corresponding increase in amounts due to affiliated companies as the amounts were charged to the Company by Melco and its subsidiaries under the Management and Shared Services Arrangements.

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


	Year Ended December 31,
	2021		2020
Share-based compensation expenses	$	438	$	1,200
Less: share-based compensation expenses capitalized in construction in progress		—		(409	)

Share-based compensation expenses recognized in General and administrative expenses	$	438	$	791

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

11.

LEASES

Lessee Arrangements

The Company is the lessee under operating leases for equipment and real estate, including the land in Macau on which Studio City is located. Certain leases include options to extend the lease term and options to

terminate the lease term. The land concession contract of Studio City has a term

of 25 years, which is renewable for further consecutive periods of 10 years, subject to applicable legislation in Macau. The estimated term related to the land concession contract of Studio City is 40 years

The components of operating lease costs are as follows:


	Year Ended December 31,
	2021		2020


Amortization of land use right	$	3,325	$	3,333
Operating lease costs		1,094		1,108
Short-term lease costs		—		405

Total operating lease costs	$	4,419	$	4,846

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


	December 31,
	2021		2020

Weighted average remaining lease term		33.9 years		34.9 years
Weighted average discount rate		6.30%		5.25%

Maturities of operating lease liabilities as of December 31, 2021 are as follows:


Year ending December 31,
2022	$	923
2023		1,128
2024		1,128
2025		1,128
2026		1,128
Over 2026		32,494

Total future minimum lease payments		37,929
Less: amount representing interest		(22,233	)

Present value of future minimum lease payments		15,696
Current portion		(899	)

Non-current portion	$	14,797

Lessor Arrangements

The Company is the lessor under

non-

cancellable

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

During the years ended December 31, 2021 and 2019, the Company earned minimum operating lease income of $7,125 and $150 and contingent

operating lease income of $1,638 and $8,077, respectively. During the year ended December 31, 2020, the Company earned minimum operating lease income of

12,064

and contingent operating lease income of $

(1,254

). Total lease income for the year ended December 31,

2020

was reduced by $

3,913

as a result of the rent concessions and uncollectible lease income related to the effects of the COVID-19 outbreak.

Future

minimum fees, excluding the contingent fees to be received under

non-cancellable

operating leases as of December 31, 2021 were as follows:


Year ending December 31,
2022	$	6,972
2023		2,293
2024		1,791
2025		979
2026		979
Over 2026		1,300

	$	14,314

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

6.	INTANGIBLE ASSETS, NET


	December 31,
	2021			2020
Finite-lived intangible assets:
Internal-use software	$	4,207		$	4,038
Less: accumulated amortization		(1,430	)		(33	)

	$	2,777		$	4,005

The amortization expenses of

internal-use

software recognized for the years ended December 31, 2021 and 2020 were $1,401 and $33,

respectively.

As of December 31, 2021, the estimated future amortization expenses of

internal-use

software are as follows:


Year ending December 31,
2022	$	1,402
2023		1,369
2024		6

	$	2,777

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

5.	PROPERTY AND EQUIPMENT, NET


	December 31,
	2021			2020
Cost

Buildings	$	2,306,889		$	2,328,832
Furniture, fixtures and equipment		224,826			196,428
Leasehold improvements		106,200			126,538
Motor vehicles		2,599			2,615
Construction in progress		721,471			256,225

Sub-total		3,361,985			2,910,638
Less: accumulated depreciation and amortization		(805,945	)		(729,741	)

Property and equipment, net	$	2,556,040		$	2,180,897

As of December 31, 2021 and 2020, construction in progress, in relation to Studio City, included interest capitalized in accordance with applicable accounting standards and other direct incidental costs capitalized which, in the aggregate, amounted to $67,974 and $32,497, respectively.

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lawrence Yau Lung Ho [Member]
Related Party Transaction [Line Items]
Share percentage holding by Director			20.00%
Rooms Food and Beverage and Entertainment Revenues [Member]
Related Party Transaction [Line Items]
Aggregated revenue	$ 49,339	$ 30,493	$ 100,269
Rooms Food and Beverage and Entertainment Revenues [Member] \| Studio City Casinos Gaming Patrons [Member]
Related Party Transaction [Line Items]
Aggregated revenue	44,117	27,090	87,005
Rooms Food and Beverage and Entertainment Revenues [Member] \| Non Studio City Casinos Gaming Patrons [Member]
Related Party Transaction [Line Items]
Aggregated revenue	$ 5,222	$ 3,403	$ 13,264

- 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

SUBSEQUENT EVENTS - Additional Information (Detail) - USD ($) $ in Thousands		2 Months Ended
	Feb. 16, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Events [Line Items]
Total long-term debt			$ 2,100,128	$ 1,600,129
2022 7.000% Studio City Secured Notes [Member]
Subsequent Events [Line Items]
Total long-term debt	$ 350,000
Interest rate per annum	7.00%
Subsequent Event [Member] \| Class A Ordinary Shares [Member] \| Thousand And Twenty Two Private Placements [Member]
Subsequent Events [Line Items]
Number of shares issued		400,000,000
Gross proceeds from shares		$ 300,000
Subsequent Event [Member] \| 2022 7.000% Studio City Secured Notes [Member]
Subsequent Events [Line Items]
Total long-term debt	$ 350,000
Interest rate per annum	7.00%
Purchase price as percentage of principal	100.00%
Maturity date	Feb. 15, 2027

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member] Class A Ordinary Shares [Member]	Common Stock [Member] Class B Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Losses [Member]	Participation Interest [Member]
BEGINNING BALANCE at Dec. 31, 2018	$ 1,096,401	$ 24	$ 7	$ 1,655,602	$ (14,063)	$ (798,098)	$ 252,929
BEGINNING BALANCE (in shares) at Dec. 31, 2018		241,818,016	72,511,760
Net income (loss)	43,629	$ 0	$ 0	0	0	33,564	10,065
Foreign currency translation adjustments	18,629	0	0	0	14,332	0	4,297
ENDING BALANCE at Dec. 31, 2019	1,158,659	$ 24	$ 7	1,655,602	269	(764,534)	267,291
ENDING BALANCE (in shares) at Dec. 31, 2019		241,818,016	72,511,760
Net income (loss)	(405,092)	$ 0	$ 0	0	0	(321,626)	(83,466)
Foreign currency translation adjustments	15,208	0	0	0	11,607	0	3,601
Shares issued, net of offering expenses	498,948	$ 13	$ 0	498,935	0	0	0
Shares issued, net of offering expenses, shares		128,534,684	0
Change in Participation Interest resulted from 2020 Private Placements	0	$ 0	$ 0	(20,310)	0	0	20,310
ENDING BALANCE at Dec. 31, 2020	1,267,723	$ 37	$ 7	2,134,227	11,876	(1,086,160)	207,736
ENDING BALANCE (in shares) at Dec. 31, 2020		370,352,700	72,511,760
Net income (loss)	(302,002)	$ 0	$ 0	0	0	(252,555)	(49,447)
Foreign currency translation adjustments	(21,538)	0	0	0	(18,012)	0	(3,526)
ENDING BALANCE at Dec. 31, 2021	$ 944,183	$ 37	$ 7	$ 2,134,227	$ (6,136)	$ (1,338,715)	$ 154,763
ENDING BALANCE (in shares) at Dec. 31, 2021		370,352,700	72,511,760

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

14.	INCOME TAXES

(Loss) income before income tax consisted of:


	Year Ended December 31,
	2021			2020			2019
Macau operations	$	(191,655	)	$	(278,388	)	$	181,579
Hong Kong and other jurisdictions operations		(110,804	)		(127,715	)		(137,548	)

(Loss) income before income tax	$	(302,459	)	$	(406,103	)	$	44,031


The income tax (credit) expense consisted of:

	Year Ended December 31,
	2021			2020			2019
Income tax expense - current:
Hong Kong Profits Tax	$	9		$	—		$	—
(Over) under provision of income taxes in prior years:
Macau Complementary Tax		(29	)		—			—
Hong Kong Profits Tax		8			—			—

Sub-total		(21	)		—			—

Income tax (credit) expense - deferred:
Macau Complementary Tax		(445	)		(1,011	)		402

Total income tax (credit) expense	$	(457	)	$	(1,011	)	$	402


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

	Year Ended December 31,
	2021			2020			2019
(Loss) income before income tax	$	(302,459	)	$	(406,103	)	$	44,031
Macau Complementary Tax rate		12	%		12	%		12	%
Income tax (credit) expense at Macau Complementary Tax rate		(36,295	)		(48,732	)		5,284
Effect of different tax rates of subsidiaries operating in other jurisdictions		(5,385	)		(2,995	)		—
Over provision in prior years		(21	)		—			—
Effect of income for which no income tax expense is payable		(534	)		(295	)		—
Effect of expenses for which no income tax benefit is receivable		20,970			19,724			17,438
Effect of profits exempted from Macau Complementary Tax		—			—			(42,203	)
Effect of tax losses that cannot be carried forward		5,532			10,768			—
Changes in valuation allowances		(925	)		7,361			5,017
Expired tax losses		16,201			13,158			14,866

Income tax (credit) expense	$	(457	)	$	(1,011	)	$	402

Studio City International and certain of its subsidiaries are exempt from tax in the Cayman Islands or British Virgin Islands (“BVI”), where they are incorporated, while one of these subsidiaries incorporated in BVI is subject to Hong Kong Profits Tax on income derived from Hong Kong during the years ended December 31, 2021, 2020 and 2019. The remaining subsidiaries of Studio City International incorporated in Macau and Hong Kong are subject to Macau Complementary Tax and Hong Kong Profits Tax, respectively, during the years ended December 31, 2021, 2020 and 2019.

Macau Complementary Tax and Hong Kong Profits Tax have been provided at 12% and 16.5% on the estimated taxable income earned in or derived from Macau and Hong Kong, respectively, during the years ended December 31, 2021, 2020 and 2019, if applicable.

Pursuant to the approval notice issued by the Macau government in January 2017, one of the Studio City International’s subsidiaries in Macau was granted an extension of the Macau Complementary Tax exemption on profits generated from income received from Melco Resorts Macau under the Services and Right to Use Arrangements for an additional

five years

from 2017 to 2021, to the extent that such income is derived from Studio City gaming operations and has been subject to gaming tax. Such subsidiary has applied for an extension of the Macau Complementary Tax exemption for the period from January 1, 2022 to June 26, 2022 and the application is currently pending approval by the Macau government. The

non-gaming

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

During the years ended December 31, 2021 and 2020, the subsidiary of Studio City International did not have any profits generated from income received from Melco Resorts Macau under the Services and Right to Use Arrangements. During the year ended December 31, 2019, had the subsidiary of Studio City International not received the income tax exemption on profits generated from income received from Melco Resorts Macau under the Services and Right to Use Arrangements, the Company’s consolidated net income attributable to Studio City International Holdings Limited for the year ended December 31, 2019 would have been decreased by $32,467 and diluted net income attributable to Studio City International Holdings Limited per Class A ordinary share would have been decreased by $0.134 per share.

The effective tax rates for the years ended December 31, 2021, 2020 and 2019 were 0.2%, 0.2% and 0.9%, respectively. Such rates differ from the statutory Macau Complementary Tax rate of 12

%, where the Company’s majority operations are located, primarily due to the effect of expenses for which no income tax benefit is receivable, the effect of expired tax losses and the effect of changes in valuation allowances for the relevant years together with the effect of different tax rates of subsidiaries operating in other jurisdictions, the effect of tax losses that cannot be carried forward for the years ended December 31, 2021 and 2020, and the effect of profits exempted from Macau Complementary Tax for the year ended December 31, 2019.

The net deferred tax liabilities as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021			2020
Deferred tax assets
Net operating losses carried forward	$	45,009		$	49,448
Depreciation and amortization		30,076			27,004
Lease liabilities		1,883			2,176
Others		58			207

Sub-total		77,026			78,835

Valuation allowances		(74,417	)		(75,867	)

Total deferred tax assets		2,609			2,968

Deferred tax liabilities
Right-of-use assets		(1,750	)		(2,086	)
Unrealized capital allowances		(859	)		(1,330	)

Total deferred tax liabilities		(2,609	)		(3,416	)

Deferred tax liabilities, net	$	—		$	(448	)

As of December 31, 2021 and 2020, valuation allowances of $74,417 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 December 31, 2021, adjusted operating tax losses carried forward, amounting to $130,596, $144,252 and $100,227 will expire in 2022, 2023 and 2024, respectively. Adjusted operating tax losses carried forward of $135,008 expired during the year ended December 31, 2021.

Deferred tax, where applicable, is provided under the asset and liability method at the enacted statutory income tax rate of the respective tax jurisdictions, applicable to the respective financial years, on the difference between the consolidated financial statements carrying amounts and income tax base of assets and liabilities.

Undistributed earnings of a foreign subsidiary of Studio City International available for distribution to Studio City International of approximately $846,735 and $892,924 as at December 31, 2021 and 2020, respectively, are considered to be indefinitely reinvested. Accordingly, no provision has been made for the dividend withholding taxes that would be payable upon the distribution of those amounts to Studio City International. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, Studio City International would have to record a deferred income tax liability in respect of

those

undistributed earnings of approximately $101,608 and $107,151 as at December 31, 2021 and 2020, respectively.

The

Company concluded that there were

significant uncertain tax positions requiring recognition in the accompanying consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 and there are

material unrecognized tax benefits which would favorably affect the effective income tax rates in future periods. As of December 31, 2021 and 2020, there were

interest and penalties related to uncertain tax positions recognized in the accompanying consolidated financial statements. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits within the next twelve months.

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

- Definition

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

+ References

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

ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Balance at beginning of year	$ 976	$ 965	$ 960
Provision for credit losses	0	6	0
Write-offs	(970)	0	0
Effect of exchange rate	(6)	5	5
Balance at end of year	$ 0	$ 976	$ 965

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
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	$ 4,798
2020 6.000% SC Notes, due 2025 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	3,658	$ 4,566
2020 6.500% SC Notes, due 2028 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs	4,186	4,738
2019 7.250% Studio City Notes, due 2024 [Member] \| Senior Notes [Member]
Long-term Debt [Line Items]
Unamortized deferred financing costs		6,165
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	$ 389	$ 440

LAND USE RIGHT, NET - Schedule of Land Use Right, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Land Use Right [Abstract]
Cost	$ 178,041	$ 179,091
Less: accumulated amortization	(65,927)	(62,982)
Land use right, net	$ 112,114	$ 116,109

LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

10.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:


	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 $4,798)	$	1,095,202	$	—
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $3,658 and $4,566, respectively)		496,342		495,434
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,186 and $4,738, respectively)		495,814		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

	$	2,087,486	$	1,584,660

Note

(1)

As of December 31, 2021 and 2020, the unamortized deferred financing costs related to the 2016 SC Revolving Credit Facility of the 2016 Studio City Credit Facilities of $389 and $440 are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

(a)

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” and together with the First 2021 5.000% Studio City Notes, the “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 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 of the 2019 7.250% Studio City Notes (as described below); 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 as described below) (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 a change of control or a termination of 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 December 31, 2021, the net assets of Studio City Finance and its restricted subsidiaries of approximately $964,000 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.

2020 Studio City Notes

On July 15, 2020, Studio City Finance issued $500,000 in aggregate principal amount of 6.000% senior notes due July 15, 2025 at an issue price
of 100% of the principal amount (the “2020 6.000% SC Notes”) and $500,000 in aggregate principal amount of 6.500% senior notes due
January 15, 2028 at an issue price of 100% of the principal amount (the “2020 6.500% SC Notes” and together with 2020 6.000% SC Notes, the “2020 Studio City Notes”). The interest on the 2020 6.000% SC Notes and 2020 6.500% SC Notes is accrued at a rate of 6.000% and 6.500% per annum, respectively, payable semi-annually in arrears on January 15 and July 15 of each year, and commenced on January 15, 2021. The 2020
Studio City Notes are general obligations of Studio City Finance, rank equally in right of payment to all existing and future senior indebtedness of Studio City Finance, rank senior in right of payment to any existing and future subordinated indebtedness of Studio City Finance and are effectively subordinated to all of Studio City Finance’s existing and future secured indebtedness to the extent of the value of the property and assets securing such indebtedness.

The net proceeds from the offering of the 2020 Studio City Notes were partially used to redeem in full the previous senior secured notes of Studio City Company with accrued interest and redemption premium in August 2020 and with the remaining amount used for the capital expenditures of the remaining development project at Studio City.

All of the existing subsidiaries of Studio City Finance and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the 2016 Studio City Credit Facilities) (the “2020 Studio City Notes Guarantors”) jointly, severally and unconditionally guarantee the 2020 Studio City Notes on a senior basis (the “2020 Studio City Notes Guarantees”). The 2020 Studio City Notes Guarantees are general obligations of the 2020 Studio City Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2020 Studio City Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2020 Studio City Notes Guarantors. The 2020 Studio City Notes Guarantees are effectively subordinated to the 2020 Studio City Notes Guarantors’ obligations under all existing and any future secured indebtedness to the extent of the value of such property and assets securing such indebtedness.

At any time prior to July 15, 2022, Studio City Finance has the options i) to redeem all or a portion of the 2020 6.000% SC Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2020 6.000% SC Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Finance has the option to redeem all or a portion of the 2020 6.000% SC Notes at any time at fixed redemption prices that decline ratably over time. At any time prior to July 15, 2023, Studio City Finance has the options i) to redeem all or a portion of the 2020 6.500% SC Notes at a “make-whole” redemption price; and ii) to redeem up to 35% of the 2020 6.500% SC

Notes with the net cash proceeds of certain equity offerings at a fixed redemption price. Thereafter, Studio City Finance has the option to redeem all or a portion of the 2020 6.500% SC Notes at any time at fixed redemption prices that decline ratably over time. Further, under certain circumstances and subject to certain exceptions as more fully described in the indenture governing the 2020 Studio City Notes, Studio City Finance also has the option to redeem in whole, but not in part the 2020 Studio City Notes at fixed redemption prices. In certain events that relate to a change of control or a termination of the gaming subconcession of Melco Resorts Macau and subject to certain exceptions as more fully described in the indenture governing the 2020 Studio City Notes,

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

The indenture governing the 2020 Studio City Notes contains certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Finance and its restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness; (ii) make specified restricted payments; (iii) issue or sell capital stock; (iv) sell assets; (v) create liens; (vi) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vii) enter into transactions with shareholders or affiliates; and (viii) effect a consolidation or merger. The indenture governing the 2020 Studio City Notes also contains conditions and events of default customary for such financings.

There are provisions under the indenture governing the 2020 Studio City Notes that limit or prohibit certain payments of dividends and other distributions by Studio City Finance and its restricted subsidiaries to companies or persons who are not Studio City Finance or restricted subsidiaries of Studio City Finance, subject to certain exceptions and conditions. As of December 31, 2021, the net assets of Studio City Finance and its restricted subsidiaries of approximately $964,000 were restricted from being distributed under the terms of the 2020 Studio City Notes.

2019 7.250% Studio City Notes

On February 11, 2019, Studio City Finance issued $600,000 in aggregate principal amount of 7.250% senior notes due February 11, 2024 at an issue price of 100% of the principal amount (the “2019 7.250% Studio City Notes”). The interest on the 2019 7.250% Studio City Notes was accrued at a rate of 7.250% per annum and was payable semi-annually in arrears. The net proceeds from the offering of the 2019 7.250% Studio City Notes were used to partially fund the conditional tender offer and the remaining outstanding balance with accrued interest of the previous senior notes of Studio City Finance in March 2019 and with the remaining amount used for general corporate purposes.

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.

Studio City Finance used a portion of the net proceeds from the offering of the First 2021 5.000% Studio City Notes 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 year ended December 31, 2021.

(b)

Credit Facilities

2016 Studio City Credit Facilities

On November 30, 2016, Studio City Company (the “Studio City Borrower”) amended and restated the Studio City Borrower’s prior senior secured credit facilities agreement from HK$10,855,880,000 (equivalent to $1,395,357) to a HK$234,000,000 (equivalent to $30,077) senior secured credit facilities agreement (the “2016 Studio City Credit Facilities”), comprising a HK$1,000,000 (equivalent to $129) term loan facility (the “2016 SC Term Loan Facility”) and a HK$233,000,000 (equivalent to $29,948) revolving credit facility (the “2016 SC Revolving Credit Facility”). As of December 31, 2021, the outstanding principal amount of the 2016 SC Term Loan Facility and the 2016 SC Revolving Credit Facility were HK$1,000,000 (equivalent to $128) and nil, respectively, and the available borrowing capacity under the 2016 SC Revolving Credit Facility was HK$233,000,000 (equivalent to $29,878).

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.

The 2016 SC Term Loan Facility is collateralized by cash of HK$1,012,500 (equivalent to $130). The Studio City Borrower is subject to mandatory prepayment requirements in respect of various amounts of the 2016 SC Revolving Credit Facility as specified in the 2016 Studio City Credit Facilities; in the event of the disposal of all or substantially all of the business and assets of the Studio City borrowing group which includes the Studio City Borrower and certain of its subsidiaries as defined under the 2016 Studio City Credit Facilities (the “2016 Studio City Borrowing Group”), the 2016 Studio City Credit Facilities are required to be repaid in full. In the event of a change of control, the Studio City Borrower may be required, at the election of any lender under the 2016 Studio City Credit Facilities, to repay such lender in full (other than the principal amount of the 2016 SC Term Loan Facility).

The indebtedness under the 2016 Studio City Credit Facilities is guaranteed by Studio City Investments Limited (“Studio City Investments”), the shareholder of Studio City Company, and its subsidiaries (other than the Studio City Borrower). Security for the 2016 Studio City Credit Facilities includes a first-priority mortgage over any rights under the land concession contract of Studio City and an assignment of certain leases or rights to use agreements; as well as other customary security. The 2016 Studio City Credit Facilities contain certain affirmative and negative covenants customary for such financings. Certain specified bank accounts of Melco Resorts Macau are pledged under 2016 Studio City Credit Facilities and related finance documents. The 2016 Studio City Credit Facilities are secured by substantially all of the material assets of Studio City Investments and its subsidiaries.

The 2016 Studio City Credit Facilities contain certain covenants that, subject to certain exceptions and conditions, limit the ability of Studio City Company, Studio City Investments and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens;

(vii) impair the security interests in the collateral; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with shareholders or affiliates; and (xi) effect a consolidation or merger. The 2016 Studio City Credit Facilities also contain conditions and events of default customary for such financings.

In addition, modification, expiry, or termination of the gaming subconcession of Melco Resorts Macau in circumstances that have a material adverse effect on the 2016 Studio City Borrowing Group (as a whole) will allow lenders to elect for the mandatory prepayment of all outstanding loan amounts.

There are provisions that limit certain payments of dividends and other distributions by the 2016 Studio City Borrowing Group to companies or persons who are not members of the 2016 Studio City Borrowing Group. As of December 31, 2021, the net assets of Studio City Investments and its restricted subsidiaries of approximately $900,000 were restricted from being distributed under the terms of the 2016 Studio City Credit Facilities.

Borrowings under the 2016 Studio City Credit Facilities bear interest at HIBOR plus a margin of 4% per annum. The Studio City Borrower may select an interest period for borrowings under the 2016 Studio City Credit Facilities ranging from one to six months or any other agreed period. The Studio City Borrower is obligated to pay a commitment fee on the undrawn amount of the 2016 SC Revolving Credit Facility and recognized loan commitment fees of $419, $421 and $416 during the years ended December 31, 2021, 2020 and 2019, respectively.

(c)

Borrowing Rates and Scheduled Maturities of Long-term Debt

During the years ended December 31, 2021, 2020 and 2019, the Company’s average borrowing rates were approximately 5.69%, 6.98% and 7.05% per annum, respectively.

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2021 are as follows:


Year ending December 31,
2022	$	—
2023		—
2024		—
2025		500,000
2026		—
Over 2026		1,600,128

	$	2,100,128

CAPITAL STRUCTURE - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Two Thousand And Twenty Private Placements [Member]
Capital Structure [Line Items]
Gross proceeds from shares	$ 500,000
Offering expenses	$ 1,052
American Depository Shares [Member] \| Two Thousand And Twenty Private Placements [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
Ordinary shares, outstanding		370,352,700	370,352,700
Class A Ordinary Shares [Member] \| Two Thousand And Twenty Private Placements [Member]
Capital Structure [Line Items]
Issuance of ordinary shares	72,185,488
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] \| Two Thousand And Twenty Private Placements [Member]
Capital Structure [Line Items]
Issuance of ordinary shares	56,349,196

INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Assets, Net (Detail) - Internal-use Software [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 4,207	$ 4,038
Less: accumulated amortization	(1,430)	(33)
Finite-lived intangible assets, net	$ 2,777	$ 4,005

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

Dec. 31, 2021

Dec. 31, 2020

Long-term Debt [Line Items]

Long-term debt, net

$ 2,087,486

$ 1,584,660

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

Long-term Debt [Line Items]

Long-term debt, net

1,095,202

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

Long-term Debt [Line Items]

Long-term debt, net

496,342

495,434

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

Long-term Debt [Line Items]

Long-term debt, net

495,814

495,262

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

Long-term Debt [Line Items]

Long-term debt, net

593,835

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

Long-term Debt [Line Items]

Long-term debt, net

^[1]

$ 128

$ 129

[1]

- 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

LEASES - Disclosure of other information related to lease term and discount rate (Detail)	Dec. 31, 2021	Dec. 31, 2020
Lessee Operating Lease Other Information Related To Lease Term And Discount Rate [Abstract]
Operating leases, Weighted average remaining lease term	33 years 10 months 24 days	34 years 10 months 24 days
Operating leases, Weighted average discount rate	6.30%	5.25%

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Cash Cash Equivalents And Restricted Cash

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


	December 31,
	2021		2020
Cash and cash equivalents	$	499,289	$	575,215
Current portion of restricted cash		—		13
Non-current portion of restricted cash		130		131

Total cash, cash equivalents and restricted cash	$	499,419	$	575,359

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

20.	SEGMENT INFORMATION

The Company’s principal operating activities are engaged in the hospitality business and provision of gaming related services in Macau. The Company monitors its operations and evaluates its earnings by reviewing the assets and operations of Studio City as one operating segment. Accordingly, the Company does not present separate segment information. As of December 31, 2021 and 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

LONG-TERM DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Long-term Debt, Net

Long-term debt, net consisted of the following:


	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 $4,798)	$	1,095,202	$	—
2020 6.000% SC Notes, due 2025 (net of unamortized deferred financing costs of $3,658 and $4,566, respectively)		496,342		495,434
2020 6.500% SC Notes, due 2028 (net of unamortized deferred financing costs of $4,186 and $4,738, respectively)		495,814		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

	$	2,087,486	$	1,584,660

Note

(1)

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

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2021 are as follows:


Year ending December 31,
2022	$	—
2023		—
2024		—
2025		500,000
2026		—
Over 2026		1,600,128

	$	2,100,128

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

12 Months Ended

Dec. 31, 2021

Parent Company [Member]

SCHEDULE 1 - FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENT SCHEDULE 1

(In thousands of U.S. dollars)

Schedule 1 has been provided pursuant to the requirements of Rule

12-04(a)

and

4-08(e)(3)

of Regulation

S-X,

which require condensed financial information as to financial position, cash flows and results and operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2021, approximately $964,000 of the restricted net assets were not available for distribution and, as such, the condensed financial information of Studio City International has been presented for the years ended December 31, 2021, 2020 and 2019. Studio City International did not receive any cash dividend from its subsidiary during the years ended December 31, 2021, 2020 and 2019.

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

12 Months Ended

Dec. 31, 2021

LongtermPrepaymentsDepositsAndOtherAssets [Abstract]

Summary Of Long-term prepayments, deposits and other assets

7.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

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


	December 31,
	2021			2020
Other long-term assets	$	108,494		$	106,268
Less: accumulated amortization		(89,017	)		(80,170	)

Other long-term assets, net		19,477			26,098
Long-term prepayments		23,644			48,469
Advance payments and deposits for acquisition of property and equipment		21,651			30,928
Other deposits and other		4,463			11,620
Deferred financing costs, net		389			440

Long-term prepayments, deposits and other assets	$	69,624		$	117,555

ORGANIZATION AND BUSINESS

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

(a)