Form 6-K
Table of Contents

 

 

FORM 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a–16 OR 15d–16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2023

Commission File Number: 001-38699

 

 

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

 

 

71 Robinson Road

#04-03

Singapore 068895

and

38th Floor, The Centrium

60 Wyndham Street

Central

Hong Kong

(Address of principal executive offices)

 

 

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

Form 20-F  ☒            Form 40-F  ☐

 

 

 


Table of Contents

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

Form 6–K

TABLE OF CONTENTS

 

Signature

     3  

 

Exhibit 99.1
  


Table of Contents

SIGNATURE

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

 

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

Date: March 2, 2023

 

3


Table of Contents

EXHIBIT INDEX

 

Exhibit No.   

Description

Exhibit 99.1    Unaudited Results for Fourth Quarter of 2022
Unaudited Results for Fourth Quarter of 2022

Exhibit 99.1

 

LOGO

Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2022 Earnings

MACAU, March 01, 2023 (GLOBE NEWSWIRE) — Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2022.

Total operating revenues for the fourth quarter of 2022 were US$4.2 million, compared with total operating revenues of US$28.4 million in the fourth quarter of 2021. The change was primarily attributable to the heightened travel restrictions in Macau and mainland China related to COVID-19 during the quarter which led to a decrease in revenue from casino contract and lower non-gaming revenues.

Studio City Casino generated gross gaming revenues of US$40.9 million and US$91.1 million for the fourth quarters of 2022 and 2021, respectively.

Studio City Casino’s rolling chip volume was US$251.4 million in the fourth quarter of 2022 versus US$474.4 million in the fourth quarter of 2021. The rolling chip win rate was 2.70% in the fourth quarter of 2022 versus 1.84% in the fourth quarter of 2021. The expected rolling chip win rate range is 2.85%- 3.15%.

Mass market table games drop decreased to US$113.5 million in the fourth quarter of 2022, compared with US$253.5 million in the fourth quarter of 2021. The mass market table games hold percentage was 27.1% in the fourth quarter of 2022, compared with 29.6% in the fourth quarter of 2021.

Gaming machine handle for the fourth quarter of 2022 was US$124.5 million, compared with US$262.4 million in the fourth quarter of 2021. The gaming machine win rate was 2.7% in the fourth quarter of 2022, compared with 2.8% in the fourth quarter of 2021.

Revenue from casino contract was negative US$12.5 million for the fourth quarter of 2022, compared with revenue from casino contract of US$4.1 million for the fourth quarter of 2021. Revenue from casino contract is net of gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino which are deducted by Melco Resorts (Macau) Limited, the gaming operator of the Studio City Casino (the “Gaming Operator”).

Total gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino deducted from gross gaming revenues were US$53.4 million and US$87.0 million in the fourth quarters of 2022 and 2021, respectively.

Total non-gaming revenues at Studio City for the fourth quarter of 2022 were US$16.7 million, compared with US$24.3 million for the fourth quarter of 2021.

Operating loss for the fourth quarter of 2022 was US$70.0 million, compared with operating loss of US$45.0 million in the fourth quarter of 2021.

Studio City generated negative Adjusted EBITDA (1) of US$34.5 million in the fourth quarter of 2022, compared with negative Adjusted EBITDA of US$10.5 million in the fourth quarter of 2021. The change was mainly attributable to the decrease in revenue from casino contract and lower non-gaming revenues.

 

1


Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2022 was US$85.4 million, compared with net loss attributable to Studio City International Holdings Limited of US$53.9 million in the fourth quarter of 2021. The net loss attributable to participation interest was US$8.0 million and US$10.6 million in the fourth quarters of 2022 and 2021, respectively.

Other Factors Affecting Earnings

Total net non-operating expenses for the fourth quarter of 2022 were US$23.6 million, which mainly included interest expenses of US$21.9 million, net of amounts capitalized.

Depreciation and amortization costs of US$31.6 million were recorded in the fourth quarter of 2022, of which US$0.8 million was related to the amortization expense for the land use right.

The negative Adjusted EBITDA for Studio City for the three months ended December 31, 2022 referred to in Melco’s earnings release dated March 1, 2023 (“Melco’s earnings release”) is US$9.1 million less than the negative Adjusted EBITDA of Studio City contained in this press release. The Adjusted EBITDA of Studio City contained in this press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melco’s earnings release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in Melco’s earnings release does not reflect certain intercompany costs related to the table games operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of December 31, 2022 aggregated to US$509.7 million (December 31, 2021: US$499.4 million), including US$0.1 million of restricted cash (December 31, 2021: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the fourth quarter of 2022 was US$2.43 billion (December 31, 2021: US$2.09 billion).

Capital expenditures for the fourth quarter of 2022 were US$64.6 million.

Full Year Results

For the year ended December 31, 2022, Studio City International Holdings Limited reported total operating revenues of US$11.5 million, compared with US$106.9 million in the prior year. The decrease in total operating revenues was primarily attributable to the government mandated temporary casino closures in Macau in July and heightened travel restrictions in Macau and mainland China related to COVID-19 in 2022 which led to a decrease in revenue from casino contract and lower non-gaming revenues.

Operating loss for 2022 was US$277.2 million, compared with operating loss of US$191.6 million for 2021.

Studio City generated negative Adjusted EBITDA of US$140.8 million for the year ended December 31, 2022, compared with negative Adjusted EBITDA of US$56.5 million in 2021. The change in Adjusted EBITDA was mainly attributable to lower revenue from casino contract and non-gaming revenues.

Net loss attributable to Studio City International Holdings Limited for 2022 was US$326.5 million, compared with net loss attributable to Studio City International Holdings Limited of US$252.6 million for 2021. The net loss attributable to participation interest for 2022 was US$34.9 million and the net loss attributable to participation interest for 2021 was US$49.4 million.

Recent Developments

We expect Studio City Phase 2 to open in the second quarter of 2023. The first stage of opening is expected to include one of our hotel towers and the indoor water park, which is expected to be the largest of its kind in Asia. The second phase of opening is expected to be in the third quarter of 2023.

From January 8, 2023, travelers arriving in Macau from Mainland China, Hong Kong and Taiwan were no longer required to present negative nucleic acid tests, and thereby contributed to a 233% increase in Macau’s gross gaming revenue from MOP3.5 billion in December 2022 to MOP11.6 billion in January 2023 according to data reported by the Gaming Inspection and Coordination Bureau of Macau. In addition, from February 27, 2023, masks are not required in outdoor places. However, masks are still required on public transportation (except taxis) and in certain indoor areas, such as medical facilities and elderly homes. Requirement to wear masks has been waived in most private indoor areas by their operators or supervisory entities.

 

2


While quarantine-free travel within Greater China has resumed, the pace of recovery remains highly uncertain, and disruptions caused by the COVID-19 outbreak continue to have a material adverse impact on our operations, financial position and future prospects into the first quarter of 2023.

Safe Harbor Statement

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

Non-GAAP Financial Measures

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

 

3


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

About Studio City International Holdings Limited

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

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

For the investment community, please contact:

Jeanny Kim

Senior Vice President, Group Treasurer

Tel: +852 2598 3698

Email: jeannykim@melco-resorts.com

For media enquiries, please contact:

Chimmy Leung

Executive Director, Corporate Communications

Tel: +852 31513765

Email: chimmyleung@melco-resorts.com

 

4


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

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

 

     Three Months Ended
December 31,
   

Year Ended

December 31,

 
     2022     2021     2022     2021  

Operating revenues:

        

Revenue from casino contract(3)

   $ (12,494   $ 4,067     $ (56,665   $ (1,455

Rooms

     4,349       7,975       17,915       38,749  

Food and beverage

     4,634       6,317       17,489       26,734  

Entertainment

     474       221       1,649       2,649  

Services fee

     5,674       5,413       21,889       24,906  

Mall

     1,389       3,999       7,189       13,683  

Retail and other

     211       389       2,082       1,602  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating revenues

     4,237       28,381       11,548       106,868  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

        

Costs related to casino contract(3)

     (8,007     (9,151     (29,871     (28,085

Rooms

     (2,643     (2,848     (11,119     (12,176

Food and beverage

     (6,162     (6,914     (24,403     (27,853

Entertainment

     (549     (590     (2,253     (2,842

Mall

     (1,074     (878     (4,115     (3,785

Retail and other

     (296     (359     (1,200     (1,474

General and administrative

     (20,328     (18,628     (79,785     (87,577

Pre-opening costs

     (1,532     (245     (3,263     (984

Amortization of land use right

     (826     (829     (3,300     (3,325

Depreciation and amortization

     (30,802     (31,010     (123,656     (124,309

Property charges and other

     (2,009     (1,902     (5,799     (6,031
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (74,228     (73,354     (288,764     (298,441
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

     (69,991     (44,973     (277,216     (191,573
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-operating income (expenses):

        

Interest income

     2,240       710       6,427       3,060  

Interest expenses, net of amounts capitalized

     (21,928     (21,894     (92,358     (90,967

Other financing costs

     (106     (105     (417     (419

Foreign exchange (losses) gains, net

     (4,012     1,268       2,390       6,257  

Other income

     249       —         249       —    

Loss on extinguishment of debt

     —         —         —         (28,817
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expenses, net

     (23,557     (20,021     (83,709     (110,886
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     (93,548     (64,994     (360,925     (302,459

Income tax credit (expense)

     103       486       (382     457  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (93,445     (64,508     (361,307     (302,002

Net loss attributable to participation interest

     8,039       10,562       34,856       49,447  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Studio City International Holdings Limited

   $ (85,406   $ (53,946   $ (326,451 )     $ (252,555
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.111   $ (0.146   $ (0.459   $ (0.682
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.111   $ (0.146   $ (0.461   $ (0.682
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.443 )     $ (0.583   $ (1.838   $ (2.728
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.443 )     $ (0.583   $ (1.846   $ (2.728
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

     770,352,700       370,352,700       710,582,947       370,352,700  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     770,352,700       370,352,700       783,094,707       370,352,700  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(3) 

As a result of the amendments made to the agreement for the operation of the Studio City Casino announced on June 23, 2022, certain revenues and operating costs of the Company were previously captioned as i) revenue from provision of gaming related services and are now captioned as revenue from casino contract; and ii) costs for provision of gaming related services and are now captioned as costs related to casino contract.

 

5


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Balance Sheets

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

 

     December 31,     December 31,  
     2022     2021  
     (Unaudited)        

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 509,523     $ 499,289  

Accounts receivable, net

     263       247  

Receivables from affiliated companies

     221       15,697  

Inventories

     5,121       5,828  

Prepaid expenses and other current assets

     38,721       42,633  
  

 

 

   

 

 

 

Total current assets

     553,849       563,694  
  

 

 

   

 

 

 

Property and equipment, net

     2,868,064       2,556,040  

Intangible assets, net

     1,373       2,777  

Long-term prepayments, deposits and other assets

     48,325       69,624  

Restricted cash

     130       130  

Operating lease right-of-use assets

     13,136       14,588  

Land use right, net

     108,645       112,114  
  

 

 

   

 

 

 

Total assets

   $ 3,593,522     $ 3,318,967  
  

 

 

   

 

 

 

LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST

    

Current liabilities:

    

Accounts payable

   $ 501     $ 211  

Accrued expenses and other current liabilities

     165,688       201,405  

Income tax payable

     22       21  

Payables to affiliated companies

     81,178       53,093  
  

 

 

   

 

 

 

Total current liabilities

     247,389       254,730  
  

 

 

   

 

 

 

Long-term debt, net

     2,434,476       2,087,486  

Other long-term liabilities

     21,631       17,771  

Deferred tax liabilities, net

     382       —    

Operating lease liabilities, non-current

     13,499       14,797  
  

 

 

   

 

 

 

Total liabilities

     2,717,377       2,374,784  
  

 

 

   

 

 

 

Shareholders’ equity and participation interest:

    

Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 770,352,700 and 370,352,700 shares issued and outstanding, respectively

     77       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

     2,477,359       2,134,227  

Accumulated other comprehensive losses

     (11,671     (6,136

Accumulated losses

     (1,665,166     (1,338,715
  

 

 

   

 

 

 

Total shareholders’ equity

     800,606       789,420  
  

 

 

   

 

 

 

Participation interest

     75,539       154,763  
  

 

 

   

 

 

 

Total shareholders’ equity and participation interest

     876,145       944,183  
  

 

 

   

 

 

 

Total liabilities, shareholders’ equity and participation interest

   $ 3,593,522     $ 3,318,967  
  

 

 

   

 

 

 

 

6


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net Loss Attributable to Studio City International Holdings Limited to

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

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

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2022     2021     2022     2021  

Net loss attributable to Studio City International Holdings Limited

   $ (85,406   $ (53,946   $ (326,451   $ (252,555

Pre-opening costs

     1,532       245       3,263       984  

Property charges and other

     2,009       1,902       5,799       6,031  

Loss on extinguishment of debt

     —         —         —         28,817  

Participation interest impact on adjustments

     (305     (352     (1,017     (5,867
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss attributable to Studio City International Holdings Limited

   $ (82,170   $ (52,151   $ (318,406   $ (222,590
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.107   $ (0.141   $ (0.448   $ (0.601
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.107   $ (0.141   $ (0.450   $ (0.601
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.427   $ (0.563   $ (1.792   $ (2.404
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.427   $ (0.563   $ (1.799   $ (2.404
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

     770,352,700       370,352,700       710,582,947       370,352,700  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     770,352,700       370,352,700       783,094,707       370,352,700  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

7


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Operating Loss to Adjusted EBITDA (Unaudited)

(In thousands of U.S. dollars)

 

     Three Months Ended
December 31,
   

Year Ended

December 31,

 
     2022     2021     2022     2021  

Operating loss

   $ (69,991   $ (44,973   $ (277,216   $ (191,573

Pre-opening costs

     1,532       245       3,263       984  

Depreciation and amortization

     31,628       31,839       126,956       127,634  

Share-based compensation

     361       438       361       438  

Property charges and other

     2,009       1,902       5,799       6,031  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ (34,461   $ (10,549   $ (140,837   $ (56,486
  

 

 

   

 

 

   

 

 

   

 

 

 

 

8


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net Loss Attributable to Studio City International Holdings Limited

to Adjusted EBITDA (Unaudited)

(In thousands of U.S. dollars)

 

     Three Months Ended
December 31,
   

Year Ended

December 31,

 
     2022     2021     2022     2021  

Net loss attributable to Studio City International Holdings Limited

   $ (85,406   $ (53,946   $ (326,451   $ (252,555

Net loss attributable to participation interest

     (8,039     (10,562     (34,856     (49,447
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (93,445     (64,508     (361,307     (302,002

Income tax (credit) expense

     (103     (486     382       (457

Interest and other non-operating expenses, net

     23,557       20,021       83,709       110,886  

Property charges and other

     2,009       1,902       5,799       6,031  

Share-based compensation

     361       438       361       438  

Depreciation and amortization

     31,628       31,839       126,956       127,634  

Pre-opening costs

     1,532       245       3,263       984  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ (34,461   $ (10,549   $ (140,837   $ (56,486
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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Studio City International Holdings Limited and Subsidiaries

Supplemental Data Schedule

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2022     2021     2022     2021  

Room Statistics(4):

        

Average daily rate (5)

   $ 100     $ 131     $ 111     $ 123  

Occupancy per available room

     32     39     28     51

Revenue per available room (6)

   $ 32     $ 52     $ 31     $ 62  

Other Information(7):

        

Average number of table games

     277       288       277       290  

Average number of gaming machines

     671       710       700       645  

Table games win per unit per day (8)

   $ 1,477     $ 3,162     $ 1,562     $ 3,306  

Gaming machines win per unit per day (9)

   $ 54     $ 113     $ 75     $ 129  

 

(4)

Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak

(5)

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

(6)

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

(7)

Table games and gaming machines that were not in operation due to government-mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded

(8)

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

(9)

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

 

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