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 2024

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
  

 

2


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 1, 2024

 

3


Table of Contents

EXHIBIT INDEX

 

Exhibit No.   

Description

Exhibit 99.1    Unaudited Results for Fourth Quarter of 2023

 

4

Unaudited Results for Fourth Quarter of 2023

Exhibit 99.1

 

LOGO

Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2023 Earnings

MACAU, Feb. 29, 2024 (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, 2023.

Total operating revenues for the fourth quarter of 2023 were US$141.3 million, compared with total operating revenues of US$4.2 million in the fourth quarter of 2022. The change was primarily attributable to the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2, which led to an increase in revenue from casino contract and higher non-gaming revenues.

Studio City Casino generated gross gaming revenues of US$294.8 million and US$40.9 million for the fourth quarters of 2023 and 2022, respectively.

Studio City Casino’s rolling chip volume was US$566.0 million in the fourth quarter of 2023 versus US$251.4 million in the fourth quarter of 2022. The rolling chip win rate was 1.86% in the fourth quarter of 2023 versus 2.70% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$864.1 million in the fourth quarter of 2023, compared with US$113.5 million in the fourth quarter of 2022. The mass market table games hold percentage was 30.0% in the fourth quarter of 2023, compared with 27.1% in the fourth quarter of 2022.

Gaming machine handle for the fourth quarter of 2023 was US$778.3 million, compared with US$124.5 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023, compared with 2.7% in the fourth quarter of 2022.

Revenue from casino contract was US$57.0 million for the fourth quarter of 2023, compared with revenue from casino contract of negative US$12.5 million for the fourth quarter of 2022. 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$237.8 million and US$53.4 million in the fourth quarters of 2023 and 2022, respectively.

Total non-gaming revenues at Studio City for the fourth quarter of 2023 were US$84.3 million, compared with US$16.7 million for the fourth quarter of 2022.

Operating income for the fourth quarter of 2023 was US$13.3 million, compared with operating loss of US$70.0 million in the fourth quarter of 2022.

Studio City generated Adjusted EBITDA(1) of US$64.8 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$34.5 million in the fourth quarter of 2022. The change was mainly attributable to the increase in revenue from casino contract and higher non-gaming revenues.

Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2023 was US$18.6 million, compared with net loss attributable to Studio City International Holdings Limited of US$85.4 million in the fourth quarter of 2022. The net loss attributable to participation interest was US$1.8 million and US$8.0 million in the fourth quarters of 2023 and 2022, respectively.

Other Factors Affecting Earnings

Total net non-operating expenses for the fourth quarter of 2023 were US$33.7 million, which mainly included interest expenses of US$35.8 million, partially offset by interest income of US$2.5 million.

Depreciation and amortization costs of US$50.7 million were recorded in the fourth quarter of 2023, of which US$0.8 million was related to the amortization expense for the land use right.

The Adjusted EBITDA for Studio City for the three months ended December 31, 2023 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated February 29, 2024 (“Melco’s earnings release”) was US$12.6 million more than the 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 gaming concession related costs and certain intercompany costs related to the table games operations at Studio City Casino.

 

1


Financial Position and Capital Expenditures

Total cash and bank balances as of December 31, 2023 aggregated to US$228.2 million (December 31, 2022: US$509.7 million), including US$0.1 million of restricted cash (December 31, 2022: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the fourth quarter of 2023 was US$2.34 billion (December 31, 2022: US$2.43 billion), a reduction of US$100 million primarily as a result of the cash tender offer for the 6.00% senior notes due 2025 issued by Studio City Finance Limited on July 15, 2020, compared to the total debt balance as of September 30, 2023.

Capital expenditures for the fourth quarter of 2023 were US$15.3 million.

Full Year Results

For the year ended December 31, 2023, Studio City International Holdings Limited reported total operating revenues of US$445.5 million, compared with US$11.5 million in the prior year. The increase in total operating revenues was primarily attributable to the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2, which led to an increase in revenue from casino contract and higher non-gaming revenues.

Operating loss for 2023 was US$29.0 million, compared with operating loss of US$277.2 million for 2022.

Studio City generated Adjusted EBITDA of US$159.2 million for the year ended December 31, 2023, compared with negative Adjusted EBITDA of US$140.8 million in 2022. The change in Adjusted EBITDA was mainly attributable to higher revenue from casino contract and non-gaming revenues.

Net loss attributable to Studio City International Holdings Limited for 2023 was US$133.5 million, compared with net loss attributable to Studio City International Holdings Limited of US$326.5 million for 2022. The net loss attributable to participation interest for 2023 was US$12.6 million and the net loss attributable to participation interest for 2022 was US$34.9 million.

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 impact of their consequences on our business, our industry and the global economy, (ii) risks associated with the Macau gaming law amended in 2022 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. Adjusted EBITDA is presented exclusively as supplemental disclosures because management believes it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA as measures our operating performance and to compare our operating performance with those of its competitors.

The Company also presents Adjusted EBITDA because it is used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measure as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA does not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

 

2


Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA. Also, the Company’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. 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. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

 

(2)

“Adjusted net income/loss” is net income/loss before pre-opening costs, property charges and other and gain 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

 

3


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

 

    

Three Months Ended

December 31,

   

Year Ended

December 31,

 
     2023     2022     2023     2022  

Operating revenues:

        

Revenue from casino contract

   $ 56,981     $ (12,494   $ 155,527     $ (56,665

Rooms

     39,642       4,349       111,733       17,915  

Food and beverage

     19,815       4,634       62,426       17,489  

Entertainment

     2,992       474       61,777       1,649  

Services fee

     17,904       5,674       40,473       21,889  

Mall

     3,161       1,389       10,744       7,189  

Retail and other

     756       211       2,858       2,082  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating revenues

     141,251       4,237       445,538       11,548  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

        

Costs related to casino contract

     (7,582     (8,007     (28,847     (29,871

Rooms

     (10,360     (2,643     (28,280     (11,119

Food and beverage

     (17,652     (6,162     (54,741     (24,403

Entertainment

     (3,704     (549     (53,056     (2,253

Mall

     (1,442     (1,074     (4,212     (4,115

Retail and other

     (443     (296     (1,986     (1,200

General and administrative

     (35,299     (20,328     (115,203     (79,785

Pre-opening costs

     169       (1,532     (17,451     (3,263

Amortization of land use right

     (828     (826     (3,302     (3,300

Depreciation and amortization

     (49,906     (30,802     (166,095     (123,656

Property charges and other

     (867     (2,009     (1,407     (5,799
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (127,914     (74,228     (474,580     (288,764
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     13,337       (69,991     (29,042     (277,216
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-operating income (expenses):

        

Interest income

     2,502       2,240       10,675       6,427  

Interest expenses, net of amounts capitalized

     (35,761     (21,928     (129,567     (92,358

Other financing costs

     (106     (106     (417     (417

Foreign exchange (losses) gains, net

     (1,879     (4,012     642       2,390  

Other (expenses) income, net

     (6     249       (67     249  

Gain on extinguishment of debt

     1,531       —        1,611       —   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expenses, net

     (33,719     (23,557     (117,123     (83,709
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     (20,382     (93,548     (146,165     (360,925

Income tax benefit (expense)

     4       103       81       (382
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (20,378     (93,445     (146,084     (361,307

Net loss attributable to participation interest

     1,754       8,039       12,567       34,856  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Studio City International Holdings Limited

   $ (18,624   $ (85,406   $ (133,517   $ (326,451
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.024   $ (0.111   $ (0.173   $ (0.459
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.024   $ (0.111   $ (0.173   $ (0.461
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.097   $ (0.443   $ (0.693   $ (1.838
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.097   $ (0.443   $ (0.693   $ (1.846
  

 

 

   

 

 

   

 

 

   

 

 

 

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

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

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

 

 

   

 

 

   

 

 

   

 

 

 

 

4


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

     December 31,
2023
    December 31,
2022
 
     (Unaudited)        

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 228,040     $ 509,523  

Accounts receivable, net

     2,281       263  

Receivables from affiliated companies

     40,969       221  

Inventories

     5,763       5,121  

Prepaid expenses and other current assets

     38,997       38,721  
  

 

 

   

 

 

 

Total current assets

     316,050       553,849  
  

 

 

   

 

 

 

Property and equipment, net

     2,775,806       2,868,064  

Intangible assets, net

     5       1,373  

Long-term prepayments, deposits and other assets

     27,787       48,325  

Restricted cash

     130       130  

Operating lease right-of-use assets

     11,619       13,136  

Land use right, net

     105,304       108,645  
  

 

 

   

 

 

 

Total assets

   $ 3,236,701     $ 3,593,522  
  

 

 

   

 

 

 

LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST

    

Current liabilities:

    

Accounts payable

   $ 2,454     $ 501  

Accrued expenses and other current liabilities

     135,514       165,688  

Income tax payable

     10       22  

Payables to affiliated companies

     18,799       81,178  
  

 

 

   

 

 

 

Total current liabilities

     156,777       247,389  
  

 

 

   

 

 

 

Long-term debt, net

     2,335,173       2,434,476  

Other long-term liabilities

     3,209       21,631  

Deferred tax liabilities, net

     309       382  

Operating lease liabilities, non-current

     12,250       13,499  
  

 

 

   

 

 

 

Total liabilities

     2,507,718       2,717,377  
  

 

 

   

 

 

 

Shareholders’ equity and participation interest:

    

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

     77       77  

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       2,477,359  

Accumulated other comprehensive losses

     (12,656     (11,671

Accumulated losses

     (1,798,683     (1,665,166
  

 

 

   

 

 

 

Total shareholders’ equity

     666,104       800,606  
  

 

 

   

 

 

 

Participation interest

     62,879       75,539  
  

 

 

   

 

 

 

Total shareholders’ equity and participation interest

     728,983       876,145  
  

 

 

   

 

 

 

Total liabilities, shareholders’ equity and participation interest

   $ 3,236,701     $ 3,593,522  
  

 

 

   

 

 

 

 

5


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, except share and per share data)

 

    

Three Months Ended

December 31,

   

Year Ended

December 31,

 
     2023     2022     2023     2022  

Net loss attributable to Studio City International Holdings Limited

   $ (18,624   $ (85,406   $ (133,517   $ (326,451

Pre-opening costs

     (169     1,532       17,451       3,263  

Property charges and other

     867       2,009       1,407       5,799  

Gain on extinguishment of debt

     (1,531     —        (1,611     —   

Participation interest impact on adjustments

     71       (305     (1,484     (1,017
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss attributable to Studio City International Holdings Limited

   $ (19,386   $ (82,170   $ (117,754   $ (318,406
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.025   $ (0.107   $ (0.153   $ (0.448
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.025   $ (0.107   $ (0.153   $ (0.450
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ (0.101   $ (0.427   $ (0.611   $ (1.792
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.101   $ (0.427   $ (0.611   $ (1.799
  

 

 

   

 

 

   

 

 

   

 

 

 

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

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

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

 

 

   

 

 

   

 

 

   

 

 

 

 

6


Studio City International Holdings Limited and Subsidiaries

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

(In thousands)

 

   

Three Months Ended

December 31,

    

Year Ended

December 31,

 
    2023      2022      2023      2022  

Operating income (loss)

  $ 13,337      $ (69,991    $ (29,042    $ (277,216

Pre-opening costs

    (169      1,532        17,451        3,263  

Depreciation and amortization

    50,734        31,628        169,397        126,956  

Share-based compensation

    —         361        —         361  

Property charges and other

    867        2,009        1,407        5,799  
 

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

  $     64,769      $    (34,461    $    159,213      $  (140,837
 

 

 

    

 

 

    

 

 

    

 

 

 

 

7


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net Loss Attributable to Studio City International Holdings Limited

to Adjusted EBITDA (Unaudited)

(In thousands)

 

    

Three Months Ended

December 31,

   

Year Ended

December 31,

 
     2023     2022     2023     2022  

Net loss attributable to Studio City International Holdings Limited

   $ (18,624   $ (85,406   $ (133,517   $ (326,451

Net loss attributable to participation interest

     (1,754     (8,039     (12,567     (34,856
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (20,378     (93,445     (146,084     (361,307

Income tax (benefit) expense

     (4     (103     (81     382  

Interest and other non-operating expenses, net

     33,719       23,557       117,123            83,709  

Depreciation and amortization

          50,734            31,628       169,397       126,956  

Property charges and other

     867       2,009       1,407       5,799  

Share-based compensation

     —        361       —        361  

Pre-opening costs

     (169     1,532            17,451       3,263  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 64,769     $ (34,461   $ 159,213     $ (140,837
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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Studio City International Holdings Limited and Subsidiaries

Supplemental Data Schedule

 

     Three Months Ended
December 31,
   

Year Ended

December 31,

 
     2023     2022     2023     2022  

Room Statistics(3):

        

Average daily rate (4)

   $ 163     $ 100     $ 153     $ 111  

Occupancy per available room

     94     32     90     28

Revenue per available room (5)

   $ 154     $ 32     $ 137     $ 31  

Other Information(6):

        

Average number of table games

     246       277       246       277  

Average number of gaming machines

     643       671       661       700  

Table games win per unit per day (7)

   $ 11,936     $ 1,477     $ 9,239     $ 1,562  

Gaming machines win per unit per day (8)

   $ 418     $ 54     $ 343     $ 75  

 

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

 

9