Studio City International Holdings Stock Price, News & Analysis

Studio City International Holdings Limited (NYSE: MSC) reported Q3 2020 operating revenues of US$0.9 million, a sharp decline from US$158.1 million in Q3 2019, primarily due to the impact of COVID-19 on tourism.

Studio City Casino's gross gaming revenues fell to US$23.4 million from US$345.6 million year-over-year. The company incurred an operating loss of US$72.5 million and a net loss of US$98.2 million, compared to a net income of US$14.3 million in Q3 2019. Total debt increased to US$1.58 billion as of September 30, 2020.

Studio City International Holdings Limited (NYSE: MSC) will release its unaudited financial results for Q3 2020 on Form 6-K with the SEC on November 5, 2020. The company highlights potential risks affecting its business, including the global pandemic, economic conditions, and gaming market dynamics in Macau. These forward-looking statements may involve uncertainties that could significantly impact actual results.

Studio City International Holdings Limited (NYSE: MSC) announced its Q2 2020 financial results, reporting a total operating revenue loss of US$12.5 million, compared to US$149.7 million in Q2 2019. The decline is attributed to decreased gaming and non-gaming revenues due to COVID-19, with gross gaming revenues falling to US$6.7 million from US$361.8 million. The company posted an operating loss of US$92.7 million and a net loss of US$91.0 million. As of June 30, 2020, total cash was US$202.9 million, down from US$327.2 million at the end of 2019.

Studio City International Holdings Limited (NYSE: MSC) will release its unaudited financial results for Q2 2020 on Form 6-K to the SEC on August 20, 2020. This announcement comes amid ongoing challenges in the gaming market due to economic conditions and visitor trends in Macau. The press release emphasizes the company's commitment to transparency and acknowledges the inherent risks and uncertainties of forward-looking statements regarding future business operations and growth strategies.

Studio City International Holdings Limited (NYSE: MSC) announced entering into subscription agreements for its Class A ordinary shares, expecting to receive approximately US$500 million in gross proceeds. The agreements involve existing institutional shareholders, including MCO Cotai Investments Limited, a subsidiary of Melco Resorts & Entertainment Limited, among others. The offering, exempt from registration under the Securities Act, is aimed at institutional investors outside the U.S. The company continues to navigate inherent risks and uncertainties in the gaming market.

Studio City Finance Limited has priced its international offering of dual-tranche senior notes worth $1 billion, consisting of $500 million in 6.00% notes due 2025 and $500 million in 6.50% notes due 2028. The net proceeds will go towards redeeming existing 7.250% notes due 2021, covering fees related to the offering, and funding capital expenditures for ongoing projects. The notes are general obligations ranked equally with existing senior indebtedness, but not guaranteed by the parent company, Studio City International Holdings Limited.

Studio City International Holdings Limited (NYSE: MSC) announced the launch of private offers for Class A ordinary shares at $3.89 each, targeting current institutional shareholders. Alongside this, MSC Cotai Limited is providing New Cotai, LLC with the opportunity to increase its stake. Melco Resorts has committed to purchasing all offered Class A Shares and any unsubscribed shares, securing potential gross proceeds between $450 million and $500 million. This press release is a preliminary communication and does not constitute an offer to sell securities.

Studio City Finance Limited announced an international offering of senior notes, aiming to conduct this in multiple tranches. The notes will be general obligations and are set to be guaranteed by existing restricted subsidiaries. The net proceeds will be used to redeem outstanding senior secured notes and to fund capital expenditures. The offering will target qualified institutional buyers and will not be registered under U.S. securities laws. Market conditions and investor interest will influence the offering's completion.

Studio City International Holdings reported a significant decrease in Q1 2020 revenues of US$37.1 million, down from US$151.1 million in Q1 2019, attributed to COVID-19 impacts. Gross gaming revenue fell to US$146.7 million from US$348.9 million, amid temporary casino closures. The company faced an operating loss of US$63.4 million versus income of US$38.5 million in 2019. Notably, net loss reached US$70.9 million, compared to net income of US$2.9 million in the same period. Total cash stood at US$299.4 million, reflecting ongoing operational challenges.