Studio City International (MSC) Registration Filing summary

Company overview and business model

• Operates a world-class integrated resort in Cotai, Macau, focused on mass market gaming and hospitality, with complementary non-gaming attractions such as a Ferris wheel, live performance arena, water parks, luxury hotels, and retail space.

• All revenues are generated from Macau operations, with no assets or operations in mainland China; principal executive offices are in Singapore and Hong Kong.

• Holds requisite permissions and licenses from PRC, Hong Kong, and Macau authorities for business operations and securities offerings as of the filing date.

• Corporate structure is a Cayman Islands holding company with subsidiaries in Macau, Hong Kong, and Singapore; no variable interest entities are used.

Financial performance and metrics

• Total operating revenues increased to $445.5 million in 2023 from $11.5 million in 2022, reflecting recovery from COVID-19 restrictions and the opening of Phase 2.

• Net loss attributable to the holding company was $133.5 million in 2023, an improvement from a $326.5 million net loss in 2022.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as set forth in the applicable prospectus supplement.

• Current and future available funds are intended for debt repayment or refinancing, ongoing operations, and business development and growth; no cash dividends are expected in the foreseeable future.