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May 05, 2015 7:08 PM ET

Hotels, Restaurants and Leisure

Company Overview of Studio City Finance Limited

Company Overview

Studio City Finance Limited, a development stage company, is engaged in the development of studio city project, a cinematically-themed integrated entertainment, retail, and gaming resort in Cotai, Macau. The company was incorporated in 2011 and is based in Central, Hong Kong. Studio City Finance Limited is a subsidiary of Melco Crown Entertainment Limited.

The Centrium

36th Floor

60 Wyndham Street

Central,  

Hong Kong

Founded in 2011

Phone:

852 2598 3600

Fax:

852 2537 3618

Key Executives for Studio City Finance Limited

Executive Vice President of Construction & Design
Age: 72
Vice President of Construction
Age: 47
Vice President of Commercial
Age: 68
Director of Construction Projects
Age: 59
Director of Mechanical Electrical Planning
Age: 48
Compensation as of Fiscal Year 2014.

Studio City Finance Limited Key Developments

Studio City Finance Limited Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2014

Studio City Finance Limited announced audited consolidated earnings results for the year ended December 31, 2014. For the quarter, the company reported operating revenue of $1,767,000 against $1,093,000 a year ago. Operating loss was $28,475,000 against $15,964,000 a year ago. Net loss was $68,874,000 against $81,388,000 a year ago, primarily due to higher interest capitalization upon continuous development on company, higher interest income and lower loan commitment fees, partially offset by higher interest expenses and amortization of deferred financing costs arising from the drawdown of the entire term loan facility under the company Project Facility on July 28, 2014 and an increase in pre-opening costs. Net cash used in operating activities was $43,519,000 against $65,041,000 a year ago. The decrease in net cash used in operating activities was primarily due to the increase in interest capitalization. Payment for acquisition of property and equipment was $686,179,000 against $433,462,000 a year ago.

Studio City Finance Limited Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Studio City Finance Limited reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported operating revenue of $476,000 against $899,000 a year ago. Operating loss was $7,007,000 against $3,995,000 a year ago. Net loss was $19,110,000 against $20,450,000 a year ago. Net cash used in operating activities was $12,063,000 against $11,307,000 a year ago. Payment for acquisition of property and equipment was $168,986,000 against $84,302,000 a year ago. Decrease in net loss was due to higher interest capitalization upon the company's continuous development on Studio City and higher interest income, partially offset by higher interest expenses arisen from the drawdown of the entire delayed draw term loan facility under the Studio City Project Facility on July 28, 2014 and an increase in pre-opening costs. For the nine months, the company reported operating revenue of $1,410,000 against $2,215,000 a year ago. Operating loss was $18,657,000 against $11,938,000 a year ago. Net loss was $46,908,000 against $64,558,000 a year ago. Net cash used in operating activities was $31,348,000 against $41,210,000 a year ago. Payment for acquisition of property and equipment was $370,750,000 against $197,600,000 a year ago. Decrease in net loss was due to higher interest capitalization upon the company's continuous development on Studio City and higher interest income, partially offset by higher interest expenses arisen from the drawdown of the entire delayed draw term loan facility under the Studio City Project Facility on July 28, 2014 and an increase in pre-opening costs.

Studio City Finance Limited Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Studio City Finance Limited reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported other revenues of USD 652,000 compared to net revenues of USD 742,000 for the same period a year ago. Operating loss was USD 7,473,000 compared to USD 4,088,000 last year. Net loss was USD 14,333,000 compared to USD 22,574,000 last year. Net cash used in operating activities was USD 12,029,000 compared to USD 29,528,000 last year. Payment for acquisition of property and equipment was USD 122,115,000 compared to USD 57,224,000 last year. Advance payments and deposits for acquisition of property and equipment was USD 9,600,000 compared to USD 12,853,000 last year. For the six months, the company reported other revenues of USD 934,000 compared to net revenues of USD 1,316,000 for the same period a year ago. Operating loss was USD 11,650,000 compared to USD 7,943,000 last year. Net loss was USD 27,798,000 compared to USD 44,108,000 last year. Net cash used in operating activities was USD 19,285,000 compared to USD 29,903,000 last year. Payment for acquisition of property and equipment was USD 201,764,000 compared to USD 113,298,000 last year. Advance payments and deposits for acquisition of property and equipment was USD 32,842,000 compared to USD 38,560,000 last year.

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