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September 05, 2015 12:26 AM 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: 73
Vice President of Construction
Age: 48
Vice President of Commercial
Age: 69
Director of Construction Projects
Age: 60
Director of Mechanical Electrical Planning
Age: 49
Compensation as of Fiscal Year 2015.

Studio City Finance Limited Key Developments

Studio City Finance Limited Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Studio City Finance Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the first quarter of 2015, the company’s total operating Revenues were $431,000 compared to $282,000 for the first quarter of 2014. Net loss for the first quarter of 2015 was $28,895,000 as compared to $13,465,000 for the first quarter of 2014. Operating loss was $20,793,000 compared to $4,177,000 for the same period a year ago. Net cash used in operating activities was $20,314,000 compared to $7,256,000 for the same period a year ago. Payments for acquisition of property and equipment were $211,355,000 compared to $79,649,000 for the same period a year ago.

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.

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