MACAU, June 23, 2022 (GLOBE NEWSWIRE) — Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today announces that Melco Resorts (Macau) Limited, a subsidiary of Melco Resorts & Entertainment Limited and the operator of Studio City Casino (“Gaming Operator”), has entered into an agreement to amend its Sub-Concession Agreement pursuant to which the Sub-Concession of the gaming operator, which is due to expire on June 26, 2022, has been extended until December 31, 2022, which coincides with the extended expiry date of all other concessions and sub-concessions in Macau. Additionally, on June 23, 2022, the Gaming Operator and Studio City Developments Limited, the subsidiary of the Company holding the ground lease rights for the property on which Studio City Casino (“Studio City Developments”) is located, signed a commitment to the government of Macau whereby the gaming operator and Studio City Developments have committed to sign the documents required by the government of Macau so that the gaming areas and the gaming support areas of the Studio City Casino , in accordance with Macau law, shall revert to Macau SAR, without compensation and free and clear of all encumbrances or encumbrances upon the expiration of the Gaming Operator’s sub-concession. The final terms of this reversion are subject to the execution of a deed of reversion or similar instrument in favor of the Government of Macao. The Gaming Operator and Studio City Entertainment Limited, a subsidiary of the Company, have also amended the agreement under which the Gaming Operator operates the Studio City Casino to bring such agreement into line with recently enacted changes in law. about gambling in Macau. In addition, certain conditions imposed by the government of Macau with respect to the previously existing agreement, including with respect to shareholding requirements for certain direct and indirect shareholders of Studio City Entertainment Limited, are no longer applicable.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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 Securities and Exchange of the United States. 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) the global COVID-19 pandemic, caused by a novel strain of the coronavirus, and the continued impact of its consequences on our business, industry and global economy, (ii) risks associated with the recently passed Macau Gaming Law and its implementation by the Macau government, (iii) the growth of the Macau gaming and visitation market, (iv) market volatility capital and credit, (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, our results of operations and our financial condition. In some instances, forward-looking statements may be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, ” intend to”, “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 obligation to update such information except as required by applicable law.
About Studio City International Holdings Limited
The Company, with its US custodian 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 strongly supported by its single largest shareholder, Melco Resorts & Entertainment Limited, a company whose US depositary shares are listed on the NASDAQ Global Select Market (NASDAQ: MLCO).
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