Studio City repurchases US$37.6m in notes

Studio City Finance has reduced its outstanding debt by approximately 7.5 per cent of the original issuance.

Macau.- Studio City Finance, a subsidiary of Studio City International Holdings, has announced that it has repurchased nearly US$37.6m of its senior notes due in 2025, which carry a 6 per cent interest rate. This represents about 7.5 per cent of the total amount when the notes were listed on the Singapore Exchange.

Studio City International Holdings is controlled by Macau gaming concessionaire Melco Resorts & Entertainment, which oversees gaming operations at the Studio City casino resort. Earlier this month, another division, called Studio City Co, secured credit facilities amounting to nearly HK$1.95bn (US$250m) for a term of five years.

For the third quarter of the year, Melco Resorts & Entertainment reported operating revenue of US$1.18bn. That’s an increase of 16 per cent in year-on-year terms and a rise of 1.72 per cent when compared to the US$1.16bn recorded in the second quarter of the year. The increase was attributed to the improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the third quarter of the year.