Daily Archives: November 9, 2021

Macaus gross gaming revenue was estimated at around MOP$1.65 billion (US$206 million), or MOP$235 million per day (US$29.3 million), for the first seven days of November, representing a 12% week-on-week increase.

According to industry analysts, the figures are weaker than first anticipated but still reflect a decent recovery trajectory following the easing of border restrictions between Macau and Zhuhai on 19 October, with daily arrivals departures combined reaching 50,000 per day not far from Mays peak of 57,000. As reported by Inside Asian Gaming, total visitor arrivals reached 30,512 on 29 October.

In a Monday note, Bernstein analysts Vitaly Umansky, Louis Li and Kelsey Zhu said, Given Chinas COVID outbreak is continuing and has spread to 20 (of total 34) provinces, visitation to Macau seems reasonably solid, but average visitor spend seems low.

The MOP$235 million run rate over the past week is 69% lower than in November 2019 but 67% higher than October, when daily GGR was just MOP$141 million (US$17.6 million). It remains below the MOP$250 million to MOP$300 million (US$31.2 million to US$37.4 million) in daily GGR achieved through the first six months of this year.

VIP average daily volume is said to be up by 75% to 80% versus October while mass GGR is up by between 50% and 55%.

JP Morgans DS Kim, Amanda Cheng and Livy Lyu described it as am okay start to the month and also noted GGR is not too bad either considering the recent COVID flare-ups in multiple provinces (in China).

Macau GGR for November is estimated to finish between 60% and 70% lower than November 2019, when GGR was MOP$22.88 billion (US$2.85 billion).

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Macau visitation improving but GGR spend low in first week of November, say analysts - IAG - Inside Asian Gaming

As countries find a path to recover from the coronavirus pandemic, Macau, a special administrative region on the south coast of China, could serve as a key platform, connecting traditional industries with emerging industries, Foxconn founder Terry Gou said on Tuesday during the BEYOND Virtual conference.

On Tuesday, the BEYOND Expo opens online with BEYOND Virtual, a nearly month-long online conference. BEYOND Virtual will offer 18 panel discussions, featuring 40 distinguished speakers from around the world. The panels will provide deep-dive discussions on trending and critical topics in the tech sector. The Expo will host an on-site event from Dec. 2 to Dec. 4 at the Venetian Macao Convention and Exhibition Center.

Please find below the transcript of the opening day speech from Terry Gou, founder of Foxconn. The following transcript has been edited for clarity and brevity:

First, I would like to congratulate the successful opening of BEYOND Expo 2021 in Macau. I wish BEYOND every success from Taiwan.

Due to the impact of the COVID-19 pandemic, many countries have continued to pay huge amounts of social costs. The world is also facing the issue of transformation and is developing a new model of globalization. Therefore, at this critical moment, Macau will have the opportunity to play an important role in bridging the East and the West, linking traditional industries and emerging industries, and recreating Macaus historical brilliance.

We have now entered the third decade of the 21st century. It is foreseeable that this decade will be a decade in which technological progress and innovation dominate economic growth and development. I think the Asia-Pacific region, mainland China, and its three regions will be one of the regions with the most potential for technological development, and it is also an important region that leads industrial tech innovation.

Therefore, we also believe that the Asia-Pacific region needs an international technology platform to promote Asia-Pacific innovation to the world, and to discover and gather global innovations.

Today, technology is affecting and transforming various traditional industries. Technological innovations that drive world progress could also contribute to the sustainable development of the global economy, society, and environment. We are on the cusp of transformation. Innovation will bring huge opportunities to various industries.

It is a pity that I cannot participate in the BEYOND International Technology Innovation Expo in Macau. I believe that BEYOND Expo will bring the worlds attention to Macau, and to the power of innovation in Asia. I look forward to participating in the next BEYOND. Together, I will be working hard with you for a better future.

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BEYOND Virtual | Terry Gou on Macaus key role in connecting businesses amid the pandemic - TechNode

By Newsgd.com

On November 8, Guangdong, Hong Kong and Macau jointly made their debuts at the ongoing fourth China International Import Expo (CIIE) in Shanghai, aiming to demonstrate the world business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), especially in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and the Guangdong-Macao In-DepthCooperationZoneinHengqin.

During the GBA Global Conference 2021, organized by Department of Commerce of Guangdong Province, Invest Hong Kong and Macao Trade and Investment Promotion Institute, representatives from the three places have briefly promoted GBAs business opportunities, among which that in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and the Guangdong-Macao In-DepthCooperationZoneinHengqin have been highlighted. The conference has attracted more than 300 representatives from enterprises, related institutions and media outlets at home and abroad.

In September, Chinas central authorities issued a general plan for building a Guangdong-Macao in-depth cooperation zone and a new plan for further developing a Shenzhen-Hong Kong cooperation zone.

According to Ye Hua, Deputy Director-Generalof the Department of Commerce of Guangdong Province, GBA is a huge regional economic hinterland with a GDP of 11.5 trillion yuan (about 1.67 trillion U.S. dollars) in 2020. Guangdong, Hong Kong and Macau have formed an industrial pattern of complementary and synergistic development for advanced manufacturing and modern service industries. Ye added that the area is also an important global manufacturing base, international financial, shipping and trade which incorporates tourism and leisure centers. It is home to more than 300 industrial clusters with various characteristics, among which there are 7 trillion-scale industry clusters in the field of electronic information, green petrochemicals, smart home appliances and advanced materials.

Liu Yajun, Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central Peoples Government in the HKSAR, indicated that Hong Kong serves as a major engine for GBAs development and has always played an irreplaceable role in Chinas opening up. In the future, Hong Kong will continue to complement and cooperate with Guangdong and Macau and realize integrated development with other cities in the GBA.

Xu Hongri, Director of the Promoting Group, the Commercial office of the Economic Affairs Department of the Liaison office of the Central Peoples Government in the Macau SAR, said that Macau has attained prominent achievements under one country, two systems. He believes that the development of Guangdong-Macao In-Depth Cooperation Zone in Hengqin will open a new chapter for Macao practicing one country, two systems.

Author | Abby

Editor | Wing, Olivia, Nan, Jerry

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Guangdong, Hong Kong and Macau jointly promote business opportunities in Qianhai and Hengqin at CIIE - Macau Business

Advertising remains an essential part of marketing campaigns for resorts. Sands China, the largest integrated resort operator in Macao, set a high standard when choosing its advertising service supplier.Established in 1998, Zenith Advertising Company Ltd. began as a start-up with one or two employees. It provided printing and advertisement production services in its early days. Before Macaos gaming liberalization, Zeniths clients were mainly in the banking, telecommunications, real estate, and insurance sectors. With its client base established, forward-looking entrepreneur Dominic Lou, general manager of Zenith, set up a branch office in Zhuhai. At the time, Zenith was one of three Macao-funded advertising companies in Zhuhai. The decision to expand business into the mainland also paved the way for Zenith to grasp opportunities brought on by Macaos fast-paced development after the liberalization of the gaming industry.The collaboration between Zenith and Sands China kicked off in 2004 upon Sands Macaos opening. The new resort provided a large number of roles for experienced workers with their own established networks. Some former employees of Zeniths client companies who had transferred to Sands Macao suggested to Zenith that it should bid for Sands advertisement service contract. Sands China was impressed with the advertising veteran and their partnership has held fast for 17 years.Although the SME has maintained a long relationship with Sands China, it has encountered challenges too. With the fast development of Macaos gaming industry, the advertising business has been pushed to meet higher standards. Lou has witnessed these changes first hand. Gaming operators are [allocating] more of their budgets on advertising meanwhile their standards have increased as well. Advertising products have also evolved from 2D to 3D, he recalled. In response, his company has recruited talent from outside Macau to assist with producing 3D designs.

To meet Sands Chinas high standards, Zenith has invested a budget of over MOP 10 million to update its facilities. Nonetheless, Lou admits there are great business benefits brought by working with a resort of this size. When new resorts open, such as The Venetian Macao, The Parisian Macao, Sands Cotai Central, and The Londoner Macao, the demand for advertising services surges.During the peak period of 2014, Sands China invested more than MOP 10 million of its advertising budget into the SME, which boosted the companys development. In 2004, Sands China accounted for 20% to 30% of the companys business, and now accounts for about 50%. The company had more than 100 employees in Zhuhai and Macau at the peak of its expansion.

Lou is also aware of changes in perception from clients outside Macau. Before the partnership with Sands China, the company participated in exhibitions outside Macau seeking business partners but was seldom taken seriously. After becoming a stable service provider to Sands China, it was obvious that foreign companies were paying more and more attention to their company, and showing interest in the Macau market. Lou found it easier to start dialogues with potential partners and secure partnerships.

From Sands Chinas perspective, Zenith does well at keeping pace with the industrys development. Zenith has its factory, equipment and professional team, which facilitates them to quickly respond to clients requirement, said Candy Kan, senior manager of procurement and supply chain for Sands China, and senior officer, Sofia Chen. Zenith participates in exhibitions regularly and introduces new materials to improve the quality of advertising production. Zenith will also give appropriate suggestions from the perspective of the user, briefing us [on] the characteristics and advantages of each material, and helping us make the right choice, the two Sands China representatives added.Lou said the support from Sands China is not merely about profits. Zenith was one of the exhibitors at the Sands Shopping Carnival this year, which inspired him to think about how to diversify his business.Held for two consecutive years now, the Sands Shopping Carnival is the largest shopping event of its kind in Macau, and provides a free business platform for local SMEs and Sands retailers during the pandemic period, while creating a new weekend destination for residents and tourists.During the pandemic period, the Sands Shopping Carnival reinforces the companys long-term commitment to promote the growth of local SMEs through Sands Chinas Local Small, Medium and Micro Suppliers Support Programme, and its F.I.T. initiative (Financial Support, Invitational Matching, and Training and Development).

Sands China invites the advertising industry to actively seek collaborations. Given the tight deadlines in advertising, quick responses and urgent revisions are often necessary. In terms of materials, Sands China prefers them to be environmentally friendly and hopes that suppliers services will be competitive in price and quality. They also suggest that suppliers be as knowledgeable as possible about industry information.

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Sands Chinas 17 years of strong ties with local SME - Macau Daily Times

By Jos Lus de Sales Marques

Macau Business | November 2021

A symbiotic relationship is one that is characterized as a close physical association between two or more dissimilar organisms; it could also mean a close, cooperative, or interdependent relationship (Merriam- Webster). Macau and Hengqin couldnt be more dissimilar, for Macaus five centuries of urban history does leave a strong and distinctive mark on its landscape, way of life, and so many other plural features. They also belong to different systems, Hengqin is under the first system of socialism with Chinese characteristics in the modern era and Macau is the old liberal capitalist system of free enterprise.

The Plan of the Guangdong-Macau In-depth Cooperation Zone in Hengqin (HICZ) issued on September 5th by the Communist Party of China Central Committee and the State Council, is designed to build that strong interdependent relationship between these two territorial units. It has a tight schedule, giving some sense of urgency, with goals to be reached by 2024, 2029 and 2035. The last one, 2035, is also the dateline for the completion of the Guangdong-Hong Kong and Macau Greater Bay Area (GBA) to realize its goals of becoming a vibrant world-class city cluster, a global influential innovation and technology hub, a high-quality sphere for living, working and travelling and an important element of the network of the Belt and Road Initiative (BRI). By then, GBA will be a unique economic ecosystem, that will enhance the value of diversity and the principle of one country, two systems. Under the GBA, the plan of which was announced in 2019, several participating cities have been putting together policies to attract residents and investment from Hong Kong and Macau. For instance, last April, Shenzhen announced eighteen such measures and they cover four dimensions: studying, living, entrepreneurship and equal treatment for residents of Macau and Hong Kong in regard to access to social and medical services.

But, the HICZ is deeper than those measures, it is a step forward in terms of functional integration, moving closer to the creation of a new experiment at the political, legal administrative and economic dimension. Its most innovative aspect is in the administrative system, with Guangdong and Macau SAR jointly forming an administrative committee to govern the new zone, which will, however, remain under Guangdong jurisdiction. The administrative committee is under the dual leadership of the Governor of Guangdong and the Chief Executive of Macau SAR and is complemented by an executive body, whose main official in charge is appointed by the Macau SAR government, a position that was given to Mr Lei Vai Leong, in accumulation with his current position as Secretary for Economy and Finance of Macau SAR government. Recently, at the first meeting of the Management Committee that took place on the 22nd of September, Mr Ho Iat Seng presented four proposals that are illustrative of Macaus priorities at this stage.

Mr Ho stressed the need to speed up the construction of the legal system of the zone, establishing the regulatory framework for the management of civic affairs and business development, in accordance with the Chinese Constitution and the Macau Basic Law. Mr Ho also made three other proposals to kick start developing the real economy of the island. Industry and business should develop around big health, focusing on research, development and production of traditional Chinese medicine, modern finance, convention and exhibition, and, cultural and sports industry. He also emphasized the need to attract talents from within and outside China to work there. However, so far, no measures of facilitation have been announced in regard to policies towards foreigners, whether they are Macau residents or not. This is one area where more clarity would be very welcome.

On the one hand, for those non-Chinese residing in Macau who do not need or wish to move their residence to Hengqin, but still seeking proper investment opportunities and a chance to work in the island; on the other hand, for all those talents returning home or foreigners looking to work at Hengqin but residing in Macau, eventually with their families, it would be important to cater for their needs not only in regard to their mobility between Macau and HICZ, but the whole GBA. Macau also needs to prepare itself for that scenario, improving and extending social and educational services for them and their families as well as creating new non-resident permits covering special cases, of people working in Hengqin but living in Macau.

Those measures will complement those already in place providing better living conditions for Macau residents, namely the construction of the Macau New Neighbourhood housing complex with 3800 units, developed with Macau public investment, for residents wishing to resettle in the island.Tax incentive and social support measures, targeted particularly for Chinese young professionals and entrepreneurs seeking opportunities in the new zone are already in place and more will be welcomed in the future. HICZ also offers competitive rental fees and access to the Mainland labour market that are advantageous conditions, vis--vis what is available in Macau. It is expected that big gaming companies will be among the first batch of investors as they aim at expanding their portfolio into non-gaming businesses. Financial companies will also be attracted to move into the zone, expected to be the location for the future Macau/Hengqin stock exchange.

There are questions about the measurement of the contribution of non-gaming public and private investments in HICZ in regard to the diversification of Macaus industrial structure, since the zone is not under this regions jurisdiction. From the viewpoint of statistical reports on Macaus Gross Domestic Product (GDP), that question has no immediate answer. However, in the short span of fourteen years, the whole region will be integrated into the economic system of the Greater Bay Area. What will be its implications in statistical terms? Moreover, it is possible to build a dedicated GDP account just for HICZ, a useful management tool to keep track of the development of its main economic variables.

Last but not least, the regulatory environment for foreign direct investment is expected to be the most open in the whole of the Chinese mainland. By combining the openness already achieved in the Guangdong province with the free investment environment of Macau, one can only expect the best of the two worlds. This combination of strengths, while keeping differences, will be the formula to build a sound symbiotic relationship between Macau and Hengqin.

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OPINION - Macau and Hengqin: Building a symbiotic relationship - Macau Business

France on Tuesday handed back 26 treasures that were looted from Benin during colonial times, fulfilling a promise made by President Emmanuel Macron to restore a lost part of Africas heritage.

Benin President Patrice Talon and Culture Minister Jean-Michel Abimbola travelled to Paris to bring home the artefacts that were snatched by French forces 130 years ago.

Talon said he felt overwhelming emotion at recovering the objectstaken during the ransacking of the kingdom of Dahomey in the south of present-day Benin, including a royal throne.

Speaking to reporters at the presidential palace in Paris, where France signed over the artefacts to Benin, Talon said the treasures were much more than cultural goods the term used by France to describe them.

This is our soul, Mr President, he said, flanked by Macron.

The French leader hailed a symbolic, moving and historic moment which had been long-awaited by Africans.

The return of the pieces taken from Abomey palace, which also include three totemic statues, comes as calls mount in Africa for European countries to return the colonial spoils lining their museum shelves.

In France, most are held by the Quai Branly museum, which has begun a major review of its collection to identify works believed to have been acquired through violence or coercion.

French lawmakers last year passed a bill allowing Paris to return artefacts to both Benin and Senegal, another former French colony in west Africa.

Talon made clear that he saw Tuesdays handover as just the first step in a large-scale restitution process, asking how do you expect my enthusiasm to be complete when France still held other key artefacts.

But he added he was confident that further restitutions would follow. Beyond this handover, we will continue the work, Macron promised.

In Benins capital Cotonou, the return of the prized works was hotly anticipated.

I get goosebumps at the prospect of being able to see these royal treasures up close, particularly our ancestors thrones. Its unbelievable, an elder of the Dah Adohouannon community, told AFP.

At 72 years, I can die in peace, once I have seen them.

The restitution is part of a drive by Macron to improve his countrys image in Africa, especially among young people.

Before being packed up for the long journey home the works were shown at the Quai Branly for one last time in late October.

In Benin, they will be exhibited at varioussites, including a former Portuguese fort in the city of Ouidah, once a slave-trading hub, while awaiting the completion of a museum in Abomey to house them.

Experts estimate that 85 to 90 percent of African cultural artefacts were taken from the continent.

Some were seized by colonial administrators, troops or doctors and passed down to descendants who in turn donated them to museums in Europe.

But others were presented as gifts to missionaries or acquired by African art collectors at the start of the 20th century or discovered during scientific expeditions.

An expert report commissioned by Macron counted some 90,000 African works in French museums, 70,000 of them at the Quai Branly alone.

Britain, Belgium, the Netherlands and Germany have also received requests from African countries to return lost treasures.

Nigeria said last month it had agreed with Germany on the return of hundreds of so-called Benin Bronzes metal plaques and sculptures from the 16th to 18th centuries that were stolen from the palace of the ancient Benin Kingdom in present-day Nigeria.

Belgium has announced plans to return several objects looted from what is now the Democratic Republic of Congo.

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France hands back 26 treasures looted from Benin - Macau Business

US Vice President Kamala Harris touched down in Paris on Tuesday on a mission to further mend relations with France after a crisis brought on by a cancelled submarines contract.

During her four-day visit her third overseas trip in office Harris will meet with French President Emmanuel Macron, attend a peace forum with other world leaders, participate in a multilateral conference on Libya and take part in commemorations for the anniversary of the end of World War I.

Her trip comes after a huge French-American row that erupted in September when Australia walked out of a multibillion-dollar submarines deal with Paris in favour of an alternative one with the US.

President Joe Biden sought to make amends at a meeting with Macron last month, telling the French leader that that his government had been clumsy in the way it secured the submarines deal with Australia which is part of a new strategic alliance between the US, Australia and Britain called AUKUS.

It was the clearest sign of contrition from the US since the start of the row that saw France recall its ambassadors from Washington and Canberra after the deal that swept aside an agreement worth more than $60 billion struck by a French defence contractor to sell diesel-powered submarines to Australia.

Harris, who is to meet with Macron on Wednesday, is expected to confirm Bidens overtures, including with discussions about possible US support for Frances military mission against jihadists in the Sahel, and for plans to beef up European defence capabilities.

The relationship between the United States and France and also the transatlantic relationship between the US and Europe is really critical for us. And this is something that candidate Biden stressed throughout the campaign, a senior White House official said ahead of the trip.

Another official said Harriss speech at Thursdays Paris Peace Forum, which focuses this year on Covid recovery, would address big, converging global crises. She will also attend a special session at the Forum dedicated to the regulatory framework for internet companies, French officials added.

On Thursdays World War I armistice day, Harris is to visit the Mont Valerien American cemetery on the capitals outskirts, they said.

Before returning to Washington, Harris will take part Friday in the Paris Conference on Libya, a diplomatic push to promote peaceful elections that could stem the numbers of migrants fleeing the conflict-hit country for Europe.

We want to build a stable and prosperous Libya free from foreign interference and capable of combating terrorism within its borders, the official said.

The vice president has come under fire over her performance as the administrationspoint person on Americas own migrant crisisat the US-Mexico border, which critics say hasworsened since Biden came into office.

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Harris arrives in Paris to ease France-US tensions - Macau Business

Singapore will from next month stop paying coronavirus medical bills of those who are unvaccinated by choice, officials have said, as a fierce outbreak put the city-states healthcare system under strain.

The tiny country is experiencing its worst Covid-19 wave since the start of the pandemic, reporting around 2,000-3,000 cases a day and a handful of deaths.

The government had always covered the medical bills of all Singaporeans and other residents in certain categories infected with the virus, except for those who tested positive soon after returning from overseas.

But from December 8, authorities will begin charging Covid-19 patients who are unvaccinated by choice, the ministry of health said Monday.

Unvaccinated persons make up a sizeable majority of those who require intensive inpatient care, and disproportionately contribute to the strain on our healthcare resources, the ministry said in a statement.

Those affected will still be able to use regular financing arrangements to cover the cost, such as private insurance.

Bills for those who are ineligible for vaccination such as children under 12 or those with certain medical conditions will still be fully paid.

Singapore has one of the worlds highest vaccination rates, with 85 percent of its 5.5 million population fully inoculated.

It has had a mild outbreak by global standards, and only faced a substantial virus wave in recent months after being hit by the Delta variant.

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Singapore to stop paying medical bills for the 'unvaccinated by choice' - Macau Business

MACAU, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE: MSC) (Studio City or the Company), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the third quarter of 2021.

Total operating revenues for the third quarter of 2021 were US$18.7 million, compared to total operating revenues of US$0.9 million in the third quarter of 2020. The change was due to the increase in revenues from the provision of gaming related services and higher non-gaming revenues as a result of a year-over-year increase in inbound tourism in the third quarter of 2021.

Revenues from the provision of gaming related services are derived from the provision of facilities for the operations of Studio City Casino by Melco Resorts (Macau) Limited (the Gaming Operator), a subsidiary of Melco Resorts & Entertainment Limited (Melco) and holder of a gaming subconcession, and services related thereto.

Studio City Casino generated gross gaming revenues of US$85.0 million and US$23.4 million for the third quarters of 2021 and 2020, respectively.

Studio Citys rolling chip volume was US$472.4 million in the third quarter of 2021 versus US$148.8 million in the third quarter of 2020. The rolling chip win rate was 2.35% in the third quarter of 2021 versus 3.41% in the third quarter of 2020. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$250.5 million in the third quarter of 2021, compared with US$49.7 million in the third quarter of 2020. The mass market table games hold percentage was 26.4% in the third quarter of 2021, compared to 31.5% in the third quarter of 2020.

Gaming machine handle for the third quarter of 2021 was US$271.5 million, compared with US$99.2 million in the third quarter of 2020. The gaming machine win rate was 2.9% in the third quarter of 2021, compared to 2.7% in the third quarter of 2020.

Total gaming taxes and the costs incurred in connection with the on-going operation of Studio City Casino deducted from gross gaming revenues were US$93.6 million and US$39.9 million in the third quarters of 2021 and 2020, respectively.

Revenues from the provision of gaming related services were negative US$8.6 million for the third quarter of 2021, compared with revenues from the provision of gaming related services of negative US$16.5 million for the third quarter of 2020. Revenues from the provision of gaming related services are net of gaming taxes and the costs incurred in connection with the operation of Studio City Casino deducted by the Gaming Operator pursuant to the Services and Right to Use Arrangements.

Total non-gaming revenues at Studio City for the third quarter of 2021 were US$27.3 million, compared with US$17.5 million for the third quarter of 2020.

Operating loss for the third quarter of 2021 was US$55.7 million, compared with operating loss of US$72.5 million in the third quarter of 2020.

Studio City generated negative Adjusted EBITDA(1) of US$23.1 million in the third quarter of 2021, compared to negative Adjusted EBITDA of US$30.2 million in the third quarter of 2020. The change was mainly attributable to the increase in revenues from the provision of gaming related services and higher non-gaming revenues.

Net loss attributable to Studio City International Holdings Limited for the third quarter of 2021 was US$63.2 million, compared with net loss attributable to Studio City International Holdings Limited of US$98.2 million in the third quarter of 2020. The net loss attributable to participation interest was US$12.4 million and US$22.9 million in the third quarters of 2021 and 2020, respectively.

Other Factors Affecting Earnings

Total net non-operating expenses for the third quarter of 2021 were US$20.3 million, which mainly included interest expenses of US$23.6 million, net of amounts capitalized.

Depreciation and amortization costs of US$32.3 million were recorded in the third quarter of 2021, of which US$0.8 million was related to the amortization expense for the land use right.

The negative Adjusted EBITDA for Studio City for the three months ended September 30, 2021 referred to in Melcos earnings release dated November 9, 2021 (Melcos earnings release) is US$9.1 million less than the negative Adjusted EBITDA of Studio City contained in this press release. The Adjusted EBITDA of Studio City contained in this press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melcos earnings release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in Melcos earnings release does not reflect certain intercompany costs related to the table games operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of September 30, 2021 aggregated to US$651.1 million (December 31, 2020: US$575.4 million), including US$0.1 million of restricted cash (December 31, 2020: US$0.1 million). Total debt, net of unamortized deferred financing costs at the end of the third quarter of 2021, was US$2.09 billion (December 31, 2020: US$1.58 billion).

Capital expenditures for the third quarter of 2021 were US$142.3 million.

Recent Developments

COVID-19 outbreaks continue to have a material effect on our operations, financial position, and future prospects in the fourth quarter of 2021.

Our operations have been impacted by on-and-off travel restrictions and quarantine requirements as imposed by the governments of Macau, Hong Kong, and China in response to isolated cases. The appearance of COVID-19 cases in early August 2021 led to city-wide mandatory testing, mandatory closure of most entertainment and leisure venues (casinos and gaming areas excluded), and strict travel restrictions and requirements being implemented to enter and exit Macau. Similarly in late September 2021, the identification of additional COVID-19 cases again led to a repeat of testing, closure, and travel restrictions, which led to reduced turnout for October Golden Week holiday. Since October 19, 2021, authorities have eased pandemic prevention measures such that travelers no longer require a 14-day quarantine on arrival in Zhuhai, and the validity of negative nucleic acid tests were extended from 24 hours to 48 hours or seven days. As a result, our visitation has been gradually recovering.

The construction of Studio Phase 2 is progressing on track for completion before December 27, 2022. This expansion will offer approximately 900 additional luxury hotel rooms and suites, an additional indoor/outdoor water park which is expected to be one of the largest in the world, a Cineplex, multiple fine-dining restaurants, and state-of-the-art MICE space.

The pace of recovery from COVID-19 will depend on future events, including duration of travel and visa restrictions, the pace of vaccination progress, development of new medicine for COVID-19, the impact of potentially higher unemployment rates, declines in income levels, and loss of personal wealth resulting from the COVID-19 outbreak affecting discretionary spending and travel, all of which remain highly uncertain.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. 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 U.S. Securities and Exchange 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 Companys 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 pandemic of COVID-19, caused by a novel strain of the coronavirus, and the continued impact of its consequences on our business, our industry and the global economy, (ii) growth of the gaming market and visitations in Macau, (iii) capital and credit market volatility, (iv) local and global economic conditions, (v) our anticipated growth strategies, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as may, will, expect, anticipate, target, aim, estimate, intend, 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 Companys 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 duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

(1)"Adjusted EBITDA" is defined as net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other and other non-operating income and expenses. We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. This non-GAAP financial measure eliminates the impact of items that we do not consider indicative of the performance of our business. While we believe that this non-GAAP financial measure is useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with U.S. GAAP. It should not be considered in isolation or construed as an alternative to net income/loss, cash flow or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities. The use of Adjusted EBITDA has material limitations as an analytical tool, as Adjusted EBITDA does not include all items that impact our net income/loss. In addition, the Companys calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

(2)Adjusted net income/loss is net income/loss before pre-opening costs, property charges and other and loss on extinguishment of debt, net of participation interest. Adjusted net income/loss is presented as supplemental disclosure because management believes it provides useful information to investors and others in understanding and evaluating our performance, in addition to income/loss computed in accordance with U.S. GAAP. Adjusted net income/loss may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Studio City International Holdings Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

About Studio City International Holdings Limited

The Company, with its American depositary 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 http://www.studiocity-macau.com.

The Company is strongly supported by its single largest shareholder, Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).

For the investment community, please contact:Robin YuenDirector, Investor RelationsTel: +852 2598 3619Email: robinyuen@melco-resorts.com

For media enquiries, please contact:Chimmy LeungExecutive Director, Corporate CommunicationsTel: +852 3151 3765Email: chimmyleung@melco-resorts.com

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Studio City International Holdings Limited Announces Unaudited Third Quarter 2021 Earnings - GlobeNewswire

Czech President Milos Zeman on Tuesday handed the task of forming a new government to Petr Fiala, head of the centre-right Together alliance.

On the basis of the results of the parliamentary elections, I am instructing you to conduct negotiations with the representatives of the political parties represented in the Chamber of Deputies with a view to forming a government, a presidential spokesman quoted Zeman as saying.

Zeman has been in hospital with liver problems since October 10, the day after the vote.

Previously Zeman had seemed to favour giving the job of forming a government to billionaire Prime Minister Andrej Babis, his ally, whose populist ANO movement came narrowly second.

Together, comprising three centrist and right-wing parties, has formed a coalition with another centrist two-party alliance for a majority of 108 votes in the 200-seat lower house of parliament.

The five parties formally signed a coalition agreement on Monday as the new parliament held its first session.

Over the next few days I will continue negotiations with the coalition partners on the final shape of the government, Fiala, a political scientist by training, announced on Twitter on Tuesday.

Fiala is a fervent supporter of the EU, but heads a party with Eurosceptic tendencies.

The Czech Republic, an EU and NATO member of 10.7 million people, is currently grappling with fast growth in Covid infections, as well as a steep rise in energy prices.

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Czech centre-right coalition head tasked with forming govt - Macau Business