Revenue concentration on a single casino in Cotai, Macau. Intense competition may slow down revenue growth and pressure profitability. Good growth prospects, given attractive service offerings and good location. Strategically important to the MLCO group as the group's major growth driver over the next 12 months. High debt leverage and low EBITDA interest coverage despite an acceleration in ramp-up. Improving operating cash flow riding the recovery of the gaming industry in Macau. Adequate liquidity given limited short-term debt maturities. The negative outlook on Studio City Co. Ltd. reflects the negative outlook on Melco Crown (Macau) Ltd.(BB/Negative/--; cnBBB-/--) , the gaming license holder for the Melco Resorts&Entertainment Ltd. (MLCO) group. The ratings on Studio City move in tandem with
