Revenue concentration on a single casino in Cotai, Macau. Intense competition possibly pressuring profitability and lengthening investment payback period. Healthy growth prospects, given good location and attractive service offerings. Our expectation of potential support from its parent, MLCO, given Studio City's strategic importance to the MLCO group as the group's major growth driver over the next 12 months. High debt leverage and low EBITDA interest coverage given significant debt balance and weak operating cash flow. Significant capital investment requirement for the Studio City Phase II Project. Adequate liquidity given limited short-term debt maturities over the next 12 months and good banking relationships. The stable outlook on Studio City Co. Ltd. reflects our expectation that the company will improve its profitability
