This report does not constitute a rating action. Overview Key strengths Key risks Solid presence in Macao, which grants few licenses and caters to a high population base. Smaller scale with a single property in Macao. Likely support from parent Melco Resorts&Entertainment Ltd. (MLCO). Exposed to regulatory and social risks in Macao due to concentration of operations there. Macroeconomic headwinds in China could hamper recovery and slow deleveraging. MLCO owns 55% of Studio City International Holdings Ltd., the listed parent of the operating entity, Studio City. The two companies have some common directors. With Studio City further ramping up its phase 2 project, its property EBITDA contribution to the group will rise to and remain at about 30%,
