Studio City International Holdings Limited Announces Extension of Gaming Concessions in Macau to December 31, 2022

MACAU, June 23, 2022 (GLOBE NEWSWIRE) — Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today announces that Melco Resorts (Macau) Limited, a subsidiary of Melco Resorts & Entertainment Limited and the operator of the Studio City Casino (“Gaming Operator”), entered into an amendment agreement to its subconcession contract pursuant to which the Gaming Operator’s subconcession, which is due to expire on June 26, 2022, was extended to December 31, 2022 which coincides with the extended expiration date of all the other concessions and subconcessions in Macau. In addition, on June 23, 2022, the Gaming Operator and Studio City Developments Limited, the subsidiary of the Company holding the land lease rights for the property on which Studio City Casino is located (“Studio City Developments”), executed an undertaking in favor of the Macau government pursuant to which the Gaming Operator and Studio City Developments committed to sign the documents required by the Macau government so that the gaming areas and gaming support areas of the Studio City Casino, in accordance with Macau law, reverts to the Macau SAR, without compensation and free and clear from any charges or encumbrances at the expiration of the Gaming Operator’s subconcession. The final terms of such reversion are subject to the execution of a reversion deed or similar instrument in favor of the Macau government. The Gaming Operator and Studio City Entertainment Limited, a subsidiary of the Company, have also amended the agreement under which the Gaming Operator operates the Studio City Casino to align such agreement with the newly enacted amendments to the gaming law in Macau. In addition, certain conditions imposed by the Macau government relating to the previously existing agreement, including in relation to shareholding requirements for certain direct and indirect shareholders of Studio City Entertainment Limited, are no longer applicable.