Mail Stop 3233
July 31, 2018
Via E-mail
Geoffry P. Andres
Property President
Studio City International Holdings Limited
36/F, The Centrium
60 Wyndham Street
Hong Kong
Re: Studio City International Holdings Limited
Amendment No. 3 to
Draft Registration Statement on Form F-1
Submitted June 13, 2018
CIK No. 0001713334
Dear Mr. Andres:
We have reviewed your amended draft registration statement and have
the following
comments. In some of our comments, we may ask you to provide us with
information so we
may better understand your disclosure.
Please respond to this letter by providing the requested
information and either submitting
an amended draft registration statement or publicly filing your
registration statement on
EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
believe an amendment is appropriate, please tell us why in your response.
After reviewing the information you provide in response to these
comments and your
amended draft registration statement or filed registration statement, we
may have additional
comments.
Prospectus Summary
Key Operating Data, page 20
1. Please revise footnote 3 to cross-reference the related risk factor
disclosure on page 25.
Please also tell us what consideration you gave to highlighting this
risk in your summary
discussion, either to balance the presentation of revenue or as a
potential challenge the
company may face.
Geoffry P. Andres
Studio City International Holdings Limited
July 31, 2018
Page 2
Risk Factors, page 22
2. Please provide risk factor disclosure regarding the arbitration
provision, exclusive forum
provision, and waiver of any right to trial by jury contained in your
participation
agreement and deposit agreement.
Management
Board of Directors, page 166
3. Please revise to state if any of your directors were nominated or serve
based on any
arrangement or understanding with major shareholders. Refer to Item 4
of Form F-1 and
Item 6.A.5 of Form 20-F.
Description of American Depositary Shares
Jurisdiction and Arbitration, page 212
4. We note your disclosure regarding the arbitration provision contained
in the participation
agreement and deposit agreement. With respect to the disclosure for
each agreement,
please revise to:
a. Clarify whether you intend for arbitration to be the exclusive
means for resolving
disputes, including any circumstances under which you may elect
not to use
arbitration;
b. Describe more specifically the basis for your belief that this
provision is
enforceable under federal law and the laws of the State of New
York;
c. Clarify whether the provision applies to claims under the U.S.
federal securities
laws and whether it applies to claims other than in connection
with this offering;
d. Clarify whether purchasers of shares in a secondary transaction
would be subject
to the arbitration provision; and
e. Revise to clarify that by agreeing to the arbitration provision,
investors will not be
deemed to waive the company or the depositary's compliance with
the federal
securities laws and the rules and regulations thereunder.
5. We note that under the terms of the deposit agreement, each holder,
beneficial owner and
holder of interest in the ADRs irrevocably waives any right to a trial
by jury in any
lawsuit or proceeding against the company or the depositary related to
the shares, the
ADSs or the deposit agreement. Please tell us if this provision applies
to claims under
the federal securities laws, and if so, clarify that investors will not
be deemed to waive
Geoffry P. Andres
Studio City International Holdings Limited
July 31, 2018
Page 3
the company or the depositary's compliance with the federal securities
laws and the rules
and regulations thereunder. Please also describe the basis for your
belief that this
provision is enforceable under federal law and the laws of the State
of New York.
Note 14. Related Party Transactions, page F-47
6. We note your response to prior comment 3. Please revise the footnotes
to the tables on
pages 176, F-15, and F-47 to indicate the portion of these revenues
that relate to non-
Studio City gaming patrons.
You may contact William Demarest, Staff Accountant, at (202) 551-3432
or Shannon
Sobotka, Staff Accountant, at (202) 551-3856 if you have questions regarding
comments on the
financial statements and related matters. Please contact Rahul K. Patel, Staff
Attorney, at (202)
551-3799 or Kim McManus, Senior Counsel, at (202) 551-3215 with any other
questions.
Sincerely,
/s/ Sonia Gupta
Barros
Sonia Gupta Barros
Assistant Director
Office of Real
Estate and
Commodities
cc: Jacqueline Wenchen Tang, Esq.