Davis Polk advised the representatives of the underwriters on the SEC-registered initial public offering by Studio City International Holdings Limited of 28,750,000 American Depositary Shares, each representing four Class A ordinary shares, for total gross proceeds of approximately $359.4 million. Studio City has granted the underwriters an option to purchase up to an additional 4,312,500 ADSs. The ADSs are listed on the NYSE under the symbol “MSC.”
Studio City is a world-class gaming, retail and entertainment resort located in Cotai, Macau. Studio City Casino offers mass market gaming services, complemented with junket and premium direct VIP rolling chip operations. Its cinematically-themed integrated resort is designed to attract a wide range of customers by providing highly differentiated non-gaming attractions, luxury hotel rooms, diverse food and beverage establishments and complementary retail space.
The Davis Polk corporate team included partner James C. Lin, counsel Terrence R. O’Donnell and registered foreign lawyer Kevin Zhang. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.