My daughter and her husband just quit their Studio City headquarters a few months ago. But this really surprised me.
Nobody paying attention is surprised, except surprised it took this long. Basically, payments on its huge debt equals its operating revenue. The math hasn’t added up for ten years.
Surprised you? This has been known for a few years that they couldn’t sustain the debt load. There last debt refinancing a few years ago was done at credit card rates. They finally couldn’t kick the can down the road anymore.