Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2024 Earnings
Studio City International Holdings (NYSE: MSC) has reported its Q4 2024 financial results, showing total operating revenues of US$152.9 million, up from US$141.3 million in Q4 2023. The increase was driven by Macau's tourism recovery and higher gaming and non-gaming revenues.
Studio City Casino generated gross gaming revenues of US$321.8 million in Q4 2024, compared to US$294.8 million in Q4 2023. The casino has strategically repositioned to focus on premium mass and mass segments, with VIP operations transferred to City of Dreams in October 2024. Mass market table games drop increased to US$891.7 million, with a 32.1% hold percentage.
However, operating income decreased to US$3.1 million from US$13.3 million year-over-year, while Adjusted EBITDA declined to US$56.7 million from US$64.8 million. The company reported a net loss of US$27.7 million for Q4 2024, compared to US$18.6 million in Q4 2023. Total debt stood at US$2.16 billion as of December 31, 2024.
Studio City International Holdings (NYSE: MSC) ha riportato i risultati finanziari del Q4 2024, mostrando ricavi operativi totali di 152,9 milioni di dollari USA, in aumento rispetto ai 141,3 milioni di dollari USA del Q4 2023. L'aumento è stato guidato dalla ripresa del turismo a Macao e da ricavi più elevati sia nel settore giochi che in quello non gaming.
Il Casino di Studio City ha generato ricavi lordi da giochi di 321,8 milioni di dollari USA nel Q4 2024, rispetto ai 294,8 milioni di dollari USA nel Q4 2023. Il casinò si è strategicamente riposizionato per concentrarsi sui segmenti premium mass e mass, con le operazioni VIP trasferite a City of Dreams nell'ottobre 2024. Il volume di gioco dei tavoli nel mercato di massa è aumentato a 891,7 milioni di dollari USA, con una percentuale di vincita del 32,1%.
Tuttavia, l'utile operativo è diminuito a 3,1 milioni di dollari USA rispetto ai 13,3 milioni di dollari USA dell'anno precedente, mentre l'EBITDA rettificato è sceso a 56,7 milioni di dollari USA rispetto ai 64,8 milioni di dollari USA. L'azienda ha riportato una perdita netta di 27,7 milioni di dollari USA per il Q4 2024, rispetto ai 18,6 milioni di dollari USA del Q4 2023. Il debito totale ammontava a 2,16 miliardi di dollari USA al 31 dicembre 2024.
Studio City International Holdings (NYSE: MSC) ha reportado sus resultados financieros del Q4 2024, mostrando ingresos operativos totales de 152,9 millones de dólares EE.UU., un aumento desde los 141,3 millones de dólares EE.UU. en el Q4 2023. El aumento fue impulsado por la recuperación del turismo en Macao y mayores ingresos tanto de juegos como no relacionados con los juegos.
El Casino de Studio City generó ingresos brutos de juegos de 321,8 millones de dólares EE.UU. en el Q4 2024, en comparación con los 294,8 millones de dólares EE.UU. en el Q4 2023. El casino se ha reposicionado estratégicamente para centrarse en los segmentos de masa premium y masa, con las operaciones VIP transferidas a City of Dreams en octubre de 2024. La caída de juegos de mesa en el mercado masivo aumentó a 891,7 millones de dólares EE.UU., con un porcentaje de retención del 32,1%.
Sin embargo, el ingreso operativo disminuyó a 3,1 millones de dólares EE.UU. desde los 13,3 millones de dólares EE.UU. año tras año, mientras que el EBITDA ajustado cayó a 56,7 millones de dólares EE.UU. desde los 64,8 millones de dólares EE.UU. La compañía reportó una pérdida neta de 27,7 millones de dólares EE.UU. para el Q4 2024, en comparación con los 18,6 millones de dólares EE.UU. en el Q4 2023. La deuda total se situó en 2,16 mil millones de dólares EE.UU. al 31 de diciembre de 2024.
스튜디오 시티 인터내셔널 홀딩스 (NYSE: MSC)는 2024년 4분기 재무 결과를 발표하며 총 운영 수익이 1억 5,290만 달러에 달했다고 보고했습니다. 이는 2023년 4분기 1억 4,130만 달러에서 증가한 수치입니다. 이 증가는 마카오의 관광 회복과 높은 게임 및 비게임 수익에 의해 촉진되었습니다.
스튜디오 시티 카지노는 2024년 4분기에 3억 2,180만 달러의 총 게임 수익을 창출했으며, 이는 2023년 4분기 2억 9,480만 달러와 비교됩니다. 카지노는 전략적으로 프리미엄 대중 및 대중 세그먼트에 집중하도록 재편성하였으며, VIP 운영은 2024년 10월 시티 오브 드림스로 이전되었습니다. 대중 시장 테이블 게임의 하락액은 8억 9,170만 달러로 증가했으며, 32.1%의 홀드 비율을 기록했습니다.
그러나 운영 수익은 전년 대비 310만 달러로 감소했으며, 이는 1,330만 달러에서 줄어든 수치입니다. 조정된 EBITDA는 6480만 달러에서 5670만 달러로 감소했습니다. 회사는 2024년 4분기에 2,770만 달러의 순손실을 보고했으며, 이는 2023년 4분기 1,860만 달러와 비교됩니다. 총 부채는 2024년 12월 31일 기준으로 21억 6천만 달러에 달했습니다.
Studio City International Holdings (NYSE: MSC) a annoncé ses résultats financiers pour le 4ème trimestre 2024, affichant des revenus d'exploitation totaux de 152,9 millions de dollars US, en hausse par rapport à 141,3 millions de dollars US au 4ème trimestre 2023. Cette augmentation a été soutenue par la reprise du tourisme à Macao et des revenus plus élevés dans les secteurs des jeux et non liés aux jeux.
Le Casino de Studio City a généré des revenus bruts de jeux de 321,8 millions de dollars US au 4ème trimestre 2024, contre 294,8 millions de dollars US au 4ème trimestre 2023. Le casino s'est stratégiquement repositionné pour se concentrer sur les segments premium mass et mass, avec des opérations VIP transférées à City of Dreams en octobre 2024. Le montant des jeux de table sur le marché de masse a augmenté à 891,7 millions de dollars US, avec un pourcentage de gain de 32,1 %.
Cependant, le résultat d'exploitation a diminué à 3,1 millions de dollars US contre 13,3 millions de dollars US d'une année sur l'autre, tandis que l'EBITDA ajusté a chuté à 56,7 millions de dollars US contre 64,8 millions de dollars US. L'entreprise a enregistré une perte nette de 27,7 millions de dollars US pour le 4ème trimestre 2024, contre 18,6 millions de dollars US au 4ème trimestre 2023. La dette totale s'élevait à 2,16 milliards de dollars US au 31 décembre 2024.
Studio City International Holdings (NYSE: MSC) hat seine finanziellen Ergebnisse für das 4. Quartal 2024 veröffentlicht und zeigt einen Gesamtumsatz von 152,9 Millionen US-Dollar, ein Anstieg von 141,3 Millionen US-Dollar im 4. Quartal 2023. Der Anstieg wurde durch die Erholung des Tourismus in Macau und höhere Einnahmen aus dem Glücksspiel- und Nicht-Glücksspielbereich angetrieben.
Das Studio City Casino erzielte im 4. Quartal 2024 Bruttospielerträge von 321,8 Millionen US-Dollar, verglichen mit 294,8 Millionen US-Dollar im 4. Quartal 2023. Das Casino hat sich strategisch neu ausgerichtet, um sich auf die Segmente Premium-Mass und Mass zu konzentrieren, wobei die VIP-Operationen im Oktober 2024 an City of Dreams übertragen wurden. Der Umsatz bei den Tischspielen im Mass Market stieg auf 891,7 Millionen US-Dollar, mit einer Haltequote von 32,1 %.
Allerdings sank das Betriebsergebnis auf 3,1 Millionen US-Dollar im Vergleich zu 13,3 Millionen US-Dollar im Vorjahr, während das bereinigte EBITDA auf 56,7 Millionen US-Dollar von 64,8 Millionen US-Dollar fiel. Das Unternehmen berichtete für das 4. Quartal 2024 einen Nettoverlust von 27,7 Millionen US-Dollar, verglichen mit 18,6 Millionen US-Dollar im 4. Quartal 2023. Die Gesamtschulden beliefen sich zum 31. Dezember 2024 auf 2,16 Milliarden US-Dollar.
- Operating revenues increased 8.2% YoY to US$152.9M
- Gross gaming revenues up 9.2% to US$321.8M
- Mass market table games hold percentage improved to 32.1% from 30.0%
- Gaming machine handle increased to US$888.9M from US$778.3M
- Secured new HK$1.945B revolving credit facility
- Operating income decreased 76.7% to US$3.1M
- Net loss widened to US$27.7M from US$18.6M
- Adjusted EBITDA declined 12.5% to US$56.7M
- Cash balance decreased to US$127.8M from US$228.2M
- VIP rolling chip volume dropped to US$165.0M from US$566.0M
Insights
Studio City's Q4 2024 results reveal a strategic pivot toward premium mass and mass market segments, with VIP operations transferred to City of Dreams. While total operating revenues increased 8.2% year-over-year to
The mass market focus is yielding positive results with table drop increasing to
However, the widening net loss (
The company's financial position shows prudent debt management with a
Full-year results paint a more positive picture with Adjusted EBITDA of
MACAU, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Total operating revenues for the fourth quarter of 2024 were US
Studio City Casino generated gross gaming revenues of US
Studio City Casino has strategically repositioned itself to focus on the premium mass and mass segments, and VIP rolling chip operations at Studio City Casino were transferred to City of Dreams in late October 2024. Studio City Casino’s rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the fourth quarter of 2024 was US
Revenue from casino contract was US
Total gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino deducted from gross gaming revenues were US
Total non-gaming revenues at Studio City for the fourth quarter of 2024 were US
Operating income for the fourth quarter of 2024 was US
Studio City generated Adjusted EBITDA(1) of US
Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2024 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2024 were US
Depreciation and amortization costs of US
The Adjusted EBITDA for Studio City for the three months ended December 31, 2024 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated February 27, 2025 (“Melco’s Earnings Release”) was US
Financial Position and Capital Expenditures
Total cash and bank balances as of December 31, 2024 aggregated to US
On November 29, 2024, Studio City Company Limited entered into a senior secured revolving credit facilities agreement in aggregate amount of HK
Capital expenditures for the fourth quarter of 2024 were US
Full Year Results
For the year ended December 31, 2024, Studio City International Holdings Limited reported total operating revenues of US
Operating income for 2024 was US
Studio City generated Adjusted EBITDA of US
Net loss attributable to Studio City International Holdings Limited for 2024 was US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
| (1) | "Adjusted EBITDA" is defined as net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other and other non-operating income and expenses. Adjusted EBITDA is presented exclusively as supplemental disclosures because management believes it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA to measure our operating performance and to compare our operating performance with those of our competitors. The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA should not be considered as an alternative to operating income/loss as an indicator of the Company’s performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA does not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA as only one of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA. Also, the Company’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted EBITDA has material limitations as an analytical tool, as Adjusted EBITDA does not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. | |
| (2) | “Adjusted net income/loss” is net income/loss before pre-opening costs, property charges and other and gain/loss on extinguishment of debt, net of participation interest and taxes. Adjusted net income/loss is presented as supplemental disclosure because management believes it provides useful information to investors and others in understanding and evaluating our performance, in addition to income/loss computed in accordance with U.S. GAAP. Adjusted net income/loss may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Studio City International Holdings Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. | |
About Studio City International Holdings Limited
The Company, with its American depositary shares listed on the New York Stock Exchange (NYSE: MSC), is a world-class integrated resort located in Cotai, Macau. For more information about the Company, please visit www.studiocity-macau.com.
The Company is majority owned by Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).
For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: jeannykim@melco-resorts.com
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Revenue from casino contract | $ | 63,563 | $ | 56,981 | $ | 259,842 | $ | 155,527 | ||||||||
| Rooms | 42,921 | 39,642 | 160,721 | 111,733 | ||||||||||||
| Food and beverage | 22,176 | 19,815 | 89,660 | 62,426 | ||||||||||||
| Entertainment | 4,311 | 2,992 | 47,533 | 61,777 | ||||||||||||
| Services fee | 14,371 | 17,904 | 59,529 | 40,473 | ||||||||||||
| Mall | 4,522 | 3,161 | 18,289 | 10,744 | ||||||||||||
| Retail and other | 999 | 756 | 3,571 | 2,858 | ||||||||||||
| Total operating revenues | 152,863 | 141,251 | 639,145 | 445,538 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Costs related to casino contract | (8,781 | ) | (7,582 | ) | (34,704 | ) | (28,847 | ) | ||||||||
| Rooms | (14,130 | ) | (10,360 | ) | (51,614 | ) | (28,280 | ) | ||||||||
| Food and beverage | (20,844 | ) | (17,652 | ) | (80,081 | ) | (54,741 | ) | ||||||||
| Entertainment | (7,179 | ) | (3,704 | ) | (46,500 | ) | (53,056 | ) | ||||||||
| Mall | (1,980 | ) | (1,442 | ) | (7,336 | ) | (4,212 | ) | ||||||||
| Retail and other | (592 | ) | (443 | ) | (2,306 | ) | (1,986 | ) | ||||||||
| General and administrative | (42,618 | ) | (35,299 | ) | (171,271 | ) | (115,203 | ) | ||||||||
| Pre-opening costs | 22 | 169 | (807 | ) | (17,451 | ) | ||||||||||
| Amortization of land use right | (832 | ) | (828 | ) | (3,314 | ) | (3,302 | ) | ||||||||
| Depreciation and amortization | (51,934 | ) | (49,906 | ) | (201,746 | ) | (166,095 | ) | ||||||||
| Property charges and other | (875 | ) | (867 | ) | (1,318 | ) | (1,407 | ) | ||||||||
| Total operating costs and expenses | (149,743 | ) | (127,914 | ) | (600,997 | ) | (474,580 | ) | ||||||||
| Operating income (loss) | 3,120 | 13,337 | 38,148 | (29,042 | ) | |||||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 619 | 2,502 | 4,059 | 10,675 | ||||||||||||
| Interest expense, net of amounts capitalized | (32,372 | ) | (35,761 | ) | (133,594 | ) | (129,567 | ) | ||||||||
| Other financing costs | (279 | ) | (106 | ) | (592 | ) | (417 | ) | ||||||||
| Foreign exchange (losses) gains, net | (1,232 | ) | (1,879 | ) | (5,500 | ) | 642 | |||||||||
| Other expenses, net | - | (6 | ) | - | (67 | ) | ||||||||||
| (Loss) gain on extinguishment of debt | (17 | ) | 1,531 | (1,000 | ) | 1,611 | ||||||||||
| Total non-operating expenses, net | (33,281 | ) | (33,719 | ) | (136,627 | ) | (117,123 | ) | ||||||||
| Loss before income tax | (30,161 | ) | (20,382 | ) | (98,479 | ) | (146,165 | ) | ||||||||
| Income tax (expense) benefit | (199 | ) | 4 | (7,352 | ) | 81 | ||||||||||
| Net loss | (30,360 | ) | (20,378 | ) | (105,831 | ) | (146,084 | ) | ||||||||
| Net loss attributable to participation interest | 2,612 | 1,754 | 9,105 | 12,567 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (27,748 | ) | $ | (18,624 | ) | $ | (96,726 | ) | $ | (133,517 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||||||||||||||||
| Basic and diluted | $ | (0.036 | ) | $ | (0.024 | ) | $ | (0.126 | ) | $ | (0.173 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per ADS: | ||||||||||||||||
| Basic and diluted | $ | (0.144 | ) | $ | (0.097 | ) | $ | (0.502 | ) | $ | (0.693 | ) | ||||
| Weighted average Class A ordinary shares outstanding used in net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation: | ||||||||||||||||
| Basic and diluted | 770,352,700 | 770,352,700 | 770,352,700 | 770,352,700 | ||||||||||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 127,634 | $ | 228,040 | ||||
| Accounts receivable, net | 1,976 | 2,281 | ||||||
| Receivables from affiliated companies | 309 | 40,969 | ||||||
| Inventories | 7,306 | 5,763 | ||||||
| Prepaid expenses and other current assets | 29,140 | 38,997 | ||||||
| Total current assets | 166,365 | 316,050 | ||||||
| Property and equipment, net | 2,652,169 | 2,775,806 | ||||||
| Intangible assets, net | - | 5 | ||||||
| Long-term prepayments, deposits and other assets | 52,504 | 27,787 | ||||||
| Restricted cash | 130 | 130 | ||||||
| Operating lease right-of-use assets | 11,647 | 11,619 | ||||||
| Land use right, net | 102,629 | 105,304 | ||||||
| Total assets | $ | 2,985,444 | $ | 3,236,701 | ||||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,285 | $ | 2,454 | ||||
| Accrued expenses and other current liabilities | 118,117 | 135,514 | ||||||
| Income tax payable | 7,626 | 10 | ||||||
| Current portion of long-term debt, net | 21,597 | - | ||||||
| Payables to affiliated companies | 30,131 | 18,799 | ||||||
| Total current liabilities | 180,756 | 156,777 | ||||||
| Long-term debt, net | 2,141,750 | 2,335,173 | ||||||
| Other long-term liabilities | 4,115 | 3,209 | ||||||
| Deferred tax liabilities, net | 77 | 309 | ||||||
| Operating lease liabilities, non-current | 12,227 | 12,250 | ||||||
| Total liabilities | 2,338,925 | 2,507,718 | ||||||
| Shareholders’ equity and participation interest: | ||||||||
| Class A ordinary shares, par value | 77 | 77 | ||||||
| Class B ordinary shares, par value | 7 | 7 | ||||||
| Additional paid-in capital | 2,477,359 | 2,477,359 | ||||||
| Accumulated other comprehensive income (losses) | 8,701 | (12,656 | ) | |||||
| Accumulated losses | (1,895,409 | ) | (1,798,683 | ) | ||||
| Total shareholders’ equity | 590,735 | 666,104 | ||||||
| Participation interest | 55,784 | 62,879 | ||||||
| Total shareholders’ equity and participation interest | 646,519 | 728,983 | ||||||
| Total liabilities, shareholders’ equity and participation interest | $ | 2,985,444 | $ | 3,236,701 | ||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Reconciliation of Net Loss Attributable to Studio City International Holdings Limited to | ||||||||||||||||
| Adjusted Net Loss Attributable to Studio City International Holdings Limited (Unaudited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (27,748 | ) | $ | (18,624 | ) | $ | (96,726 | ) | $ | (133,517 | ) | ||||
| Pre-opening costs | (22 | ) | (169 | ) | 807 | 17,451 | ||||||||||
| Property charges and other | 875 | 867 | 1,318 | 1,407 | ||||||||||||
| Loss (gain) on extinguishment of debt | 17 | (1,531 | ) | 1,000 | (1,611 | ) | ||||||||||
| Income tax impact on adjustments | (3 | ) | - | (15 | ) | - | ||||||||||
| Participation interest impact on adjustments | (75 | ) | 71 | (269 | ) | (1,484 | ) | |||||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (26,956 | ) | $ | (19,386 | ) | $ | (93,885 | ) | $ | (117,754 | ) | ||||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||||||||||||||||
| Basic and diluted | $ | (0.035 | ) | $ | (0.025 | ) | $ | (0.122 | ) | $ | (0.153 | ) | ||||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | ||||||||||||||||
| Basic and diluted | $ | (0.140 | ) | $ | (0.101 | ) | $ | (0.487 | ) | $ | (0.611 | ) | ||||
| Weighted average Class A ordinary shares outstanding used in adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation: | ||||||||||||||||
| Basic and diluted | 770,352,700 | 770,352,700 | 770,352,700 | 770,352,700 | ||||||||||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||
| Reconciliation of Operating Income (Loss) to Adjusted EBITDA (Unaudited) | ||||||||||||||
| (In thousands) | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating income (loss) | $ | 3,120 | $ | 13,337 | $ | 38,148 | $ | (29,042 | ) | |||||
| Pre-opening costs | (22 | ) | (169 | ) | 807 | 17,451 | ||||||||
| Depreciation and amortization | 52,766 | 50,734 | 205,060 | 169,397 | ||||||||||
| Property charges and other | 875 | 867 | 1,318 | 1,407 | ||||||||||
| Adjusted EBITDA | $ | 56,739 | $ | 64,769 | $ | 245,333 | $ | 159,213 | ||||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Reconciliation of Net Loss Attributable to Studio City International Holdings Limited | ||||||||||||||||
| to Adjusted EBITDA (Unaudited) | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (27,748 | ) | $ | (18,624 | ) | $ | (96,726 | ) | $ | (133,517 | ) | ||||
| Net loss attributable to participation interest | (2,612 | ) | (1,754 | ) | (9,105 | ) | (12,567 | ) | ||||||||
| Net loss | (30,360 | ) | (20,378 | ) | (105,831 | ) | (146,084 | ) | ||||||||
| Income tax expense (benefit) | 199 | (4 | ) | 7,352 | (81 | ) | ||||||||||
| Interest and other non-operating expenses, net | 33,281 | 33,719 | 136,627 | 117,123 | ||||||||||||
| Depreciation and amortization | 52,766 | 50,734 | 205,060 | 169,397 | ||||||||||||
| Property charges and other | 875 | 867 | 1,318 | 1,407 | ||||||||||||
| Pre-opening costs | (22 | ) | (169 | ) | 807 | 17,451 | ||||||||||
| Adjusted EBITDA | $ | 56,739 | $ | 64,769 | $ | 245,333 | $ | 159,213 | ||||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||||
| Supplemental Data Schedule | |||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Room Statistics: | |||||||||||||||||
| Average daily rate (3) | $ | 175 | $ | 163 | $ | 165 | $ | 153 | |||||||||
| Occupancy per available room | 97 | % | 94 | % | 96 | % | 90 | % | |||||||||
| Revenue per available room (4) | $ | 169 | $ | 154 | $ | 159 | $ | 137 | |||||||||
| Other Information: | |||||||||||||||||
| Average number of table games | 253 | 246 | 251 | 246 | |||||||||||||
| Average number of gaming machines | 797 | 643 | 709 | 661 | |||||||||||||
| Table games win per unit per day (5) | $ | 12,563 | $ | 11,936 | $ | 13,091 | $ | 9,239 | |||||||||
| Gaming machines win per unit per day (6) | $ | 401 | $ | 418 | $ | 431 | $ | 343 | |||||||||
| (3) | Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms | ||||||||||||||||
| (4) | Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | ||||||||||||||||
| (5) | Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including the point-loyalty programs) as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis | ||||||||||||||||
| (6) | Gaming machines win per unit per day is shown before non-discretionary incentives (including the point-loyalty programs) as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis | ||||||||||||||||
FAQ
What were Studio City's (MSC) Q4 2024 operating revenues and how did they compare to Q4 2023?
How did Studio City's (MSC) mass market gaming performance change in Q4 2024?
What strategic changes did Studio City (MSC) implement in its casino operations during Q4 2024?
What was Studio City's (MSC) debt position at the end of Q4 2024?
How did Studio City's (MSC) Adjusted EBITDA perform in Q4 2024 versus Q4 2023?
