Studio City International Holdings Limited Announces Unaudited Second Quarter 2024 Earnings
Studio City International Holdings (NYSE: MSC) reported its Q2 2024 financial results. Total operating revenues increased to US$161.5 million, up from US$115.2 million in Q2 2023. The growth was driven by Macau's tourism recovery and the ramp-up of Studio City Phase 2 operations. Studio City Casino's gross gaming revenues rose to US$339.3 million, with improvements in rolling chip volume, mass market table games drop, and gaming machine handle.
The company generated Adjusted EBITDA of US$54.2 million, compared to US$29.1 million in Q2 2023. However, Studio City reported a net loss of US$33.4 million, an improvement from the US$48.5 million loss in the same period last year. Total debt decreased to US$2.23 billion, a reduction of US$100 million from Q1 2024.
Studio City International Holdings (NYSE: MSC) ha riportato i suoi risultati finanziari per il secondo trimestre 2024. I ricavi operativi totali sono aumentati a 161,5 milioni di dollari USA, rispetto ai 115,2 milioni di dollari USA del secondo trimestre 2023. La crescita è stata guidata dal recupero del turismo a Macao e dall'intensificazione delle operazioni della Fase 2 di Studio City. I ricavi lordi di gioco del Casino di Studio City sono saliti a 339,3 milioni di dollari USA, con miglioramenti nel volume di chip rotolanti, nel calo dei giochi da tavolo di massa e nell'importo delle macchine da gioco.
L'azienda ha generato un EBITDA rettificato di 54,2 milioni di dollari USA, rispetto ai 29,1 milioni di dollari USA del secondo trimestre 2023. Tuttavia, Studio City ha riportato una perdita netta di 33,4 milioni di dollari USA, un miglioramento rispetto alla perdita di 48,5 milioni di dollari USA nello stesso periodo dell'anno scorso. Il debito totale è diminuito a 2,23 miliardi di dollari USA, una riduzione di 100 milioni di dollari USA rispetto al primo trimestre 2024.
Studio City International Holdings (NYSE: MSC) reportó sus resultados financieros del segundo trimestre de 2024. Los ingresos operativos totales aumentaron a 161,5 millones de dólares EE. UU., desde 115,2 millones de dólares EE. UU. en el segundo trimestre de 2023. El crecimiento fue impulsado por la recuperación del turismo en Macao y el aumento de las operaciones de la Fase 2 de Studio City. Los ingresos brutos por juego del Casino de Studio City aumentaron a 339,3 millones de dólares EE. UU., con mejoras en el volumen de fichas rodantes, la caída de los juegos de mesa del mercado masivo y la manipulación de máquinas de juego.
La empresa generó un EBITDA ajustado de 54,2 millones de dólares EE. UU., en comparación con 29,1 millones de dólares EE. UU. en el segundo trimestre de 2023. Sin embargo, Studio City reportó una pérdida neta de 33,4 millones de dólares EE. UU., una mejora respecto a la pérdida de 48,5 millones de dólares EE. UU. en el mismo período del año pasado. La deuda total disminuyó a 2,23 mil millones de dólares EE. UU., una reducción de 100 millones de dólares EE. UU. desde el primer trimestre de 2024.
스튜디오 시티 인터내셔널 홀딩스 (NYSE: MSC)가 2024년 2분기 재무 실적을 발표했습니다. 총 운영 수익은 1억 6150만 달러로 증가하여 2023년 2분기의 1억 1520만 달러에서 상승했습니다. 이는 마카오 관광의 회복과 스튜디오 시티 2단계 운영 증가에 의해 촉진되었습니다. 스튜디오 시티 카지노의 총 게임 수익은 3억 3930만 달러로 증가했으며, 롤링 칩량, 대중 시장 테이블 게임 감소 및 게임 기계 핸들 개선이 있었습니다.
회사는 조정된 EBITDA 5420만 달러를 생성했으며, 이는 2023년 2분기의 2910만 달러와 비교됩니다. 그러나 스튜디오 시티는 순손실 3340만 달러를 기록했으며, 이는 작년 같은 기간의 4850만 달러 손실 보다 개선된 수치입니다. 총 부채는 22억 3000만 달러로 감소했으며, 이는 2024년 1분기 대비 1억 달러가 줄어든 것입니다.
Studio City International Holdings (NYSE: MSC) a publié ses résultats financiers du deuxième trimestre 2024. Les revenus d'exploitation totaux ont augmenté pour atteindre 161,5 millions de dollars US, contre 115,2 millions de dollars US au deuxième trimestre 2023. Cette croissance a été soutenue par la reprise du tourisme à Macao et l'accroissement des opérations de la phase 2 de Studio City. Les revenus bruts de jeu du Casino de Studio City ont grimpé à 339,3 millions de dollars US, avec des améliorations dans le volume des jetons roulants, la baisse des jeux de table de masse et le montant des machines à sous.
L'entreprise a généré un EBITDA ajusté de 54,2 millions de dollars US, par rapport à 29,1 millions de dollars US au deuxième trimestre 2023. Cependant, Studio City a enregistré une perte nette de 33,4 millions de dollars US, une amélioration par rapport à la perte de 48,5 millions de dollars US au cours de la même période l'année dernière. La dette totale a diminué pour atteindre 2,23 milliards de dollars US, une réduction de 100 millions de dollars US par rapport au premier trimestre 2024.
Studio City International Holdings (NYSE: MSC) hat seine Finanzergebnisse für das zweite Quartal 2024 veröffentlicht. Die gesamten Betriebseinnahmen stiegen auf 161,5 Millionen US-Dollar, verglichen mit 115,2 Millionen US-Dollar im zweiten Quartal 2023. Das Wachstum wurde durch die Erholung des Tourismus in Macao und den Betriebsausbau in der Phase 2 von Studio City angetrieben. Die Bruttospielerträge des Studio City Casinos stiegen auf 339,3 Millionen US-Dollar, mit Verbesserungen im Volumen der Rollchips, im Rückgang der Massenmarkt-Tischspiele und im Einsatz von Spielautomaten.
Das Unternehmen erzielte ein bereinigtes EBITDA von 54,2 Millionen US-Dollar, im Vergleich zu 29,1 Millionen US-Dollar im zweiten Quartal 2023. Studio City verzeichnete jedoch einen Nettoverlust von 33,4 Millionen US-Dollar, eine Verbesserung gegenüber dem Verlust von 48,5 Millionen US-Dollar im gleichen Zeitraum des Vorjahres. Die Gesamtschulden sanken auf 2,23 Milliarden US-Dollar, ein Rückgang um 100 Millionen US-Dollar im Vergleich zum ersten Quartal 2024.
- Total operating revenues increased by 40.2% year-over-year to US$161.5 million
- Studio City Casino's gross gaming revenues grew by 58.2% to US$339.3 million
- Mass market table games drop increased to US$955.6 million, up 33.4% year-over-year
- Adjusted EBITDA improved by 86.3% to US$54.2 million
- Total debt reduced by US$100 million compared to Q1 2024
- Net loss of US$33.4 million, despite improvement from previous year
- Total cash and bank balances decreased to US$186.1 million from US$228.2 million at the end of 2023
- Interest expense of US$33.6 million in Q2 2024
Insights
Studio City's Q2 2024 results show significant improvement, with total operating revenues increasing 40% year-over-year to
Notably, the company achieved an operating income of
The reduction in total debt by
The Q2 2024 results for Studio City reflect the robust recovery of Macau's gaming industry post-pandemic. The
The ramp-up of Studio City Phase 2, opened in April 2023, is contributing significantly to the revenue growth. This expansion likely enhances the resort's appeal, potentially capturing a larger market share in Cotai. The
While the results are promising, investors should note the persistent net loss and high interest expenses. The company's ability to sustain this growth trajectory and achieve profitability will be important for long-term success in the competitive Macau market.
MACAU, Aug. 13, 2024 (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 second quarter of 2024.
Total operating revenues for the second quarter of 2024 were US
Studio City Casino generated gross gaming revenues of US
Studio City Casino’s rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the second 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 second quarter of 2024 were US
Operating income for the second quarter of 2024 was US
Studio City generated Adjusted EBITDA(1) of US
Net loss attributable to Studio City International Holdings Limited for the second quarter of 2024 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2024 were US
Depreciation and amortization costs of US
The Adjusted EBITDA for Studio City for the three months ended June 30, 2024 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated August 13, 2024 (“Melco’s earnings release”) was US
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2024 aggregated to US
Capital expenditures for the second quarter of 2024 were 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) the pace of recovery from the impact of COVID-19 on our business, our industry and the global economy, (ii) risks associated with the amended Macau gaming law and its implementation by the Macau government, (iii) changes in the gaming market and visitations in Macau, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) 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 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 31513765
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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Revenue from casino contract | $ | 62,080 | $ | 31,208 | $ | 128,967 | $ | 49,932 | |||||||
| Rooms | 37,675 | 26,376 | 76,198 | 39,272 | |||||||||||
| Food and beverage | 23,977 | 14,051 | 42,899 | 23,316 | |||||||||||
| Entertainment | 16,200 | 32,361 | 24,592 | 34,038 | |||||||||||
| Services fee | 16,335 | 8,059 | 28,763 | 14,262 | |||||||||||
| Mall | 4,392 | 2,502 | 8,712 | 4,638 | |||||||||||
| Retail and other | 836 | 677 | 1,521 | 1,243 | |||||||||||
| Total operating revenues | 161,495 | 115,234 | 311,652 | 166,701 | |||||||||||
| Operating costs and expenses: | |||||||||||||||
| Costs related to casino contract | (8,950 | ) | (7,109 | ) | (17,108 | ) | (13,968 | ) | |||||||
| Rooms | (12,562 | ) | (6,503 | ) | (23,978 | ) | (9,905 | ) | |||||||
| Food and beverage | (20,318 | ) | (12,530 | ) | (37,965 | ) | (20,770 | ) | |||||||
| Entertainment | (15,382 | ) | (30,089 | ) | (24,645 | ) | (31,482 | ) | |||||||
| Mall | (1,764 | ) | (1,112 | ) | (3,398 | ) | (1,488 | ) | |||||||
| Retail and other | (610 | ) | (581 | ) | (1,057 | ) | (954 | ) | |||||||
| General and administrative | (47,684 | ) | (28,226 | ) | (83,076 | ) | (49,961 | ) | |||||||
| Pre-opening costs | (747 | ) | (4,833 | ) | (806 | ) | (9,997 | ) | |||||||
| Amortization of land use right | (827 | ) | (824 | ) | (1,653 | ) | (1,648 | ) | |||||||
| Depreciation and amortization | (49,499 | ) | (41,885 | ) | (98,795 | ) | (71,632 | ) | |||||||
| Property charges and other | (180 | ) | (193 | ) | (120 | ) | (483 | ) | |||||||
| Total operating costs and expenses | (158,523 | ) | (133,885 | ) | (292,601 | ) | (212,288 | ) | |||||||
| Operating income (loss) | 2,972 | (18,651 | ) | 19,051 | (45,587 | ) | |||||||||
| Non-operating income (expenses): | |||||||||||||||
| Interest income | 1,328 | 2,798 | 2,916 | 5,352 | |||||||||||
| Interest expense, net of amounts capitalized | (33,646 | ) | (36,345 | ) | (68,437 | ) | (57,444 | ) | |||||||
| Other financing costs | (104 | ) | (103 | ) | (208 | ) | (206 | ) | |||||||
| Foreign exchange (losses) gains, net | (1,656 | ) | (746 | ) | (336 | ) | 3,213 | ||||||||
| Other expenses, net | - | (62 | ) | - | (61 | ) | |||||||||
| Loss on extinguishment of debt | (869 | ) | - | (869 | ) | - | |||||||||
| Total non-operating expenses, net | (34,947 | ) | (34,458 | ) | (66,934 | ) | (49,146 | ) | |||||||
| Loss before income tax | (31,975 | ) | (53,109 | ) | (47,883 | ) | (94,733 | ) | |||||||
| Income tax (expense) benefit | (4,603 | ) | 46 | (4,646 | ) | 66 | |||||||||
| Net loss | (36,578 | ) | (53,063 | ) | (52,529 | ) | (94,667 | ) | |||||||
| Net loss attributable to participation interest | 3,147 | 4,565 | 4,519 | 8,144 | |||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (33,431 | ) | $ | (48,498 | ) | $ | (48,010 | ) | $ | (86,523 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic and diluted | $ | (0.043 | ) | $ | (0.063 | ) | $ | (0.062 | ) | $ | (0.112 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic and diluted | $ | (0.174 | ) | $ | (0.252 | ) | $ | (0.249 | ) | $ | (0.449 | ) | |||
| 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) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 185,921 | $ | 228,040 | |||
| Accounts receivable, net | 2,200 | 2,281 | |||||
| Receivables from affiliated companies | 8,479 | 40,969 | |||||
| Inventories | 6,069 | 5,763 | |||||
| Prepaid expenses and other current assets | 24,535 | 38,997 | |||||
| Total current assets | 227,204 | 316,050 | |||||
| Property and equipment, net | 2,703,931 | 2,775,806 | |||||
| Intangible assets, net | - | 5 | |||||
| Long-term prepayments, deposits and other assets | 42,586 | 27,787 | |||||
| Restricted cash | 130 | 130 | |||||
| Operating lease right-of-use assets | 11,612 | 11,619 | |||||
| Land use right, net | 103,693 | 105,304 | |||||
| Total assets | $ | 3,089,156 | $ | 3,236,701 | |||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,513 | $ | 2,454 | |||
| Accrued expenses and other current liabilities | 127,300 | 135,514 | |||||
| Income tax payable | 4,356 | 10 | |||||
| Payables to affiliated companies | 26,893 | 18,799 | |||||
| Total current liabilities | 161,062 | 156,777 | |||||
| Long-term debt, net | 2,234,024 | 2,335,173 | |||||
| Other long-term liabilities | 3,761 | 3,209 | |||||
| Deferred tax liabilities, net | 610 | 309 | |||||
| Operating lease liabilities, non-current | 11,693 | 12,250 | |||||
| Total liabilities | 2,411,150 | 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 losses | (11,237 | ) | (12,656 | ) | |||
| Accumulated losses | (1,846,693 | ) | (1,798,683 | ) | |||
| Total shareholders’ equity | 619,513 | 666,104 | |||||
| Participation interest | 58,493 | 62,879 | |||||
| Total shareholders’ equity and participation interest | 678,006 | 728,983 | |||||
| Total liabilities, shareholders’ equity and participation interest | $ | 3,089,156 | $ | 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (33,431 | ) | $ | (48,498 | ) | $ | (48,010 | ) | $ | (86,523 | ) | |||
| Pre-opening costs | 747 | 4,833 | 806 | 9,997 | |||||||||||
| Property charges and other | 180 | 193 | 120 | 483 | |||||||||||
| Loss on extinguishment of debt | 869 | - | 869 | - | |||||||||||
| Income tax impact on adjustments | (12 | ) | - | (12 | ) | - | |||||||||
| Participation interest impact on adjustments | (154 | ) | (433 | ) | (154 | ) | (902 | ) | |||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (31,801 | ) | $ | (43,905 | ) | $ | (46,381 | ) | $ | (76,945 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic and diluted | $ | (0.041 | ) | $ | (0.057 | ) | $ | (0.060 | ) | $ | (0.100 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic and diluted | $ | (0.165 | ) | $ | (0.228 | ) | $ | (0.241 | ) | $ | (0.400 | ) | |||
| 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating income (loss) | $ | 2,972 | $ | (18,651 | ) | $ | 19,051 | $ | (45,587 | ) | |||||
| Pre-opening costs | 747 | 4,833 | 806 | 9,997 | |||||||||||
| Depreciation and amortization | 50,326 | 42,709 | 100,448 | 73,280 | |||||||||||
| Property charges and other | 180 | 193 | 120 | 483 | |||||||||||
| Adjusted EBITDA | $ | 54,225 | $ | 29,084 | $ | 120,425 | $ | 38,173 | |||||||
| 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (33,431 | ) | $ | (48,498 | ) | $ | (48,010 | ) | $ | (86,523 | ) | |||
| Net loss attributable to participation interest | (3,147 | ) | (4,565 | ) | (4,519 | ) | (8,144 | ) | |||||||
| Net loss | (36,578 | ) | (53,063 | ) | (52,529 | ) | (94,667 | ) | |||||||
| Income tax expense (benefit) | 4,603 | (46 | ) | 4,646 | (66 | ) | |||||||||
| Interest and other non-operating expenses, net | 34,947 | 34,458 | 66,934 | 49,146 | |||||||||||
| Depreciation and amortization | 50,326 | 42,709 | 100,448 | 73,280 | |||||||||||
| Property charges and other | 180 | 193 | 120 | 483 | |||||||||||
| Pre-opening costs | 747 | 4,833 | 806 | 9,997 | |||||||||||
| Adjusted EBITDA | $ | 54,225 | $ | 29,084 | $ | 120,425 | $ | 38,173 | |||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||||
| Supplemental Data Schedule | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Room Statistics: | |||||||||||||||||
| Average daily rate (3) | $ | 157 | $ | 153 | $ | 158 | $ | 134 | |||||||||
| Occupancy per available room | 96 | % | 91 | % | 96 | % | 85 | % | |||||||||
| Revenue per available room (4) | $ | 150 | $ | 140 | $ | 151 | $ | 114 | |||||||||
| Other Information: | |||||||||||||||||
| Average number of table games | 252 | 246 | 249 | 246 | |||||||||||||
| Average number of gaming machines | 641 | 662 | 656 | 670 | |||||||||||||
| Table games win per unit per day (5) | $ | 13,563 | $ | 8,683 | $ | 13,300 | $ | 7,289 | |||||||||
| Gaming machines win per unit per day (6) | $ | 476 | $ | 333 | $ | 456 | $ | 302 | |||||||||
| (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) total operating revenues for Q2 2024?
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What was Studio City's (MSC) net loss for Q2 2024?
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