Studio City(MSC) - 2023 Q2 - Quarterly Report

Financial Performance - Total operating revenues for Q1 2023 were US$51.5 million, a significant increase from US$12.0 million in Q1 2022, primarily due to the relaxation of COVID-19 restrictions in Macau[1] - Total operating revenues for the three months ended March 31, 2023, were $51,467,000, compared to $11,992,000 for the same period in 2022, representing a significant increase[15] - Adjusted EBITDA for Q1 2023 was US$9.1 million, a recovery from negative Adjusted EBITDA of US$26.7 million in Q1 2022[4] - Adjusted EBITDA for the three months ended March 31, 2023, was $9,089,000, compared to $(26,673,000) for the same period in 2022, indicating a positive turnaround[21] - Net loss attributable to Studio City for Q1 2023 was US$38.0 million, improved from a net loss of US$70.2 million in Q1 2022[4] - Net loss attributable to Studio City International Holdings Limited for the three months ended March 31, 2023, was $(38,025,000), compared to $(70,233,000) in the same period of 2022[19] - The operating loss for the three months ended March 31, 2023, was $(26,936,000), an improvement from $(61,894,000) in the same period of 2022[21] Gaming Revenue - Studio City Casino generated gross gaming revenues of US$146.7 million in Q1 2023, compared to US$75.0 million in Q1 2022[1] - Rolling chip volume increased to US$718.5 million in Q1 2023 from US$439.3 million in Q1 2022, with a rolling chip win rate of 1.59%[2] - Mass market table games drop rose to US$480.6 million in Q1 2023, up from US$191.8 million in Q1 2022, with a hold percentage of 24.7%[2] Non-Gaming Revenue - Total non-gaming revenues for Q1 2023 were US$32.7 million, compared to US$20.6 million in Q1 2022[3] Cash and Assets - Total cash and bank balances as of March 31, 2023, were US$368.7 million, down from US$509.7 million at the end of 2022[7] - Total assets as of March 31, 2023, were $3,480,757,000, down from $3,593,522,000 as of December 31, 2022[17] - Cash and cash equivalents as of March 31, 2023, were $368,541,000, down from $509,523,000 as of December 31, 2022[17] - Current liabilities decreased to $194,497,000 as of March 31, 2023, from $247,389,000 as of December 31, 2022[17] Capital Expenditures and Costs - Capital expenditures for Q1 2023 amounted to US$33.1 million[7] - The company incurred pre-opening costs of $5,164,000 for the three months ended March 31, 2023, compared to $342,000 in the same period of 2022[21] Operational Metrics - Average daily rate decreased to $107 from $127, a decline of 15.75%[25] - Occupancy per available room increased to 76% from 33%, a growth of 129.41%[25] - Revenue per available room rose to $82 from $41, an increase of 100%[25] - Average number of table games decreased to 246 from 277, a reduction of 11.21%[25] - Average number of gaming machines decreased to 677 from 712, a decline of 4.91%[25] - Table games win per unit per day increased to $5,879 from $2,725, a growth of 116.67%[25] - Gaming machines win per unit per day increased to $272 from $111, an increase of 144.14%[25] Announcements - The opening of an indoor water park and the Epic hotel tower at Studio City Phase 2 was announced on April 6, 2023[8] Interest Income - The company reported interest income of $2,554,000 for the three months ended March 31, 2023, compared to $304,000 in the same period of 2022[15] Share Information - The weighted average Class A ordinary shares outstanding used in net loss calculation for the three months ended March 31, 2023, was 770,352,700, compared to 527,953,145 in the same period of 2022[19]