Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2024 Earnings

Core Viewpoint - Studio City International Holdings Limited reported a significant increase in total operating revenues for the fourth quarter and full year of 2024, driven by the recovery in inbound tourism in Macau and the ramp-up of operations following the opening of Studio City Phase 2 [2][17]. Financial Performance - Total operating revenues for Q4 2024 were US$152.9 million, up from US$141.3 million in Q4 2023, marking a year-over-year increase of approximately 11.4% [2]. - For the full year 2024, total operating revenues reached US$639.1 million, compared to US$445.5 million in 2023, reflecting a growth of about 43.4% [17]. - Studio City Casino generated gross gaming revenues of US$321.8 million in Q4 2024, an increase from US$294.8 million in Q4 2023 [3]. Gaming Operations - The mass market table games drop increased to US$891.7 million in Q4 2024, compared to US$864.1 million in Q4 2023, with a hold percentage of 32.1% versus 30.0% in the prior year [5]. - Gaming machine handle for Q4 2024 was US$888.9 million, up from US$778.3 million in Q4 2023, with a win rate of 3.3% compared to 3.2% in the previous year [6]. Cost and Income Analysis - Operating income for Q4 2024 was US$3.1 million, down from US$13.3 million in Q4 2023, while Adjusted EBITDA was US$56.7 million, compared to US$64.8 million in the same quarter of the previous year [9]. - The net loss attributable to Studio City for Q4 2024 was US$27.7 million, compared to a net loss of US$18.6 million in Q4 2023 [10]. Capital Structure and Expenditures - Total cash and bank balances as of December 31, 2024, were US$127.8 million, down from US$228.2 million a year earlier [14]. - Total debt at the end of Q4 2024 was US$2.16 billion, reduced from US$2.34 billion at the end of 2023, primarily due to the repurchase of senior notes [14]. - Capital expenditures for Q4 2024 were US$25.6 million [16]. Market Positioning - Studio City Casino has strategically repositioned to focus on the premium mass and mass segments, with VIP rolling chip operations transferred to City of Dreams in late October 2024 [4].