Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2024 Earnings

Core Insights - Studio City International Holdings Limited reported a total operating revenue of US$152.9 million for Q4 2024, an increase from US$141.3 million in Q4 2023, driven by the recovery in inbound tourism in Macau [2][17] - The company generated gross gaming revenues of US$321.8 million in Q4 2024, up from US$294.8 million in Q4 2023 [3] - 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][19] Financial Performance - Total operating revenues for the full year 2024 reached US$639.1 million, a significant increase from US$445.5 million in 2023 [17] - Operating income for 2024 was US$38.1 million, a turnaround from an operating loss of US$29.0 million in 2023 [18] - Adjusted EBITDA for 2024 was US$245.3 million, compared to US$159.2 million in 2023, reflecting higher revenues despite increased operating costs [18] Gaming Operations - Studio City Casino's rolling chip volume decreased to US$165.0 million in Q4 2024 from US$566.0 million in Q4 2023, with a win rate of 3.48% compared to 1.86% in the previous year [4] - Mass market table games drop increased to US$891.7 million in Q4 2024, up from US$864.1 million in Q4 2023, with a hold percentage of 32.1% [5] - Gaming machine handle for Q4 2024 was US$888.9 million, compared to US$778.3 million in Q4 2023, with a win rate of 3.3% [6] Revenue Breakdown - Revenue from casino contracts for Q4 2024 was US$63.6 million, up from US$57.0 million in Q4 2023 [7] - Total non-gaming revenues for Q4 2024 were US$89.3 million, compared to US$84.3 million in Q4 2023 [8] - The average daily rate for rooms in Q4 2024 was US$175, compared to US$163 in Q4 2023, with an occupancy rate of 97% [37] Financial Position - As of December 31, 2024, total cash and bank balances 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, a decrease from US$2.34 billion at the end of 2023 [14] - Capital expenditures for Q4 2024 were US$25.6 million [16]