Studio City International (MSC) Q1 2025 earnings summary

Executive summary

• Total operating revenues for Q1 2025 reached $161.7M–$162M, up from $150M–$150.2M year-over-year, driven by improved gaming and non-gaming performance.

• Adjusted EBITDA for Q1 2025 was $69.9M–$70M, a 5.6% increase year-over-year.

• Net loss widened to $16.0M–$17M in Q1 2025 from $14.6M–$16M in Q1 2024.

• Strategic focus shifted to premium mass and mass segments, with VIP operations transferred to City of Dreams in late October 2024.

Financial highlights

• Gross gaming revenue for Q1 2025 was $336M–$336.2M, up from $318.4M year-over-year.

• Casino contract revenue rose to $75.9M–$76M, up 13.5% year-over-year.

• Non-gaming revenue increased to $85.8M–$86M, up 3% year-over-year.

• Mass GGR grew 11% year-over-year to $303M; slots GGR up 23% to $33M.

• Operating income was $15.3M, slightly down from $16.1M year-over-year.

Segment performance

• Mass market table drop was $923.9M–$924M, with hold improving to 32.8% from 29.5% year-over-year.

• Gaming machine handle increased to $871.5M (win rate 3.8%) from $824.3M (win rate 3.2%).

• Room revenue grew to $41.2M, food and beverage to $22.8M, and mall/retail/other segments saw gains.

• Entertainment revenue declined to $3.0M from $8.4M.

• Table games win per unit per day was $13,320; gaming machines win per unit per day was $458.