Studio City International (MSC) Q2 2024 earnings summary

Executive summary

• Total operating revenues rose to $161.5M in Q2 2024 from $115.2M in Q2 2023, driven by Macau tourism recovery and ramp-up of Studio City Phase 2.

• Operating income reached $3.0M, reversing a $18.7M loss in Q2 2023; net loss narrowed to $33.4M from $48.5M year-over-year.

• Adjusted EBITDA increased to $54.2M from $29.1M, reflecting higher casino contract and non-gaming revenues.

Financial highlights

• Casino contract revenue doubled to $62.1M; non-gaming revenues grew to $99.4M from $84.0M year-over-year.

• Gross gaming revenue was $339.3M, up from $214.5M; mass market table drop rose to $955.6M from $716.6M.

• Gaming machine handle reached $842.4M, up from $595.4M; win rates remained stable.

• Adjusted net loss improved to $31.8M from $43.9M; adjusted net loss per share was $0.041 vs. $0.057.

• Average daily hotel rate was $157 with 96% occupancy, up from 91% in Q2 2023.

Outlook and guidance

• Forward-looking statements highlight risks from Macau gaming law changes, market volatility, and economic conditions.

• Growth strategies depend on continued tourism recovery and regulatory environment.