Studio City International (MSC) Q3 2024 earnings summary

Executive summary

• Operating revenues rose to $174.6M in Q3 2024 from $137.6M in Q3 2023, driven by Macau tourism recovery and ramp-up of Studio City Phase 2.

• Net loss attributable to shareholders narrowed to $21.0M from $28.4M year-over-year.

• Adjusted EBITDA increased to $68.2M from $56.3M, reflecting higher casino contract and non-gaming revenues.

Financial highlights

• Studio City Casino gross gaming revenue reached $335.5M, up from $256.3M year-over-year.

• Mass market table games drop grew to $912.9M, with hold percentage rising to 30.7%.

• Gaming machine handle was $853.0M, up from $673.9M; win rate slightly increased to 3.3%.

• Non-gaming revenues climbed to $107.3M from $89.0M.

• Operating income improved to $16.0M from $3.2M year-over-year.

Outlook and guidance

• Forward-looking statements highlight risks from Macau gaming law changes, economic conditions, and pace of tourism recovery.

• Company expects continued volatility in capital and credit markets and regulatory environment.