Studio City International (MSC) Q4 2023 earnings summary

Executive summary

• Q4 2023 operating revenue was $141.3M vs. $4.2M YoY; operating income was $13.3M vs. a $70.0M loss, and Adjusted EBITDA was $64.8M vs. negative $34.5M.

• FY 2023 operating revenue reached $445.5M vs. $11.5M; operating loss narrowed to $29.0M from $277.2M, while Adjusted EBITDA was $159.2M vs. negative $140.8M.

Financial highlights

• Q4 net loss attributable to Studio City International Holdings Limited was $18.6M vs. $85.4M; FY net loss was $133.5M vs. $326.5M.

• Q4 Adjusted net loss was $19.4M vs. $82.2M; FY Adjusted net loss was $117.8M vs. $318.4M, excluding pre-opening costs, property charges and other, and debt-extinguishment gains where applicable.

• Q4 total non-gaming revenue was $84.3M vs. $16.7M; casino contract revenue was $57.0M vs. negative $12.5M.

• Q4 net non-operating expenses were $33.7M, including $35.8M interest expense partly offset by $2.5M interest income; depreciation and amortization was $50.7M.

Segment performance

• Studio City Casino gross gaming revenue was $294.8M vs. $40.9M in Q4; mass-market table-games drop was $864.1M vs. $113.5M.

• Q4 gaming-machine handle was $778.3M vs. $124.5M; rolling-chip volume was $566.0M vs. $251.4M.

• Q4 average daily room rate was $163 vs. $100, occupancy was 94% vs. 32%, and revenue per available room was $154 vs. $32.