Studio City International (MSC) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 operating revenues reached $153M, up 8.2% year-over-year, driven by Macau tourism recovery and higher casino/non-gaming revenues.

• Full-year 2024 revenues rose 43.5% to $639M, reflecting the ramp-up of Studio City Phase 2 and tourism rebound.

• Adjusted EBITDA for 4Q'24 was $57M, down 12.4% year-over-year; full-year Adjusted EBITDA increased 54.1% to $245M.

• Net loss for 4Q'24 widened to $30M from $20M in 4Q'23; full-year net loss narrowed to $106M from $146M in 2023.

• Net loss attributable to shareholders was $27.7M for Q4 2024 and $96.7M for 2024.

Financial highlights

• Casino contract revenue for 4Q'24 was $64M, up 11.6% year-over-year; non-gaming revenue was $89M, up 6%.

• Operating income for 4Q'24 was $3M, down from $13M in 4Q'23; full-year operating income was $38M, compared to a loss of $29M last year.

• Total operating costs and expenses for 4Q'24 increased 17.1% year-over-year to $150M.

• Q4 2024 gross gaming revenue was $322M (vs. $295M); mass market table drop and gaming machine handle increased year-over-year.

• Q4 2024 capital expenditures: $25.6M.

Segment performance

• Mass GGR for 4Q'24 was $287M, up 10% year-over-year; slots GGR was $29M, up 19%.

• VIP GGR dropped 45% year-over-year to $6M; VIP operations ceased in late October 2024.

• Studio City Casino shifted focus to premium mass and mass segments; VIP rolling chip operations transferred to City of Dreams.

• Mass table drop increased 3% year-over-year to $892M; mass table hold improved by 211 bps to 32.1%.

• Room segment saw higher average daily rate ($175 in Q4 2024 vs. $163) and occupancy (97% vs. 94%).