Studio City International Holdings Limited (NYSE: MSC) (“Studio
City” or the “Company”), a world-class integrated resort located in
Cotai, Macau, today reported its unaudited financial results for
the fourth quarter and full year ended December 31, 2024.
Total operating revenues for the fourth quarter
of 2024 were US$152.9 million, compared with total operating
revenues of US$141.3 million in the fourth quarter of 2023. The
increase was primarily attributable to the continued recovery in
inbound tourism in Macau during the fourth quarter of 2024, which
led to an increase in revenue from casino contract and higher
non-gaming revenues.
Studio City Casino generated gross gaming
revenues of US$321.8 million and US$294.8 million for the fourth
quarters of 2024 and 2023, respectively.
Studio City Casino has strategically
repositioned itself to focus on the premium mass and mass segments,
and VIP rolling chip operations at Studio City Casino were
transferred to City of Dreams in late October 2024. Studio City
Casino’s rolling chip volume was US$165.0 million in the fourth
quarter of 2024 versus US$566.0 million in the fourth quarter of
2023. The rolling chip win rate was 3.48% in the fourth quarter of
2024 versus 1.86% in the fourth quarter of 2023. The expected
rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to
US$891.7 million in the fourth quarter of 2024, compared with
US$864.1 million in the fourth quarter of 2023. The mass market
table games hold percentage was 32.1% in the fourth quarter of
2024, compared with 30.0% in the fourth quarter of 2023.
Gaming machine handle for the fourth quarter of
2024 was US$888.9 million, compared with US$778.3 million in the
fourth quarter of 2023. The gaming machine win rate was 3.3% in the
fourth quarter of 2024, compared with 3.2% in the fourth quarter of
2023.
Revenue from casino contract was US$63.6 million
for the fourth quarter of 2024, compared with US$57.0 million for
the fourth quarter of 2023. Revenue from casino contract is net of
gaming taxes and the costs incurred in connection with the on-going
operation of the Studio City Casino which are deducted by Melco
Resorts (Macau) Limited, the gaming operator of the Studio City
Casino (the “Gaming Operator”).
Total gaming taxes and the costs incurred in
connection with the on-going operation of the Studio City Casino
deducted from gross gaming revenues were US$258.2 million and
US$237.8 million in the fourth quarters of 2024 and 2023,
respectively.
Total non-gaming revenues at Studio City for the
fourth quarter of 2024 were US$89.3 million, compared with US$84.3
million for the fourth quarter of 2023.
Operating income for the fourth quarter of 2024
was US$3.1 million, compared with US$13.3 million in the fourth
quarter of 2023.
Studio City generated Adjusted EBITDA(1) of
US$56.7 million in the fourth quarter of 2024, compared with
US$64.8 million in the fourth quarter of 2023. The change was
mainly attributable to higher operating costs, despite the increase
in revenue from casino contract and higher non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for the fourth quarter of 2024 was
US$27.7 million, compared with US$18.6 million in the fourth
quarter of 2023. The net loss attributable to participation
interest was US$2.6 million and US$1.8 million in the fourth
quarters of 2024 and 2023, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2024 were US$33.3 million, which mainly included
interest expense of US$32.4 million.
Depreciation and amortization costs of US$52.8
million were recorded in the fourth quarter of 2024, of which
US$0.8 million was related to the amortization expense for the land
use right.
The Adjusted EBITDA for Studio City for the
three months ended December 31, 2024 referred to in the earnings
release of Melco Resorts & Entertainment Limited (“Melco”)
dated February 27, 2025 (“Melco’s Earnings Release”) was US$24.5
million more than the Adjusted EBITDA of Studio City contained in
this press release. The Adjusted EBITDA of Studio City contained in
this press release includes certain intercompany charges that are
not included in the Adjusted EBITDA for Studio City contained in
Melco’s Earnings Release. Such intercompany charges include, among
other items, fees and shared service charges billed between the
Company and its subsidiaries and certain subsidiaries of Melco.
Additionally, Adjusted EBITDA of Studio City included in Melco’s
Earnings Release does not reflect certain gaming concession related
costs and certain intercompany costs related to the table games
operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of December 31,
2024 aggregated to US$127.8 million (December 31, 2023: US$228.2
million), including US$0.1 million of restricted cash (December 31,
2023: US$0.1 million). Total debt, net of unamortized deferred
financing costs and original issue premiums, at the end of the
fourth quarter of 2024 was US$2.16 billion (December 31, 2023:
US$2.34 billion), a reduction of approximately US$12 million,
compared to the total debt, net balance as of September 30, 2024.
The reduction in total debt, net was primarily as a result of the
repurchases of the Studio City Finance Limited 6.00% senior notes
due 2025 during the fourth quarter of 2024.
On November 29, 2024, Studio City Company
Limited entered into a senior secured revolving credit facilities
agreement in aggregate amount of HK$1,945,000,000 (equivalent to
US$250 million) for a term of five years (the “2029 Studio City
Senior Secured Credit Facility”). At the same time, the terms of an
existing senior secured credit facilities in an amount of HK$234
million (equivalent to US$30 million) were amended to be in line
with the 2029 Studio City Senior Secured Credit Facility with the
maturity date being extended to August 29, 2029. HK$1.0 million
(equivalent to US$0.1 million) was drawn under these credit
facilities as of December 31, 2024.
Capital expenditures for the fourth quarter of
2024 were US$25.6 million.
Full Year Results
For the year ended December 31, 2024, Studio
City International Holdings Limited reported total operating
revenues of US$639.1 million, compared with US$445.5 million in the
prior year. The increase in total operating revenues was primarily
attributable to the continued recovery in inbound tourism in Macau
in 2024, and the ramp up of operations following the opening of
Studio City Phase 2 starting in April 2023, which led to an
increase in revenue from casino contract and higher non-gaming
revenues.
Operating income for 2024 was US$38.1 million,
compared with operating loss of US$29.0 million for 2023.
Studio City generated Adjusted EBITDA of
US$245.3 million for the year ended December 31, 2024, compared
with US$159.2 million for 2023. The change in Adjusted EBITDA was
mainly attributable to higher revenue from casino contract and
non-gaming revenues, partially offset by higher operating
costs.
Net loss attributable to Studio City
International Holdings Limited for 2024 was US$96.7 million,
compared with US$133.5 million for 2023. The net loss attributable
to participation interest for 2024 was US$9.1 million, compared
with US$12.6 million for 2023.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Studio City International Holdings Limited (the “Company”)
may also make forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission (the “SEC”), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) changes in the gaming market
and visitations in Macau, (ii) local and global economic
conditions, (iii) capital and credit market volatility, (iv) our
anticipated growth strategies, (v) risks associated with the
implementation of the amended Macau gaming law by the Macau
government, (vi) gaming authority and other governmental approvals
and regulations, and (vii) our future business development, results
of operations and financial condition. In some cases,
forward-looking statements can be identified by words or phrases
such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”,
“estimate”, “intend”, “plan”, “believe”, “potential”, “continue”,
“is/are likely to” or other similar expressions. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
Non-GAAP Financial Measures
|
(1) |
|
"Adjusted EBITDA" is defined as net income/loss before interest,
taxes, depreciation, amortization, pre-opening costs, property
charges and other and other non-operating income and expenses.
Adjusted EBITDA is presented exclusively as supplemental
disclosures because management believes it is widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted EBITDA to measure our operating
performance and to compare our operating performance with those of
our competitors.The Company also presents Adjusted EBITDA because
it is used by some investors as a way to measure a company’s
ability to incur and service debt, make capital expenditures, and
meet working capital requirements. Gaming companies have
historically reported similar measures as supplements to financial
measures in accordance with generally accepted accounting
principles, in particular, U.S. GAAP or International Financial
Reporting Standards. However, Adjusted EBITDA should not be
considered as an alternative to operating income/loss as an
indicator of the Company’s performance, as an alternative to cash
flows from operating activities as a measure of liquidity, or as an
alternative to any other measure determined in accordance with U.S.
GAAP. Unlike net income/loss, Adjusted EBITDA does not include
depreciation and amortization or interest expense and, therefore,
do not reflect current or future capital expenditures or the cost
of capital. The Company recognizes these limitations and uses
Adjusted EBITDA as only one of several comparative tools, together
with U.S. GAAP measurements, to assist in the evaluation of
operating performance.Such U.S. GAAP measurements include operating
income/loss, net income/loss, cash flows from operations and cash
flow data. The Company has significant uses of cash flows,
including capital expenditures, interest payments, debt principal
repayments, taxes and other recurring and nonrecurring charges,
which are not reflected in Adjusted EBITDA. Also, the Company’s
calculation of Adjusted EBITDA may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. The use of Adjusted EBITDA has
material limitations as an analytical tool, as Adjusted EBITDA does
not include all items that impact our net income/loss. Investors
are encouraged to review the reconciliation of the historical
non-GAAP financial measure to its most directly comparable GAAP
financial measure. Reconciliations of Adjusted EBITDA with the most
comparable financial measures calculated and presented in
accordance with U.S. GAAP are provided herein immediately following
the financial statements included in this press release. |
| |
|
|
| (2) |
|
“Adjusted net income/loss” is net
income/loss before pre-opening costs, property charges and other
and gain/loss on extinguishment of debt, net of participation
interest and taxes. Adjusted net income/loss is presented as
supplemental disclosure because management believes it provides
useful information to investors and others in understanding and
evaluating our performance, in addition to income/loss computed in
accordance with U.S. GAAP. Adjusted net income/loss may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. Reconciliations of
adjusted net income/loss attributable to Studio City International
Holdings Limited with the most comparable financial measures
calculated and presented in accordance with U.S. GAAP are provided
herein immediately following the financial statements included in
this press release. |
| |
|
|
About Studio City International Holdings
Limited
The Company, with its American depositary shares
listed on the New York Stock Exchange (NYSE: MSC), is a world-class
integrated resort located in Cotai, Macau. For more information
about the Company, please visit www.studiocity-macau.com.
The Company is majority owned by Melco Resorts
& Entertainment Limited, a company with its American depositary
shares listed on the Nasdaq Global Select Market (Nasdaq:
MLCO).
For the investment community, please
contact:Jeanny KimSenior Vice President, Group
TreasurerTel: +852 2598 3698Email: jeannykim@melco-resorts.com
For media enquiries, please
contact: Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
|
(In thousands, except share and per share
data) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
|
| |
December 31, |
|
December 31, |
|
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from casino contract |
$ |
63,563 |
|
|
$ |
56,981 |
|
|
$ |
259,842 |
|
|
$ |
155,527 |
|
|
|
Rooms |
|
42,921 |
|
|
|
39,642 |
|
|
|
160,721 |
|
|
|
111,733 |
|
|
|
Food and beverage |
|
22,176 |
|
|
|
19,815 |
|
|
|
89,660 |
|
|
|
62,426 |
|
|
|
Entertainment |
|
4,311 |
|
|
|
2,992 |
|
|
|
47,533 |
|
|
|
61,777 |
|
|
|
Services fee |
|
14,371 |
|
|
|
17,904 |
|
|
|
59,529 |
|
|
|
40,473 |
|
|
|
Mall |
|
4,522 |
|
|
|
3,161 |
|
|
|
18,289 |
|
|
|
10,744 |
|
|
|
Retail and other |
|
999 |
|
|
|
756 |
|
|
|
3,571 |
|
|
|
2,858 |
|
|
|
Total operating revenues |
|
152,863 |
|
|
|
141,251 |
|
|
|
639,145 |
|
|
|
445,538 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs related to casino contract |
|
(8,781 |
) |
|
|
(7,582 |
) |
|
|
(34,704 |
) |
|
|
(28,847 |
) |
|
|
Rooms |
|
(14,130 |
) |
|
|
(10,360 |
) |
|
|
(51,614 |
) |
|
|
(28,280 |
) |
|
|
Food and beverage |
|
(20,844 |
) |
|
|
(17,652 |
) |
|
|
(80,081 |
) |
|
|
(54,741 |
) |
|
|
Entertainment |
|
(7,179 |
) |
|
|
(3,704 |
) |
|
|
(46,500 |
) |
|
|
(53,056 |
) |
|
|
Mall |
|
(1,980 |
) |
|
|
(1,442 |
) |
|
|
(7,336 |
) |
|
|
(4,212 |
) |
|
|
Retail and other |
|
(592 |
) |
|
|
(443 |
) |
|
|
(2,306 |
) |
|
|
(1,986 |
) |
|
|
General and administrative |
|
(42,618 |
) |
|
|
(35,299 |
) |
|
|
(171,271 |
) |
|
|
(115,203 |
) |
|
|
Pre-opening costs |
|
22 |
|
|
|
169 |
|
|
|
(807 |
) |
|
|
(17,451 |
) |
|
|
Amortization of land use right |
|
(832 |
) |
|
|
(828 |
) |
|
|
(3,314 |
) |
|
|
(3,302 |
) |
|
|
Depreciation and amortization |
|
(51,934 |
) |
|
|
(49,906 |
) |
|
|
(201,746 |
) |
|
|
(166,095 |
) |
|
|
Property charges and other |
|
(875 |
) |
|
|
(867 |
) |
|
|
(1,318 |
) |
|
|
(1,407 |
) |
|
|
Total operating costs and expenses |
|
(149,743 |
) |
|
|
(127,914 |
) |
|
|
(600,997 |
) |
|
|
(474,580 |
) |
|
|
Operating income (loss) |
|
3,120 |
|
|
|
13,337 |
|
|
|
38,148 |
|
|
|
(29,042 |
) |
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
619 |
|
|
|
2,502 |
|
|
|
4,059 |
|
|
|
10,675 |
|
|
|
Interest expense, net of amounts capitalized |
|
(32,372 |
) |
|
|
(35,761 |
) |
|
|
(133,594 |
) |
|
|
(129,567 |
) |
|
|
Other financing costs |
|
(279 |
) |
|
|
(106 |
) |
|
|
(592 |
) |
|
|
(417 |
) |
|
|
Foreign exchange (losses) gains, net |
|
(1,232 |
) |
|
|
(1,879 |
) |
|
|
(5,500 |
) |
|
|
642 |
|
|
|
Other expenses, net |
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
(67 |
) |
|
|
(Loss) gain on extinguishment of debt |
|
(17 |
) |
|
|
1,531 |
|
|
|
(1,000 |
) |
|
|
1,611 |
|
|
|
Total non-operating expenses, net |
|
(33,281 |
) |
|
|
(33,719 |
) |
|
|
(136,627 |
) |
|
|
(117,123 |
) |
|
|
Loss before income tax |
|
(30,161 |
) |
|
|
(20,382 |
) |
|
|
(98,479 |
) |
|
|
(146,165 |
) |
|
|
Income tax (expense) benefit |
|
(199 |
) |
|
|
4 |
|
|
|
(7,352 |
) |
|
|
81 |
|
|
|
Net loss |
|
(30,360 |
) |
|
|
(20,378 |
) |
|
|
(105,831 |
) |
|
|
(146,084 |
) |
|
|
Net loss attributable to participation interest |
|
2,612 |
|
|
|
1,754 |
|
|
|
9,105 |
|
|
|
12,567 |
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(27,748 |
) |
|
$ |
(18,624 |
) |
|
$ |
(96,726 |
) |
|
$ |
(133,517 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per Class Aordinary share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.036 |
) |
|
$ |
(0.024 |
) |
|
$ |
(0.126 |
) |
|
$ |
(0.173 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.144 |
) |
|
$ |
(0.097 |
) |
|
$ |
(0.502 |
) |
|
$ |
(0.693 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A ordinary shares outstanding used in net
loss attributable to Studio City International Holdings Limited per
Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance Sheets |
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
2023 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
127,634 |
|
|
$ |
228,040 |
|
|
|
Accounts receivable, net |
|
1,976 |
|
|
|
2,281 |
|
|
|
Receivables from affiliated companies |
|
309 |
|
|
|
40,969 |
|
|
|
Inventories |
|
7,306 |
|
|
|
5,763 |
|
|
|
Prepaid expenses and other current assets |
|
29,140 |
|
|
|
38,997 |
|
|
|
Total current assets |
|
166,365 |
|
|
|
316,050 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
2,652,169 |
|
|
|
2,775,806 |
|
|
|
Intangible assets, net |
|
- |
|
|
|
5 |
|
|
|
Long-term prepayments, deposits and other assets |
|
52,504 |
|
|
|
27,787 |
|
|
|
Restricted cash |
|
130 |
|
|
|
130 |
|
|
|
Operating lease right-of-use assets |
|
11,647 |
|
|
|
11,619 |
|
|
|
Land use right, net |
|
102,629 |
|
|
|
105,304 |
|
|
|
Total assets |
$ |
2,985,444 |
|
|
$ |
3,236,701 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION
INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
3,285 |
|
|
$ |
2,454 |
|
|
|
Accrued expenses and other current liabilities |
|
118,117 |
|
|
|
135,514 |
|
|
|
Income tax payable |
|
7,626 |
|
|
|
10 |
|
|
|
Current portion of long-term debt, net |
|
21,597 |
|
|
|
- |
|
|
|
Payables to affiliated companies |
|
30,131 |
|
|
|
18,799 |
|
|
|
Total current liabilities |
|
180,756 |
|
|
|
156,777 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
2,141,750 |
|
|
|
2,335,173 |
|
|
|
Other long-term liabilities |
|
4,115 |
|
|
|
3,209 |
|
|
|
Deferred tax liabilities, net |
|
77 |
|
|
|
309 |
|
|
|
Operating lease liabilities, non-current |
|
12,227 |
|
|
|
12,250 |
|
|
|
Total liabilities |
|
2,338,925 |
|
|
|
2,507,718 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity and participation interest: |
|
|
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240 shares
authorized; 770,352,700 shares issued and outstanding |
|
77 |
|
|
|
77 |
|
|
|
Class B ordinary shares, par value $0.0001; 72,511,760 shares
authorized; 72,511,760 shares issued and outstanding |
|
7 |
|
|
|
7 |
|
|
|
Additional paid-in capital |
|
2,477,359 |
|
|
|
2,477,359 |
|
|
|
Accumulated other comprehensive income (losses) |
|
8,701 |
|
|
|
(12,656 |
) |
|
|
Accumulated losses |
|
(1,895,409 |
) |
|
|
(1,798,683 |
) |
|
|
Total shareholders’ equity |
|
590,735 |
|
|
|
666,104 |
|
|
|
Participation interest |
|
55,784 |
|
|
|
62,879 |
|
|
|
Total shareholders’ equity and participation interest |
|
646,519 |
|
|
|
728,983 |
|
|
|
Total liabilities, shareholders’ equity and participation
interest |
$ |
2,985,444 |
|
|
$ |
3,236,701 |
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to |
|
|
Adjusted Net Loss Attributable to Studio City International
Holdings Limited (Unaudited) |
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
|
| |
December 31, |
|
December 31, |
|
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(27,748 |
) |
|
$ |
(18,624 |
) |
|
$ |
(96,726 |
) |
|
$ |
(133,517 |
) |
|
|
Pre-opening costs |
|
(22 |
) |
|
|
(169 |
) |
|
|
807 |
|
|
|
17,451 |
|
|
|
Property charges and other |
|
875 |
|
|
|
867 |
|
|
|
1,318 |
|
|
|
1,407 |
|
|
|
Loss (gain) on extinguishment of debt |
|
17 |
|
|
|
(1,531 |
) |
|
|
1,000 |
|
|
|
(1,611 |
) |
|
|
Income tax impact on adjustments |
|
(3 |
) |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
|
Participation interest impact on adjustments |
|
(75 |
) |
|
|
71 |
|
|
|
(269 |
) |
|
|
(1,484 |
) |
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
$ |
(26,956 |
) |
|
$ |
(19,386 |
) |
|
$ |
(93,885 |
) |
|
$ |
(117,754 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.035 |
) |
|
$ |
(0.025 |
) |
|
$ |
(0.122 |
) |
|
$ |
(0.153 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.140 |
) |
|
$ |
(0.101 |
) |
|
$ |
(0.487 |
) |
|
$ |
(0.611 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A ordinary shares outstanding used in
adjusted net loss attributable to Studio City International
Holdings Limited per Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
|
770,352,700 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA (Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
3,120 |
|
|
$ |
13,337 |
|
|
$ |
38,148 |
|
$ |
(29,042 |
) |
|
Pre-opening costs |
|
(22 |
) |
|
|
(169 |
) |
|
|
807 |
|
|
17,451 |
|
|
Depreciation and amortization |
|
52,766 |
|
|
|
50,734 |
|
|
|
205,060 |
|
|
169,397 |
|
|
Property charges and other |
|
875 |
|
|
|
867 |
|
|
|
1,318 |
|
|
1,407 |
|
|
Adjusted EBITDA |
$ |
56,739 |
|
|
$ |
64,769 |
|
|
$ |
245,333 |
|
$ |
159,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited |
|
|
to Adjusted EBITDA (Unaudited) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
|
| |
December 31, |
|
December 31, |
|
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(27,748 |
) |
|
$ |
(18,624 |
) |
|
$ |
(96,726 |
) |
|
$ |
(133,517 |
) |
|
|
Net loss attributable to participation interest |
|
(2,612 |
) |
|
|
(1,754 |
) |
|
|
(9,105 |
) |
|
|
(12,567 |
) |
|
|
Net loss |
|
(30,360 |
) |
|
|
(20,378 |
) |
|
|
(105,831 |
) |
|
|
(146,084 |
) |
|
|
Income tax expense (benefit) |
|
199 |
|
|
|
(4 |
) |
|
|
7,352 |
|
|
|
(81 |
) |
|
|
Interest and other non-operating expenses, net |
|
33,281 |
|
|
|
33,719 |
|
|
|
136,627 |
|
|
|
117,123 |
|
|
|
Depreciation and amortization |
|
52,766 |
|
|
|
50,734 |
|
|
|
205,060 |
|
|
|
169,397 |
|
|
|
Property charges and other |
|
875 |
|
|
|
867 |
|
|
|
1,318 |
|
|
|
1,407 |
|
|
|
Pre-opening costs |
|
(22 |
) |
|
|
(169 |
) |
|
|
807 |
|
|
|
17,451 |
|
|
|
Adjusted EBITDA |
$ |
56,739 |
|
|
$ |
64,769 |
|
|
$ |
245,333 |
|
|
$ |
159,213 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Supplemental Data Schedule |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
Year Ended |
| |
|
|
December 31, |
|
December 31, |
| |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
$ |
175 |
|
|
$ |
163 |
|
|
$ |
165 |
|
|
$ |
153 |
|
| |
|
Occupancy per available room |
|
97 |
% |
|
|
94 |
% |
|
|
96 |
% |
|
|
90 |
% |
| |
|
Revenue per available room (4) |
$ |
169 |
|
|
$ |
154 |
|
|
$ |
159 |
|
|
$ |
137 |
|
| |
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
253 |
|
|
|
246 |
|
|
|
251 |
|
|
|
246 |
|
| |
|
Average number of gaming machines |
|
797 |
|
|
|
643 |
|
|
|
709 |
|
|
|
661 |
|
| |
|
Table games win per unit per day (5) |
$ |
12,563 |
|
|
$ |
11,936 |
|
|
$ |
13,091 |
|
|
$ |
9,239 |
|
| |
|
Gaming machines win per unit per day (6) |
$ |
401 |
|
|
$ |
418 |
|
|
$ |
431 |
|
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
(3) |
Average daily rate is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total occupied rooms including complimentary rooms |
|
(4) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
|
(5) |
Table games win per unit per day is shown before discounts,
commissions, non-discretionary incentives (including the
point-loyalty programs) as administered by the Gaming Operator and
allocating casino revenues related to goods and services provided
to gaming patrons on a complimentary basis |
|
(6) |
Gaming machines win per unit per day is shown before
non-discretionary incentives (including the point-loyalty programs)
as administered by the Gaming Operator and allocating casino
revenues related to goods and services provided to gaming patrons
on a complimentary basis |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts and Entert... (NASDAQ:MLCO)
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From Mar 2025 to Apr 2025
Melco Resorts and Entert... (NASDAQ:MLCO)
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From Apr 2024 to Apr 2025
