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 third quarter of 2024.
Total operating revenues for the third quarter
of 2024 were US$174.6 million, compared with total operating
revenues of US$137.6 million in the third quarter of 2023. The
increase was primarily attributable to the continued recovery in
inbound tourism in Macau during the third quarter of 2024, and the
ramp up of operations following the opening of Studio City Phase 2
in April 2023, which led to an increase in revenue from casino
contract and higher non-gaming revenues.
Studio City Casino generated gross gaming
revenues of US$335.5 million and US$256.3 million for the third
quarters of 2024 and 2023, respectively.
Studio City Casino’s rolling chip volume was
US$494.8 million in the third quarter of 2024 versus US$713.6
million in the third quarter of 2023. The rolling chip win rate was
5.57% in the third quarter of 2024 versus 1.78% in the third
quarter of 2023. The expected rolling chip win rate range is
2.85%-3.15%.
Mass market table games drop increased to
US$912.9 million in the third quarter of 2024, compared with
US$809.1 million in the third quarter of 2023. The mass market
table games hold percentage was 30.7% in the third quarter of 2024,
compared with 27.5% in the third quarter of 2023.
Gaming machine handle for the third quarter of
2024 was US$853.0 million, compared with US$673.9 million in the
third quarter of 2023. The gaming machine win rate was 3.3% in the
third quarter of 2024, compared with 3.2% in the third quarter of
2023.
Revenue from casino contract was US$67.3 million
for the third quarter of 2024, compared with revenue from casino
contract of US$48.6 million for the third 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$268.1 million and
US$207.7 million in the third quarters of 2024 and 2023,
respectively.
Total non-gaming revenues at Studio City for the
third quarter of 2024 were US$107.3 million, compared with US$89.0
million for the third quarter of 2023.
Operating income for the third quarter of 2024
was US$16.0 million, compared with operating income of US$3.2
million in the third quarter of 2023.
Studio City generated Adjusted EBITDA(1) of
US$68.2 million in the third quarter of 2024, compared with
Adjusted EBITDA of US$56.3 million in the third quarter of 2023.
The change was mainly attributable to the increase in revenue from
casino contract and higher non-gaming revenues, partially offset by
higher operating costs.
Net loss attributable to Studio City
International Holdings Limited for the third quarter of 2024 was
US$21.0 million, compared with net loss attributable to Studio City
International Holdings Limited of US$28.4 million in the third
quarter of 2023. The net loss attributable to participation
interest was US$2.0 million and US$2.7 million in the third
quarters of 2024 and 2023, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2024 were US$36.4 million, which mainly included
interest expense of US$32.8 million.
Depreciation and amortization costs of US$51.8
million were recorded in the third 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 September 30, 2024 referred to in the earnings
release of Melco Resorts & Entertainment Limited (“Melco”)
dated November 5, 2024 (“Melco’s earnings release”) was US$24.7
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 September 30,
2024 aggregated to US$113.3 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
third quarter of 2024 was US$2.18 billion (December 31, 2023:
US$2.34 billion), a reduction of approximately US$60 million,
compared to the total debt, net balance as of June 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 quarter.
Capital expenditures for the third quarter of
2024 were US$14.1 million.
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) the pace of recovery from the
impact of COVID-19 on our business, our industry and the global
economy, (ii) risks associated with the amended Macau gaming law
and its implementation by the Macau government, (iii) changes in
the gaming market and visitations in Macau, (iv) capital and credit
market volatility, (v) local and global economic conditions, (vi)
our anticipated growth strategies, (vii) gaming authority and other
governmental approvals and regulations, and (viii) 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 |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Revenue from casino contract |
$ |
67,312 |
|
|
$ |
48,614 |
|
|
$ |
196,279 |
|
|
$ |
98,546 |
|
Rooms |
|
41,602 |
|
|
|
32,819 |
|
|
|
117,800 |
|
|
|
72,091 |
|
Food and beverage |
|
24,585 |
|
|
|
19,295 |
|
|
|
67,484 |
|
|
|
42,611 |
|
Entertainment |
|
18,630 |
|
|
|
24,747 |
|
|
|
43,222 |
|
|
|
58,785 |
|
Services fee |
|
16,395 |
|
|
|
8,307 |
|
|
|
45,158 |
|
|
|
22,569 |
|
Mall |
|
5,055 |
|
|
|
2,945 |
|
|
|
13,767 |
|
|
|
7,583 |
|
Retail and other |
|
1,051 |
|
|
|
859 |
|
|
|
2,572 |
|
|
|
2,102 |
|
Total
operating revenues |
|
174,630 |
|
|
|
137,586 |
|
|
|
486,282 |
|
|
|
304,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Costs related to casino contract |
|
(8,815 |
) |
|
|
(7,297 |
) |
|
|
(25,923 |
) |
|
|
(21,265 |
) |
Rooms |
|
(13,506 |
) |
|
|
(8,015 |
) |
|
|
(37,484 |
) |
|
|
(17,920 |
) |
Food and beverage |
|
(21,272 |
) |
|
|
(16,319 |
) |
|
|
(59,237 |
) |
|
|
(37,089 |
) |
Entertainment |
|
(14,676 |
) |
|
|
(17,870 |
) |
|
|
(39,321 |
) |
|
|
(49,352 |
) |
Mall |
|
(1,958 |
) |
|
|
(1,282 |
) |
|
|
(5,356 |
) |
|
|
(2,770 |
) |
Retail and other |
|
(657 |
) |
|
|
(589 |
) |
|
|
(1,714 |
) |
|
|
(1,543 |
) |
General and administrative |
|
(45,577 |
) |
|
|
(29,943 |
) |
|
|
(128,653 |
) |
|
|
(79,904 |
) |
Pre-opening costs |
|
(23 |
) |
|
|
(7,623 |
) |
|
|
(829 |
) |
|
|
(17,620 |
) |
Amortization of land use right |
|
(829 |
) |
|
|
(826 |
) |
|
|
(2,482 |
) |
|
|
(2,474 |
) |
Depreciation and amortization |
|
(51,017 |
) |
|
|
(44,557 |
) |
|
|
(149,812 |
) |
|
|
(116,189 |
) |
Property charges and other |
|
(323 |
) |
|
|
(57 |
) |
|
|
(443 |
) |
|
|
(540 |
) |
Total
operating costs and expenses |
|
(158,653 |
) |
|
|
(134,378 |
) |
|
|
(451,254 |
) |
|
|
(346,666 |
) |
Operating
income (loss) |
|
15,977 |
|
|
|
3,208 |
|
|
|
35,028 |
|
|
|
(42,379 |
) |
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
524 |
|
|
|
2,821 |
|
|
|
3,440 |
|
|
|
8,173 |
|
Interest expense, net of amounts capitalized |
|
(32,785 |
) |
|
|
(36,362 |
) |
|
|
(101,222 |
) |
|
|
(93,806 |
) |
Other financing costs |
|
(105 |
) |
|
|
(105 |
) |
|
|
(313 |
) |
|
|
(311 |
) |
Foreign exchange (losses) gains, net |
|
(3,932 |
) |
|
|
(692 |
) |
|
|
(4,268 |
) |
|
|
2,521 |
|
Other expenses, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(61 |
) |
(Loss) gain on extinguishment of debt |
|
(114 |
) |
|
|
80 |
|
|
|
(983 |
) |
|
|
80 |
|
Total
non-operating expenses, net |
|
(36,412 |
) |
|
|
(34,258 |
) |
|
|
(103,346 |
) |
|
|
(83,404 |
) |
Loss before
income tax |
|
(20,435 |
) |
|
|
(31,050 |
) |
|
|
(68,318 |
) |
|
|
(125,783 |
) |
Income tax
(expense) benefit |
|
(2,507 |
) |
|
|
11 |
|
|
|
(7,153 |
) |
|
|
77 |
|
Net
loss |
|
(22,942 |
) |
|
|
(31,039 |
) |
|
|
(75,471 |
) |
|
|
(125,706 |
) |
Net loss
attributable to participation interest |
|
1,974 |
|
|
|
2,669 |
|
|
|
6,493 |
|
|
|
10,813 |
|
Net loss
attributable to Studio City International Holdings Limited |
$ |
(20,968 |
) |
|
$ |
(28,370 |
) |
|
$ |
(68,978 |
) |
|
$ |
(114,893 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited per
Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.027 |
) |
|
$ |
(0.037 |
) |
|
$ |
(0.090 |
) |
|
$ |
(0.149 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.109 |
) |
|
$ |
(0.147 |
) |
|
$ |
(0.358 |
) |
|
$ |
(0.597 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
2024 |
|
2023 |
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
113,199 |
|
|
$ |
228,040 |
|
Accounts receivable, net |
|
1,652 |
|
|
|
2,281 |
|
Receivables from affiliated companies |
|
278 |
|
|
|
40,969 |
|
Inventories |
|
6,651 |
|
|
|
5,763 |
|
Prepaid expenses and other current assets |
|
32,328 |
|
|
|
38,997 |
|
Total
current assets |
|
154,108 |
|
|
|
316,050 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
2,679,718 |
|
|
|
2,775,806 |
|
Intangible
assets, net |
|
- |
|
|
|
5 |
|
Long-term
prepayments, deposits and other assets |
|
32,662 |
|
|
|
27,787 |
|
Restricted
cash |
|
130 |
|
|
|
130 |
|
Operating
lease right-of-use assets |
|
11,645 |
|
|
|
11,619 |
|
Land use
right, net |
|
103,322 |
|
|
|
105,304 |
|
Total
assets |
$ |
2,981,585 |
|
|
$ |
3,236,701 |
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION
INTEREST |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
5,773 |
|
|
$ |
2,454 |
|
Accrued expenses and other current liabilities |
|
84,596 |
|
|
|
135,514 |
|
Income tax payable |
|
6,880 |
|
|
|
10 |
|
Current portion of long-term debt, net |
|
34,248 |
|
|
|
- |
|
Payables to affiliated companies |
|
21,049 |
|
|
|
18,799 |
|
Total
current liabilities |
|
152,546 |
|
|
|
156,777 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
2,141,002 |
|
|
|
2,335,173 |
|
Other
long-term liabilities |
|
3,666 |
|
|
|
3,209 |
|
Deferred tax
liabilities, net |
|
614 |
|
|
|
309 |
|
Operating
lease liabilities, non-current |
|
11,975 |
|
|
|
12,250 |
|
Total
liabilities |
|
2,309,803 |
|
|
|
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) |
|
4,043 |
|
|
|
(12,656 |
) |
Accumulated losses |
|
(1,867,661 |
) |
|
|
(1,798,683 |
) |
Total
shareholders’ equity |
|
613,825 |
|
|
|
666,104 |
|
Participation interest |
|
57,957 |
|
|
|
62,879 |
|
Total
shareholders’ equity and participation interest |
|
671,782 |
|
|
|
728,983 |
|
Total
liabilities, shareholders’ equity and participation interest |
$ |
2,981,585 |
|
|
$ |
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 |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(20,968 |
) |
|
$ |
(28,370 |
) |
|
$ |
(68,978 |
) |
|
$ |
(114,893 |
) |
Pre-opening costs |
|
23 |
|
|
|
7,623 |
|
|
|
829 |
|
|
|
17,620 |
|
Property charges and other |
|
323 |
|
|
|
57 |
|
|
|
443 |
|
|
|
540 |
|
Loss (gain) on extinguishment of debt |
|
114 |
|
|
|
(80 |
) |
|
|
983 |
|
|
|
(80 |
) |
Income tax impact on adjustments |
|
- |
|
|
|
- |
|
|
|
(12 |
) |
|
|
- |
|
Participation interest impact on adjustments |
|
(40 |
) |
|
|
(653 |
) |
|
|
(194 |
) |
|
|
(1,555 |
) |
Adjusted net
loss attributable to Studio City International Holdings
Limited |
$ |
(20,548 |
) |
|
$ |
(21,423 |
) |
|
$ |
(66,929 |
) |
|
$ |
(98,368 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.027 |
) |
|
$ |
(0.028 |
) |
|
$ |
(0.087 |
) |
|
$ |
(0.128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to Studio City International Holdings Limited per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.107 |
) |
|
$ |
(0.111 |
) |
|
$ |
(0.348 |
) |
|
$ |
(0.511 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
15,977 |
|
$ |
3,208 |
|
$ |
35,028 |
|
$ |
(42,379 |
) |
Pre-opening costs |
|
23 |
|
|
7,623 |
|
|
829 |
|
|
17,620 |
|
Depreciation and amortization |
|
51,846 |
|
|
45,383 |
|
|
152,294 |
|
|
118,663 |
|
Property charges and other |
|
323 |
|
|
57 |
|
|
443 |
|
|
540 |
|
Adjusted
EBITDA |
$ |
68,169 |
|
$ |
56,271 |
|
$ |
188,594 |
|
$ |
94,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(20,968 |
) |
|
$ |
(28,370 |
) |
|
$ |
(68,978 |
) |
|
$ |
(114,893 |
) |
Net loss
attributable to participation interest |
|
(1,974 |
) |
|
|
(2,669 |
) |
|
|
(6,493 |
) |
|
|
(10,813 |
) |
Net
loss |
|
(22,942 |
) |
|
|
(31,039 |
) |
|
|
(75,471 |
) |
|
|
(125,706 |
) |
Income tax expense (benefit) |
|
2,507 |
|
|
|
(11 |
) |
|
|
7,153 |
|
|
|
(77 |
) |
Interest and other non-operating expenses,
net |
|
36,412 |
|
|
|
34,258 |
|
|
|
103,346 |
|
|
|
83,404 |
|
Depreciation and amortization |
|
51,846 |
|
|
|
45,383 |
|
|
|
152,294 |
|
|
|
118,663 |
|
Property charges and other |
|
323 |
|
|
|
57 |
|
|
|
443 |
|
|
|
540 |
|
Pre-opening costs |
|
23 |
|
|
|
7,623 |
|
|
|
829 |
|
|
|
17,620 |
|
Adjusted
EBITDA |
$ |
68,169 |
|
|
$ |
56,271 |
|
|
$ |
188,594 |
|
|
$ |
94,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
September
30, |
|
September
30, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
$ |
171 |
|
|
$ |
167 |
|
|
$ |
162 |
|
|
$ |
148 |
|
|
|
Occupancy per available room |
|
96 |
% |
|
|
92 |
% |
|
|
96 |
% |
|
|
88 |
% |
|
|
Revenue per available room (4) |
$ |
164 |
|
|
$ |
155 |
|
|
$ |
155 |
|
|
$ |
129 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
253 |
|
|
|
246 |
|
|
|
250 |
|
|
|
246 |
|
|
|
Average number of gaming machines |
|
726 |
|
|
|
661 |
|
|
|
679 |
|
|
|
667 |
|
|
|
Table games win per unit per day (5) |
$ |
13,212 |
|
|
$ |
10,380 |
|
|
$ |
13,270 |
|
|
$ |
8,331 |
|
|
|
Gaming machines win per unit per day (6) |
$ |
418 |
|
|
$ |
352 |
|
|
$ |
443 |
|
|
$ |
319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
Studio City (NYSE:MSC)
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From Nov 2024 to Dec 2024
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From Dec 2023 to Dec 2024