Studio City International Holdings Limited Announces Unaudited First Quarter 2025 Earnings
MACAU, May 08, 2025 (GLOBE NEWSWIRE) -- 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 first quarter of 2025.
Total operating revenues for the first quarter of 2025 were US$161.7 million, compared with US$150.2 million in the first quarter of 2024. The increase was primarily attributable to better performance in all gaming operations leading to an increase in revenue from casino contract and higher overall non-gaming revenues.
Studio City Casino generated gross gaming revenues of US$336.2 million and US$318.4 million for the first quarters of 2025 and 2024, respectively.
Mass market table games drop was US$923.9 million in the first quarter of 2025, compared with US$923.3 million in the first quarter of 2024 and hold percentage was 32.8% in the first quarter of 2025, compared with 29.5% in the first quarter of 2024.
Gaming machine handle for the first quarter of 2025 was US$871.5 million, compared with US$824.3 million in the first quarter of 2024 and win rate was 3.8% in the first quarter of 2025, compared with 3.2% in the first quarter of 2024.
As reported in the earnings release for the fourth quarter of 2024, Studio City has strategically repositioned itself to focus on the premium mass and mass segments, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.
Revenue from casino contract was US$75.9 million for the first quarter of 2025, compared with US$66.9 million for the first quarter of 2024. 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$260.2 million and US$251.5 million in the first quarters of 2025 and 2024, respectively.
Total non-gaming revenues at Studio City for the first quarter of 2025 were US$85.8 million, compared with US$83.3 million for the first quarter of 2024.
Operating income for the first quarter of 2025 was US$15.3 million, compared with US$16.1 million in the first quarter of 2024.
Studio City's Adjusted EBITDA(1) was US$69.9 million in the first quarter of 2025, compared with US$66.2 million in the first quarter of 2024. The change was mainly attributable to the increase in revenue from casino contract and higher non-gaming revenues, partially offset by higher operating costs for the increase in business activities.
Net loss attributable to Studio City International Holdings Limited for the first quarter of 2025 was US$16.0 million, or US$0.08 per ADS, compared with US$14.6 million, or US$0.08 per ADS, in the first quarter of 2024. The net loss attributable to participation interest was US$1.5 million and US$1.4 million in the first quarters of 2025 and 2024, respectively.
Other Factors Affecting Earnings
Total net non-operating expenses for the first quarter of 2025 were US$30.8 million, which mainly included interest expense of US$32.5 million, partially offset by net foreign exchange gains of US$2.0 million.
Depreciation and amortization costs of US$52.5 million were recorded in the first quarter of 2025, 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 March 31, 2025 referred to in the earnings release of Melco Resorts & Entertainment Limited ('Melco') dated May 8, 2025 ('Melco's Earnings Release') was US$27.4 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 gaming operations at Studio City Casino.
Financial Position and Capital Expenditures
Total cash and bank balances as of March 31, 2025 aggregated to US$98.0 million (December 31, 2024: US$127.8 million), including US$0.1 million of restricted cash (December 31, 2024: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the first quarter of 2025 was US$2.16 billion (December 31, 2024: US$2.16 billion).
Capital expenditures for the first quarter of 2025 were US$16.1 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) 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
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 Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: [email protected]
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: [email protected]
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