Studio City International Holdings ( (MSC) ) has released its Q3 earnings. Here is a breakdown of the information Studio City International Holdings presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Studio City International Holdings Limited operates a premium integrated resort in Cotai, Macau, primarily offering gaming and non-gaming entertainment services, and is majority owned by Melco Resorts & Entertainment Limited.
In its third quarter of 2024, Studio City International Holdings Limited reported an increase in total operating revenues to $174.6 million, up from $137.6 million in the same period last year, primarily driven by a resurgence in Macau’s inbound tourism and the enhanced operations following the launch of Studio City Phase 2.
The company’s casino segment saw a notable increase in gross gaming revenue to $335.5 million. Despite a decrease in rolling chip volume, the rolling chip win rate rose significantly to 5.57%. Non-gaming revenues also experienced a boost, contributing to an adjusted EBITDA of $68.2 million, up from $56.3 million in the previous year, although the net loss narrowed to $21.0 million from $28.4 million.
Looking ahead, Studio City aims to leverage the recovery in Macau’s tourism sector and the completion of recent expansion projects. The management remains focused on optimizing operational efficiencies and capturing the anticipated growth in the region’s gaming and hospitality market.
