Studio City International Holdings Limited Announces Unaudited Fourth Quarter 2023 Earnings
- Total operating revenues for Q4 2023 were US$141.3 million, a significant increase from US$4.2 million in Q4 2022.
- Studio City Casino generated gross gaming revenues of US$294.8 million in Q4 2023, compared to US$40.9 million in Q4 2022.
- Adjusted EBITDA for Q4 2023 was US$64.8 million, a positive turnaround from negative Adjusted EBITDA of US$34.5 million in Q4 2022.
- Net loss attributable to Studio City International Holdings Limited for Q4 2023 decreased to US$18.6 million from US$85.4 million in Q4 2022.
- Total operating revenues for the full year 2023 reached US$445.5 million, compared to US$11.5 million in the prior year.
- Studio City generated Adjusted EBITDA of US$159.2 million for the full year 2023, a significant improvement from negative Adjusted EBITDA of US$140.8 million in 2022.
- None.
The substantial rise in Studio City International Holdings Limited's operating revenues, from US$4.2 million in Q4 2022 to US$141.3 million in Q4 2023, is a significant indicator of recovery and growth, especially considering the backdrop of COVID-19 related restrictions easing. This performance can be anticipated to have a positive effect on investor sentiment, as it suggests a strong rebound in consumer demand within the gaming and hospitality sectors. The opening of Studio City Phase 2 appears to have been a strategic move, contributing to both gaming and non-gaming revenue streams.
It is noteworthy that despite the increase in the rolling chip volume, the rolling chip win rate was below the expected range of 2.85%-3.15%. This could be a point of concern for investors, as it might indicate less favorable odds for the casino in the short term, although it could also be an anomaly when viewed over a longer period. The mass market table games and gaming machine handle also saw substantial increases, which, along with the improved hold percentages, are positive indicators of customer engagement and profitability.
The reduction in net debt and the successful tender offer for the senior notes are likely to be viewed favorably from a financial stability perspective. However, the reported net loss, despite improved revenues, highlights ongoing challenges in reaching profitability. Investors may seek clarity on the strategies that Studio City will employ to translate revenue growth into net income.
Analyzing Studio City's financials reveals a significant turnaround in Adjusted EBITDA, moving from negative US$34.5 million in Q4 2022 to positive US$64.8 million in Q4 2023. Adjusted EBITDA is a crucial metric for investors as it provides insight into the company's operational profitability before non-cash expenses and finance-related decisions are taken into account. The improvement in this area suggests that operational efficiency has increased, possibly due to the scale of operations expanding with the opening of Studio City Phase 2.
However, the discrepancy between the Adjusted EBITDA figures reported by Studio City and those in Melco's earnings release warrants attention. The difference due to intercompany charges and certain gaming concession-related costs may require investors to scrutinize the quality of earnings and the transparency of financial reporting. This could impact the valuation multiples investors are willing to apply to the company's earnings.
The capital expenditures of US$15.3 million in the fourth quarter indicate continued investment in the resort's assets, which could be seen as a commitment to maintaining high-quality services and potentially driving future revenue growth. However, the high level of interest expenses and the net loss for the year underscore the importance of monitoring the company's leverage and its ability to service debt from operational cash flow.
In the context of the gaming industry, Studio City's performance reflects a broader trend of recovery in the Macau region following the lifting of COVID-19 restrictions. The increase in mass market table games drop and gaming machine handle suggests a return of the general consumer base, as opposed to the VIP segment which is tracked through the rolling chip volume. The higher mass market table games hold percentage indicates an efficient capture of revenues from this segment.
The gaming machine win rate improvement is also indicative of favorable outcomes for the casino, although it's critical to monitor this against industry averages to ensure that the customer experience remains competitive. The reported win rates and hold percentages are vital for understanding the health and sustainability of revenue streams within the casino operations.
The performance of Studio City's non-gaming revenues is equally important, as diversification away from gaming revenue has been a strategic focus for many integrated resorts. These revenues can offer more stability and be less susceptible to regulatory changes that often impact the gaming industry. The marked increase in non-gaming revenues could suggest success in creating a more holistic entertainment and hospitality offering.
MACAU, Feb. 29, 2024 (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 fourth quarter and full year ended December 31, 2023.
Total operating revenues for the fourth quarter of 2023 were US
Studio City Casino generated gross gaming revenues of US
Studio City Casino’s rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the fourth quarter of 2023 was US
Revenue from casino contract was US
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
Total non-gaming revenues at Studio City for the fourth quarter of 2023 were US
Operating income for the fourth quarter of 2023 was US
Studio City generated Adjusted EBITDA(1) of US
Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2023 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2023 were US
Depreciation and amortization costs of US
The Adjusted EBITDA for Studio City for the three months ended December 31, 2023 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated February 29, 2024 (“Melco’s earnings release”) was US
Financial Position and Capital Expenditures
Total cash and bank balances as of December 31, 2023 aggregated to US
Capital expenditures for the fourth quarter of 2023 were US
Full Year Results
For the year ended December 31, 2023, Studio City International Holdings Limited reported total operating revenues of US
Operating loss for 2023 was US
Studio City generated Adjusted EBITDA of US
Net loss attributable to Studio City International Holdings Limited for 2023 was US
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) COVID-19 outbreaks, and the impact of their consequences on our business, our industry and the global economy, (ii) risks associated with the Macau gaming law amended in 2022 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, share-based compensation 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 as measures our operating performance and to compare our operating performance with those of its competitors. The Company also presents Adjusted EBITDA because it is used by some investors as ways 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 measure 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 alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives 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 two 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 on extinguishment of debt, net of participation interest. 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 Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: jeannykim@melco-resorts.com
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 31513765
Email: 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, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Revenue from casino contract | $ | 56,981 | $ | (12,494 | ) | $ | 155,527 | $ | (56,665 | ) | |||||
| Rooms | 39,642 | 4,349 | 111,733 | 17,915 | |||||||||||
| Food and beverage | 19,815 | 4,634 | 62,426 | 17,489 | |||||||||||
| Entertainment | 2,992 | 474 | 61,777 | 1,649 | |||||||||||
| Services fee | 17,904 | 5,674 | 40,473 | 21,889 | |||||||||||
| Mall | 3,161 | 1,389 | 10,744 | 7,189 | |||||||||||
| Retail and other | 756 | 211 | 2,858 | 2,082 | |||||||||||
| Total operating revenues | 141,251 | 4,237 | 445,538 | 11,548 | |||||||||||
| Operating costs and expenses: | |||||||||||||||
| Costs related to casino contract | (7,582 | ) | (8,007 | ) | (28,847 | ) | (29,871 | ) | |||||||
| Rooms | (10,360 | ) | (2,643 | ) | (28,280 | ) | (11,119 | ) | |||||||
| Food and beverage | (17,652 | ) | (6,162 | ) | (54,741 | ) | (24,403 | ) | |||||||
| Entertainment | (3,704 | ) | (549 | ) | (53,056 | ) | (2,253 | ) | |||||||
| Mall | (1,442 | ) | (1,074 | ) | (4,212 | ) | (4,115 | ) | |||||||
| Retail and other | (443 | ) | (296 | ) | (1,986 | ) | (1,200 | ) | |||||||
| General and administrative | (35,299 | ) | (20,328 | ) | (115,203 | ) | (79,785 | ) | |||||||
| Pre-opening costs | 169 | (1,532 | ) | (17,451 | ) | (3,263 | ) | ||||||||
| Amortization of land use right | (828 | ) | (826 | ) | (3,302 | ) | (3,300 | ) | |||||||
| Depreciation and amortization | (49,906 | ) | (30,802 | ) | (166,095 | ) | (123,656 | ) | |||||||
| Property charges and other | (867 | ) | (2,009 | ) | (1,407 | ) | (5,799 | ) | |||||||
| Total operating costs and expenses | (127,914 | ) | (74,228 | ) | (474,580 | ) | (288,764 | ) | |||||||
| Operating income (loss) | 13,337 | (69,991 | ) | (29,042 | ) | (277,216 | ) | ||||||||
| Non-operating income (expenses): | |||||||||||||||
| Interest income | 2,502 | 2,240 | 10,675 | 6,427 | |||||||||||
| Interest expenses, net of amounts capitalized | (35,761 | ) | (21,928 | ) | (129,567 | ) | (92,358 | ) | |||||||
| Other financing costs | (106 | ) | (106 | ) | (417 | ) | (417 | ) | |||||||
| Foreign exchange (losses) gains, net | (1,879 | ) | (4,012 | ) | 642 | 2,390 | |||||||||
| Other (expenses) income, net | (6 | ) | 249 | (67 | ) | 249 | |||||||||
| Gain on extinguishment of debt | 1,531 | - | 1,611 | - | |||||||||||
| Total non-operating expenses, net | (33,719 | ) | (23,557 | ) | (117,123 | ) | (83,709 | ) | |||||||
| Loss before income tax | (20,382 | ) | (93,548 | ) | (146,165 | ) | (360,925 | ) | |||||||
| Income tax benefit (expense) | 4 | 103 | 81 | (382 | ) | ||||||||||
| Net loss | (20,378 | ) | (93,445 | ) | (146,084 | ) | (361,307 | ) | |||||||
| Net loss attributable to participation interest | 1,754 | 8,039 | 12,567 | 34,856 | |||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (18,624 | ) | $ | (85,406 | ) | $ | (133,517 | ) | $ | (326,451 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic | $ | (0.024 | ) | $ | (0.111 | ) | $ | (0.173 | ) | $ | (0.459 | ) | |||
| Diluted | $ | (0.024 | ) | $ | (0.111 | ) | $ | (0.173 | ) | $ | (0.461 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic | $ | (0.097 | ) | $ | (0.443 | ) | $ | (0.693 | ) | $ | (1.838 | ) | |||
| Diluted | $ | (0.097 | ) | $ | (0.443 | ) | $ | (0.693 | ) | $ | (1.846 | ) | |||
| 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 | 770,352,700 | 770,352,700 | 770,352,700 | 710,582,947 | |||||||||||
| Diluted | 770,352,700 | 770,352,700 | 770,352,700 | 783,094,707 | |||||||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| December 31, | December 31, | ||||||
| 2023 | 2022 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 228,040 | $ | 509,523 | |||
| Accounts receivable, net | 2,281 | 263 | |||||
| Receivables from affiliated companies | 40,969 | 221 | |||||
| Inventories | 5,763 | 5,121 | |||||
| Prepaid expenses and other current assets | 38,997 | 38,721 | |||||
| Total current assets | 316,050 | 553,849 | |||||
| Property and equipment, net | 2,775,806 | 2,868,064 | |||||
| Intangible assets, net | 5 | 1,373 | |||||
| Long-term prepayments, deposits and other assets | 27,787 | 48,325 | |||||
| Restricted cash | 130 | 130 | |||||
| Operating lease right-of-use assets | 11,619 | 13,136 | |||||
| Land use right, net | 105,304 | 108,645 | |||||
| Total assets | $ | 3,236,701 | $ | 3,593,522 | |||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND | |||||||
| PARTICIPATION INTEREST | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,454 | $ | 501 | |||
| Accrued expenses and other current liabilities | 135,514 | 165,688 | |||||
| Income tax payable | 10 | 22 | |||||
| Payables to affiliated companies | 18,799 | 81,178 | |||||
| Total current liabilities | 156,777 | 247,389 | |||||
| Long-term debt, net | 2,335,173 | 2,434,476 | |||||
| Other long-term liabilities | 3,209 | 21,631 | |||||
| Deferred tax liabilities, net | 309 | 382 | |||||
| Operating lease liabilities, non-current | 12,250 | 13,499 | |||||
| Total liabilities | 2,507,718 | 2,717,377 | |||||
| Shareholders’ equity and participation interest: | |||||||
| Class A ordinary shares, par value | 77 | 77 | |||||
| Class B ordinary shares, par value | 7 | 7 | |||||
| Additional paid-in capital | 2,477,359 | 2,477,359 | |||||
| Accumulated other comprehensive losses | (12,656 | ) | (11,671 | ) | |||
| Accumulated losses | (1,798,683 | ) | (1,665,166 | ) | |||
| Total shareholders’ equity | 666,104 | 800,606 | |||||
| Participation interest | 62,879 | 75,539 | |||||
| Total shareholders’ equity and participation interest | 728,983 | 876,145 | |||||
| Total liabilities, shareholders’ equity and participation interest | $ | 3,236,701 | $ | 3,593,522 | |||
| 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, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (18,624 | ) | $ | (85,406 | ) | $ | (133,517 | ) | $ | (326,451 | ) | |||
| Pre-opening costs | (169 | ) | 1,532 | 17,451 | 3,263 | ||||||||||
| Property charges and other | 867 | 2,009 | 1,407 | 5,799 | |||||||||||
| Gain on extinguishment of debt | (1,531 | ) | - | (1,611 | ) | - | |||||||||
| Participation interest impact on adjustments | 71 | (305 | ) | (1,484 | ) | (1,017 | ) | ||||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (19,386 | ) | $ | (82,170 | ) | $ | (117,754 | ) | $ | (318,406 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic | $ | (0.025 | ) | $ | (0.107 | ) | $ | (0.153 | ) | $ | (0.448 | ) | |||
| Diluted | $ | (0.025 | ) | $ | (0.107 | ) | $ | (0.153 | ) | $ | (0.450 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic | $ | (0.101 | ) | $ | (0.427 | ) | $ | (0.611 | ) | $ | (1.792 | ) | |||
| Diluted | $ | (0.101 | ) | $ | (0.427 | ) | $ | (0.611 | ) | $ | (1.799 | ) | |||
| 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 | 770,352,700 | 770,352,700 | 770,352,700 | 710,582,947 | |||||||||||
| Diluted | 770,352,700 | 770,352,700 | 770,352,700 | 783,094,707 | |||||||||||
| 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, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Operating income (loss) | $ | 13,337 | $ | (69,991 | ) | $ | (29,042 | ) | $ | (277,216 | ) | ||||
| Pre-opening costs | (169 | ) | 1,532 | 17,451 | 3,263 | ||||||||||
| Depreciation and amortization | 50,734 | 31,628 | 169,397 | 126,956 | |||||||||||
| Share-based compensation | - | 361 | - | 361 | |||||||||||
| Property charges and other | 867 | 2,009 | 1,407 | 5,799 | |||||||||||
| Adjusted EBITDA | $ | 64,769 | $ | (34,461 | ) | $ | 159,213 | $ | (140,837 | ) | |||||
| 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, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (18,624 | ) | $ | (85,406 | ) | $ | (133,517 | ) | $ | (326,451 | ) | |||
| Net loss attributable to participation interest | (1,754 | ) | (8,039 | ) | (12,567 | ) | (34,856 | ) | |||||||
| Net loss | (20,378 | ) | (93,445 | ) | (146,084 | ) | (361,307 | ) | |||||||
| Income tax (benefit) expense | (4 | ) | (103 | ) | (81 | ) | 382 | ||||||||
| Interest and other non-operating expenses, net | 33,719 | 23,557 | 117,123 | 83,709 | |||||||||||
| Depreciation and amortization | 50,734 | 31,628 | 169,397 | 126,956 | |||||||||||
| Property charges and other | 867 | 2,009 | 1,407 | 5,799 | |||||||||||
| Share-based compensation | - | 361 | - | 361 | |||||||||||
| Pre-opening costs | (169 | ) | 1,532 | 17,451 | 3,263 | ||||||||||
| Adjusted EBITDA | $ | 64,769 | $ | (34,461 | ) | $ | 159,213 | $ | (140,837 | ) | |||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||||||
| Supplemental Data Schedule | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Room Statistics(3): | ||||||||||||||||||||
| Average daily rate (4) | $ | 163 | $ | 100 | $ | 153 | $ | 111 | ||||||||||||
| Occupancy per available room | 94 | % | 32 | % | 90 | % | 28 | % | ||||||||||||
| Revenue per available room (5) | $ | 154 | $ | 32 | $ | 137 | $ | 31 | ||||||||||||
| Other Information(6): | ||||||||||||||||||||
| Average number of table games | 246 | 277 | 246 | 277 | ||||||||||||||||
| Average number of gaming machines | 643 | 671 | 661 | 700 | ||||||||||||||||
| Table games win per unit per day (7) | $ | 11,936 | $ | 1,477 | $ | 9,239 | $ | 1,562 | ||||||||||||
| Gaming machines win per unit per day (8) | $ | 418 | $ | 54 | $ | 343 | $ | 75 | ||||||||||||
| (3) | Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak | |||||||||||||||||||
| (4) | 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 | |||||||||||||||||||
| (5) | Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | |||||||||||||||||||
| (6) | Table games and gaming machines that were not in operation due to government-mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded | |||||||||||||||||||
| (7) | 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 | |||||||||||||||||||
| (8) | 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 | |||||||||||||||||||
FAQ
What were Studio City International Holdings Limited's total operating revenues for Q4 2023?
How did Studio City Casino's gross gaming revenues compare between Q4 2023 and Q4 2022?
What was the Adjusted EBITDA for Studio City in Q4 2023?
What was the net loss attributable to Studio City International Holdings Limited for Q4 2023?
What were Studio City International Holdings Limited's total operating revenues for the full year 2023?
What was the Adjusted EBITDA for Studio City for the full year 2023?
