Studio City releases Q1 2024 figures: GGR up 117% to $318.4m
The Macau hotel and casino has fared well with the increasing numbers of tourists visiting the area.
Studio City has released its unaudited Q1 2024 figures, for the period ending 31 March.
Studio City is majority-owned by Melco Resorts & Entertainment Limited and manages an integrated resort in Cotai, Macau.
Total operating revenue was $150.2m, a 192% increase from the same time last year. The gross gaming revenue for Studio City Casino rose 117% to $318.4m in Q1 2024.
While the rolling chip volume fell 27% to $525.8m, the rolling chip rate also rose 3.7% from 1.6%.
Table games drop rose 92% to $923.3m, while the the gambling machine handle rose a similar 91% to $824.3m.
The hotel’s occupancy rate went from 76% to 96%, driving the average revenue per room from $82 to $152.
However, the casino marked seven fewer gaming machines than it had towards the end of Q1 2023, for a total of 670.
Despite this figure, the average win per unit per day was $437, rather than the $272 it had reported in 2023.
When broken down into different sectors, revenue from the casino contract increased 257% to $66.9m, hotel rooms rose 198.7% to $38.5m and entertainment grew 400% to $8.4m.
This is attributed to increasing levels of tourism between Macau and China, with the latest figures from Macau as a whole showing a similar trend.
Income for Studio City was $16.1m, which is compared to the ($26.9m) operating loss the year prior.
Adjusted EBITDA was $66.2m, a 628% increase from last year, attributable to the increase in revenue from casino contract and higher non-gaming revenues.
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