Studio City posts Q3 GGR figure of $335.5m
The latest figures highlight a GGR rise of 26.8% as Macau’s inbound tourism continues to recover.
Key points:
– GGR, operating revenues, income and adjusted EBITDA all rise year-on-year for Studio City, which is majority owned by Melco
– The company also managed to reduce its attributable net loss figure when compared to Q3 2023
– Macau’s recovering tourism figures continue to be reflected in the financial results of its key operators
Studio City International has announced its official Q3 2024 financial results, showcasing a global gaming revenue rise (GGR) of 26.8% year-on-year to $335.5m, which the company has primarily attributed to the recovery of Macau’s inbound tourism figures.
GGR aside, Studio City’s operating revenues for the year’s third quarter totalled $174.6m, up 23.7% year-on-year. These overall increases in revenue have come not only as a result of recovering tourism figures in Macau, but also following the opening of Studio City Phase 2 in April. Non-gaming revenues at Studio City for the third quarter of the year also reached $107.3m, up from the $89m posted for Q3 2023.
Studio City’s operating income during 2024’s third quarter was $16m, compared to $3.2m for Q3 2023. Further, adjusted EBITDA figures saw a positive increase year-on-year, rising by 19.1% to $68.2m.
The operator has noted that adjusted EBITDA figures released today are a considerable $24.7m higher than those detailed in the earnings release of Melco Resorts & Entertainment, due to ‘intercompany charges.’
After severely struggling in the wake of the pandemic, with Studio City’s operating revenues being at negative $1.9m in Q2 2022, these latest revenue figures will be both a welcome and encouraging sight as we move through the final phase of the year.
However, Studio City Casino’s rolling chip volume for the period of Q3 2024 decreased by 36.2% year-on-year to a figure of $494.8m during 2024’s most recent quarter, reflective of a rolling chip win rate of 5.57% in Q3 2024, up from 1.78% in the third quarter of 2023.
Despite this, Studio City also managed to reduce its attributable net loss figure to $21m for Q3 2024, compared to a figure of $28.4m reported for the third quarter of 2023.
Studio City’s gaming machine handle went up in line with the increasing inbound tourism figures in Macau, taking $853m in wagers during the year’s third quarter – 23.5% higher than the $673.9m generated in Q3 last year.
These latest results build on more positive figures from the rest of 2024, which saw the company’s GGR rise by 117% in Q1, with operating revenue also going up by 40.1% in Q2. More recently, Studio City teamed up with Aristocrat for October Golden Week.
Good to know: Macau’s overall GGR rose by 6.6% to MOP190.1bn for the month of October
Indeed, tourism figures in Macau have been making a strong recovery as of late, hurtling back up towards pre-pandemic figures, much to the relief of the jurisdiction’s gambling market stakeholders. Total GGR in the region for 2024 so far is currently also 28.1% higher than it was at this time in 2023.
However, it has not all been positive, as the Macau Government reported a rise in gaming-related crime in September, news which subsequently sparked the implementation of new, stricter, illegal gambling legislation pertaining to online gaming, loans and lottery.
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