Studio City Q4 & FY24 results: FY revenue up 43.5%, net loss down 27.6%
Q4 and FY24 results followed a similar trajectory, though for the full-year, Studio City reported a positive operating income and a decrease to net loss.
Key points:
– Q4 revenue and FY24 revenue were up 8.2% and 43.5% year-on-year
– Despite a 26.6% increase in FY costs and expenses, net loss was down 27.6%
Studio City has reported its financial results for Q4 2024 and FY24. In total, operating revenue for the quarter came to $152.9m, up 8.2% year-on-year, while FY24 revenue came to $639.1m, up a sizeable 43.5%.
Q4 2024
Of the quarter’s $152.9m revenue, $63.6m came from its casino contract, $44.9m came from rooms and $22.2m from food and beverage. These statistics were up across the board, at rates of 11.6%, 8.3% and 11.9% respectively, though services fees were down year-on-year, from $17.9m to $14.4m.
Indeed, the number of table games year-on-year increased by seven to 253, with average win per unit per day up 5.3% to $12,563. Gaming machines grew by 54 to 797 units, though $17 to $401.
Average daily rate for rooms was up $12 to $175, with occupancy up to 97% from last year’s 94%.
However, operating costs and expenses were also up year-on-year, totalling $149.7m, up 17.1%. An almost $4m increase to room costs and over $3m increase to food and beverage costs are notable reasons for this increase, though entertainment costs also almost doubled, up 93.8% to $7.2m. However, it is a 20.7% increase in general and administration costs that played the biggest factor, totalling $42.6m.
As such, operating income was down by over $10m year-on-year, from $13.3m in Q4 2023 to $3.1m in Q4 2024. This resulted in an increase in net loss year-on-year, from $20.4m in Q4 2023 to $30.4m in Q4 2024. Adjusted EBITDA followed a similar trajectory, down roughly $8m to $56.7m.
FY24 results
For the full-year, Studio City reported revenue of $639.1m. Of this, $259.8m, or 40.7%, came from its casino contract – a jump in revenue of 67.1%, or over $100m, from FY23. Room revenue was up 43.8% to $160.7m, while food and beverage was up by a similar margin of 43.6%, totalling $89.7m.
For the year, the average daily rate for rooms was also up $12, from $153 to $165, with occupancy up from 90% to 96%.
On average for the year, the number of tables increased by five to 251, with average win per unit per day up a notable 41.7% to $13,091. The average number of gaming machines for the year increase by 48 to 709, though much like Q4’s results, average win per unit per day was down, though only by $13, to $431.
Much like Q4, FY24 costs and expenses were also up year-on-year, increasing by 26.6% to $601m. However, the property reported an operating income for FY24, totalling $38.1m – an increase from the operating loss of $29m reported last year.
Indeed, despite an increase in costs and expenses, overall net loss for the year was down 27.6%, coming to $105.8m compared to last year’s $146.1m. Adjusted EBITDA was also up despite these circumstances, by a sizeable 54.1%, above the rate of revenue growth reported for the year.
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