Studio City Q2 operating revenue at “negative $1.9m”

Studio City International Holdings has published its unaudited financial results for Q2 2022.

studio city financial background gambling insider web image

Total operating revenue was reported to be “negative $1.9m,” compared to the Q2 2021 total of $31.2m.

This result can be attributed to the tightening of border restrictions in Macau and mainland China, as a result of surges in Covid-19 cases, which have also led to falls in casino revenue.

Studio City generated negative adjusted EBITDA of $40.2m for the quarter, compared to negative adjusted EBITDA of $9.5m the previous year. This can be attributed to a decrease in revenue from casino contracts and lower non-gaming revenues.

Q2 operating loss stood at $72.8m, compared to $45.8m, while net loss attributable to Studio City amounted to $85.6m, compared to $59.7m.

As of 30 June, total cash and bank balances aggregated to $812.7m, with $0.1m of restricted cash. Total debt at the end of the quarter amounted to $2.43bn.

Studio City Casino’s gross gaming revenue amounted to $34.6m, a significant year-on-year fall from $106.1m.

The casino’s rolling chip volume was $104.1m, down from the previous total of $386.1m.

Mass market table games drop fell from $319.7m to $93.2m, while gaming machine handle dipped to $201.7m from $299.4m.

Studio City reported that Covid outbreaks and restrictions “continue to have a material effect on our operations, financial position and future prospects into the third quarter of 2022.”

Macau casinos reopened in July after government-ordered closures, with limitations on staff and guests remaining in place.

Industry experts predicted a bleak near-term future for the Macau gaming sector, with closures expected to have significant detrimental impacts on revenue.

Casino News Sponsor
Premium+ Connections
Premium Connections
Executive Profiles
Wynn Macau
MGM Resorts Japan
Bloomberry Resorts Corporation
Sightline Payments

Global Gaming Awards Asia: What to expect in 2023

Gambling Insider looks ahead to the Global Gaming Awards Asi...

The power of the rebrand

With the help of industry experts, Gambling Insider Editor T...

Evolution Europe CEO Gionata La Torre: The Italian job

Evolution Group’s new CEO Europe, sits down with Gambling...

Big Question: How can slots innovate from here?

Simon Hammon, CEO of Relax Gaming, Erkki Nikunen, Partner &...

Read Magazine

30 March, 2023

Wilfred Wong: Macau “cannot just rely on gaming”

Sands China’s President and Executive Director, Wilfred Wong, has echoed earlier calls by the Chinese Government to diversify the gambling province of Macau.