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

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

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

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.

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