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 q1
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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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