Studio City International (MSC) Q1 2025 earnings summary

Executive summary

• Total operating revenues for Q1 2025 reached $162 million, up 7.7% year-over-year from $150 million, driven by improved gaming and non-gaming performance.

• Adjusted EBITDA for Q1 2025 was $70 million, a 5.6% increase compared to Q1 2024.

• Net loss widened to $17 million in Q1 2025 from $16 million in Q1 2024; net loss attributable to shareholders was $16.0 million.

• Strategic focus shifted to premium mass and mass segments, with VIP operations discontinued or transferred in late October 2024.

Financial highlights

• Gross gaming revenues increased to $336 million, up 6% year-over-year.

• Casino contract revenue rose 13.5% year-over-year to $76 million.

• Non-gaming revenue increased 3% to $86 million.

• Operating income was $15.3 million, slightly down from $16.1 million; Adjusted EBITDA margin was approximately 43%.

• Total operating costs and expenses grew 9.2% to $146 million.

Outlook and guidance

• Forward-looking statements highlight risks from Macau gaming law changes, market volatility, economic conditions, regulatory developments, and capital market volatility.