The Adjusted EBITDA for Studio City for the three months ended December 31, 2024 referred to in the
earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated February 27, 2025 (“Melco’s Earnings Release”) was US$24.5 million more than the Adjusted EBITDA of Studio City contained in this
press release. The Adjusted EBITDA of Studio City contained in this press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melco’s Earnings Release. Such intercompany
charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in Melco’s Earnings Release does not
reflect certain gaming concession related costs and certain intercompany costs related to the table games operations at Studio City Casino.
Financial
Position and Capital Expenditures
Total cash and bank balances as of December 31, 2024 aggregated to US$127.8 million (December 31, 2023:
US$228.2 million), including US$0.1 million of restricted cash (December 31, 2023: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the fourth quarter of 2024 was
US$2.16 billion (December 31, 2023: US$2.34 billion), a reduction of approximately US$12 million, compared to the total debt, net balance as of September 30, 2024. The reduction in total debt, net was primarily as a result of the
repurchases of the Studio City Finance Limited 6.00% senior notes due 2025 during the fourth quarter of 2024.
On November 29, 2024, Studio City
Company Limited entered into a senior secured revolving credit facilities agreement in aggregate amount of HK$1,945,000,000 (equivalent to US$250 million) for a term of five years (the “2029 Studio City Senior Secured Credit Facility”). At
the same time, the terms of an existing senior secured credit facilities in an amount of HK$234 million (equivalent to US$30 million) were amended to be in line with the 2029 Studio City Senior Secured Credit Facility with the maturity date
being extended to August 29, 2029. HK$1.0 million (equivalent to US$0.1 million) was drawn under these credit facilities as of December 31, 2024.
Capital expenditures for the fourth quarter of 2024 were US$25.6 million.
Full Year Results
For the year ended December 31,
2024, Studio City International Holdings Limited reported total operating revenues of US$639.1 million, compared with US$445.5 million in the prior year. The increase in total operating revenues was primarily attributable to the continued
recovery in inbound tourism in Macau in 2024, and the ramp up of operations following the opening of Studio City Phase 2 starting in April 2023, which led to an increase in revenue from casino contract and higher
non-gaming revenues.
Operating income for 2024 was US$38.1 million, compared with operating loss of
US$29.0 million for 2023.
Studio City generated Adjusted EBITDA of US$245.3 million for the year ended December 31, 2024, compared with
US$159.2 million for 2023. The change in Adjusted EBITDA was mainly attributable to higher revenue from casino contract and non-gaming revenues, partially offset by higher operating costs.
Net loss attributable to Studio City International Holdings Limited for 2024 was US$96.7 million, compared with US$133.5 million for 2023. The net
loss attributable to participation interest for 2024 was US$9.1 million, compared with US$12.6 million for 2023.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in
its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any
forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our
anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business
development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”,
“aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as
required under applicable law.
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