Exhibit 99.1
Studio City International Holdings Limited Announces Unaudited Second Quarter 2023 Earnings
MACAU, Aug. 01, 2023 (GLOBE NEWSWIRE) Studio City International Holdings Limited (NYSE: MSC) (Studio City or the Company), a
world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the second quarter of 2023.
Total operating
revenues for the second quarter of 2023 were US$115.2 million, compared with total operating revenues of negative US$1.9 million in the second quarter of 2022. The change was primarily attributable to the relaxation of COVID-19 related restrictions in Macau in January 2023 and the openings of the Epic Tower and indoor waterpark in April 2023, as well as the launch of residency concerts in the same month, which led to an increase
in revenue from casino contract and higher non-gaming revenues.
Studio City Casino generated gross gaming
revenues of US$214.5 million and US$34.6 million for the second quarters of 2023 and 2022, respectively.
Studio City Casinos rolling chip
volume was US$789.5 million in the second quarter of 2023 versus US$104.1 million in the second quarter of 2022. The rolling chip win rate was 1.43% in the second quarter of 2023 versus 5.33% in the second quarter of 2022. The expected
rolling chip win rate range is 2.85%- 3.15%.
Mass market table games drop increased to US$716.6 million in the second quarter of 2023, compared with
US$93.2 million in the second quarter of 2022. The mass market table games hold percentage was 25.5% in the second quarter of 2023, compared with 25.7% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$595.4 million, compared with US$201.7 million in the second quarter of 2022. The gaming
machine win rate was 3.4% in the second quarter of 2023, compared with 2.5% in the second quarter of 2022.
Revenue from casino contract was
US$31.2 million for the second quarter of 2023, compared with revenue from casino contract of negative US$17.4 million for the second quarter of 2022. Revenue from casino contract is net of gaming taxes and the costs incurred in connection
with the on-going operation of the Studio City Casino which are deducted by Melco Resorts (Macau) Limited, the gaming operator of the Studio City Casino (the Gaming Operator).
Total gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino deducted
from gross gaming revenues were US$183.3 million and US$52.0 million in the second quarters of 2023 and 2022, respectively.
Total non-gaming revenues at Studio City for the second quarter of 2023 were US$84.0 million, compared with US$15.5 million for the second quarter of 2022.
Operating loss for the second quarter of 2023 was US$18.7 million, compared with operating loss of US$72.8 million in the second quarter of 2022.
Studio City generated Adjusted EBITDA(1) of US$29.1 million in the second quarter of 2023,
compared with negative Adjusted EBITDA of US$40.2 million in the second quarter of 2022. The change was mainly attributable to the increase in revenue from casino contract and higher non-gaming revenues.
Net loss attributable to Studio City International Holdings Limited for the second quarter of 2023 was US$48.5 million, compared with net loss
attributable to Studio City International Holdings Limited of US$85.6 million in the second quarter of 2022. The net loss attributable to participation interest was US$4.6 million and US$8.1 million in the second quarters of 2023 and
2022, respectively.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2023 were US$34.5 million, which mainly included
interest expenses of US$36.3 million, partially offset by interest income of US$2.8 million.
Depreciation and amortization costs of
US$42.7 million were recorded in the second quarter of 2023, of which US$0.8 million was related to the amortization expense for the land use right.
The Adjusted EBITDA for Studio City for the three months ended June 30, 2023 referred to in the earnings release of Melco Resorts & Entertainment
Limited (Melco) dated August 1, 2023 (Melcos earnings release) is US$12.1 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 Melcos 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 Melcos earnings release does not reflect certain gaming concession related costs and certain intercompany
costs related to the table games operations at Studio City Casino.
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