Studio City, the renowned resort in Macau, has recently unveiled its unaudited financial results for the second quarter of 2024, showcasing impressive growth amidst a positive period in the region. The figures reveal a total operating revenue of $161.5 million during the period, marking a substantial 40.1% increase year-on-year.
This significant growth has largely been attributed to the resurgence of inbound tourism in Macau, coupled with the highly anticipated opening of Studio City Phase 2 in April 2023. The influx of visitors to Macau as a whole has been on the rise, with total visitor arrivals in the first half of 2024 up by an impressive 43%. Furthermore, Macau’s gross gaming revenue saw a notable 11.6% increase year-on-year in July.
Speaking about the revenue breakdown, it is worth noting that revenue from the ‘casino contract’ (casino revenue) saw a staggering 98.9% surge compared to the same period last year. Additionally, total non-gaming revenue reached $99.4 million, showing a significant uptick from $84 million in the second quarter of 2023. The only segment that did not experience growth was entertainment.
During the quarter, Studio City reported operating income of $3 million, a remarkable improvement from the operating loss of $18.7 million recorded in Q2 2023. The adjusted EBITDA also saw a substantial increase of 86.3%, reaching $54.2 million in the second quarter of the year. This uptick can be attributed to the boost in casino revenue and the growth in non-gaming revenue.
In addition to Studio City’s impressive financial performance, Paysafe has also announced its second-quarter results for the year, highlighting a positive period for the company. The overall growth and success seen in both entities are indicative of a thriving period in Macau’s resort and gaming industry.
Overall, the financial figures released by Studio City underscore the positive momentum and growth trajectory the resort is currently experiencing, signaling a promising outlook for the future. The heightened visitor numbers, coupled with the strategic business decisions made by the resort, have undoubtedly contributed to its strong performance in the second quarter of 2024. As the region continues to attract tourists and gaming enthusiasts, Studio City remains a key player in Macau’s vibrant entertainment landscape.
