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Studio City has released its unaudited financial ps for the second quarter of 2024, as it continues to benefit from a larger number of visitors.
Total operating revenue for the resort reached $161.5m during the period, representing a 40.1% increase year-on-year, which has mainly been helped by the recovery in inbound tourism in Macau, as well as the opening of Studio City Phase 2 in April 2023.
Macau as a whole has seen an increasing number of visitors to the region, with total visitor arrivals in the first half of 2024 up 43%, while Macau’s gross gaming revenue in July rose 11.6% year-on-year.
Looking at segments of revenue, revenue from ‘casino contract’ (casino revenue) was up a staggering 98.9% from the same period last year, while total non-gaming revenue was valued at $99.4m compared with $84m in the second quarter of 2023. The only individual segment of revenue that did not see growth was entertainment.
During the quarter, Studio City recorded operating income of $3m, a vast improvement on the operating loss of $18.7m which was seen during Q2 2023.
As for adjusted EBITDA, this number rose 86.3% to $54.2m during the second quarter of the year, which was mainly down to the increase in casino revenue and likewise the growth seen in non-gaming revenue.
In other results-based news today, Paysafe has also released its second-quarter results for the year, also highlighting a positive period for the company.
