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Studio City International Holdings Limited

Studio City International Holdings Limited

NYSE•MSC
CEO: Mr. Geoffrey Stuart Davis C.F.A.
Sector: Consumer Cyclical
Industry: Gambling, Resorts & Casinos
Listing Date: 2018-10-18
Studio City International Holdings Limited operates an entertainment resort in Macau. It operates Studio City Casino, comprising gaming tables, including tables for VIP rolling chip operations and gaming machines; and resort, which offers various non-gaming attractions, including figure-8 ferris wheel, night club and karaoke venue, live performance arena, and an outdoor and indoor water park, as well as hotel rooms and various food and beverage establishments, and retail space. The company was formerly known as Cyber One Agents Limited and changed its name to Studio City International Holdings Limited in January 2012. The company was founded in 2000 and is based in Central, Hong Kong. Studio City International Holdings Limited is a subsidiary of MCO Cotai Investments Limited.
Contact Information
The Centrium, 38th Floor 60 Wyndham Street, Central, Hong Kong
852-2598-3600
www.studiocity-macau.com
Market Cap
$171.40M
P/E (TTM)
-10.0
34.1
Dividend Yield
--
52W High
$7.24
52W Low
$2.30
52W Range
26%
2.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$182.51M+4.52%
4-Quarter Trend

EPS

-$0.39+254.55%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Jumps 43.5% Total operating revenues reached $639.1M USD in 2024, a significant 43.5% increase driven by tourism recovery and Phase 2 ramp-up.
Operating Income Achieved Swung to operating income of $38.1M USD in 2024 from a $29.0M USD operating loss in 2023, reflecting strong operational leverage.
Net Loss Significantly Reduced Net loss attributable to SCIH narrowed to $96.7M USD in 2024, substantially improving from the $133.5M USD net loss reported in 2023.
Hotel Performance Strong Average Daily Rate (ADR) increased to $165 USD in 2024, with occupancy rate reaching 96% for the year ended December 31, 2024.

Risk Factors

Macau Regulatory Dependence Operations heavily rely on Macau gaming laws; regulatory changes or government intervention could materially and adversely affect financial condition.
Substantial Debt Load Total outstanding indebtedness stands at $2.17B USD as of year-end 2024, requiring significant future principal and interest payments.
Tax Exemption Rejected Macau rejected the extension of the complementary tax exemption (2023-2032); this rejection may materially impact future financial condition.
Short Operating History Risks Full operations commenced recently (2015/2023 Phase 2); limited historical data subjects business to early-stage uncertainties and competitive challenges.

Outlook

Focus on Mass Market Growth Business strategy moving forward emphasizes cultivating further growth in premium mass and mass market gaming segments at Studio City Casino.
New Credit Facility Secured Signed 2024 SCCF providing HK$1.945B USD ($250.3M USD equivalent) in revolving credit facilities for general corporate purposes.
VIP Rolling Chip Cessation VIP rolling chip operations ceased in late October 2024; future strategy centers exclusively on mass market operations moving forward.

Peer Comparison

Revenue (TTM)

Designer Brands Inc.DBI
$2.92B
-4.6%
Baozun Inc.BZUN
$1.34B
+7.7%
The Children's Place, Inc.PLCE
$1.34B
-12.1%

Gross Margin (Latest Quarter)

Inspired Entertainment, Inc.INSE
95.7%
+25.7pp
J.Jill, Inc.JILL
68.4%
-2.0pp
Fossil Group, Inc.FOSL
49.0%
-0.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RCKY$221.46M10.88.6%28.6%
LOGC$203.32M-14.5-9.7%0.0%
INSE$199.26M3.5-1021.7%77.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+6.1%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 21, 2025|
    Revenue: $639.15M+43.5%
    |
    EPS: $-2.00-194.1%
    Miss

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 22, 2024|
    Revenue: $445.54M+3758.1%
    |
    EPS: $-0.68+66.7%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 31, 2023|
    Revenue: $11.55M-89.2%
    |
    EPS: $-2.04+37.0%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 31, 2022|
    Revenue: $106.87M+117.2%
    |
    EPS: $-3.24+25.0%
    Meet

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 31, 2021|
    Revenue: $49.21M-92.1%
    |
    EPS: $-4.32-871.4%
    Beat