Studio City International Holdings Limited (MSC) 10-Year Financial Performance & Capital Metrics

MSC • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

AboutStudio City International Holdings Limited operates a gaming, retail, and entertainment resort in Cotai, Macau. The company operates Studio City Casino with 250 mass market gaming tables; approximately 947 gaming machines; and 45 VIP rolling chip tables. Its resort provides various non-gaming facilities, including approximately 1,600 luxury hotel rooms; food and beverage outlets; figure-8 Ferris wheel; a night club and karaoke; a 5,000-seat live performance arena; and approximately 27,000 square meters of complementary 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 operates as a subsidiary of MCO Cotai Investments Limited.Show more

Revenue $639M +43.5%
EBITDA $243M +73.3%
Net Income -$97M +27.6%
EPS (Diluted) -2.00 +27.5%
Gross Margin 64.98% +6.0%
EBITDA Margin 38.05% +20.8%
Operating Margin 5.97% +191.6%
Net Margin -15.13% +49.5%
ROE -14.06% +15.5%
ROIC 1.03% +234.2%
Debt/Equity 3.37 +4.5%
Interest Coverage 0.29 +227.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.1% free cash flow margin
✓Trading at only 0.2x book value

✗Weaknesses

✗High debt to equity ratio of 3.4x
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y0.39%

3Y81.52%

TTM9.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM15.51%

EPS CAGR

10Y-

5Y-

3Y-

TTM10.5%

ROCE

10Y Avg-1.75%

5Y Avg-4.98%

3Y Avg-2.75%

Latest1.3%

Peer Comparison

Global Integrated Resort Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HGVHilton Grand Vacations Inc.	4.12B	48.19	104.76	25.21%	1.76%	5.71%	4.44%	3.70
LVSLas Vegas Sands Corp.	40.98B	60.61	30.92	8.93%	12.69%	83.34%	3.96%	4.35
WYNNWynn Resorts, Limited	12.2B	117.37	26.98	9.13%	7.09%		8.22%
MLCOMelco Resorts & Entertainment Limited	2.63B	6.73	22.43	22.86%	2.06%		12.38%
MTNVail Resorts, Inc.	4.98B	139.17	18.48	2.73%	8.94%	56.85%	6.42%	4.57
MGMMGM Resorts International	9.68B	35.41	14.75	6.66%	0.4%	2.02%	12.51%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.48	11.14	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	635.54M	3.30	-1.65	43.45%	-9.61%	-11.09%	16.23%	3.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	69.33M	424.53M	539.81M	571.21M	626.73M	49.21M	106.87M	11.55M	445.54M	639.14M
Revenue Growth %	-	5.12%	0.27%	0.06%	0.1%	-0.92%	1.17%	-0.89%	37.58%	0.43%
Cost of Goods Sold+	28.76M	166.5M	130.25M	128.27M	145.3M	79.59M	82.25M	78.76M	172.53M	223.86M
COGS % of Revenue	0.41%	0.39%	0.24%	0.22%	0.23%	1.62%	0.77%	6.82%	0.39%	0.35%
Gross Profit+	40.57M	258.04M	409.57M	442.94M	481.44M	-30.39M	24.62M	-67.21M	273.01M	415.29M
Gross Margin %	0.59%	0.61%	0.76%	0.78%	0.77%	-0.62%	0.23%	-5.82%	0.61%	0.65%
Gross Profit Growth %	-	5.36%	0.59%	0.08%	0.09%	-1.06%	1.81%	-3.73%	5.06%	0.52%
Operating Expenses+	229.85M	312.8M	329.12M	305.08M	303.44M	249.54M	216.19M	210M	302.05M	377.14M
OpEx % of Revenue	3.32%	0.74%	0.61%	0.53%	0.48%	5.07%	2.02%	18.19%	0.68%	0.59%
Selling, General & Admin	35.37M	136.9M	152.68M	132.64M	128.93M	89.01M	87.58M	79.78M	115.2M	171.27M
SG&A % of Revenue	0.51%	0.32%	0.28%	0.23%	0.21%	1.81%	0.82%	6.91%	0.26%	0.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	194.48M	175.91M	176.44M	172.44M	174.51M	160.53M	128.62M	130.22M	186.85M	205.87M
Operating Income+	-189.28M	-54.77M	80.45M	137.86M	178M	-279.93M	-191.57M	-277.22M	-29.04M	38.15M
Operating Margin %	-2.73%	-0.13%	0.15%	0.24%	0.28%	-5.69%	-1.79%	-24.01%	-0.07%	0.06%
Operating Income Growth %	-	0.71%	2.47%	0.71%	0.29%	-2.57%	0.32%	-0.45%	0.9%	2.31%
EBITDA+	-148.31M	117.1M	256.78M	305.75M	349.94M	-119.59M	-63.94M	-150.26M	140.35M	243.21M
EBITDA Margin %	-2.14%	0.28%	0.48%	0.54%	0.56%	-2.43%	-0.6%	-13.01%	0.32%	0.38%
EBITDA Growth %	-	1.79%	1.19%	0.19%	0.14%	-1.34%	0.47%	-1.35%	1.93%	0.73%
D&A (Non-Cash Add-back)	40.97M	171.86M	176.33M	167.89M	171.94M	160.33M	127.63M	126.96M	169.4M	205.06M
EBIT	-208.92M	-83.08M	83.24M	140.31M	176.32M	-301.3M	-211.49M	-268.57M	-16.6M	35.12M
Net Interest Income+	-36.73M	-159.73M	-158.17M	-157.35M	-126.85M	-103.52M	-87.91M	-85.93M	-118.89M	-129.53M
Interest Income	4.64M	1.15M	2.17M	3.58M	5.86M	1.28M	3.06M	6.43M	10.68M	4.06M
Interest Expense	41.37M	160.88M	159.92M	160.51M	132.29M	104.8M	90.97M	92.36M	129.57M	133.59M
Other Income/Expense	-42.93M	-187.55M	-157.13M	-158.06M	-133.97M	-126.17M	-110.89M	-83.71M	-117.12M	-136.63M
Pretax Income+	-232.21M	-242.31M	-76.68M	-20.2M	44.03M	-406.1M	-302.46M	-360.93M	-146.16M	-98.48M
Pretax Margin %	-3.35%	-0.57%	-0.14%	-0.04%	0.07%	-8.25%	-2.83%	-31.25%	-0.33%	-0.15%
Income Tax+	353K	474K	-239K	544K	402K	-1.01M	-457K	382K	-81K	7.35M
Effective Tax Rate %	1%	1%	1%	1.07%	0.76%	0.79%	0.84%	0.9%	0.91%	0.98%
Net Income+	-232.56M	-242.79M	-76.44M	-21.6M	33.56M	-321.63M	-252.56M	-326.45M	-133.52M	-96.73M
Net Margin %	-3.35%	-0.57%	-0.14%	-0.04%	0.05%	-6.54%	-2.36%	-28.27%	-0.3%	-0.15%
Net Income Growth %	-	-0.04%	0.69%	0.72%	2.55%	-10.58%	0.21%	-0.29%	0.59%	0.28%
Net Income (Continuing)	-232.56M	-242.79M	-76.44M	-20.75M	43.63M	-405.09M	-302M	-361.31M	-146.08M	-105.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	252.93M	0	0	0	0	0	55.78M
EPS (Diluted)+	-1.88	-3.27	-1.03	-0.43	0.56	-17.32	-10.92	-7.36	-2.76	-2.00
EPS Growth %	-	-0.74%	0.69%	0.58%	2.3%	-31.93%	0.37%	0.33%	0.63%	0.28%
EPS (Basic)	-1.88	-3.27	-1.03	-0.43	0.56	-17.32	-10.92	-7.36	-2.76	-2.00
Diluted Shares Outstanding	74.27M	74.27M	74.27M	47.88M	60.45M	23.15M	23.15M	48.94M	48.15M	48.15M
Basic Shares Outstanding	74.27M	74.27M	74.27M	47.88M	60.45M	23.15M	23.15M	44.41M	48.15M	48.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	661.07M	397.22M	460.93M	459.04M	414.44M	607.82M	563.69M	553.85M	316.05M	166.37M
Cash & Short-Term Investments	285.07M	336.78M	358.28M	345.85M	299.37M	575.22M	499.29M	509.52M	228.04M	127.63M
Cash Only	285.07M	336.78M	348.4M	345.85M	299.37M	575.22M	499.29M	509.52M	228.04M	127.63M
Short-Term Investments	0	0	9.88M	0	0	0	0	0	0	0
Accounts Receivable	5.65M	4.4M	40.17M	44.05M	63.39M	10.83M	15.94M	484K	43.25M	2.29M
Days Sales Outstanding	29.75	3.78	27.16	28.15	36.92	80.32	54.46	15.3	35.43	1.3
Inventory	8.1M	9.48M	10.14M	9.9M	9.76M	9.3M	5.83M	5.12M	5.76M	7.31M
Days Inventory Outstanding	102.74	20.79	28.42	28.18	24.53	42.63	25.86	23.73	12.19	11.91
Other Current Assets	362.26M	34.33M	34.4M	31.58M	27.73M	13K	0	0	39M	0
Total Non-Current Assets+	2.73B	2.62B	2.47B	2.34B	2.3B	2.44B	2.76B	3.04B	2.92B	2.82B
Property, Plant & Equipment	2.52B	2.42B	2.28B	2.18B	2.14B	2.23B	2.59B	2.88B	2.79B	2.66B
Fixed Asset Turnover	0.03x	0.18x	0.24x	0.26x	0.29x	0.02x	0.04x	0.00x	0.16x	0.24x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	132.32M	129M	125.67M	121.54M	118.89M	120.11M	114.89M	110.02M	105.31M	102.63M
Long-Term Investments	0	130K	130K	129K	0	0	0	0	0	130K
Other Non-Current Assets	80.61M	76.38M	60.85M	45.9M	43M	86.76M	48.1M	46.81M	26.99M	52.5M
Total Assets+	3.39B	3.02B	2.93B	2.8B	2.71B	3.04B	3.32B	3.59B	3.24B	2.99B
Asset Turnover	0.02x	0.14x	0.18x	0.20x	0.23x	0.02x	0.03x	0.00x	0.14x	0.21x
Asset Growth %	-	-0.11%	-0.03%	-0.04%	-0.03%	0.12%	0.09%	0.08%	-0.1%	-0.08%
Total Current Liabilities+	327.21M	193.44M	178.07M	438.97M	100.17M	162.15M	254.73M	247.39M	156.78M	180.76M
Accounts Payable	0	3.48M	2.72M	6.42M	3.34M	206K	211K	501K	2.45M	3.29M
Days Payables Outstanding	-	7.63	7.63	18.27	8.38	0.94	0.94	2.32	5.19	5.36
Short-Term Debt	74.63M	0	0	347.74M	0	0	0	0	0	21.6M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	214.04M	112.25M	103.5M	0	0	0	0	0	7.51M	49.08M
Current Ratio	2.02x	2.05x	2.59x	1.05x	4.14x	3.75x	2.21x	2.24x	2.02x	0.92x
Quick Ratio	2.00x	2.00x	2.53x	1.02x	4.04x	3.69x	2.19x	2.22x	1.98x	0.88x
Cash Conversion Cycle	-	16.94	47.96	38.06	53.06	122.01	79.38	36.71	42.43	7.86
Total Non-Current Liabilities+	2.01B	2.01B	2.01B	1.27B	1.45B	1.61B	2.12B	2.47B	2.35B	2.16B
Long-Term Debt	1.98B	1.99B	2B	1.26B	1.44B	1.58B	2.09B	2.43B	2.34B	2.14B
Capital Lease Obligations	0	0	0	0	13.72M	17.14M	14.8M	13.5M	12.25M	12.23M
Deferred Tax Liabilities	0	827K	588K	1.04M	1.45M	448K	0	382K	309K	77K
Other Non-Current Liabilities	23.45M	19.13M	9.51M	4.02M	3.15M	11.78M	17.77M	21.63M	3.21M	4.12M
Total Liabilities	2.33B	2.21B	2.19B	1.71B	1.55B	1.78B	2.37B	2.72B	2.51B	2.34B
Total Debt+	2.06B	1.99B	2B	1.61B	1.45B	1.6B	2.1B	2.45B	2.35B	2.18B
Net Debt	1.77B	1.66B	1.65B	1.26B	1.15B	1.03B	1.6B	1.94B	2.12B	2.05B
Debt / Equity	1.94x	2.44x	2.70x	1.19x	1.25x	1.26x	2.23x	2.80x	3.22x	3.37x
Debt / EBITDA	-	17.01x	7.79x	5.26x	4.14x	-	-	-	16.73x	8.95x
Net Debt / EBITDA	-	14.14x	6.43x	4.13x	3.29x	-	-	-	15.11x	8.43x
Interest Coverage	-4.57x	-0.34x	0.50x	0.86x	1.35x	-2.67x	-2.11x	-3.00x	-0.22x	0.29x
Total Equity+	1.06B	816.48M	740.04M	1.35B	1.16B	1.27B	944.18M	876.14M	728.98M	646.52M
Equity Growth %	-	-0.23%	-0.09%	0.82%	-0.14%	0.09%	-0.26%	-0.07%	-0.17%	-0.11%
Book Value per Share	14.26	10.99	9.96	28.18	19.17	54.77	40.79	17.90	15.14	13.43
Total Shareholders' Equity	1.06B	816.48M	740.04M	1.1B	1.16B	1.27B	944.18M	876.14M	728.98M	590.74M
Common Stock	18K	18K	18K	31K	31K	44K	44K	84K	84K	84K
Retained Earnings	-453.94M	-696.73M	-773.17M	-798.1M	-764.53M	-1.09B	-1.34B	-1.67B	-1.8B	-1.9B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	427K	488K	488K	-14.06M	269K	11.88M	-6.14M	-11.67M	-12.66M	8.7M
Minority Interest	0	0	0	252.93M	0	0	0	0	0	55.78M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-113.05M	14.58M	68.31M	139.52M	228.5M	-181.63M	-136.84M	-178.78M	-18.89M	189.9M
Operating CF Margin %	-1.63%	0.03%	0.13%	0.24%	0.36%	-3.69%	-1.28%	-15.48%	-0.04%	0.3%
Operating CF Growth %	-	1.13%	3.69%	1.04%	0.64%	-1.79%	0.25%	-0.31%	0.89%	11.05%
Net Income	-232.56M	-242.79M	-76.44M	-20.75M	43.63M	-406.53M	-302M	-361.31M	-133.52M	-105.83M
Depreciation & Amortization	40.97M	171.86M	176.33M	167.89M	171.94M	160.56M	127.63M	126.96M	169.4M	205.06M
Stock-Based Compensation	0	0	0	0	0	791K	438K	361K	0	0
Deferred Taxes	0	0	0	0	0	-791K	20.97M	-361K	0	0
Other Non-Cash Items	23.31M	51.31M	28.62M	11.69M	19.25M	28.02M	10.48M	2.02M	-11.36M	5.37M
Working Capital Changes	55.23M	34.2M	-60.2M	-19.32M	-6.32M	36.32M	5.64M	53.56M	-43.41M	85.3M
Change in Receivables	-6.25M	2.84M	442K	241K	324K	1.25M	-91K	-16K	-42.68M	41.14M
Change in Inventory	-20.64M	6.13M	-7.22M	-9.39M	3.62M	2.13M	-1.79M	4.07M	-339K	8.43M
Change in Payables	33.22M	-4.25M	5.82M	-4.81M	9.52M	11.61M	-6.02M	10.88M	-20.72M	13.63M
Cash from Investing+	-972.53M	-106.71M	-55.34M	-147.51M	-90.92M	-195.51M	-407.24M	-453.39M	-161.54M	-108.46M
Capital Expenditures	-871.07M	-111.73M	-43.8M	-153.25M	-78.59M	-188.54M	-404.48M	-452.13M	-156.82M	-86.76M
CapEx % of Revenue	12.56%	0.26%	0.08%	0.27%	0.13%	3.83%	3.78%	39.15%	0.35%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-54.42M	13.51M	-2.73M	9.23M	1.38M	-6.98M	-336K	-1.27M	-4.72M	9.6M
Cash from Financing+	-2.89M	-122.79M	-1.28M	5.15M	-189.98M	623.89M	471.51M	643.11M	-100.9M	-183.26M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.89M	-27.23M	-1.28M	0	0	-25.33M	-33.3M	-6.05M	-530K	-7.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-984.13M	-97.15M	24.52M	-13.73M	149.92M	-370.16M	-541.32M	-630.9M	-175.72M	103.14M
FCF Margin %	-14.19%	-0.23%	0.05%	-0.02%	0.24%	-7.52%	-5.07%	-54.63%	-0.39%	0.16%
FCF Growth %	-	0.9%	1.25%	-1.56%	11.92%	-3.47%	-0.46%	-0.17%	0.72%	1.59%
FCF per Share	-13.25	-1.31	0.33	-0.29	2.48	-15.99	-23.39	-12.89	-3.65	2.14
FCF Conversion (FCF/Net Income)	0.49x	-0.06x	-0.89x	-6.46x	6.81x	0.56x	0.54x	0.55x	0.14x	-1.96x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-21.95%	-25.89%	-9.82%	-2.07%	2.68%	-26.51%	-22.84%	-35.87%	-16.64%	-14.06%
Return on Invested Capital (ROIC)	-5.01%	-1.55%	2.48%	4.13%	5.42%	-9.12%	-5.93%	-7.75%	-0.77%	1.03%
Gross Margin	58.52%	60.78%	75.87%	77.54%	76.82%	-61.75%	23.04%	-582.02%	61.28%	64.98%
Net Margin	-335.42%	-57.19%	-14.16%	-3.78%	5.36%	-653.61%	-236.32%	-2826.91%	-29.97%	-15.13%
Debt / Equity	1.94x	2.44x	2.70x	1.19x	1.25x	1.26x	2.23x	2.80x	3.22x	3.37x
Interest Coverage	-4.57x	-0.34x	0.50x	0.86x	1.35x	-2.67x	-2.11x	-3.00x	-0.22x	0.29x
FCF Conversion	0.49x	-0.06x	-0.89x	-6.46x	6.81x	0.56x	0.54x	0.55x	0.14x	-1.96x
Revenue Growth	-	512.3%	27.16%	5.82%	9.72%	-92.15%	117.18%	-89.19%	3758.14%	43.45%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Occupancy	-	-	-	-	17.91M	111.73M	160.72M
Occupancy Growth	-	-	-	-	-	523.68%	43.84%
Food and Beverage	-	-	-	-	24.4M	62.43M	89.66M
Food and Beverage Growth	-	-	-	-	-	155.81%	43.63%
Service Fee	39.13M	39.47M	26.15M	24.91M	21.89M	40.47M	59.53M
Service Fee Growth	-	0.88%	-33.74%	-4.76%	-12.11%	84.90%	47.08%
Entertainment	-	-	-	-	2.25M	61.78M	47.53M
Entertainment Growth	-	-	-	-	-	2641.99%	-23.06%
Mall	-	-	-	-	7.19M	10.74M	18.29M
Mall Growth	-	-	-	-	-	49.45%	70.23%
Retail and Other	-	-	-	-	2.08M	2.86M	3.57M
Retail and Other Growth	-	-	-	-	-	37.27%	24.95%

Frequently Asked Questions

Growth & Financials

Studio City International Holdings Limited (MSC) reported $687.1M in revenue for fiscal year 2024. This represents a 891% increase from $69.3M in 2015.

Studio City International Holdings Limited (MSC) grew revenue by 43.5% over the past year. This is strong growth.

Studio City International Holdings Limited (MSC) reported a net loss of $66.0M for fiscal year 2024.

Dividend & Returns

Studio City International Holdings Limited (MSC) has a return on equity (ROE) of -14.1%. Negative ROE indicates the company is unprofitable.

Studio City International Holdings Limited (MSC) generated $103.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

Studio City International Holdings Limited (MSC) 10-Year Financial Performance & Capital Metrics

MSC • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

Revenue $639M +43.5%
EBITDA $243M +73.3%
Net Income -$97M +27.6%
EPS (Diluted) -2.00 +27.5%
Gross Margin 64.98% +6.0%
EBITDA Margin 38.05% +20.8%
Operating Margin 5.97% +191.6%
Net Margin -15.13% +49.5%
ROE -14.06% +15.5%
ROIC 1.03% +234.2%
Debt/Equity 3.37 +4.5%
Interest Coverage 0.29 +227.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.1% free cash flow margin
✓Trading at only 0.2x book value

✗Weaknesses

✗High debt to equity ratio of 3.4x
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y0.39%

3Y81.52%

TTM9.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM15.51%

EPS CAGR

10Y-

5Y-

3Y-

TTM10.5%

ROCE

10Y Avg-1.75%

5Y Avg-4.98%

3Y Avg-2.75%

Latest1.3%

Peer Comparison

Global Integrated Resort Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HGVHilton Grand Vacations Inc.	4.12B	48.19	104.76	25.21%	1.76%	5.71%	4.44%	3.70
LVSLas Vegas Sands Corp.	40.98B	60.61	30.92	8.93%	12.69%	83.34%	3.96%	4.35
WYNNWynn Resorts, Limited	12.2B	117.37	26.98	9.13%	7.09%		8.22%
MLCOMelco Resorts & Entertainment Limited	2.63B	6.73	22.43	22.86%	2.06%		12.38%
MTNVail Resorts, Inc.	4.98B	139.17	18.48	2.73%	8.94%	56.85%	6.42%	4.57
MGMMGM Resorts International	9.68B	35.41	14.75	6.66%	0.4%	2.02%	12.51%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.48	11.14	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	635.54M	3.30	-1.65	43.45%	-9.61%	-11.09%	16.23%	3.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	69.33M	424.53M	539.81M	571.21M	626.73M	49.21M	106.87M	11.55M	445.54M	639.14M
Revenue Growth %	-	5.12%	0.27%	0.06%	0.1%	-0.92%	1.17%	-0.89%	37.58%	0.43%
Cost of Goods Sold+	28.76M	166.5M	130.25M	128.27M	145.3M	79.59M	82.25M	78.76M	172.53M	223.86M
COGS % of Revenue	0.41%	0.39%	0.24%	0.22%	0.23%	1.62%	0.77%	6.82%	0.39%	0.35%
Gross Profit+	40.57M	258.04M	409.57M	442.94M	481.44M	-30.39M	24.62M	-67.21M	273.01M	415.29M
Gross Margin %	0.59%	0.61%	0.76%	0.78%	0.77%	-0.62%	0.23%	-5.82%	0.61%	0.65%
Gross Profit Growth %	-	5.36%	0.59%	0.08%	0.09%	-1.06%	1.81%	-3.73%	5.06%	0.52%
Operating Expenses+	229.85M	312.8M	329.12M	305.08M	303.44M	249.54M	216.19M	210M	302.05M	377.14M
OpEx % of Revenue	3.32%	0.74%	0.61%	0.53%	0.48%	5.07%	2.02%	18.19%	0.68%	0.59%
Selling, General & Admin	35.37M	136.9M	152.68M	132.64M	128.93M	89.01M	87.58M	79.78M	115.2M	171.27M
SG&A % of Revenue	0.51%	0.32%	0.28%	0.23%	0.21%	1.81%	0.82%	6.91%	0.26%	0.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	194.48M	175.91M	176.44M	172.44M	174.51M	160.53M	128.62M	130.22M	186.85M	205.87M
Operating Income+	-189.28M	-54.77M	80.45M	137.86M	178M	-279.93M	-191.57M	-277.22M	-29.04M	38.15M
Operating Margin %	-2.73%	-0.13%	0.15%	0.24%	0.28%	-5.69%	-1.79%	-24.01%	-0.07%	0.06%
Operating Income Growth %	-	0.71%	2.47%	0.71%	0.29%	-2.57%	0.32%	-0.45%	0.9%	2.31%
EBITDA+	-148.31M	117.1M	256.78M	305.75M	349.94M	-119.59M	-63.94M	-150.26M	140.35M	243.21M
EBITDA Margin %	-2.14%	0.28%	0.48%	0.54%	0.56%	-2.43%	-0.6%	-13.01%	0.32%	0.38%
EBITDA Growth %	-	1.79%	1.19%	0.19%	0.14%	-1.34%	0.47%	-1.35%	1.93%	0.73%
D&A (Non-Cash Add-back)	40.97M	171.86M	176.33M	167.89M	171.94M	160.33M	127.63M	126.96M	169.4M	205.06M
EBIT	-208.92M	-83.08M	83.24M	140.31M	176.32M	-301.3M	-211.49M	-268.57M	-16.6M	35.12M
Net Interest Income+	-36.73M	-159.73M	-158.17M	-157.35M	-126.85M	-103.52M	-87.91M	-85.93M	-118.89M	-129.53M
Interest Income	4.64M	1.15M	2.17M	3.58M	5.86M	1.28M	3.06M	6.43M	10.68M	4.06M
Interest Expense	41.37M	160.88M	159.92M	160.51M	132.29M	104.8M	90.97M	92.36M	129.57M	133.59M
Other Income/Expense	-42.93M	-187.55M	-157.13M	-158.06M	-133.97M	-126.17M	-110.89M	-83.71M	-117.12M	-136.63M
Pretax Income+	-232.21M	-242.31M	-76.68M	-20.2M	44.03M	-406.1M	-302.46M	-360.93M	-146.16M	-98.48M
Pretax Margin %	-3.35%	-0.57%	-0.14%	-0.04%	0.07%	-8.25%	-2.83%	-31.25%	-0.33%	-0.15%
Income Tax+	353K	474K	-239K	544K	402K	-1.01M	-457K	382K	-81K	7.35M
Effective Tax Rate %	1%	1%	1%	1.07%	0.76%	0.79%	0.84%	0.9%	0.91%	0.98%
Net Income+	-232.56M	-242.79M	-76.44M	-21.6M	33.56M	-321.63M	-252.56M	-326.45M	-133.52M	-96.73M
Net Margin %	-3.35%	-0.57%	-0.14%	-0.04%	0.05%	-6.54%	-2.36%	-28.27%	-0.3%	-0.15%
Net Income Growth %	-	-0.04%	0.69%	0.72%	2.55%	-10.58%	0.21%	-0.29%	0.59%	0.28%
Net Income (Continuing)	-232.56M	-242.79M	-76.44M	-20.75M	43.63M	-405.09M	-302M	-361.31M	-146.08M	-105.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	252.93M	0	0	0	0	0	55.78M
EPS (Diluted)+	-1.88	-3.27	-1.03	-0.43	0.56	-17.32	-10.92	-7.36	-2.76	-2.00
EPS Growth %	-	-0.74%	0.69%	0.58%	2.3%	-31.93%	0.37%	0.33%	0.63%	0.28%
EPS (Basic)	-1.88	-3.27	-1.03	-0.43	0.56	-17.32	-10.92	-7.36	-2.76	-2.00
Diluted Shares Outstanding	74.27M	74.27M	74.27M	47.88M	60.45M	23.15M	23.15M	48.94M	48.15M	48.15M
Basic Shares Outstanding	74.27M	74.27M	74.27M	47.88M	60.45M	23.15M	23.15M	44.41M	48.15M	48.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	661.07M	397.22M	460.93M	459.04M	414.44M	607.82M	563.69M	553.85M	316.05M	166.37M
Cash & Short-Term Investments	285.07M	336.78M	358.28M	345.85M	299.37M	575.22M	499.29M	509.52M	228.04M	127.63M
Cash Only	285.07M	336.78M	348.4M	345.85M	299.37M	575.22M	499.29M	509.52M	228.04M	127.63M
Short-Term Investments	0	0	9.88M	0	0	0	0	0	0	0
Accounts Receivable	5.65M	4.4M	40.17M	44.05M	63.39M	10.83M	15.94M	484K	43.25M	2.29M
Days Sales Outstanding	29.75	3.78	27.16	28.15	36.92	80.32	54.46	15.3	35.43	1.3
Inventory	8.1M	9.48M	10.14M	9.9M	9.76M	9.3M	5.83M	5.12M	5.76M	7.31M
Days Inventory Outstanding	102.74	20.79	28.42	28.18	24.53	42.63	25.86	23.73	12.19	11.91
Other Current Assets	362.26M	34.33M	34.4M	31.58M	27.73M	13K	0	0	39M	0
Total Non-Current Assets+	2.73B	2.62B	2.47B	2.34B	2.3B	2.44B	2.76B	3.04B	2.92B	2.82B
Property, Plant & Equipment	2.52B	2.42B	2.28B	2.18B	2.14B	2.23B	2.59B	2.88B	2.79B	2.66B
Fixed Asset Turnover	0.03x	0.18x	0.24x	0.26x	0.29x	0.02x	0.04x	0.00x	0.16x	0.24x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	132.32M	129M	125.67M	121.54M	118.89M	120.11M	114.89M	110.02M	105.31M	102.63M
Long-Term Investments	0	130K	130K	129K	0	0	0	0	0	130K
Other Non-Current Assets	80.61M	76.38M	60.85M	45.9M	43M	86.76M	48.1M	46.81M	26.99M	52.5M
Total Assets+	3.39B	3.02B	2.93B	2.8B	2.71B	3.04B	3.32B	3.59B	3.24B	2.99B
Asset Turnover	0.02x	0.14x	0.18x	0.20x	0.23x	0.02x	0.03x	0.00x	0.14x	0.21x
Asset Growth %	-	-0.11%	-0.03%	-0.04%	-0.03%	0.12%	0.09%	0.08%	-0.1%	-0.08%
Total Current Liabilities+	327.21M	193.44M	178.07M	438.97M	100.17M	162.15M	254.73M	247.39M	156.78M	180.76M
Accounts Payable	0	3.48M	2.72M	6.42M	3.34M	206K	211K	501K	2.45M	3.29M
Days Payables Outstanding	-	7.63	7.63	18.27	8.38	0.94	0.94	2.32	5.19	5.36
Short-Term Debt	74.63M	0	0	347.74M	0	0	0	0	0	21.6M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	214.04M	112.25M	103.5M	0	0	0	0	0	7.51M	49.08M
Current Ratio	2.02x	2.05x	2.59x	1.05x	4.14x	3.75x	2.21x	2.24x	2.02x	0.92x
Quick Ratio	2.00x	2.00x	2.53x	1.02x	4.04x	3.69x	2.19x	2.22x	1.98x	0.88x
Cash Conversion Cycle	-	16.94	47.96	38.06	53.06	122.01	79.38	36.71	42.43	7.86
Total Non-Current Liabilities+	2.01B	2.01B	2.01B	1.27B	1.45B	1.61B	2.12B	2.47B	2.35B	2.16B
Long-Term Debt	1.98B	1.99B	2B	1.26B	1.44B	1.58B	2.09B	2.43B	2.34B	2.14B
Capital Lease Obligations	0	0	0	0	13.72M	17.14M	14.8M	13.5M	12.25M	12.23M
Deferred Tax Liabilities	0	827K	588K	1.04M	1.45M	448K	0	382K	309K	77K
Other Non-Current Liabilities	23.45M	19.13M	9.51M	4.02M	3.15M	11.78M	17.77M	21.63M	3.21M	4.12M
Total Liabilities	2.33B	2.21B	2.19B	1.71B	1.55B	1.78B	2.37B	2.72B	2.51B	2.34B
Total Debt+	2.06B	1.99B	2B	1.61B	1.45B	1.6B	2.1B	2.45B	2.35B	2.18B
Net Debt	1.77B	1.66B	1.65B	1.26B	1.15B	1.03B	1.6B	1.94B	2.12B	2.05B
Debt / Equity	1.94x	2.44x	2.70x	1.19x	1.25x	1.26x	2.23x	2.80x	3.22x	3.37x
Debt / EBITDA	-	17.01x	7.79x	5.26x	4.14x	-	-	-	16.73x	8.95x
Net Debt / EBITDA	-	14.14x	6.43x	4.13x	3.29x	-	-	-	15.11x	8.43x
Interest Coverage	-4.57x	-0.34x	0.50x	0.86x	1.35x	-2.67x	-2.11x	-3.00x	-0.22x	0.29x
Total Equity+	1.06B	816.48M	740.04M	1.35B	1.16B	1.27B	944.18M	876.14M	728.98M	646.52M
Equity Growth %	-	-0.23%	-0.09%	0.82%	-0.14%	0.09%	-0.26%	-0.07%	-0.17%	-0.11%
Book Value per Share	14.26	10.99	9.96	28.18	19.17	54.77	40.79	17.90	15.14	13.43
Total Shareholders' Equity	1.06B	816.48M	740.04M	1.1B	1.16B	1.27B	944.18M	876.14M	728.98M	590.74M
Common Stock	18K	18K	18K	31K	31K	44K	44K	84K	84K	84K
Retained Earnings	-453.94M	-696.73M	-773.17M	-798.1M	-764.53M	-1.09B	-1.34B	-1.67B	-1.8B	-1.9B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	427K	488K	488K	-14.06M	269K	11.88M	-6.14M	-11.67M	-12.66M	8.7M
Minority Interest	0	0	0	252.93M	0	0	0	0	0	55.78M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-113.05M	14.58M	68.31M	139.52M	228.5M	-181.63M	-136.84M	-178.78M	-18.89M	189.9M
Operating CF Margin %	-1.63%	0.03%	0.13%	0.24%	0.36%	-3.69%	-1.28%	-15.48%	-0.04%	0.3%
Operating CF Growth %	-	1.13%	3.69%	1.04%	0.64%	-1.79%	0.25%	-0.31%	0.89%	11.05%
Net Income	-232.56M	-242.79M	-76.44M	-20.75M	43.63M	-406.53M	-302M	-361.31M	-133.52M	-105.83M
Depreciation & Amortization	40.97M	171.86M	176.33M	167.89M	171.94M	160.56M	127.63M	126.96M	169.4M	205.06M
Stock-Based Compensation	0	0	0	0	0	791K	438K	361K	0	0
Deferred Taxes	0	0	0	0	0	-791K	20.97M	-361K	0	0
Other Non-Cash Items	23.31M	51.31M	28.62M	11.69M	19.25M	28.02M	10.48M	2.02M	-11.36M	5.37M
Working Capital Changes	55.23M	34.2M	-60.2M	-19.32M	-6.32M	36.32M	5.64M	53.56M	-43.41M	85.3M
Change in Receivables	-6.25M	2.84M	442K	241K	324K	1.25M	-91K	-16K	-42.68M	41.14M
Change in Inventory	-20.64M	6.13M	-7.22M	-9.39M	3.62M	2.13M	-1.79M	4.07M	-339K	8.43M
Change in Payables	33.22M	-4.25M	5.82M	-4.81M	9.52M	11.61M	-6.02M	10.88M	-20.72M	13.63M
Cash from Investing+	-972.53M	-106.71M	-55.34M	-147.51M	-90.92M	-195.51M	-407.24M	-453.39M	-161.54M	-108.46M
Capital Expenditures	-871.07M	-111.73M	-43.8M	-153.25M	-78.59M	-188.54M	-404.48M	-452.13M	-156.82M	-86.76M
CapEx % of Revenue	12.56%	0.26%	0.08%	0.27%	0.13%	3.83%	3.78%	39.15%	0.35%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-54.42M	13.51M	-2.73M	9.23M	1.38M	-6.98M	-336K	-1.27M	-4.72M	9.6M
Cash from Financing+	-2.89M	-122.79M	-1.28M	5.15M	-189.98M	623.89M	471.51M	643.11M	-100.9M	-183.26M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.89M	-27.23M	-1.28M	0	0	-25.33M	-33.3M	-6.05M	-530K	-7.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-984.13M	-97.15M	24.52M	-13.73M	149.92M	-370.16M	-541.32M	-630.9M	-175.72M	103.14M
FCF Margin %	-14.19%	-0.23%	0.05%	-0.02%	0.24%	-7.52%	-5.07%	-54.63%	-0.39%	0.16%
FCF Growth %	-	0.9%	1.25%	-1.56%	11.92%	-3.47%	-0.46%	-0.17%	0.72%	1.59%
FCF per Share	-13.25	-1.31	0.33	-0.29	2.48	-15.99	-23.39	-12.89	-3.65	2.14
FCF Conversion (FCF/Net Income)	0.49x	-0.06x	-0.89x	-6.46x	6.81x	0.56x	0.54x	0.55x	0.14x	-1.96x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-21.95%	-25.89%	-9.82%	-2.07%	2.68%	-26.51%	-22.84%	-35.87%	-16.64%	-14.06%
Return on Invested Capital (ROIC)	-5.01%	-1.55%	2.48%	4.13%	5.42%	-9.12%	-5.93%	-7.75%	-0.77%	1.03%
Gross Margin	58.52%	60.78%	75.87%	77.54%	76.82%	-61.75%	23.04%	-582.02%	61.28%	64.98%
Net Margin	-335.42%	-57.19%	-14.16%	-3.78%	5.36%	-653.61%	-236.32%	-2826.91%	-29.97%	-15.13%
Debt / Equity	1.94x	2.44x	2.70x	1.19x	1.25x	1.26x	2.23x	2.80x	3.22x	3.37x
Interest Coverage	-4.57x	-0.34x	0.50x	0.86x	1.35x	-2.67x	-2.11x	-3.00x	-0.22x	0.29x
FCF Conversion	0.49x	-0.06x	-0.89x	-6.46x	6.81x	0.56x	0.54x	0.55x	0.14x	-1.96x
Revenue Growth	-	512.3%	27.16%	5.82%	9.72%	-92.15%	117.18%	-89.19%	3758.14%	43.45%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Occupancy	-	-	-	-	17.91M	111.73M	160.72M
Occupancy Growth	-	-	-	-	-	523.68%	43.84%
Food and Beverage	-	-	-	-	24.4M	62.43M	89.66M
Food and Beverage Growth	-	-	-	-	-	155.81%	43.63%
Service Fee	39.13M	39.47M	26.15M	24.91M	21.89M	40.47M	59.53M
Service Fee Growth	-	0.88%	-33.74%	-4.76%	-12.11%	84.90%	47.08%
Entertainment	-	-	-	-	2.25M	61.78M	47.53M
Entertainment Growth	-	-	-	-	-	2641.99%	-23.06%
Mall	-	-	-	-	7.19M	10.74M	18.29M
Mall Growth	-	-	-	-	-	49.45%	70.23%
Retail and Other	-	-	-	-	2.08M	2.86M	3.57M
Retail and Other Growth	-	-	-	-	-	37.27%	24.95%

Frequently Asked Questions

Growth & Financials

Studio City International Holdings Limited (MSC) reported $687.1M in revenue for fiscal year 2024. This represents a 891% increase from $69.3M in 2015.

Studio City International Holdings Limited (MSC) grew revenue by 43.5% over the past year. This is strong growth.

Studio City International Holdings Limited (MSC) reported a net loss of $66.0M for fiscal year 2024.

Dividend & Returns

Studio City International Holdings Limited (MSC) has a return on equity (ROE) of -14.1%. Negative ROE indicates the company is unprofitable.

Studio City International Holdings Limited (MSC) generated $103.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.