Shares of Studio City International Holdings Ltd (NYSE: MSC) are soaring 6.67% in Thursday's intraday trading session following the release of its first-quarter financial results. The Macau-based casino and resort operator reported improved performance, beating market expectations and signaling a strong recovery in the gaming and hospitality sector.

Studio City reported a narrower loss of $(0.07) per share for Q1, compared to $(0.08) per share in the same period last year. This represents a 2.63% improvement year-over-year. The company's revenue also saw a significant boost, reaching $161.72 million, up 7.70% from $150.16 million in the previous year. The strong top-line growth reflects increasing visitor numbers and higher gaming activity at the company's properties.

Other key financial metrics further underscore Studio City's improving operational efficiency. The company reported an operating income of $15.3 million and an adjusted EBITDA of $69.9 million for the quarter. Despite a net loss of $16 million, these figures suggest that Studio City is moving closer to profitability. The company also maintained a disciplined approach to capital expenditures, with Q1 Capex at $16.1 million. Investors appear to be reacting positively to these results, viewing them as indicators of Studio City's resilience and potential for future growth in the competitive Macau gaming market.