MACAU, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the second quarter of 2026.
Total operating revenues for the second quarter of 2026 were US$164.6 million, compared with US$190.1 million in the second quarter of 2025. The decrease was primarily attributable to softer performance in mass market table games operations leading to a decrease in revenue from casino contract and lower overall non-gaming revenues.
Studio City Casino generated gross gaming revenues of US$357.7 million and US$359.6 million for the second quarters of 2026 and 2025, respectively.
Mass market table games drop was US$884.1 million in the second quarter of 2026, compared with US$958.2 million in the second quarter of 2025. Hold percentage was 36.3% in the second quarter of 2026, compared with 34.0% in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$1.04 billion, compared with US$0.92 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.7% in the second quarter of 2025.
Revenue from casino contract was US$76.8 million for the second quarter of 2026, compared with US$83.8 million for the second quarter of 2025. Revenue from casino contract is net of gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino which are deducted by Melco Resorts (Macau) Limited, the gaming operator of the Studio City Casino (the “Gaming Operator”).
Total gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino deducted from gross gaming revenues were US$280.9 million and US$275.8 million in the second quarters of 2026 and 2025, respectively.
Total non-gaming revenues at Studio City for the second quarter of 2026 were US$87.8 million, compared with US$106.3 million for the second quarter of 2025.
Operating income for the second quarter of 2026 was US$15.0 million, compared with US$23.1 million in the second quarter of 2025.
Studio City’s Adjusted EBITDA(1) was US$67.0 million in the second quarter of 2026, compared with US$76.4 million in the second quarter of 2025. The change was mainly attributable to lower revenue from casino contract and softer performance in non-gaming operations.
Net loss attributable to Studio City International Holdings Limited for the second quarter of 2026 was US$15.6 million, or US$0.08 per American depositary share (“ADS”), compared with US$3.7 million, or US$0.02 per ADS, in the second quarter of 2025. The net loss attributable to participation interest was US$1.5 million and US$0.4 million in the second quarters of 2026 and 2025, respectively.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2026 were US$30.2 million, which mainly included interest expense of US$29.9 million.
Depreciation and amortization costs of US$52.3 million were recorded in the second quarter of 2026, of which US$0.8 million was related to the amortization expense for the land use right.
Adjusted EBITDA for Studio City for the three months ended June 30, 2026 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco Resorts”) dated August 13, 2026 (“Melco Resorts’ Earnings Release”) was US$28.5 million more than the Adjusted EBITDA of Studio City reported in this press release. Adjusted EBITDA of Studio City reported in this press release includes certain intercompany charges that are not included in Adjusted EBITDA for Studio City reported in Melco Resorts’ Earnings Release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City presented in Melco Resorts’ Earnings Release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino.
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2026 aggregated to US$118.2 million (December 31, 2025: US$109.5 million), including US$0.1 million of restricted cash (December 31, 2025: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the second quarter of 2026 was US$1.98 billion (December 31, 2025: US$2.02 billion), a reduction of US$38.0 million compared to total debt, net as of March 31, 2026.
On May 15, 2026, Studio City Company Limited (“SCC”) issued US$300.0 million in aggregate principal amount of 6.125% senior secured notes due 2031 (“2031 SCC Senior Secured Notes”). The net proceeds from the issuance of the 2031 SCC Senior Secured Notes, together with a HK$118.0 million (equivalent to US$15.1 million) drawdown from SCC’s senior secured credit facility, and cash on hand, was utilized to refinance US$350.0 million in aggregate principal amount of the 7.000% senior secured notes due 2027.
Subsequent to quarter end, on July 18, 2026, Studio City Finance Limited redeemed an aggregate principal amount of US$165.0 million of its outstanding 6.500% senior notes due 2028 pursuant to the notice of partial redemption dated June 18, 2026. The redemption was funded with a HK$1.18 billion (equivalent to US$150.5 million) drawdown from SCC’s senior secured credit facility. All of the redeemed notes have been cancelled.
Capital expenditures for the second quarter of 2026 were US$8.1 million.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
(1)"Adjusted EBITDA" is defined as net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other and other non-operating income and expenses. Adjusted EBITDA, which is a non-GAAP financial measure, is presented as supplemental disclosure because management believes it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA to measure our operating performance and to compare our operating performance with those of our competitors.The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA should not be considered as an alternative to operating income/loss as an indicator of the Company’s performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA does not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA as only one of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.
Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA. Also, the Company’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted EBITDA has material limitations as an analytical tool, as Adjusted EBITDA does not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
(2)“Adjusted net income/loss attributable to Studio City International Holdings Limited” is net income/loss attributable to Studio City International Holdings Limited before pre-opening costs, property charges and other and loss on extinguishment of debt, net of participation interest and taxes. Adjusted net income/loss attributable to Studio City International Holdings Limited, which is a non-GAAP financial measure, is presented as supplemental disclosure because management believes it provides useful information to investors and others in understanding and evaluating our performance, in addition to income/loss computed in accordance with U.S. GAAP. Adjusted net income/loss attributable to Studio City International Holdings Limited may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Studio City International Holdings Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
About Studio City International Holdings Limited
The Company, with its American depositary shares listed on the New York Stock Exchange (NYSE: MSC), is a world-class integrated resort located in Cotai, Macau. For more information about the Company, please visit www.studiocity-macau.com.
The Company is majority owned by Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).
For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: [email protected]
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: [email protected]
2025
2026
2025
Operating revenues: Revenue from casino contract$76,776 $83,783 $163,744 $159,703 Rooms 40,523 39,645 84,123 80,881 Food and beverage 20,485 21,453 41,827 44,204 Entertainment 3,566 19,131 6,930 22,095 Services fee 17,393 20,846 32,505 34,204 Mall 4,783 4,502 9,812 8,963 Retail and other 1,035 691 2,344 1,721 Total operating revenues 164,561 190,051 341,285 351,771 Operating costs and expenses: Costs related to casino contract (8,175) (10,352) (16,627) (19,373) Rooms (14,779) (14,776) (30,066) (29,548) Food and beverage (18,721) (19,461) (38,471) (39,595) Entertainment (5,254) (18,715) (10,374) (23,721) Mall (2,077) (1,934) (4,140) (3,767) Retail and other (622) (605) (1,181) (1,176) General and administrative (47,897) (47,835) (93,352) (88,307) Pre-opening costs (27) (314) (28) (469) Amortization of land use right (825) (826) (1,651) (1,657) Depreciation and amortization (51,439) (52,006) (102,411) (103,655) Property charges and other 236 (154) 34 (2,160) Total operating costs and expenses (149,580) (166,978) (298,267) (313,428) Operating income 14,981 23,073 43,018 38,343 Non-operating income (expenses): Interest income 388 243 554 517 Interest expense (29,887) (32,504) (59,936) (64,982) Other financing costs (426) (580) (842) (1,153) Foreign exchange gains, net 1,076 8,758 9,518 10,729 Loss on extinguishment of debt (1,380) - (1,380) - Total non-operating expenses, net (30,229) (24,083) (52,086) (54,889) Loss before income tax (15,248) (1,010) (9,068) (16,546) Income tax expense (1,822) (3,088) (4,875) (5,028) Net loss (17,070) (4,098) (13,943) (21,574) Net loss attributable to participation interest 1,469 353 1,199 1,856 Net loss attributable to Studio City International Holdings Limited$(15,601) $(3,745) $(12,744) $(19,718) Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: Basic and diluted$(0.020) $(0.005) $(0.017) $(0.026) Net loss attributable to Studio City International Holdings Limited per ADS: Basic and diluted$(0.081) $(0.019) $(0.066) $(0.102) Weighted average Class A ordinary shares outstanding used in net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation: Basic and diluted 770,352,700 770,352,700 770,352,700 770,352,700
2025
ASSETS Current assets: Cash and cash equivalents$118,047 $109,401 Accounts receivable, net 1,402 1,887 Receivables from affiliated companies 348 735 Inventories 8,468 8,727 Prepaid expenses and other current assets 12,201 10,740 Total current assets 140,466 131,490 Property and equipment, net 2,384,935 2,485,029 Long-term prepayments, deposits and other assets 63,809 69,141 Restricted cash 129 130 Operating lease right-of-use assets 11,457 11,571 Land use right, net 96,643 99,073 Total assets$2,697,439 $2,796,434 LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST Current liabilities: Accounts payable$3,860 $6,401 Accrued expenses and other current liabilities 82,302 91,438 Income tax payable 20,032 15,257 Current portion of long-term debt, net 14,514 - Payables to affiliated companies 63,441 66,946 Total current liabilities 184,149 180,042 Long-term debt, net 1,962,238 2,024,569 Other long-term liabilities 9,351 6,290 Deferred tax liabilities, net 37 60 Operating lease liabilities, non-current 11,430 12,095 Total liabilities 2,167,205 2,223,056 Shareholders’ equity and participation interest: Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 770,352,700 shares issued and outstanding 77 77 Class B ordinary shares, par value $0.0001; 72,511,760 shares authorized; 72,511,760 shares issued and outstanding 7 7 Additional paid-in capital 2,477,359 2,477,359 Accumulated other comprehensive (losses) income (26,071) 618 Accumulated losses (1,966,918) (1,954,174) Total shareholders’ equity 484,454 523,887 Participation interest 45,780 49,491 Total shareholders’ equity and participation interest 530,234 573,378 Total liabilities, shareholders’ equity and participation interest$2,697,439 $2,796,434
2025
2026
2025
Net loss attributable to Studio City International Holdings Limited$(15,601) $(3,745) $(12,744) $(19,718) Pre-opening costs 27 314 28 469 Property charges and other (236) 154 (34) 2,160 Loss on extinguishment of debt 1,380 - 1,380 - Income tax impact on adjustments (11) - (15) (239) Participation interest impact on adjustments (100) (41) (117) (206) Adjusted net loss attributable to Studio City International Holdings Limited$(14,541) $(3,318) $(11,502) $(17,534) Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: Basic and diluted$(0.019) $(0.004) $(0.015) $(0.023) Adjusted net loss attributable to Studio City International Holdings Limited per ADS: Basic and diluted$(0.076) $(0.017) $(0.060) $(0.091) Weighted average Class A ordinary shares outstanding used in adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation: Basic and diluted 770,352,700 770,352,700 770,352,700 770,352,700
2025 2026
2025 Operating income$14,981 $23,073 $43,018 $38,343 Pre-opening costs 27 314 28 469 Depreciation and amortization 52,264 52,832 104,062 105,312 Property charges and other (236) 154 (34) 2,160 Adjusted EBITDA$67,036 $76,373 $147,074 $146,284
2025
2026
2025
Net loss attributable to Studio City International Holdings Limited$(15,601) $(3,745) $(12,744) $(19,718) Net loss attributable to participation interest (1,469) (353) (1,199) (1,856) Net loss (17,070) (4,098) (13,943) (21,574) Income tax expense 1,822 3,088 4,875 5,028 Interest and other non-operating expenses, net 30,229 24,083 52,086 54,889 Depreciation and amortization 52,264 52,832 104,062 105,312 Property charges and other (236) 154 (34) 2,160 Pre-opening costs 27 314 28 469 Adjusted EBITDA$67,036 $76,373 $147,074 $146,284
2025
2026
2025
Room Statistics: Average daily rate (3)$169 $163 $174 $166 Occupancy per available room 97% 97% 98% 98% Revenue per available room (4)$163 $159 $170 $163 Other Information: Average number of table games 253 253 253 253 Average number of gaming machines 935 724 949 760 Table games win per unit per day (5)$13,925 $14,143 $14,270 $13,734 Gaming machines win per unit per day (6)$433 $516 $451 $486 (3)Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms(4)Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available(5)Table games win per unit per day is shown before discounts, commissions, other incentives as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis(6)Gaming machines win per unit per day is shown before other incentives as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis