Studio City International Holdings Limited Announces Unaudited Third Quarter 2026 Earnings
Lower interest expense and a foreign-exchange gain accompanied a narrower net loss despite weaker operating results.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Studio City International Holdings (NYSE: MSC) reported third-quarter 2026 operating revenues of US$163.3 million, down from the same quarter last year. Revenue was US$182.5 million a year earlier. Casino contract revenue fell to US$66.9 million from US$77.3 million, while non-gaming revenue declined to US$96.4 million from US$105.2 million.
Operating income fell to US$14.7 million from US$23.9 million. Adjusted EBITDA, a non-GAAP earnings measure excluding interest, taxes, depreciation and other items, declined to US$65.5 million from US$78.1 million. Attributable net loss narrowed to US$13.1 million from US$18.6 million. September-end cash and bank balances were US$97.8 million, versus US$109.5 million at year-end; net debt was US$1.95 billion versus US$2.02 billion. The land concession was renewed through October 16, 2036, with a US$10.6 million special contribution.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointStudio City Finance redeemed and cancelled US$165.0 million of 6.500% senior notes due 2028 on July 18, 2026. 80% of market cap
- Moderate pointAttributable third-quarter net loss narrowed to US$13.1 million from US$18.6 million a year earlier.
- Moderate pointNet debt declined to US$1.95 billion from US$2.02 billion at year-end, down US$28.8 million from June-end.
- Moderate pointLand concession renewed for ten years, from October 17, 2026 through October 16, 2036.
- Moderate pointSenior secured credit facility repayment totaled HK$118.0 million (US$15.0 million) on September 3, 2026. 7.3% of market cap
- Moderate pointThird-quarter foreign-exchange result improved to a US$0.759 million gain from a US$10.097 million loss.
15 minor points
- Minor pointThird-quarter loss per American depositary share narrowed to US$0.068 from US$0.096 a year earlier.
- Minor pointThird-quarter operating costs and expenses fell to US$148.632 million from US$158.592 million a year earlier.
- Minor pointThird-quarter interest expense declined to US$27.896 million from US$30.885 million a year earlier.
- Minor pointThird-quarter income tax expense declined to US$1.556 million from US$3.169 million a year earlier.
- Minor pointMass-market table hold increased to 34.3% from 33.1% in the third quarter of 2025.
- Minor pointThird-quarter gaming machine handle increased to US$892.9 million from US$873.3 million a year earlier.
- Minor pointThird-quarter mall revenue increased to US$5.408 million from US$5.096 million a year earlier.
- Minor pointThird-quarter retail and other revenue increased to US$1.331 million from US$1.087 million a year earlier.
- Minor pointNine-month attributable net loss narrowed to US$25.885 million from US$38.287 million a year earlier.
- Minor pointNine-month loss per American depositary share narrowed to US$0.134 from US$0.199 a year earlier.
- Minor pointNine-month room revenue increased to US$127.580 million from US$124.974 million a year earlier.
- Minor pointNine-month mall revenue increased to US$15.220 million from US$14.059 million a year earlier.
- Minor pointNine-month retail and other revenue increased to US$3.675 million from US$2.808 million a year earlier.
- Minor pointNine-month operating costs and expenses declined to US$446.899 million from US$472.020 million a year earlier.
- Minor pointNine-month net non-operating expenses declined to US$79.577 million from US$95.959 million a year earlier.
Negative
- Major pointRedemption financing added a HK$1.18 billion (US$150.5 million) senior secured facility drawdown on July 15, 2026. 73% of market cap
- Moderate pointThird-quarter operating revenues fell to US$163.3 million from US$182.5 million a year earlier.
- Moderate pointThird-quarter operating income declined to US$14.7 million from US$23.9 million a year earlier.
- Moderate pointThird-quarter adjusted EBITDA declined to US$65.5 million from US$78.1 million a year earlier.
- Moderate pointStudio City Casino gross gaming revenue fell to US$320.9 million from US$344.4 million a year earlier.
- Moderate pointLand concession renewal required a MOP85.7 million (US$10.6 million) special contribution. 5.1% of market cap
17 minor points
- Minor pointThird-quarter casino contract revenue fell to US$66.9 million from US$77.3 million a year earlier.
- Minor pointThird-quarter non-gaming revenue declined to US$96.4 million from US$105.2 million a year earlier.
- Minor pointThird-quarter mass-market table games drop fell to US$846.3 million from US$942.5 million a year earlier.
- Minor pointThird-quarter gaming machine win rate declined to 3.4% from 3.7% a year earlier.
- Minor pointThird-quarter room revenue fell to US$43.457 million from US$44.093 million a year earlier.
- Minor pointThird-quarter food and beverage revenue fell to US$21.791 million from US$23.390 million a year earlier.
- Minor pointThird-quarter entertainment revenue fell to US$9.698 million from US$13.514 million a year earlier.
- Minor pointThird-quarter services fee revenue fell to US$14.720 million from US$18.067 million a year earlier.
- Minor pointCash and bank balances declined to US$97.8 million at September-end from US$109.5 million at year-end.
- Minor pointThird-quarter debt extinguishment loss was US$0.398 million, versus none a year earlier.
- Minor pointThird-quarter capital expenditures totaled US$6.1 million.
- Minor pointNine-month operating revenues declined to US$504.586 million from US$534.285 million a year earlier.
- Minor pointNine-month operating income declined to US$57.687 million from US$62.265 million a year earlier.
- Minor pointNine-month casino contract revenue fell to US$230.640 million from US$236.970 million a year earlier.
- Minor pointNine-month food and beverage revenue fell to US$63.618 million from US$67.594 million a year earlier.
- Minor pointNine-month entertainment revenue fell to US$16.628 million from US$35.609 million a year earlier.
- Minor pointNine-month services fee revenue fell to US$47.225 million from US$52.271 million a year earlier.
News Explained
Studio City completed the US$165.0 million redemption of its 2028 notes in July using a US$150.5 million draw on SCC’s secured credit facility plus cash, then repaid US$15.0 million of the facility; the refinancing shifted part of the notes into facility borrowing.
Details
Market Reaction – MLCO
On Nov 4, the day this news came out, the latest delayed price for MLCO is 4.52% above the previous close. Our momentum scanner has recorded 4 alerts for this stock so far that day. The latest delayed price is $4.39.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Operating revenue
- US$163.3 million vs. US$182.5 million
- Q3 2026 vs. Q3 2025
- Operating income
- US$14.7 million vs. US$23.9 million
- Q3 2026 vs. Q3 2025
- Adjusted EBITDA
- US$65.5 million vs. US$78.1 million
- Q3 2026 vs. Q3 2025
- Net loss attributable
- US$13.1 million vs. US$18.6 million
- Q3 2026 vs. Q3 2025
- Cash and bank balances
- US$97.8 million vs. US$109.5 million
- September 30, 2026 vs. December 31, 2025
- Total debt, net
- US$1.95 billion vs. US$2.02 billion
- End of Q3 2026 vs. December 31, 2025
- Land concession renewal
- 10 years; MOP85.7 million contribution
- Renewed from October 17, 2026 to October 16, 2036
Previous Earnings Reports
-
Revenue, operating income and Adjusted EBITDA declined year over year, while net loss widened.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
senior notes financial
senior secured credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MACAU, Nov. 04, 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 third quarter of 2026.
Total operating revenues for the third quarter of 2026 were US
Studio City Casino generated gross gaming revenues of US
Mass market table games drop was US
Gaming machine handle for the third quarter of 2026 was US
Revenue from casino contract was US
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
Total non-gaming revenues at Studio City for the third quarter of 2026 were US
Operating income for the third quarter of 2026 was US
Studio City’s Adjusted EBITDA(1) was US
Net loss attributable to Studio City International Holdings Limited for the third quarter of 2026 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2026 were US
Depreciation and amortization costs of US
Adjusted EBITDA for Studio City for the three months ended September 30, 2026 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco Resorts”) dated November 4, 2026 (“Melco Resorts’ Earnings Release”) was US
Financial Position and Capital Expenditures
Total cash and bank balances as of September 30, 2026 aggregated to US
On July 18, 2026, Studio City Finance Limited redeemed the outstanding aggregate principal amount of US
Capital expenditures for the third quarter of 2026 were US
Recent Developments
The land concession for the land on which Studio City is located was renewed for a term of ten years from October 17, 2026 to October 16, 2036 pursuant to the payment of a special contribution in the amount of MOP85.7 million (equivalent to US
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: jeannykim@melco-resorts.com
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com
| Studio City International Holdings Limited and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Revenue from casino contract | $ | 66,896 | $ | 77,267 | $ | 230,640 | $ | 236,970 | ||||||||
| Rooms | 43,457 | 44,093 | 127,580 | 124,974 | ||||||||||||
| Food and beverage | 21,791 | 23,390 | 63,618 | 67,594 | ||||||||||||
| Entertainment | 9,698 | 13,514 | 16,628 | 35,609 | ||||||||||||
| Services fee | 14,720 | 18,067 | 47,225 | 52,271 | ||||||||||||
| Mall | 5,408 | 5,096 | 15,220 | 14,059 | ||||||||||||
| Retail and other | 1,331 | 1,087 | 3,675 | 2,808 | ||||||||||||
| Total operating revenues | 163,301 | 182,514 | 504,586 | 534,285 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Costs related to casino contract | (7,683 | ) | (9,856 | ) | (24,310 | ) | (29,229 | ) | ||||||||
| Rooms | (14,973 | ) | (15,635 | ) | (45,039 | ) | (45,183 | ) | ||||||||
| Food and beverage | (19,015 | ) | (19,543 | ) | (57,486 | ) | (59,138 | ) | ||||||||
| Entertainment | (7,818 | ) | (10,453 | ) | (18,192 | ) | (34,174 | ) | ||||||||
| Mall | (2,192 | ) | (2,039 | ) | (6,332 | ) | (5,806 | ) | ||||||||
| Retail and other | (583 | ) | (644 | ) | (1,764 | ) | (1,820 | ) | ||||||||
| General and administrative | (45,507 | ) | (46,257 | ) | (138,859 | ) | (134,564 | ) | ||||||||
| Pre-opening costs | (92 | ) | (31 | ) | (120 | ) | (500 | ) | ||||||||
| Amortization of land use right | (824 | ) | (828 | ) | (2,475 | ) | (2,485 | ) | ||||||||
| Depreciation and amortization | (50,442 | ) | (53,148 | ) | (152,853 | ) | (156,803 | ) | ||||||||
| Property charges and other | 497 | (158 | ) | 531 | (2,318 | ) | ||||||||||
| Total operating costs and expenses | (148,632 | ) | (158,592 | ) | (446,899 | ) | (472,020 | ) | ||||||||
| Operating income | 14,669 | 23,922 | 57,687 | 62,265 | ||||||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 193 | 205 | 747 | 722 | ||||||||||||
| Interest expense | (27,896 | ) | (30,885 | ) | (87,832 | ) | (95,867 | ) | ||||||||
| Other financing costs | (149 | ) | (293 | ) | (991 | ) | (1,446 | ) | ||||||||
| Foreign exchange gains (losses), net | 759 | (10,097 | ) | 10,277 | 632 | |||||||||||
| Loss on extinguishment of debt | (398 | ) | - | (1,778 | ) | - | ||||||||||
| Total non-operating expenses, net | (27,491 | ) | (41,070 | ) | (79,577 | ) | (95,959 | ) | ||||||||
| Loss before income tax | (12,822 | ) | (17,148 | ) | (21,890 | ) | (33,694 | ) | ||||||||
| Income tax expense | (1,556 | ) | (3,169 | ) | (6,431 | ) | (8,197 | ) | ||||||||
| Net loss | (14,378 | ) | (20,317 | ) | (28,321 | ) | (41,891 | ) | ||||||||
| Net loss attributable to participation interest | 1,237 | 1,748 | 2,436 | 3,604 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (13,141 | ) | $ | (18,569 | ) | $ | (25,885 | ) | $ | (38,287 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||||||||||||||||
| Basic and diluted | $ | (0.017 | ) | $ | (0.024 | ) | $ | (0.034 | ) | $ | (0.050 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per ADS: | ||||||||||||||||
| Basic and diluted | $ | (0.068 | ) | $ | (0.096 | ) | $ | (0.134 | ) | $ | (0.199 | ) | ||||
| 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 | ||||||||||||
| Studio City International Holdings Limited and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| (In thousands, except share and per share data) | ||||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 97,640 | $ | 109,401 | ||||
| Accounts receivable, net | 1,986 | 1,887 | ||||||
| Receivables from affiliated companies | 398 | 735 | ||||||
| Inventories | 9,145 | 8,727 | ||||||
| Prepaid expenses and other current assets | 10,143 | 10,740 | ||||||
| Total current assets | 119,312 | 131,490 | ||||||
| Property and equipment, net | 2,343,842 | 2,485,029 | ||||||
| Intangible assets, net | 525 | - | ||||||
| Long-term prepayments, deposits and other assets | 59,269 | 69,141 | ||||||
| Restricted cash | 129 | 130 | ||||||
| Operating lease right-of-use assets | 10,746 | 11,571 | ||||||
| Land use right, net | 95,775 | 99,073 | ||||||
| Total assets | $ | 2,629,598 | $ | 2,796,434 | ||||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,042 | $ | 6,401 | ||||
| Accrued expenses and other current liabilities | 63,311 | 91,438 | ||||||
| Income tax payable | 20,050 | 15,257 | ||||||
| Payables to affiliated companies | 60,010 | 66,946 | ||||||
| Total current liabilities | 146,413 | 180,042 | ||||||
| Long-term debt, net | 1,947,964 | 2,024,569 | ||||||
| Other long-term liabilities | 9,990 | 6,290 | ||||||
| Deferred tax liabilities, net | 52 | 60 | ||||||
| Operating lease liabilities, non-current | 11,018 | 12,095 | ||||||
| Total liabilities | 2,115,437 | 2,223,056 | ||||||
| Shareholders’ equity and participation interest: | ||||||||
| Class A ordinary shares, par value | ||||||||
| 770,352,700 shares issued and outstanding | 77 | 77 | ||||||
| Class B ordinary shares, par value | ||||||||
| 72,511,760 shares issued and outstanding | 7 | 7 | ||||||
| Additional paid-in capital | 2,477,359 | 2,477,359 | ||||||
| Accumulated other comprehensive (losses) income | (27,621 | ) | 618 | |||||
| Accumulated losses | (1,980,059 | ) | (1,954,174 | ) | ||||
| Total shareholders’ equity | 469,763 | 523,887 | ||||||
| Participation interest | 44,398 | 49,491 | ||||||
| Total shareholders’ equity and participation interest | 514,161 | 573,378 | ||||||
| Total liabilities, shareholders’ equity and participation interest | $ | 2,629,598 | $ | 2,796,434 | ||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||
| Reconciliation of Net Loss Attributable to Studio City International Holdings Limited to | |||||||||||||||
| Adjusted Net Loss Attributable to Studio City International Holdings Limited (Unaudited) | |||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (13,141 | ) | $ | (18,569 | ) | $ | (25,885 | ) | $ | (38,287 | ) | |||
| Pre-opening costs | 92 | 31 | 120 | 500 | |||||||||||
| Property charges and other | (497 | ) | 158 | (531 | ) | 2,318 | |||||||||
| Loss on extinguishment of debt | 398 | - | 1,778 | - | |||||||||||
| Income tax impact on adjustments | 69 | (16 | ) | 54 | (255 | ) | |||||||||
| Participation interest impact on adjustments | (5 | ) | (15 | ) | (122 | ) | (221 | ) | |||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (13,084 | ) | $ | (18,411 | ) | $ | (24,586 | ) | $ | (35,945 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic and diluted | $ | (0.017 | ) | $ | (0.024 | ) | $ | (0.032 | ) | $ | (0.047 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic and diluted | $ | (0.068 | ) | $ | (0.096 | ) | $ | (0.128 | ) | $ | (0.187 | ) | |||
| 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 | |||||||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||
| Reconciliation of Operating Income to Adjusted EBITDA (Unaudited) | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Operating income | $ | 14,669 | $ | 23,922 | $ | 57,687 | $ | 62,265 | |||||||
| Pre-opening costs | 92 | 31 | 120 | 500 | |||||||||||
| Depreciation and amortization | 51,266 | 53,976 | 155,328 | 159,288 | |||||||||||
| Property charges and other | (497 | ) | 158 | (531 | ) | 2,318 | |||||||||
| Adjusted EBITDA | $ | 65,530 | $ | 78,087 | $ | 212,604 | $ | 224,371 | |||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||
| Reconciliation of Net Loss Attributable to Studio City International Holdings Limited | |||||||||||||||
| to Adjusted EBITDA (Unaudited) | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (13,141 | ) | $ | (18,569 | ) | $ | (25,885 | ) | $ | (38,287 | ) | |||
| Net loss attributable to participation interest | (1,237 | ) | (1,748 | ) | (2,436 | ) | (3,604 | ) | |||||||
| Net loss | (14,378 | ) | (20,317 | ) | (28,321 | ) | (41,891 | ) | |||||||
| Income tax expense | 1,556 | 3,169 | 6,431 | 8,197 | |||||||||||
| Interest and other non-operating expenses, net | 27,491 | 41,070 | 79,577 | 95,959 | |||||||||||
| Depreciation and amortization | 51,266 | 53,976 | 155,328 | 159,288 | |||||||||||
| Property charges and other | (497 | ) | 158 | (531 | ) | 2,318 | |||||||||
| Pre-opening costs | 92 | 31 | 120 | 500 | |||||||||||
| Adjusted EBITDA | $ | 65,530 | $ | 78,087 | $ | 212,604 | $ | 224,371 | |||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||||
| Supplemental Data Schedule | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Room Statistics: | |||||||||||||||||
| Average daily rate(3) | $ | 176 | $ | 178 | $ | 175 | $ | 170 | |||||||||
| Occupancy per available room | 97 | % | 97 | % | 97 | % | 98 | % | |||||||||
| Revenue per available room(4) | $ | 171 | $ | 174 | $ | 170 | $ | 166 | |||||||||
| Other Information: | |||||||||||||||||
| Average number of table games | 249 | 253 | 252 | 253 | |||||||||||||
| Average number of gaming machines | 953 | 726 | 951 | 749 | |||||||||||||
| Table games win per unit per day(5) | $ | 12,663 | $ | 13,572 | $ | 13,734 | $ | 13,680 | |||||||||
| Gaming machines win per unit per day(6) | $ | 351 | $ | 484 | $ | 417 | $ | 485 | |||||||||
| (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 | ||||||||||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Studio City's third-quarter 2026 revenue and net loss?
Studio City reported operating revenues of US$163.3 million and an attributable net loss of US$13.1 million. Revenue declined from US$182.5 million in the third quarter of 2025, while the attributable net loss narrowed from US$18.6 million.
How long was Studio City's land concession renewed?
The land concession was renewed for ten years, from October 17, 2026 to October 16, 2036. The renewal involved a special contribution of MOP85.7 million, equivalent to US$10.6 million.
Why does Studio City's adjusted EBITDA differ from the figure reported by Melco Resorts?
Melco Resorts' third-quarter 2026 adjusted EBITDA figure for Studio City was US$25.0 million higher because the calculations include different charges. Studio City's calculation includes intercompany fees and shared service charges. Melco Resorts' figure also excludes certain gaming concession-related costs and intercompany costs related to Studio City Casino's gaming operations.