Studio City International Holdings Limited Announces Unaudited Second Quarter 2025 Earnings
Studio City International Holdings (NYSE: MSC) reported its Q2 2025 financial results, showing significant improvement in performance. Total operating revenues reached US$190.1 million, up from US$161.5 million in Q2 2024, driven by stronger mass market operations and non-gaming revenues.
The casino generated gross gaming revenues of US$359.6 million, with mass market table games drop of US$958.2 million and a hold percentage of 34.0%. Operating income increased to US$23.1 million from US$3.0 million year-over-year, while Adjusted EBITDA rose to US$76.4 million from US$54.2 million. The company reported a reduced net loss of US$3.7 million (US$0.02 per ADS).
In July 2025, Studio City refinanced its maturing US$221.6 million 6.00% senior notes through a combination of a HK$1,337.0 million credit facility drawdown and cash on hand.
Studio City International Holdings (NYSE: MSC) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando un miglioramento significativo delle performance. I ricavi operativi totali hanno raggiunto 190,1 milioni di dollari USA, in aumento rispetto ai 161,5 milioni di dollari del secondo trimestre 2024, grazie a una maggiore attività nel mercato di massa e ai ricavi non legati al gioco.
Il casinò ha generato ricavi lordi da gioco di 359,6 milioni di dollari USA, con un volume di gioco ai tavoli del mercato di massa pari a 958,2 milioni di dollari e una percentuale di trattenuta del 34,0%. L'utile operativo è salito a 23,1 milioni di dollari USA rispetto a 3,0 milioni dell'anno precedente, mentre l'EBITDA rettificato è aumentato a 76,4 milioni di dollari USA rispetto a 54,2 milioni. La società ha riportato una perdita netta ridotta di 3,7 milioni di dollari (0,02 dollari per ADS).
Nel luglio 2025, Studio City ha rifinanziato i suoi senior notes in scadenza per 221,6 milioni di dollari USA al 6,00% tramite un prelievo da una linea di credito di 1.337,0 milioni di HKD e liquidità disponibile.
Studio City International Holdings (NYSE: MSC) informó sus resultados financieros del segundo trimestre de 2025, mostrando una mejora significativa en el desempeño. Los ingresos operativos totales alcanzaron los 190,1 millones de dólares estadounidenses, frente a los 161,5 millones de dólares del segundo trimestre de 2024, impulsados por un mayor desempeño en el mercado masivo y los ingresos no relacionados con el juego.
El casino generó ingresos brutos por juegos de 359,6 millones de dólares, con un volumen de apuestas en juegos de mesa del mercado masivo de 958,2 millones de dólares y un porcentaje de retención del 34,0%. El ingreso operativo aumentó a 23,1 millones de dólares desde 3,0 millones año tras año, mientras que el EBITDA ajustado subió a 76,4 millones de dólares desde 54,2 millones. La compañía reportó una pérdida neta reducida de 3,7 millones de dólares (0,02 dólares por ADS).
En julio de 2025, Studio City refinanció sus bonos senior a vencimiento por 221,6 millones de dólares al 6,00% mediante una combinación de un desembolso de 1.337,0 millones de HKD en una línea de crédito y efectivo disponible.
스튜디오 시티 인터내셔널 홀딩스(NYSE: MSC)는 2025년 2분기 재무 실적을 발표하며 성과가 크게 개선되었음을 보였습니다. 총 영업 수익은 1억 9,010만 달러로 2024년 2분기의 1억 6,150만 달러에서 증가했으며, 이는 대중 시장 운영과 비게임 수익의 강세에 힘입은 결과입니다.
카지노는 3억 5,960만 달러의 총 게임 수익을 기록했으며, 대중 시장 테이블 게임 드롭은 9억 5,820만 달러, 홀드율은 34.0%였습니다. 영업 이익은 전년 대비 2,310만 달러로 증가했으며, 조정 EBITDA는 7,640만 달러로 상승했습니다. 회사는 순손실을 370만 달러(ADS당 0.02달러)로 축소 보고했습니다.
2025년 7월, 스튜디오 시티는 만기되는 2억 2,160만 달러 6.00% 선순위 채권을 13억 3,700만 홍콩달러 신용 대출 인출과 보유 현금으로 재융자했습니다.
Studio City International Holdings (NYSE : MSC) a publié ses résultats financiers du deuxième trimestre 2025, montrant une amélioration significative des performances. Les revenus d'exploitation totaux ont atteint 190,1 millions de dollars US, en hausse par rapport à 161,5 millions de dollars au deuxième trimestre 2024, grâce à une activité plus forte sur le marché de masse et aux revenus hors jeux.
Le casino a généré des revenus bruts de jeux de 359,6 millions de dollars US, avec un drop des jeux de table du marché de masse de 958,2 millions de dollars et un taux de retenue de 34,0 %. Le résultat opérationnel est passé à 23,1 millions de dollars US contre 3,0 millions d'une année sur l'autre, tandis que l'EBITDA ajusté a augmenté à 76,4 millions de dollars US contre 54,2 millions. La société a déclaré une perte nette réduite de 3,7 millions de dollars (0,02 dollar par ADS).
En juillet 2025, Studio City a refinancé ses billets seniors arrivant à échéance de 221,6 millions de dollars US à 6,00 % par une combinaison d'un tirage sur une facilité de crédit de 1 337,0 millions de HKD et de liquidités disponibles.
Studio City International Holdings (NYSE: MSC) meldete seine Finanzergebnisse für das zweite Quartal 2025 und zeigte eine deutliche Leistungsverbesserung. Die gesamten Betriebserlöse erreichten 190,1 Millionen US-Dollar, gegenüber 161,5 Millionen US-Dollar im zweiten Quartal 2024, angetrieben durch stärkere Aktivitäten im Massenmarkt und nicht spielbezogene Einnahmen.
Das Casino erzielte Bruttospieleinnahmen von 359,6 Millionen US-Dollar, mit einem Massentischspielumsatz von 958,2 Millionen US-Dollar und einer Haltequote von 34,0 %. Das Betriebsergebnis stieg auf 23,1 Millionen US-Dollar von 3,0 Millionen im Jahresvergleich, während das bereinigte EBITDA auf 76,4 Millionen US-Dollar von 54,2 Millionen zunahm. Das Unternehmen meldete einen verringerten Nettoverlust von 3,7 Millionen US-Dollar (0,02 US-Dollar pro ADS).
Im Juli 2025 refinanzierte Studio City seine fälligen 221,6 Millionen US-Dollar 6,00 % Senior Notes durch eine Kombination aus einer HK$1.337,0 Millionen Kreditfazilität und vorhandenen Barmitteln.
- Operating revenues increased 17.7% year-over-year to US$190.1 million
- Adjusted EBITDA improved 41% to US$76.4 million from US$54.2 million
- Operating income grew significantly to US$23.1 million from US$3.0 million
- Net loss reduced substantially to US$3.7 million from US$33.4 million year-over-year
- Mass market table games hold percentage improved to 34.0% from 30.1%
- Gaming machine handle increased to US$916.1 million from US$842.4 million
- Total debt remains high at US$2.16 billion
- Company continues to operate at a net loss position
- High interest expenses of US$32.5 million impacting profitability
- Significant depreciation and amortization costs of US$52.8 million
Insights
Studio City posts solid Q2 2025 with 17.7% revenue growth to $190.1M and 41% EBITDA increase, highlighting successful pivot to premium mass market.
Studio City's Q2 2025 results demonstrate meaningful operational improvements, with total operating revenues increasing 17.7% year-over-year to
The strategic repositioning away from VIP operations toward premium mass and mass market segments (implemented in late 2024) appears to be bearing fruit. The casino's hold percentage significantly improved to
Gaming machine performance also strengthened, with handle increasing
Notably, Adjusted EBITDA surged by
The balance sheet shows
While the company is seeing strong operational improvements, interest expenses of
MACAU, July 31, 2025 (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 2025.
Total operating revenues for the second quarter of 2025 were US
Studio City Casino generated gross gaming revenues of US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2025 was US
As reported in the earnings release for the fourth quarter of 2024, Studio City has strategically repositioned itself to focus on the premium mass and mass operations, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.
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 second quarter of 2025 were US
Operating income for the second quarter of 2025 was US
Studio City’s Adjusted EBITDA(1) was US
Net loss attributable to Studio City International Holdings Limited for the second quarter of 2025 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2025 were US
Depreciation and amortization costs of US
The Adjusted EBITDA for Studio City for the three months ended June 30, 2025 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated July 31, 2025 (“Melco’s Earnings Release”) was US
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2025 aggregated to US
In July 2025, Studio City repaid the US
Capital expenditures for the second quarter of 2025 were 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” is net income/loss before pre-opening costs, property charges and other and loss on extinguishment of debt, net of participation interest and taxes. Adjusted net income/loss, 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 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Revenue from casino contract | $ | 83,783 | $ | 62,080 | $ | 159,703 | $ | 128,967 | |||||||
| Rooms | 39,645 | 37,675 | 80,881 | 76,198 | |||||||||||
| Food and beverage | 21,453 | 23,977 | 44,204 | 42,899 | |||||||||||
| Entertainment | 19,131 | 16,200 | 22,095 | 24,592 | |||||||||||
| Services fee | 20,846 | 16,335 | 34,204 | 28,763 | |||||||||||
| Mall | 4,502 | 4,392 | 8,963 | 8,712 | |||||||||||
| Retail and other | 691 | 836 | 1,721 | 1,521 | |||||||||||
| Total operating revenues | 190,051 | 161,495 | 351,771 | 311,652 | |||||||||||
| Operating costs and expenses: | |||||||||||||||
| Costs related to casino contract | (10,352 | ) | (8,950 | ) | (19,373 | ) | (17,108 | ) | |||||||
| Rooms | (14,776 | ) | (12,562 | ) | (29,548 | ) | (23,978 | ) | |||||||
| Food and beverage | (19,461 | ) | (20,318 | ) | (39,595 | ) | (37,965 | ) | |||||||
| Entertainment | (18,715 | ) | (15,382 | ) | (23,721 | ) | (24,645 | ) | |||||||
| Mall | (1,934 | ) | (1,764 | ) | (3,767 | ) | (3,398 | ) | |||||||
| Retail and other | (605 | ) | (610 | ) | (1,176 | ) | (1,057 | ) | |||||||
| General and administrative | (47,835 | ) | (47,684 | ) | (88,307 | ) | (83,076 | ) | |||||||
| Pre-opening costs | (314 | ) | (747 | ) | (469 | ) | (806 | ) | |||||||
| Amortization of land use right | (826 | ) | (827 | ) | (1,657 | ) | (1,653 | ) | |||||||
| Depreciation and amortization | (52,006 | ) | (49,499 | ) | (103,655 | ) | (98,795 | ) | |||||||
| Property charges and other | (154 | ) | (180 | ) | (2,160 | ) | (120 | ) | |||||||
| Total operating costs and expenses | (166,978 | ) | (158,523 | ) | (313,428 | ) | (292,601 | ) | |||||||
| Operating income | 23,073 | 2,972 | 38,343 | 19,051 | |||||||||||
| Non-operating income (expenses): | |||||||||||||||
| Interest income | 243 | 1,328 | 517 | 2,916 | |||||||||||
| Interest expense | (32,504 | ) | (33,646 | ) | (64,982 | ) | (68,437 | ) | |||||||
| Other financing costs | (580 | ) | (104 | ) | (1,153 | ) | (208 | ) | |||||||
| Foreign exchange gains (losses), net | 8,758 | (1,656 | ) | 10,729 | (336 | ) | |||||||||
| Loss on extinguishment of debt | - | (869 | ) | - | (869 | ) | |||||||||
| Total non-operating expenses, net | (24,083 | ) | (34,947 | ) | (54,889 | ) | (66,934 | ) | |||||||
| Loss before income tax | (1,010 | ) | (31,975 | ) | (16,546 | ) | (47,883 | ) | |||||||
| Income tax expense | (3,088 | ) | (4,603 | ) | (5,028 | ) | (4,646 | ) | |||||||
| Net loss | (4,098 | ) | (36,578 | ) | (21,574 | ) | (52,529 | ) | |||||||
| Net loss attributable to participation interest | 353 | 3,147 | 1,856 | 4,519 | |||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (3,745 | ) | $ | (33,431 | ) | $ | (19,718 | ) | (48,010 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic and diluted | $ | (0.005 | ) | $ | (0.043 | ) | $ | (0.026 | ) | $ | (0.062 | ) | |||
| Net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic and diluted | $ | (0.019 | ) | $ | (0.174 | ) | $ | (0.102 | ) | $ | (0.249 | ) | |||
| 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 | |||||||
| (In thousands, except share and per share data) | |||||||
| June 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 173,352 | $ | 127,634 | |||
| Accounts receivable, net | 1,743 | 1,976 | |||||
| Receivables from affiliated companies | 254 | 309 | |||||
| Inventories | 7,167 | 7,306 | |||||
| Prepaid expenses and other current assets | 17,013 | 29,140 | |||||
| Total current assets | 199,529 | 166,365 | |||||
| Property and equipment, net | 2,550,836 | 2,652,169 | |||||
| Long-term prepayments, deposits and other assets | 59,998 | 52,504 | |||||
| Restricted cash | 129 | 130 | |||||
| Operating lease right-of-use assets | 11,500 | 11,647 | |||||
| Land use right, net | 99,857 | 102,629 | |||||
| Total assets | $ | 2,921,849 | $ | 2,985,444 | |||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND | |||||||
| PARTICIPATION INTEREST | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,947 | $ | 3,285 | |||
| Accrued expenses and other current liabilities | 104,400 | 118,117 | |||||
| Income tax payable | 12,554 | 7,626 | |||||
| Current portion of long-term debt, net | 51,295 | 21,597 | |||||
| Payables to affiliated companies | 37,164 | 30,131 | |||||
| Total current liabilities | 208,360 | 180,756 | |||||
| Long-term debt, net | 2,113,609 | 2,141,750 | |||||
| Other long-term liabilities | 4,652 | 4,115 | |||||
| Deferred tax liabilities, net | - | 77 | |||||
| Operating lease liabilities, non-current | 11,529 | 12,227 | |||||
| Total liabilities | 2,338,150 | 2,338,925 | |||||
| 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 | (28,996 | ) | 8,701 | ||||
| Accumulated losses | (1,915,127 | ) | (1,895,409 | ) | |||
| Total shareholders’ equity | 533,320 | 590,735 | |||||
| Participation interest | 50,379 | 55,784 | |||||
| Total shareholders’ equity and participation interest | 583,699 | 646,519 | |||||
| Total liabilities, shareholders’ equity and participation interest | $ | 2,921,849 | $ | 2,985,444 | |||
| 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (3,745 | ) | $ | (33,431 | ) | $ | (19,718 | ) | $ | (48,010 | ) | |||
| Pre-opening costs | 314 | 747 | 469 | 806 | |||||||||||
| Property charges and other | 154 | 180 | 2,160 | 120 | |||||||||||
| Loss on extinguishment of debt | - | 869 | - | 869 | |||||||||||
| Income tax impact on adjustments | - | (12 | ) | (239 | ) | (12 | ) | ||||||||
| Participation interest impact on adjustments | (41 | ) | (154 | ) | (206 | ) | (154 | ) | |||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (3,318 | ) | $ | (31,801 | ) | $ | (17,534 | ) | $ | (46,381 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | |||||||||||||||
| Basic and diluted | $ | (0.004 | ) | $ | (0.041 | ) | $ | (0.023 | ) | $ | (0.060 | ) | |||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | |||||||||||||||
| Basic and diluted | $ | (0.017 | ) | $ | (0.165 | ) | $ | (0.091 | ) | $ | (0.241 | ) | |||
| 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 | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Operating income | $ | 23,073 | $ | 2,972 | $ | 38,343 | $ | 19,051 | |||
| Pre-opening costs | 314 | 747 | 469 | 806 | |||||||
| Depreciation and amortization | 52,832 | 50,326 | 105,312 | 100,448 | |||||||
| Property charges and other | 154 | 180 | 2,160 | 120 | |||||||
| Adjusted EBITDA | $ | 76,373 | $ | 54,225 | $ | 146,284 | $ | 120,425 | |||
| 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 | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (3,745 | ) | $ | (33,431 | ) | $ | (19,718 | ) | $ | (48,010 | ) | |||
| Net loss attributable to participation interest | (353 | ) | (3,147 | ) | (1,856 | ) | (4,519 | ) | |||||||
| Net loss | (4,098 | ) | (36,578 | ) | (21,574 | ) | (52,529 | ) | |||||||
| Income tax expense | 3,088 | 4,603 | 5,028 | 4,646 | |||||||||||
| Interest and other non-operating expenses, net | 24,083 | 34,947 | 54,889 | 66,934 | |||||||||||
| Depreciation and amortization | 52,832 | 50,326 | 105,312 | 100,448 | |||||||||||
| Property charges and other | 154 | 180 | 2,160 | 120 | |||||||||||
| Pre-opening costs | 314 | 747 | 469 | 806 | |||||||||||
| Adjusted EBITDA | $ | 76,373 | $ | 54,225 | $ | 146,284 | $ | 120,425 | |||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||||
| Supplemental Data Schedule | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Room Statistics: | |||||||||||||||||
| Average daily rate (3) | $ | 163 | $ | 157 | $ | 166 | $ | 158 | |||||||||
| Occupancy per available room | 97 | % | 96 | % | 98 | % | 96 | % | |||||||||
| Revenue per available room (4) | $ | 159 | $ | 150 | $ | 163 | $ | 151 | |||||||||
| Other Information: | |||||||||||||||||
| Average number of table games | 253 | 252 | 253 | 249 | |||||||||||||
| Average number of gaming machines | 724 | 641 | 760 | 656 | |||||||||||||
| Table games win per unit per day (5) | $ | 14,143 | $ | 13,563 | $ | 13,734 | $ | 13,300 | |||||||||
| Gaming machines win per unit per day (6) | $ | 516 | $ | 476 | $ | 486 | $ | 456 | |||||||||
| (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, non-discretionary incentives (including the point-loyalty programs) 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 non-discretionary incentives (including the point-loyalty programs) as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis | ||||||||||||||||
FAQ
What were Studio City's (NYSE: MSC) Q2 2025 earnings results?
How did Studio City's gaming performance change in Q2 2025 vs Q2 2024?
What is Studio City's (MSC) current debt position in 2025?
How much did Studio City's Adjusted EBITDA improve in Q2 2025?
What strategic changes has Studio City implemented in its operations?
