Studio City International Holdings Limited Announces Unaudited Third Quarter 2025 Earnings
Studio City International Holdings (NYSE: MSC) reported unaudited Q3 2025 results on Nov 6, 2025. Total operating revenues were US$182.5M vs US$174.6M a year ago, driven by stronger mass market gaming and higher casino contract revenue of US$77.3M (Q3 2024: US$67.3M). Adjusted EBITDA rose to US$78.1M from US$68.2M and operating income increased to US$23.9M from US$16.0M. Net loss attributable to Studio City narrowed to US$18.6M (US$0.10 per ADS) from US$21.0M. Cash and bank balances were US$99.6M and total debt, net was US$2.06B as of Sept 30, 2025.
Studio City International Holdings (NYSE: MSC) ha riportato risultati non auditati del terzo trimestre 2025 il 6 novembre 2025. Totali ricavi operativi sono stati US$182,5M rispetto a US$174,6M un anno prima, trainati da una maggiore massa di gioco e da un superiore ricavo da contratti di casinò di US$77,3M (Q3 2024: US$67,3M). EBITDA rettificato è aumentato a US$78,1M da US$68,2M e l'utile operativo è salito a US$23,9M da US$16,0M. La perdita netta attribuibile a Studio City si è ridotta a US$18,6M (US$0,10 per ADS) da US$21,0M. Le disponibilità liquide e saldi bancari erano US$99,6M e il debito totale netto era US$2,06B al 30 settembre 2025.
Los ingresos operativos totales fueron US$182,5M frente a US$174,6M hace un año, impulsados por un mayor juego de masas y un mayor ingreso por contratos de casino de US$77,3M (T3 2024: US$67,3M). EBITDA ajustado aumentó a US$78,1M desde US$68,2M y el ingreso operativo creció a US$23,9M desde US$16,0M. La pérdida neta atribuible a Studio City se redujo a US$18,6M (US$0,10 por ADS) desde US$21,0M. Los saldos de caja y bancos eran US$99,6M y la deuda total neta fue US$2,06B al 30 de septiembre de 2025.
Studio City International Holdings (NYSE: MSC)는 2025년 11월 6일 3분기 2025 실적 비감사 결과를 발표했다. 총영업수익은 전년 동기 대비 US$182.5M이고, 카지노 계약 매출은 US$77.3M으로 미국 2024년 3분기의 US$67.3M 대비 증가했다. 조정 EBITDA는 US$78.1M으로 US$68.2M에서 올랐고, 영업이익은 US$23.9M로 US$16.0M에서 증가했다. Studio City에 귀속되는 순손실은 US$18.6M(ADS당 US$0.10)으로 축소되었고, 현금 및 은행잔고는 US$99.6M, 순부채 총액은 US$2.06B였다. 2025년 9월 30일 기준.
Studio City International Holdings (NYSE: MSC) a publié des résultats non audités du T3 2025 le 6 novembre 2025. Chiffre d'affaires total opérationnel s'est élevé à US$182,5M contre US$174,6M il y a un an, porté par une forte demande des joueurs grand public et un chiffre d'affaires des contrats de casino de US$77,3M (T3 2024: US$67,3M). EBITDA ajusté a augmenté à US$78,1M contre US$68,2M et le résultat opérationnel a augmenté à US$23,9M contre US$16,0M. La perte nette attribuable à Studio City s'est réduite à US$18,6M (US$0,10 par ADS) contre US$21,0M. Les liquidités et soldes bancaires étaient US$99,6M et la dette totale nette était US$2,06B au 30 septembre 2025.
Studio City International Holdings (NYSE: MSC) meldete nicht geprüfte Ergebnisse des Q3 2025 am 6. November 2025. Gesamtbetriebsumsätze betrugen US$182,5 Mio. gegenüber US$174,6 Mio. vor einem Jahr, getrieben durch stärkeren Massenmarkt-Gaming und höheren Casino-Vertragsumsätzen von US$77,3 Mio. (Q3 2024: US$67,3 Mio.). Bereinigtes EBITDA stieg auf US$78,1 Mio. von US$68,2 Mio. und das Betriebsergebnis erhöhte sich auf US$23,9 Mio. von US$16,0 Mio. Die auf Studio City entfallende Nettoverschuldung verringerte sich auf US$18,6 Mio. (US$0,10 pro ADS) von US$21,0 Mio. Die Bar- und Bankguthaben betrugen US$99,6 Mio., und die Nettoschulden betrugen US$2,06 Mrd. zum 30. September 2025.
Studio City International Holdings (NYSE: MSC) أبلغت عن نتائج غير مدققة للربع الثالث من 2025 في 6 نوفمبر 2025. إجمالي الإيرادات التشغيلية بلغ US$182.5M مقابل US$174.6M قبل عام، مدفوعاً بزيادة ألعاب السوق الرئيسي وارتفاع إيرادات عقود الكازينو إلى US$77.3M (الربع الثالث 2024: US$67.3M). EBITDA المعدّل ارتفع إلى US$78.1M من US$68.2M وارتفع الدخل التشغيلي إلى US$23.9M من US$16.0M. انخفض صافي الخسارة العائد إلى Studio City إلى US$18.6M (US$0.10 لكل ADS) من US$21.0M. كانت الأرصدة النقدية والودائع البنكية US$99.6M وكبر الدين الإجمالي الصافي US$2.06B حتى 30 سبتمبر 2025.
- Adjusted EBITDA +14.5% YoY to US$78.1M
- Operating income +49% YoY to US$23.9M
- Revenue from casino contract +14.9% YoY to US$77.3M
- Total debt, net reduced by US$109.3M since June 30, 2025
- Net loss remained at US$18.6M for Q3 2025
- Cash and bank balances fell ~22% YoY to US$99.6M
Insights
Solid quarter: revenue and Adjusted EBITDA rose, operating income turned positive, but the company still posted a net loss and carries high leverage.
Studio City increased total operating revenues to
The company still reported a net loss attributable to the parent of
Watch the sustainability of mass-market hold and gaming-machine redeployment as primary drivers; monitor interest expense and FX volatility because non-operating costs exceeded operating income in the quarter. Key near-term milestones include the next quarterly results for the period ending
MACAU, Nov. 06, 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 third quarter of 2025.
Total operating revenues for the third 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 third 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.
Following the closure of Mocha Kuong Fat in September 2025, 90 gaming machines were re-allocated to Studio City.
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 2025 were US
Operating income for the third quarter of 2025 was US
Studio City’s Adjusted EBITDA(1) was US
Net loss attributable to Studio City International Holdings Limited for the third quarter of 2025 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2025 were US
Depreciation and amortization costs of US
Adjusted EBITDA for Studio City for the three months ended September 30, 2025 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco”) dated November 6, 2025 (“Melco’s Earnings Release”) was US
Financial Position and Capital Expenditures
Total cash and bank balances as of September 30, 2025 aggregated to US
Capital expenditures for the third 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
- "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. - “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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Revenue from casino contract | $ | 77,267 | $ | 67,312 | $ | 236,970 | $ | 196,279 | ||||||||
| Rooms | 44,093 | 41,602 | 124,974 | 117,800 | ||||||||||||
| Food and beverage | 23,390 | 24,585 | 67,594 | 67,484 | ||||||||||||
| Entertainment | 13,514 | 18,630 | 35,609 | 43,222 | ||||||||||||
| Services fee | 18,067 | 16,395 | 52,271 | 45,158 | ||||||||||||
| Mall | 5,096 | 5,055 | 14,059 | 13,767 | ||||||||||||
| Retail and other | 1,087 | 1,051 | 2,808 | 2,572 | ||||||||||||
| Total operating revenues | 182,514 | 174,630 | 534,285 | 486,282 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Costs related to casino contract | (9,856 | ) | (8,815 | ) | (29,229 | ) | (25,923 | ) | ||||||||
| Rooms | (15,635 | ) | (13,506 | ) | (45,183 | ) | (37,484 | ) | ||||||||
| Food and beverage | (19,543 | ) | (21,272 | ) | (59,138 | ) | (59,237 | ) | ||||||||
| Entertainment | (10,453 | ) | (14,676 | ) | (34,174 | ) | (39,321 | ) | ||||||||
| Mall | (2,039 | ) | (1,958 | ) | (5,806 | ) | (5,356 | ) | ||||||||
| Retail and other | (644 | ) | (657 | ) | (1,820 | ) | (1,714 | ) | ||||||||
| General and administrative | (46,257 | ) | (45,577 | ) | (134,564 | ) | (128,653 | ) | ||||||||
| Pre-opening costs | (31 | ) | (23 | ) | (500 | ) | (829 | ) | ||||||||
| Amortization of land use right | (828 | ) | (829 | ) | (2,485 | ) | (2,482 | ) | ||||||||
| Depreciation and amortization | (53,148 | ) | (51,017 | ) | (156,803 | ) | (149,812 | ) | ||||||||
| Property charges and other | (158 | ) | (323 | ) | (2,318 | ) | (443 | ) | ||||||||
| Total operating costs and expenses | (158,592 | ) | (158,653 | ) | (472,020 | ) | (451,254 | ) | ||||||||
| Operating income | 23,922 | 15,977 | 62,265 | 35,028 | ||||||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 205 | 524 | 722 | 3,440 | ||||||||||||
| Interest expense | (30,885 | ) | (32,785 | ) | (95,867 | ) | (101,222 | ) | ||||||||
| Other financing costs | (293 | ) | (105 | ) | (1,446 | ) | (313 | ) | ||||||||
| Foreign exchange (losses) gains, net | (10,097 | ) | (3,932 | ) | 632 | (4,268 | ) | |||||||||
| Loss on extinguishment of debt | - | (114 | ) | - | (983 | ) | ||||||||||
| Total non-operating expenses, net | (41,070 | ) | (36,412 | ) | (95,959 | ) | (103,346 | ) | ||||||||
| Loss before income tax | (17,148 | ) | (20,435 | ) | (33,694 | ) | (68,318 | ) | ||||||||
| Income tax expense | (3,169 | ) | (2,507 | ) | (8,197 | ) | (7,153 | ) | ||||||||
| Net loss | (20,317 | ) | (22,942 | ) | (41,891 | ) | (75,471 | ) | ||||||||
| Net loss attributable to participation interest | 1,748 | 1,974 | 3,604 | 6,493 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (18,569 | ) | $ | (20,968 | ) | $ | (38,287 | ) | (68,978 | ) | |||||
| Net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||||||||||||||||
| Basic and diluted | $ | (0.024 | ) | $ | (0.027 | ) | $ | (0.050 | ) | $ | (0.090 | ) | ||||
| Net loss attributable to Studio City International Holdings Limited per ADS: | ||||||||||||||||
| Basic and diluted | $ | (0.096 | ) | $ | (0.109 | ) | $ | (0.199 | ) | $ | (0.358 | ) | ||||
| 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) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 99,446 | $ | 127,634 | ||||
| Accounts receivable, net | 1,288 | 1,976 | ||||||
| Receivables from affiliated companies | 230 | 309 | ||||||
| Inventories | 7,746 | 7,306 | ||||||
| Prepaid expenses and other current assets | 8,361 | 29,140 | ||||||
| Total current assets | 117,071 | 166,365 | ||||||
| Property and equipment, net | 2,531,013 | 2,652,169 | ||||||
| Long-term prepayments, deposits and other assets | 62,639 | 52,504 | ||||||
| Restricted cash | 130 | 130 | ||||||
| Operating lease right-of-use assets | 11,579 | 11,647 | ||||||
| Land use right, net | 99,889 | 102,629 | ||||||
| Total assets | $ | 2,822,321 | $ | 2,985,444 | ||||
| LIABILITIES, SHAREHOLDERS’ EQUITY AND | ||||||||
| PARTICIPATION INTEREST | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,575 | $ | 3,285 | ||||
| Accrued expenses and other current liabilities | 69,495 | 118,117 | ||||||
| Income tax payable | 15,532 | 7,626 | ||||||
| Current portion of long-term debt, net | - | 21,597 | ||||||
| Payables to affiliated companies | 66,374 | 30,131 | ||||||
| Total current liabilities | 153,976 | 180,756 | ||||||
| Long-term debt, net | 2,055,616 | 2,141,750 | ||||||
| Other long-term liabilities | 5,526 | 4,115 | ||||||
| Deferred tax liabilities, net | 112 | 77 | ||||||
| Operating lease liabilities, non-current | 11,857 | 12,227 | ||||||
| Total liabilities | 2,227,087 | 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 income | 115 | 8,701 | ||||||
| Accumulated losses | (1,933,696 | ) | (1,895,409 | ) | ||||
| Total shareholders’ equity | 543,862 | 590,735 | ||||||
| Participation interest | 51,372 | 55,784 | ||||||
| Total shareholders’ equity and participation interest | 595,234 | 646,519 | ||||||
| Total liabilities, shareholders’ equity and participation interest | $ | 2,822,321 | $ | 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (18,569 | ) | $ | (20,968 | ) | $ | (38,287 | ) | $ | (68,978 | ) | ||||
| Pre-opening costs | 31 | 23 | 500 | 829 | ||||||||||||
| Property charges and other | 158 | 323 | 2,318 | 443 | ||||||||||||
| Loss on extinguishment of debt | - | 114 | - | 983 | ||||||||||||
| Income tax impact on adjustments | (16 | ) | - | (255 | ) | (12 | ) | |||||||||
| Participation interest impact on adjustments | (15 | ) | (40 | ) | (221 | ) | (194 | ) | ||||||||
| Adjusted net loss attributable to Studio City International Holdings Limited | $ | (18,411 | ) | $ | (20,548 | ) | $ | (35,945 | ) | $ | (66,929 | ) | ||||
| Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share: | ||||||||||||||||
| Basic and diluted | $ | (0.024 | ) | $ | (0.027 | ) | $ | (0.047 | ) | $ | (0.087 | ) | ||||
| Adjusted net loss attributable to Studio City International Holdings Limited per ADS: | ||||||||||||||||
| Basic and diluted | $ | (0.096 | ) | $ | (0.107 | ) | $ | (0.187 | ) | $ | (0.348 | ) | ||||
| 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, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Operating income | $ | 23,922 | $ | 15,977 | $ | 62,265 | $ | 35,028 | |||
| Pre-opening costs | 31 | 23 | 500 | 829 | |||||||
| Depreciation and amortization | 53,976 | 51,846 | 159,288 | 152,294 | |||||||
| Property charges and other | 158 | 323 | 2,318 | 443 | |||||||
| Adjusted EBITDA | $ | 78,087 | $ | 68,169 | $ | 224,371 | $ | 188,594 | |||
| 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, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to Studio City International Holdings Limited | $ | (18,569 | ) | $ | (20,968 | ) | $ | (38,287 | ) | $ | (68,978 | ) | |||
| Net loss attributable to participation interest | (1,748 | ) | (1,974 | ) | (3,604 | ) | (6,493 | ) | |||||||
| Net loss | (20,317 | ) | (22,942 | ) | (41,891 | ) | (75,471 | ) | |||||||
| Income tax expense | 3,169 | 2,507 | 8,197 | 7,153 | |||||||||||
| Interest and other non-operating expenses, net | 41,070 | 36,412 | 95,959 | 103,346 | |||||||||||
| Depreciation and amortization | 53,976 | 51,846 | 159,288 | 152,294 | |||||||||||
| Property charges and other | 158 | 323 | 2,318 | 443 | |||||||||||
| Pre-opening costs | 31 | 23 | 500 | 829 | |||||||||||
| Adjusted EBITDA | $ | 78,087 | $ | 68,169 | $ | 224,371 | $ | 188,594 | |||||||
| Studio City International Holdings Limited and Subsidiaries | |||||||||||||||||||||
| Supplemental Data Schedule | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Room Statistics: | |||||||||||||||||||||
| Average daily rate(3) | $ | 178 | $ | 171 | $ | 170 | $ | 162 | |||||||||||||
| Occupancy per available room | 97 | % | 96 | % | 98 | % | 96 | % | |||||||||||||
| Revenue per available room(4) | $ | 174 | $ | 164 | $ | 166 | $ | 155 | |||||||||||||
| Other Information: | |||||||||||||||||||||
| Average number of table games | 253 | 253 | 253 | 250 | |||||||||||||||||
| Average number of gaming machines | 726 | 726 | 749 | 679 | |||||||||||||||||
| Table games win per unit per day(5) | $ | 13,572 | $ | 13,212 | $ | 13,680 | $ | 13,270 | |||||||||||||
| Gaming machines win per unit per day(6) | $ | 484 | $ | 418 | $ | 485 | $ | 443 | |||||||||||||
| (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 (MSC) total operating revenues in Q3 2025?
How did Studio City’s Adjusted EBITDA for Q3 2025 compare to Q3 2024?
What was Studio City’s net loss per ADS in Q3 2025 (MSC)?
How much debt did Studio City (MSC) have at Sept 30, 2025 and did it change?
What drove revenue growth at Studio City in Q3 2025?
Did Studio City’s cash position change in Q3 2025 and how might that affect shareholders?
