Studio City International Holdings Limited Announces Unaudited Third Quarter 2026 Earnings
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$163.3 million, compared with US$182.5 million in the third quarter of 2025. The decrease was primarily attributable to softer performance in mass market 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$320.9 million and US$344.4 million for the third quarters of 2026 and 2025, respectively.
Mass market table games drop was US$846.3 million in the third quarter of 2026, compared with US$942.5 million in the third quarter of 2025. Hold percentage was 34.3% in the third quarter of 2026, compared with 33.1% in the third quarter of 2025.
Gaming machine handle for the third quarter of 2026 was US$892.9 million, compared with US$873.3 million in the third quarter of 2025. Win rate was 3.4% in the third quarter of 2026, compared with 3.7% in the third quarter of 2025.
Revenue from casino contract was US$66.9 million for the third quarter of 2026, compared with US$77.3 million for the third 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$254.0 million and US$267.2 million in the third quarters of 2026 and 2025, respectively.
Total non-gaming revenues at Studio City for the third quarter of 2026 were US$96.4 million, compared with US$105.2 million for the third quarter of 2025.
Operating income for the third quarter of 2026 was US$14.7 million, compared with US$23.9 million in the third quarter of 2025.
Studio City’s Adjusted EBITDA ( 1) was US$65.5 million in the third quarter of 2026, compared with US$78.1 million in the third 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 third quarter of 2026 was US$13.1 million, or US$0.07 per American depositary share (“ADS”), compared with US$18.6 million, or US$0.10 per ADS, in the third quarter of 2025. The net loss attributable to participation interest was US$1.2 million and US$1.7 million in the third quarters of 2026 and 2025, respectively.
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2026 were US$27.5 million, which mainly included interest expense of US$27.9 million, partially offset by net foreign exchange gains of US$0.8 million.
Depreciation and amortization costs of US$51.3 million were recorded in the third 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 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$25.0 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 September 30, 2026 aggregated to US$97.8 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 third quarter of 2026 was US$1.95 billion (December 31, 2025: US$2.02 billion), a reduction of US$28.8 million compared to total debt, net as of June 30, 2026.
On July 18, 2026, Studio City Finance Limited redeemed the outstanding 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 the senior secured credit facility of Studio City Company Limited (“SCC”) on July 15, 2026 and cash on hand. All of the redeemed notes have been cancelled. On September 3, 2026, HK$118.0 million (equivalent to US$15.0 million) of SCC’s senior secured credit facility was repaid.
Capital expenditures for the third quarter of 2026 were US$6.1 million.
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$10.6 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
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