Studio City International Holdings Limited Announces Unaudited First Quarter 2026 Earnings

MACAU, April 30, 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 first quarter of 2026.

Total operating revenues for the first quarter of 2026 were US$176.7 million, compared with US$161.7 million in the first quarter of 2025. The increase was primarily attributable to better performance in mass market operations leading to an increase in revenue from casino contract and higher overall non-gaming revenues.

Studio City Casino generated gross gaming revenues of US$373.5 million and US$336.2 million for the first quarters of 2026 and 2025, respectively.

Mass market table games drop was US$901.3 million in the first quarter of 2026, compared with US$923.9 million in the first quarter of 2025 and hold percentage was 36.9% in the first quarter of 2026, compared with 32.8% in the first quarter of 2025.

Gaming machine handle for the first quarter of 2026 was US$1.09 billion, compared with US$0.87 billion in the first quarter of 2025 and win rate was 3.7% in the first quarter of 2026, compared with 3.8% in the first quarter of 2025.

Revenue from casino contract was US$87.0 million for the first quarter of 2026, compared with US$75.9 million for the first 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$286.5 million and US$260.2 million in the first quarters of 2026 and 2025, respectively.

Total non-gaming revenues at Studio City for the first quarter of 2026 were US$89.8 million, compared with US$85.8 million for the first quarter of 2025.

Operating income for the first quarter of 2026 was US$28.0 million, compared with US$15.3 million in the first quarter of 2025.

Studio City’s Adjusted EBITDA ( 1) was US$80.0 million in the first quarter of 2026, compared with US$69.9 million in the first quarter of 2025. The change was mainly attributable to higher revenue from casino contract and non-gaming revenues, partially offset by higher operating costs.

Net income attributable to Studio City International Holdings Limited for the first quarter of 2026 was US$2.9 million, or US$0.02 per ADS, compared with net loss attributable to Studio City International Holdings Limited of US$16.0 million, or US$0.08 per ADS, in the first quarter of 2025. The net income attributable to participation interest was US$0.3 million in the first quarter of 2026, compared with net loss attributable to participation interest of US$1.5 million in the first quarter of 2025.

Other Factors Affecting Earnings

Total net non-operating expenses for the first quarter of 2026 were US$21.9 million, which mainly included interest expense of US$30.0 million, partially offset by net foreign exchange gains of US$8.4 million.

Depreciation and amortization costs of US$51.8 million were recorded in the first 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 March 31, 2026 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco Resorts”) dated April 30, 2026 (“Melco Resorts’ Earnings Release”) was US$31.7 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 March 31, 2026 aggregated to US$87.0 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 first quarter of 2026 was US$2.01 billion (December 31, 2025: US$2.02 billion), a reduction of US$9.8 million compared to total debt, net as of December 31, 2025. The reduction in total debt, net was primarily the result of the repayment of HK$78.0 million (equivalent to US$10.0 million) principal amount outstanding under the senior secured credit facility in March 2026.

Capital expenditures for the first quarter of 2026 were US$4.6 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