Total operating revenues for the fourth quarter of 2025 were US$160.3 million, compared with US$152.9 million in the fourth quarter of 2024. The increase was primarily attributable to better performance in mass market table games operations leading to an increase in revenue from casino contract and higher non-gaming revenues.
Studio City Casino generated gross gaming revenues of US$342.7 million and US$321.8 million for the fourth quarters of 2025 and 2024, respectively.
Mass market table games drop was US$931.7 million in the fourth quarter of 2025, compared with US$891.7 million in the fourth quarter of 2024 and hold percentage was 33.7% in the fourth quarter of 2025, compared with 32.1% in the fourth quarter of 2024.
Gaming machine handle for the fourth quarter of 2025 was US$935.8 million, compared with US$888.9 million in the fourth quarter of 2024 and win rate was 3.0% in the fourth quarter of 2025, compared with 3.3% in the fourth quarter of 2024.
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.
Mocha Grand Dragon Hotel and Mocha Hotel Royal ceased operations during the fourth quarter of 2025, following which 108 gaming machines were re-allocated to Studio City by Melco Resorts (Macau) Limited, the gaming operator of the Studio City Casino (the "Gaming Operator").
Revenue from casino contract was US$69.0 million for the fourth quarter of 2025, compared with US$63.6 million for the fourth quarter of 2024. 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 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$273.7 million and US$258.2 million in the fourth quarters of 2025 and 2024, respectively.
Total non-gaming revenues at Studio City for the fourth quarter of 2025 were US$91.3 million, compared with US$89.3 million for the fourth quarter of 2024.
Operating income for the fourth quarter of 2025 was US$7.8 million, compared with US$3.1 million in the fourth quarter of 2024.
Studio City's Adjusted EBITDA(1) was US$60.2 million in the fourth quarter of 2025, compared with US$56.7 million in the fourth quarter of 2024. The change was mainly attributable to higher revenue from casino contract and non-gaming revenues, partially offset by higher operating costs.
Net loss attributable to Studio City International Holdings Limited for the fourth quarter of 2025 was US$20.5 million, or US$0.11 per ADS, compared with US$27.7 million, or US$0.14 per ADS, in the fourth quarter of 2024. The net loss attributable to participation interest was US$1.9 million and US$2.6 million in the fourth quarters of 2025 and 2024, respectively.
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2025 were US$30.8 million, which mainly included interest expense of US$30.4 million.
Depreciation and amortization costs of US$52.7 million were recorded in the fourth quarter of 2025, 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 December 31, 2025 referred to in the earnings release of Melco Resorts & Entertainment Limited ("Melco Resorts") dated February 12, 2026 ("Melco Resorts' Earnings Release") was US$26.4 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 December 31, 2025 aggregated to US$109.5 million (December 31, 2024: US$127.8 million), including US$0.1 million of restricted cash (December 31, 2024: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the fourth quarter of 2025 was US$2.02 billion (December 31, 2024: US$2.16 billion), a reduction of US$31.0 million compared to total debt, net as of September 30, 2025. The reduction in total debt, net was primarily the result of the repayment of HK$247.0 million (equivalent to US$31.8 million) principal amount outstanding under the senior secured credit facility in November 2025.
Capital expenditures for the fourth quarter of 2025 were US$4.2 million.
Full Year Results
For the year ended December 31, 2025, Studio City International Holdings Limited reported total operating revenues of US$694.6 million, compared with US$639.1 million in the prior year. The increase in total operating revenues was primarily attributable to better performance in mass market operations, which led to an increase in revenue from casino contract and higher overall non-gaming revenues.
Operating income for 2025 was US$70.0 million, compared with US$38.1 million for 2024.
Studio City's Adjusted EBITDA was US$284.5 million for the year ended December 31, 2025, compared with US$245.3 million for 2024. The change was mainly attributable to higher revenue from casino contract and non-gaming revenues, partially offset by higher operating costs.
Net loss attributable to Studio City International Holdings Limited for 2025 was US$58.8 million, or US$0.31 per ADS, compared with US$96.7 million, or US$0.50 per ADS for 2024. The net loss attributable to participation interest for 2025 was US$5.5 million, compared with US$9.1 million for 2024.
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 KimSenior Vice President, Group TreasurerTel: +852 2598 3698Email:
For media enquiries, please contact: Chimmy LeungExecutive Director, Corporate CommunicationsTel: +852 3151 3765Email:
Studio City International Holdings Limited and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Operating revenues:
Revenue from casino contract
$
68,976
$
63,563
$
305,946
$
259,842
Rooms
43,037
42,921
168,011
160,721
Food and beverage
22,524
22,176
90,118
89,660
Entertainment
3,506
4,311
39,115
47,533
Services fee
15,994
14,371
68,265
59,529
Mall
5,143
4,522
19,202
18,289
Retail and other
1,101
999
3,909
3,571
Total operating revenues
160,281
152,863
694,566
639,145
Operating costs and expenses:
Costs related to casino contract
(9,265
)
(8,781
)
(38,494
)
(34,704
)
Rooms
(15,058
)
(14,130
)
(60,241
)
(51,614
)
Food and beverage
(20,168
)
(20,844
)
(79,306
)
(80,081
)
Entertainment
(4,256
)
(7,179
)
(38,430
)
(46,500
)
Mall
(1,920
)
(1,980
)
(7,726
)
(7,336
)
Retail and other
(613
)
(592
)
(2,433
)
(2,306
)
General and administrative
(48,823
)
(42,618
)
(183,387
)
(171,271
)
Pre-opening costs
(10
)
22
(510
)
(807
)
Amortization of land use right
(831
)
(832
)
(3,316
)
(3,314
)
Depreciation and amortization
(51,897
)
(51,934
)
(208,700
)
(201,746
)
Property charges and other
333
(875
)
(1,985
)
(1,318
)
Total operating costs and expenses
(152,508
)
(149,743
)
(624,528
)
(600,997
)
Operating income
7,773
3,120
70,038
38,148
Non-operating income (expenses):
Interest income
192
619
914
4,059
Interest expense
(30,399
)
(32,372
)
