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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Studio City International
Studio City International (MSC) investor relations material
Studio City International Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 2026 operating revenue was $163.3M vs. $182.5M, down 10.5% YoY; Adjusted EBITDA was $65.5M vs. $78.1M, down 16.1%.
Total GGR was $320.9M, down 7% YoY; mass table drop was $846.3M vs. $942.5M, down 10%.
Financial highlights
Operating costs and expenses were $149M vs. $159M; operating income was $14.7M vs. $23.9M.
Net non-operating expenses were $27.5M, including $27.9M of interest expense; net loss attributable to shareholders narrowed to $13.1M from $18.6M.
Q3 net loss per ADS was $0.07 vs. $0.10; nine-month revenue was $504.6M vs. $534.3M and Adjusted EBITDA was $212.6M vs. $224.4M.
Q3 depreciation and amortization was $51.3M, including $0.8M of land-use-right amortization.
Segment performance
Casino contract revenue was $66.9M vs. $77.3M; non-gaming revenue was $96.4M vs. $105.2M.
Studio City Casino GGR was $320.9M vs. $344.4M; mass-market table-games drop was $846.3M vs. $942.5M.
Mass GGR was $290M, down 10% QoQ and 7% YoY; slots GGR was $31M, down 16% QoQ and 4% YoY.
Entertainment revenue was $9.7M vs. $13.5M; rooms revenue was $43.5M vs. $44.1M.
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Latest events from Studio City International
- Macau reopening and Phase 2 drove a sharp Q4 recovery and positive Adjusted EBITDA.MSC
Q4 2023 - Revenue and EBITDA declined year-over-year, with net loss widening and liquidity at $193 million.MSCQ2 2026
- Net income turned positive and revenues rose 9.3% on strong mass and non-gaming growth.MSCQ1 2026
- Q4 2025 delivered revenue growth, margin gains, and a reduced net loss year-over-year.MSCQ4 2025
- Macau resort operator seeks to raise up to $1B for debt and growth amid regulatory risks.MSCRegistration Filing
- Revenue and EBITDA increased, net loss narrowed, and focus shifted to mass market operations.MSCQ3 2025
- Revenue and profitability improved, led by mass market and non-gaming segment growth.MSCQ2 2025
- Q3 2024 revenue up 27% to $174.6M, with Adjusted EBITDA at $68.2M and net loss narrowing.MSCQ3 2024
- Q1 2025 revenue and EBITDA grew, led by mass gaming, as VIP operations ended or moved.MSCQ1 2025
Next Studio City International earnings date
Q4 202612 Feb, 2027
Studio City International
Next Studio City International earnings date
Q4 202612 Feb, 2027
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Frequently asked questions
Studio City International Holdings Limited is a company that operates an integrated entertainment resort in Cotai, Macau. The resort features a variety of attractions, including the Studio City Casino, which offers gaming tables for mass market and VIP operations, as well as slot machines. In addition to gaming, the resort includes luxury hotel accommodations, diverse dining options, retail space, and various entertainment facilities such as a Ferris wheel, nightclubs, a performance arena, and both indoor and outdoor water parks. The company is headquartered in Hong Kong, and its shares are listed on the NYSE.