Studio City International (MSC) Q2 2025 earnings summary

Executive summary

• Operating revenues rose to $190.1 million in Q2 2025, up 17.7% year-over-year, driven by improved mass market and non-gaming performance.

• Operating income surged to $23.1 million from $3 million, a significant year-over-year increase.

• Net loss attributable to shareholders narrowed to $3.7 million from $33.4 million year-over-year.

• Strategic focus shifted to premium mass and mass operations, with VIP operations discontinued in late October 2024.

• Adjusted EBITDA increased to $76.4 million, up 40.8% year-over-year.

Financial highlights

• Gross gaming revenue reached $359.6 million, up from $339.3 million year-over-year.

• Casino contract revenue grew 35% year-over-year to $84 million.

• Non-gaming revenue increased to $106.3 million, up 6.9% year-over-year.

• Total operating costs and expenses rose 5.3% to $167 million.

• Adjusted net loss per ADS was $0.017, compared to $0.165 in Q2 2024.

Outlook and guidance

• Forward-looking statements highlight risks from market changes, economic conditions, regulatory developments, and capital market volatility in Macau and other regions.

• Growth strategies and future business development are subject to uncertainties, including gaming law amendments and government approvals.