Studio City International (MSC) Q3 2025 earnings summary

Executive summary

• Operating revenues for Q3 2025 reached $183 million, up 4.5% year-over-year, driven by improved mass market casino performance.

• Operating income increased to $24 million, a 49.7% rise year-over-year.

• Adjusted EBITDA grew to $78.1 million, up 14.5% year-over-year, mainly due to higher casino contract revenue.

• Net loss narrowed to $18.6 million, an improvement from the prior year.

Financial highlights

• Casino contract revenue rose 14.8% year-over-year to $77.3 million.

• Non-gaming revenue slightly decreased by 1.9% to $105.2 million.

• Mass market table games drop increased to $943 million, with hold percentage rising to 33.1%.

• Adjusted EBITDA margin improved, with trailing 12-month figures showing consistent growth.

• Depreciation and amortization for the quarter totaled $54 million.

Outlook and guidance

• Strategic focus shifted to premium mass and mass operations after ceasing VIP rolling chip operations in late October 2024.

• Forward-looking statements highlight risks from Macau gaming law changes, market volatility, and regulatory approvals.