Studio City International (MSC) Q3 2026 earnings summary

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.