Studio City International (MSC) Q4 2025 earnings summary

Executive summary

• Q4 2025 operating revenues reached $160.3 million, up 4.9% year-over-year, with full-year revenues at $695 million, an 8.7% increase from 2024, driven by mass market and non-gaming growth.

• Adjusted EBITDA for Q4 2025 was $60.2 million, up 6.1% year-over-year; full-year Adjusted EBITDA rose 16% to $285 million.

• Net loss for Q4 2025 narrowed to $20.5 million from $27.7 million in Q4 2024; full-year net loss improved to $58.8 million from $96.7 million in 2024.

• Strategic focus shifted to premium mass and mass operations, with VIP operations at Studio City ceasing since late October 2024.

Financial highlights

• Casino contract revenue for Q4 2025 was $69 million, up 8.5% year-over-year; non-gaming revenue was $91.3 million, up 2.2%.

• Q4 2025 operating income was $8 million, a 149.1% increase year-over-year.

• Total operating costs and expenses for Q4 2025 were $153 million, up 1.8% year-over-year.

• Adjusted EBITDA margin for Q4 2025 was approximately 37%.

Outlook and guidance

• Forward-looking statements highlight risks from changes in Macau's gaming market, economic conditions, regulatory developments, and business strategy execution.