Studio City International (MSC) Q1 2026 earnings summary

Executive summary

• Total operating revenues for 1Q'26 reached $177 million, up 9.3% year-over-year from $162 million, driven by improved mass market operations and higher non-gaming revenues.

• Net income for the quarter was $3 million, a significant turnaround from a net loss of $17 million in 1Q'25.

• Adjusted EBITDA rose to $80 million, a 14.5% increase year-over-year.

Financial highlights

• Casino contract revenue increased 14.6% year-over-year to $87 million.

• Non-gaming revenue grew 4.6% to $90 million.

• Operating income surged 83.6% to $28 million compared to 1Q'25.

• Gross gaming revenues were $373.5 million, up from $336.2 million year-over-year.

• Adjusted net income was $3.0 million, compared to an adjusted net loss of $14.2 million in Q1 2025.

Segment performance

• Mass table drop was $901 million, down 2% year-over-year, but hold improved by 410 bps to 36.9%.

• Mass GGR increased 10% year-over-year to $333 million.

• Slots GGR rose 24% year-over-year to $41 million.

• Gaming machine handle increased to $1.09 billion from $0.87 billion, with a win rate of 3.7%.

• Room revenue rose to $43.6 million, with average daily rate at $179 and occupancy at 98%.