Studio City International (MSC) Q2 2025 earnings summary

Executive summary

• Total operating revenues rose 17.7% year-over-year to $190.1 million for Q2 2025, driven by improved mass market operations and higher non-gaming revenues.

• Operating income surged to $23.1 million from $3 million, a 676.3% increase compared to Q2 2024.

• Net loss attributable to shareholders narrowed significantly to $3.7 million ($0.02/ADS) from $33.4 million ($0.17/ADS) year-over-year.

• Strategic focus shifted to premium mass and mass operations, with VIP rolling chip operations transferred out in late October 2024.

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

Financial highlights

• Casino contract revenue grew 35.0% year-over-year to $84 million.

• Non-gaming revenue increased 6.9% to $106.3 million compared to Q2 2024.

• Studio City Casino gross gaming revenue reached $359.6 million, up from $339.3 million year-over-year.

• Mass market table games drop was $958.2 million with a 34.0% hold, compared to $955.6 million and 30.1% in Q2 2024.

• Gaming machine handle increased to $916.1 million with a 3.7% win rate, up from $842.4 million and 3.3% year-over-year.

Outlook and guidance

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

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