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Studio City International Holdings Limited

MSC

Studio City International Holdings Limited • NYSE
$3.50 ▲ 6.71% (+0.22)
Market Cap $168.51 M
52w High $7.00
52w Low $2.30
Dividend Yield 0%
P/E -10.29
Volume 1.06K
Outstanding Shares 48.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $182.514M ▼ $100.422M ▲ $-18.569M ▼ -10.174% ▼ $-0.39 ▼ $63.967M ▼
Q2-2025 $190.051M ▲ $47.989M ▼ $-3.745M ▲ -1.971% ▲ $-0.078 ▲ $84.906M ▲
Q1-2025 $161.72M ▲ $95.113M ▼ $-15.973M ▲ -9.877% ▲ $-0.33 ▲ $65.705M ▲
Q4-2024 $152.863M ▼ $95.362M ▼ $-27.748M ▼ -18.152% ▼ $-0.56 ▼ $54.977M ▼
Q3-2024 $174.63M $97.446M $-20.968M -12.007% $-0.44 $64.196M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $99.446M ▼ $2.822B ▼ $2.227B ▼ $543.862M ▲
Q2-2025 $173.481M ▲ $2.922B ▼ $2.338B ▲ $533.32M ▼
Q1-2025 $97.827M ▼ $2.923B ▼ $2.301B ▼ $568.18M ▼
Q4-2024 $127.634M ▲ $2.985B ▲ $2.339B ▲ $646.519M ▲
Q3-2024 $113.199M $2.982B $2.31B $613.825M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.569M ▼ $0 $0 $0 $0 $0
Q2-2025 $-3.745M ▲ $0 $0 $0 $0 $0
Q1-2025 $-15.973M ▲ $0 $0 $0 $0 $0
Q4-2024 $-27.748M ▼ $0 $0 $0 $0 $0
Q3-2024 $-20.968M $0 $0 $0 $0 $0

Revenue by Products

Product Q3-2021Q4-2021
Entertainment
Entertainment
 $0 ▲$0 ▲
Food and Beverage
Food and Beverage
 $20.00M ▲$10.00M ▼
Gaming
Gaming
 $-10.00M ▲$40.00M ▲
Mall
Mall
 $10.00M ▲$0 ▼
Occupancy
Occupancy
 $30.00M ▲$10.00M ▼
Retail and Other
Retail and Other
 $0 ▲$0 ▲
Service Fee
Service Fee
 $20.00M ▲$10.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Studio City’s revenue has rebounded strongly over the last two years after very weak trading during the pandemic period. Profitability is moving in the right direction: gross profit and operating profit have turned positive, and cash-style earnings are now clearly in the black. That said, the company is still posting net losses, though those losses are shrinking each year. The overall picture is of a resort that has moved from survival mode toward a more normal operating environment, but has not yet reached consistent bottom-line profitability.

Balance Sheet

Balance Sheet The balance sheet shows a business that is capital intensive and highly leveraged. Total assets have been broadly stable, but equity has gradually eroded as losses accumulated, leaving a thinner cushion for setbacks. Debt remains high relative to the size of the business, reflecting the heavy investment in the property and its expansions. Cash on hand has trended down from earlier years, which increases the importance of maintaining healthy operating cash flow and access to funding. Financial flexibility is therefore more constrained than it appears from the asset base alone.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has recently turned positive after several years of outflows, which is a key improvement. Free cash flow was negative for a long stretch because of heavy spending on expansion projects, but that drag has eased and free cash flow has flipped modestly positive. Capital spending is still meaningful, yet no longer at the peak levels seen during the major build‑out phase. Overall, the cash flow profile has shifted from investment-heavy and loss-making toward a more self-sustaining model, but it still depends on maintaining the current recovery in visitor and gaming volumes.

Competitive Edge

Competitive Edge Studio City competes in one of the world’s most crowded and high-stakes gaming markets, yet it has carved out a distinctive position. Its Hollywood and cinematic theme, plus a strong emphasis on non-gaming attractions such as the figure‑eight Ferris wheel and large water park, help it stand out from more traditional casino-focused properties. The resort is oriented toward mass and premium-mass customers rather than VIPs, which can be structurally more stable but also intensely contested by peers. Being part of the broader Melco ecosystem and located on Macau’s Cotai Strip provide additional traffic and brand advantages. The main competitive risks are the sheer scale of neighboring resorts, ongoing regulatory oversight in Macau, and dependence on mainland Chinese tourism and discretionary spending cycles.

Innovation and R&D

Innovation and R&D Innovation at Studio City is less about lab-style R&D and more about guest experience, technology, and property refreshment. The resort uses cloud infrastructure and in‑room digital systems to personalize services, streamline operations, and integrate mobile access, which can deepen customer engagement. It has also deployed AI tools to cut food waste and invested in energy-efficient building design, signaling a push toward more sustainable operations. On the product side, the recent expansion phase brought new hotels, major attractions, and niche offerings like the rooftop skate park, showing a willingness to continuously add fresh experiences. Future innovation will likely come from better data analytics, tighter digital integration across the guest journey, and periodic new attractions rather than from radical technology shifts.

Summary

Studio City today looks like a resort coming out of a long downturn with improving momentum but still carrying legacy burdens. The income statement shows strong top-line recovery and better operating performance, though not yet full profitability. The balance sheet reflects heavy past investment funded largely by debt, with reduced equity and lower cash buffers that heighten financial risk. Cash flow dynamics are improving as large projects wind down and operations generate more cash, moving the business closer to self-sufficiency. Competitively, its themed, entertainment-led positioning and non-gaming focus offer clear differentiation in Macau’s crowded market, supported by ongoing technology and attraction upgrades. The key questions going forward are the durability of the current recovery, the resort’s ability to fully translate higher visitation into net profits, and how comfortably it can manage its leverage through economic and regulatory cycles.

NEWS

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November 6, 2025 · 8:10 AM UTC

Studio City International Holdings Limited Announces Unaudited Third Quarter 2025 Earnings

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October 30, 2025 · 7:01 AM UTC

Studio City Announces Earnings Release Date

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