Studio City International (MSC) investor relations material

Executive summary

• Operating revenues for Q2 2026 were $164.6 million, down 13.4% year-over-year from $190 million in Q2 2025, driven by softer mass market table games and lower non-gaming revenues.

• Net loss widened to $17 million in Q2 2026 from $4 million in Q2 2025, with net loss attributable to the company at $15.6 million.

• Adjusted EBITDA for Q2 2026 was $67 million, a 12.2% decrease year-over-year.

• Studio City Casino gross gaming revenues were $357.7 million, nearly flat compared to $359.6 million in Q2 2025.

Financial highlights

• Mass market table games drop was $884.1 million, down from $958.2 million year-over-year; hold percentage increased to 36.3%.

• Non-gaming revenue fell 17.4% year-over-year to $88 million.

• Operating income dropped 35.1% year-over-year to $15 million.

• Total non-gaming revenues fell to $87.8 million from $106.3 million year-over-year.

• Total non-operating expenses, net, increased 25.5% year-over-year to $30 million.

Segment performance

• Mass table hold was 36.3%, up 232 bps year-over-year.

• Mass GGR was $321 million, down 4% sequentially and 1% year-over-year.

• Slots GGR was $37 million, up 8% year-over-year.

• Room revenues were $40.5 million, food and beverage $20.5 million, entertainment $3.6 million, mall $4.8 million, and services fee $17.4 million for Q2 2026.

• Entertainment revenue dropped from $19.1 million to $3.6 million year-over-year.