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Studio City International (MSC) investor relations material
Studio City International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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