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olivLaw · US equity research

STUDIO CITY INTERNATIONAL HOLDINGS Ltd MSC

Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)

0.89USD−16.82% · 1 dayClose 04 Nov 2026

Studio City International Holdings operates, through subsidiaries in Macau, the Studio City integrated resort on Cotai, where the casino is run by a gaming operator while the company runs the non-gaming side, hotel and attractions. Total revenue rose in 2025 on stronger mass market performance, yet the company still reported a net loss attributable to shareholders.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, STUDIO CITY INTERNATIONAL HOLDINGS Ltd (MSC) stock was 0.89 USD (−16.82% on the day), with beta -0.25, 52-week range 0.77–4.07 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -1.10 · TTM to 31 Dec 2020
E/P (TTM)
-123.93%
TTM to 31 Dec 2020
Dividend yield
unavailable
Beta (2y)
-0.25
Volatility (1y) 97%
52-week range
0.774.07

Price history

Loading chart…

Technical reading

RSI (14)
45.8
neutral
Bollinger (20, 2)
0.71 – 1.08
in the lower half of the band · %B 0.49 · band width 41.8%
SMA 50 / 200
1.14 / 2.17
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.06 / -0.09
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.1%−1.1%−9.0 pp—
3 months−47.6%−0.5%−47.2 pp—
6 months−62.9%+4.4%−67.3 pp—
Year to date−74.9%+12.3%−87.2 pp—
1 year−76.5%+13.5%−90.0 pp+9.5%
3 years−79.6%+76.4%−156.0 pp+9.3%
5 years−89.2%+63.7%−152.9 pp—
Max drawdown (1y)
−81.1%
05 Nov 2025 → 26 Oct 2026
Max drawdown (5y)
−91.3%
02 Apr 2024 → 26 Oct 2026
Compound annual growth (5y)
−35.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue571.2 m626.7 m49.2 m106.9 m11.5 m445.5 m639.1 m694.6 m
Revenue YoY+5.8%+9.7%−92.1%+117.2%−89.2%+3,758.1%+43.5%+8.7%
Net income-21.6 m33.6 m-321.6 m-252.6 m-326.5 m-133.5 m-96.7 m-58.8 m
Net income YoYunavailableunavailable−1,058.2%unavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.110.14-1.10unavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailable−893.5%unavailableunavailableunavailableunavailableunavailable
net %-3.8%5.4%-653.6%-236.3%-2,826.9%-30.0%-15.1%-8.5%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
109.4 m USD
Financial debt
2.0 bn USD
Net debt
1.9 bn USD
Equity
523.9 m USD
Total assets
2.8 bn USD
Debt / equity
3.86x
Current ratio
0.73x
ROE
-10.5%
ROA
-2.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
445.5 m
2024
639.1 m
2025
694.6 m

SEC (XBRL)· 13 Mar 2026verified

SG&A
2023
115.2 m
2024
171.3 m
2025
183.4 m

SEC (XBRL)· 13 Mar 2026verified

Operating income
2023
-29.0 m
2024
38.1 m
2025
70.0 m

SEC (XBRL)· 13 Mar 2026verified

Depreciation & amortisation
2023
169.4 m
2024
205.1 m
2025
212.0 m

SEC (XBRL)· 13 Mar 2026verified

EBITDA
2023
140.4 m ≈
2024
243.2 m ≈
2025
282.1 m ≈

SEC (XBRL)· 13 Mar 2026derived

Interest expense
2023
129.6 m
2024
133.6 m
2025
126.3 m

SEC (XBRL)· 13 Mar 2026verified

Income tax
2023
-81.0 k
2024
7.4 m
2025
7.6 m

SEC (XBRL)· 13 Mar 2026verified

Net income
2023
-133.5 m
2024
-96.7 m
2025
-58.8 m

SEC (XBRL)· 13 Mar 2026verified

Diluted EPS
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2021verified

Weighted average diluted shares
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2021verified

Balance sheet · USD

Cash
2023
228.0 m
2024
127.6 m
2025
109.4 m

SEC (XBRL)· 13 Mar 2026verified

Receivables
2023
2.3 m
2024
2.0 m
2025
1.9 m

SEC (XBRL)· 13 Mar 2026verified

Inventories
2023
5.8 m
2024
7.3 m
2025
8.7 m

SEC (XBRL)· 13 Mar 2026verified

Current assets
2023
316.1 m
2024
166.4 m
2025
131.5 m

SEC (XBRL)· 13 Mar 2026verified

Property, plant & equipment, net
2023
2.8 bn
2024
2.7 bn
2025
2.5 bn

SEC (XBRL)· 13 Mar 2026verified

Intangibles (excl. goodwill)
2023
5.0 k
2024
0
2025
—

SEC (XBRL)· 21 Mar 2025verified

Total assets
2023
3.2 bn
2024
3.0 bn
2025
2.8 bn

SEC (XBRL)· 13 Mar 2026verified

Accounts payable
2023
2.5 m
2024
3.3 m
2025
6.4 m

SEC (XBRL)· 13 Mar 2026verified

Short-term debt
2023
0
2024
21.6 m
2025
0

SEC (XBRL)· 13 Mar 2026verified

Long-term debt
2023
2.3 bn
2024
2.1 bn
2025
2.0 bn

SEC (XBRL)· 13 Mar 2026verified

Current liabilities
2023
156.8 m
2024
180.8 m
2025
180.0 m

SEC (XBRL)· 13 Mar 2026verified

Total liabilities
2023
2.5 bn
2024
2.3 bn
2025
2.2 bn

SEC (XBRL)· 13 Mar 2026verified

Equity
2023
666.1 m †
2024
590.7 m †
2025
523.9 m †

SEC (XBRL)· 13 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-18.9 m
2024
189.9 m
2025
210.3 m

SEC (XBRL)· 13 Mar 2026verified

Investing cash flow
2023
-161.5 m
2024
-108.5 m
2025
-85.1 m

SEC (XBRL)· 13 Mar 2026verified

Financing cash flow
2023
-100.9 m
2024
-183.3 m
2025
-143.1 m

SEC (XBRL)· 13 Mar 2026verified

Dividends paid
2023
0
2024
0
2025
0

SEC (XBRL)· 13 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
8.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
291.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
69.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
83.6%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
40.6%
computed by olivLawFY 2025
EBIT margin
10.1%
computed by olivLawFY 2025
Net margin
-8.5%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
-10.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-2.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
2.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
2.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
6.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
3.9x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
0.6x
computed by olivLawFY 2025

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
210.3 m USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
74.6%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
1 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 45.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.89 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-10.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-8.5%
computed by olivLawFY 2025
Revenue growth (YoY)
8.7%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 13 Mar 2026
verified 241

Score by group

46% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · input data missing
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Hotels & Motels (SIC 7011)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality2.3%18 (vs peers)23%
Net margin · Quality-8.5%16 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth291.8%100 (on a fixed band)18%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet6.8x16 (vs peers)23%
Interest coverage · Balance sheet0.6x0 (on a fixed band)14%
Current ratio · Balance sheet0.7x0 (on a fixed band)9%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet8/100 · 3/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality17/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED (MSC). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 694.6 m USD in 2025; YoY growth 8.7%; net margin -8.5%; ROE -10.5%; net debt/EBITDA 6.8x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 291.8%

What contradicts it

  • ROIC: 2.3%
  • Net margin: -8.5%
  • Net debt / EBITDA: 6.8x
  • Interest coverage: 0.6x
  • Current ratio: 0.7x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies

Multiples and returns vs the median

P/E
—
vertical median 30.2x
EV/EBITDA
—
vertical median 12.0x
P/S
—
vertical median 1.8x
P/B
—
vertical median 2.2x
ROE
-10.5%
vertical median 15.4%
below median (−168.4%)
Net margin
-8.5%
vertical median 5.8%
below median (−246.2%)
EBIT margin
10.1%
vertical median 15.7%
below median (−35.9%)
Revenue YoY
8.7%
vertical median 4.1%
above median (+112.0%)
Net debt/EBITDA
6.8x
vertical median 3.3x
above median (+104.0%)
Dividend yield
—
vertical median 1.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
HTHTH World Group Ltd154.3 bn218.441.5%20.1%+10.5%+9% / +37%
MARMarriott International Inc109.4 bn42.4—9.7%+4.3%+39% / +110%
HLTHilton Worldwide Holdings Inc.83.8 bn50.8—13.4%+7.7%+32% / +125%
IHGInterContinental Hotels Group PLC29.0 bn36.2—14.6%+5.4%+31% / +124%
LVSLas Vegas Sands Corp.25.5 bn16.7262.8%11.8%+15.2%−40% / −12%
ATATAtour Lifestyle Holdings Limited14.5 bn63.750.5%16.6%+41.0%−9% / +97%
WYNNWynn Resorts, Limited8.5 bn19.7—6.1%+0.1%−36% / −2%
MGMMGM Resorts International8.3 bn12.726.8%3.9%+1.7%−7% / −17%
CZRCaesars Entertainment, Inc.6.0 bn—-15.1%-4.5%+2.1%+26% / −34%
WHWyndham Hotels & Resorts, Inc.5.9 bn29.838.2%14.0%+1.5%+10% / +4%
MLCOMelco Resorts & Entertainment Limited5.7 bn30.6—3.6%+11.3%−48% / −33%
BYDBoyd Gaming Corp5.5 bn11.719.6%12.3%+4.1%−7% / +32%
CHHChoice Hotels International Inc5.4 bn26.7146.5%12.7%+0.8%+32% / +9%
TNLTravel & Leisure Co.4.7 bn20.7—5.7%+4.1%+13% / +118%
PKPark Hotels & Resorts Inc.3.4 bn—-5.0%-6.4%−2.2%+57% / +14%
SHOSunstone Hotel Investors, Inc.2.4 bn54.72.8%5.3%+6.0%+39% / +32%
PENNPenn Entertainment, Inc.2.3 bn—-37.4%-12.7%+5.8%+18% / −29%
XHRXenia Hotels & Resorts, Inc.2.0 bn628.90.3%0.3%+3.8%+57% / +79%
MCRIMonarch Casino & Resort, Inc.2.0 bn17.920.4%20.4%+4.4%+17% / +80%
BALYBally’s Corporation680.3 m———+0.1%−23% / unavailable
FLLFull House Resorts Inc29.1 m—-936.4%-12.1%+3.5%−70% / −84%
CNTYCentury Casinos, Inc.16.9 m——-9.6%−0.5%−61% / −86%
RRRRed Rock Resorts, Inc.—29.160.8%5.8%+3.7%−17% / +9%
MRNOMurano Global Investments Plc——-54.7%-488.8%+154.6%−88% / −98%
HHyatt Hotels Corporation—98.65.6%2.6%+6.8%+16% / +66%

1- and 3-year price returns: for MSC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Oct 2026), 6-K (23 Sept 2026), 6-K (04 Sept 2026), 6-K (28 Aug 2026), 6-K (14 Aug 2026).

In brief

Studio City International Holdings operates, through subsidiaries in Macau, the Studio City integrated resort on Cotai, where the casino is run by a gaming operator while the company runs the non-gaming side, hotel and attractions. Total revenue rose in 2025 on stronger mass market performance, yet the company still reported a net loss attributable to shareholders.1

SWOT

Strengths

  • The resort has a strategic location on Cotai, distinctive themed attractions and a hotel with high occupancy.
  • The company benefits from support from its principal shareholder and a revenue model that combines the casino contract with non-gaming income.
  • The attraction portfolio, from the Ferris wheel to the event centre and water parks, supports visits from families and young people.

Weaknesses

  • The company still reports net losses, which limits its ability to fund investment from operating cash flow.
  • The casino business is not held directly, so the company depends on the gaming operator for those revenues.
  • Operations are concentrated in one market, Macau, which increases exposure to local changes.

Opportunities

  • A continued tourism recovery and growth in mass market play could support better results if these trends hold.
  • Developing the premium segment and non-gaming offer could diversify revenue and raise spending per visitor.
  • MICE events and conference space could attract weekday traffic when demand is lower.

Threats

  • Chinese and Macau government policies on travel and gaming could quickly curb demand.
  • Intense competition on Cotai and in Macau could reduce market share and pressure room rates and margins.
  • Regulatory changes on gaming or data protection could bring added costs and restrictions.

Risks

  • Dependence on the gaming operatorhigh

    The Studio City casino is operated under contract by the Gaming Operator, and any failure to meet concession obligations could affect operations.

  • Net losses and debthigh

    The company reported net losses, and its ability to service debt depends on cash flow, which could limit investment.

  • Political and regulatory risk in China and Macauhigh

    Legislative changes or policies on travel and currency transfers could quickly affect demand and operations.

  • Geographic concentrationmedium

    All revenue comes from Macau, so any local or regional shock could affect results directly.

  • Data security and compliancemedium

    Protecting customer data and following anti-corruption and anti-money laundering rules could lead to penalties if gaps appear.

Investment thesis

What would need to be true (bull case)

  • If tourism in Macau keeps growing, revenue from rooms, mass market gaming and non-gaming could support further improvement in results.
  • Rising hotel occupancy and average daily rates could improve margins, especially if operating costs remain controlled.
  • Support from the principal shareholder and a portfolio of themed attractions could provide a stable base for expanding the offer.

What would break the thesis

  • If net losses persist, the company could struggle to fund investment and manage its debt.
  • Dependence on the gaming operator and concentration in one market could amplify the impact of regulatory changes.
  • Intense competition on Cotai could limit growth in non-gaming revenue and pressure hotel rates.

What to watch

  • Trend in casino contract revenue and mass market holdQ1 2027
  • Hotel occupancy and average daily rate2027
  • Narrowing of the net loss and the level of debtnext 20-F
  • Gaming regulation in Macau and travel policies2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Oct 2026), 6-K (23 Sept 2026), 6-K (04 Sept 2026), 6-K (28 Aug 2026), 6-K (14 Aug 2026).

The business

The company is a holding company whose subsidiaries operate Studio City, a cinematically themed integrated resort on Cotai, Macau, opened in October 2015. The Studio City Casino is operated by the Gaming Operator, a subsidiary of Melco Resorts that holds the gaming concession, while Studio City International Holdings runs the non-gaming businesses, including the hotel, restaurants, retail and events. All revenues come from Macau.1

The resort has about 2,493 hotel rooms across four towers, a figure-8 Ferris wheel, a 5,000-seat event arena and indoor and outdoor water parks. Its revenue mix combines the casino contract, rooms, food and beverage, entertainment and service fees for administrative and shuttle services provided to the casino.1

The company changed auditors in 2022 and 2024 and states its principal executive offices are in Singapore and Hong Kong, with no operations in mainland China. It does not expect to pay cash dividends in the foreseeable future, as funds are retained to repay debt and fund operations.1

Segments

Casino contract

Revenue from the casino contract rose in 2025 on stronger mass market performance and reflects the facilities provided to the gaming operator. The casino had 259 mass gaming tables and 800 gaming machines available, and gross gaming revenues reached 1.38 billion USD in 2025.1

Hotel and rooms

Room revenue increased in 2025 on a higher average daily rate and occupancy, linked to inbound tourism. Occupancy reached 98 percent, and the Star Tower has held Forbes Travel Guide Five-Star recognition.1

Food, entertainment and retail

Revenue from food and beverage, entertainment, mall and other non-gaming services fell slightly in 2025, mainly because fewer residency concerts were held. The entertainment offer includes the Ferris wheel, event centre, water parks, cinema and family attractions.1

Market context

The company operates only in Macau, where rising visitor arrivals and gross gaming revenue supported demand in 2025. The market is dominated by mass market play, and competition with other Cotai and Macau resorts remains intense, with no revenue offset from other geographies.1

Results depend on political conditions and regulation in Macau and mainland China, which can quickly change tourist flows and gaming marketing rules. Revenue is tied to mass market gaming, and growing the premium segment and non-gaming offer is the stated strategy.1

Trends

  • Recovery in Macau tourismtailwind

    Rising visitor arrivals and gaming revenue in 2025 supported hotel and casino results, but this demand could weaken if tourist flows change.

  • Policies of Macau and Chinese authoritiesheadwind

    Measures on travel, currency transfers and gaming marketing could restrict activity, and regulatory changes can arrive with little notice.

  • Better mass market performancemixed

    Higher hold on tables and machines contributed to the better 2025 results, although outcomes depend on gaming volatility and customer behaviour.

  • Amortisation and interest costsheadwind

    Depreciation and net financing costs stayed high; the net loss narrowed, but debt costs could limit profitability if revenue weakens.

Competitive position

Studio City competes with other integrated resorts in Macau offering gaming, hotels and entertainment, and rivalry is intensifying in the mass market and in non-gaming attractions. The company states that Macau is the only market in which it competes.1

Its competitive position rests on themed attractions, its location on the light rail line and loyalty programmes, but rivals with larger or multiple properties could gain an edge in attracting visitors.1

  • Melco Resorts & EntertainmentMLCO

    Principal shareholder that operates the Studio City casino through the Gaming Operator and is listed on Nasdaq; also a competitor in Macau.

  • Other Cotai integrated resort operators

    Other casino resorts on Cotai compete directly for visitors and entertainment spending.

  • Macau casino concession holders

    Groups holding gaming concessions in Macau compete in the mass and premium mass segments.

  • Regional hotels and resorts

    Properties in Hong Kong and the wider region can attract the same travellers for stays and events.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / STUDIO CITY INTERNATIONAL HOLDINGS Ltd · 13 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.