Studio City International Holdings Limited reported its unaudited third‑quarter 2025 results, showing total operating revenues of US$182.5 million, up 4.9% from US$174.6 million a year earlier. Gross gaming revenues climbed to US$344.4 million, while mass‑market table‑game revenue rose to US$942.5 million, reflecting stronger demand in the core Macau market. Operating income reached US$23.9 million, a 49% increase from US$16 million in Q3 2024, and adjusted EBITDA grew to US$78.1 million, up 14% from US$68.2 million. Net loss attributable to Studio City narrowed to US$18.6 million from US$21 million a year earlier, driven by higher revenue and improved operating leverage.
The mass‑market segment was the primary engine of growth. Table‑game revenue increased by US$29.6 million, and the hold percentage rose to 33.1% from 30.7%, indicating a higher proportion of player spend retained by the casino. Gaming‑machine handle increased to US$873.3 million, and the win rate improved to 3.7% from 3.3%, showing better profitability per dollar of handle. Casino contract segment revenue grew to US$77.3 million, up US$10 million, while non‑gaming revenue fell slightly to US$105.2 million from US$107.3 million, a modest decline that reflects a shift in customer mix and pricing in ancillary services.
Margin performance improved across the board. Operating income rose by US$7.9 million, largely due to the higher gross margin in the mass‑market segment and the improved win rate on gaming machines. Adjusted EBITDA increased by US$9.9 million, reflecting both revenue growth and cost discipline. The net loss narrowed by US$2.4 million, despite interest expense of US$30.9 million and foreign‑exchange losses of US$10.1 million, because the higher operating income offset these expenses. The company’s cost structure remained stable, with no significant one‑time charges reported.
Cash and debt metrics show a modest but meaningful deleveraging effort. Cash and bank balances fell to US$99.6 million from US$127.8 million, while net debt decreased to US$2.06 billion from US$2.16 billion, a reduction of US$109.3 million. The debt reduction was driven by the repayment of US$221.6 million of senior notes due in July 2025 and US$60 million of senior secured facility principal. Capital expenditures for the quarter were US$9.7 million, indicating continued investment in property, plant, and equipment.
Strategically, Studio City is concentrating on premium mass and mass‑market operations, a shift that has already begun to pay off. The company transferred its VIP rolling‑chip operations to City of Dreams in late October 2024, freeing resources to focus on the larger, more profitable mass‑market segment. Macau’s gaming market is recovering from the pandemic, and Studio City’s performance aligns with this broader trend. The company’s debt‑repayment program demonstrates a commitment to reducing leverage, although cash balances remain modest relative to the debt burden.
The company did not provide forward‑looking guidance for the next quarter or the full fiscal year, and no market reaction data were available. Management emphasized continued focus on cost discipline and strategic investment in high‑return segments, signaling confidence in sustaining profitability while the company works to further reduce its debt load.
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