MSCNYSEHotels & MotelsUS GAAP · USD

Studio City International Holdings Limited

Studio City International Holdings Ltd owns and operates Studio City, a large integrated resort in Cotai, Macau. Its business combines hotel accommodation, gaming facilities, retail, entertainment, and meeting space within a single resort complex, and its shares trade in the United States through American depositary shares.

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Revenue695m USD
+8.7 %y/y
Operating profit (EBIT)70.0m USD
+83.6 %y/y
EBIT margin10.1%
+4.1 ppy/y
Net income-58.8m USD
+39.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-400-2000200400600800m USD2020: 49 m USD2020: EBIT -280 m USD20202021: 107 m USD2021: EBIT -192 m USD20212022: 12 m USD2022: EBIT -277 m USD20222023: 446 m USD2023: EBIT -29 m USD20232024: 639 m USD2024: EBIT 38 m USD20242025: 695 m USD2025: EBIT 70 m USD202569570
RevenueOperating profit (EBIT)
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Business

Share of revenue
Gaming and casino operations45 %

Table games, slot-related gaming, and patron services at the Studio City casino complex.

Hotel and resort accommodations20 %

Guest rooms and related lodging services within the integrated resort.

Food, beverage and entertainment15 %

Restaurants, bars, shows, and other leisure amenities that support visitation.

Retail and other non-gaming revenues10 %

Retail, ancillary services, and other property-level revenues at the resort.

MICE and event services10 %

Meeting, incentive, conference, and exhibition space and related event hosting.

Products

Reported · share of revenue
44.0%24.2%13.0%9.8%FY2025100 %
  • Casino Contract44.0 %
  • Rooms24.2 %
  • Food and Beverage13.0 %
  • Service Fee9.8 %
  • Entertainment5.6 %
  • Other3.4 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves primarily mass-market gaming patrons who visit the resort for casino play and associated leisure spending. It also targets higher-value patrons through dedicated hosting, loyalty programs, and private gaming salons, while non-gaming visitors use the hotel, restaurants, entertainment, and event facilities. Corporate and group customers are addressed through MICE activity that helps fill weekday demand and broadens the customer mix.

Mass-market gaming patrons

They buy gaming access and resort amenities, with visitation driven by leisure spending and promotions.

Loyalty-program members

They participate in tiered programs that reward gaming spend with vouchers, discounts, and perks.

High-value patrons

They receive hosted services and private salon access tied to larger spend and repeat visitation.

Hotel and leisure guests

They book rooms, dining, entertainment, and retail experiences at the integrated resort.

MICE and corporate groups

They rent meeting and event space and support weekday occupancy and ancillary spend.

Strategy

The company focuses on driving visitation to Studio City through branding, promotions, loyalty programs, and cross-marketing with the broader gaming ecosystem. It also uses MICE activity and non-gaming amenities to diversify demand across weekdays and strengthen the resort’s appeal beyond pure gaming traffic. The operating model depends on maintaining a compelling integrated resort offer that attracts repeat visits and supports customer segmentation.

Increase repeat visitationShort term

Loyalty tiers and customer hosting encourage recurring spend and higher lifetime value.

Broaden non-gaming demandMedium term

Dining, entertainment, hotel, and retail help reduce reliance on gaming traffic alone.

Expand weekday utilizationMedium term

MICE events can improve occupancy during periods when leisure demand is weaker.

Strengthen regional brand reachMedium term

Advertising across digital, social, and traditional media supports customer acquisition across Asia.

Geography

Studio City operates in Cotai, Macau, which is the core market for the resort and the source of its on-property demand. The business is also marketed across target Asian and other countries through regional media, loyalty, and cross-marketing channels, reflecting the international origin of its customer base. As a Macau resort, the company is exposed to local tourism flows, gaming regulation, and broader travel trends into the territory.

Risks

The business is highly dependent on Macau visitation, gaming regulation, and the appeal of a single integrated resort asset. Demand can be volatile because gaming, hotel, and event traffic are influenced by tourism trends, promotional activity, and the relative strength of leisure versus weekday business demand. The company also faces financing and property-related risks because it relies on a capital-intensive resort structure and related lease, land-use, and service arrangements.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Macau gaming and tourism dependence1Regulatory and concession risk2Financing and liquidity dependence3Demand cyclicality and promotional intensity4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Macau gaming and tourism dependenceImpact: HighLikelihood: High

    The company’s revenue base is concentrated in one location and depends on visitation to Cotai.

    Exposure: Single-resort Macau operations

  2. Regulatory and concession riskImpact: HighLikelihood: Medium

    Gaming, land use, and operating permissions are governed by Macau authorities and related agreements.

    Exposure: Macau gaming and property regulation

  3. Financing and liquidity dependenceImpact: HighLikelihood: Medium

    The capital-intensive resort model requires ongoing access to debt and other funding sources.

    Exposure: Debt refinancing and capital access

  4. Demand cyclicality and promotional intensityImpact: MediumLikelihood: High

    Casino and resort traffic can swing with tourism conditions, seasonality, and competitor promotions.

    Exposure: Mass-market gaming and leisure visitation

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Accounting

Judgemental items
Revenue recognition and principal-agent assessment

Hotel and externally managed operations require judgments on whether Studio City is the principal or agent, affecting gross revenue reporting.

Impact: Can materially change reported revenue and related expenses

Depreciation and impairment of resort assets

Buildings, equipment, and leasehold improvements have long lives and may be written down if cash flows weaken.

Impact: Affects operating profit and asset carrying values

Amortization of casino agreement payments

Payments for the Studio City Casino Agreement are capitalized and amortized over their benefit period.

Impact: Affects non-cash expense and asset balances

Tax disclosure by jurisdiction

Income tax reporting includes jurisdiction-specific disclosures and can vary with Macau and other entities.

Impact: Affects tax expense and effective tax rate

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Last updated: 28/09/2026