Studio City International Holdings Limited reported unaudited fourth‑quarter and full‑year 2025 results on February 12, 2026. Total operating revenues rose to US$694.6 million, up 8.6% from US$639.1 million in 2024, while operating income climbed to US$70.0 million from US$38.1 million. Adjusted EBITDA increased to US$284.5 million versus US$245.3 million a year earlier, and the company’s net loss attributable to shareholders narrowed to US$58.8 million, or US$0.31 per ADS, from a loss of US$96.7 million (US$0.50 per ADS) in 2024. Debt fell to US$2.02 billion, down from US$2.16 billion, and cash and bank balances stood at US$109.5 million as of December 31, 2025.
The revenue growth was driven by stronger performance in the mass‑market gaming and non‑gaming segments. Studio City’s strategic shift toward premium mass and mass‑market offerings, coupled with the transfer of VIP rolling‑chip operations to City of Dreams in late October 2024, has broadened its customer base and increased footfall in core gaming areas. The company’s focus on high‑volume, lower‑margin gaming and complementary hospitality services has translated into higher top‑line numbers while maintaining a favorable mix of revenue streams.
Operating income and Adjusted EBITDA improvements reflect both higher revenue and improved margin discipline. The company’s operating margin expanded as cost controls were applied across the gaming and hospitality portfolio, and the mix shift toward higher‑margin non‑gaming services offset any pressure from gaming cost increases. The resulting lift in operating income from US$38.1 million to US$70.0 million demonstrates effective execution of the mass‑market strategy and efficient cost management.
The narrowing of the net loss to US$58.8 million, compared with a US$96.7 million loss in 2024, is a direct consequence of the stronger operating performance and the absence of significant one‑time charges in the reporting period. The improved profitability signals that the company’s cost‑control initiatives and revenue‑growth tactics are beginning to translate into bottom‑line gains.
Debt reduction and liquidity strengthen Studio City’s balance sheet. The repayment of HK$247.0 million principal under the senior secured credit facility in November 2025 reduced leverage, while the cash and bank balance of US$109.5 million provides a healthy liquidity cushion for ongoing operations and potential capital expenditures. The company did not issue new debt or provide forward guidance in this release, leaving investors to assess future prospects based on the current financial trajectory.
Industry context and regulatory environment also play a role. Studio City operates in Macau, where evolving local regulations and broader economic conditions influence visitation and gaming activity. The company’s focus on mass‑market segments positions it to benefit from a broader customer base, while the strategic repositioning of VIP operations reflects a shift toward more resilient revenue streams in a changing regulatory landscape. No analyst consensus estimates or forward guidance were reported in the release, so investors must rely on the disclosed financials and the company’s historical performance to gauge future expectations.
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