Studio City Q1 2026 Revenue Up 9% to US$176.7M, Adjusted EBITDA Hits US$80M
MSC•Studio City reported Q1 2026 operating revenue of US$176.7M, a 9% increase from US$161.7M in Q1 2025, driven by higher casino contract revenue of US$87.0M and non-gaming revenues of US$89.8M. Adjusted EBITDA rose to US$80.0M and net income swung to US$2.9M from a US$16.0M loss.
1. First Quarter Financial Results
Studio City’s operating revenue climbed to US$176.7 million in Q1 2026 from US$161.7 million a year earlier, with non-gaming revenues rising to US$89.8 million. Casino contract revenue net of taxes and operating costs increased to US$87.0 million from US$75.9 million.
2. Gaming Operations Performance
Gross gaming revenue at Studio City Casino reached US$373.5 million versus US$336.2 million in Q1 2025. Mass market table games drop totaled US$901.3 million with a 36.9% hold percentage, while gaming machine handle rose to US$1.09 billion with a 3.7% win rate.
3. Profitability and Costs
Operating income improved to US$28.0 million from US$15.3 million, driving Adjusted EBITDA up to US$80.0 million versus US$69.9 million. Net income attributable to the company swung to a US$2.9 million profit, reversing a US$16.0 million loss, despite US$30.0 million in interest expense.
4. Balance Sheet and Capital Expenditures
Cash and bank balances stood at US$87.0 million at quarter end, down from US$109.5 million, while net debt fell slightly to US$2.01 billion following a HK$78.0 million principal repayment. Capital expenditures for Q1 totaled US$4.6 million.
