Monitor Macau visitation data and mass market table game trends for signs of recovery. The debt refinancing provides some interest savings but does not offset the operational weakness. Watch for any guidance or commentary from parent Melco Resorts (MLCO) on broader Macau market conditions.
Price Chart
Executive Summary
Studio City International reported a weak Q2 2026 with total operating revenues falling 13.4% YoY to $164.6M, operating income down 35% to $15.0M, and net loss widening to $15.6M from $3.7M. The decline was driven by softer mass market table games and lower non-gaming revenues. Adjusted EBITDA fell 12.3% to $67.0M. The company completed a debt refinancing in May 2026, issuing $300M of 6.125% senior secured notes due 2031 to retire higher-cost 7.000% notes, and post-quarter redeemed $165M of 6.500% notes due 2028.
Key Facts
- Total operating revenues Q2 2026: $164.6M vs $190.1M in Q2 2025 (down 13.4%)
- Operating income Q2 2026: $15.0M vs $23.1M in Q2 2025 (down 35%)
- Adjusted EBITDA Q2 2026: $67.0M vs $76.4M in Q2 2025 (down 12.3%)
- Net loss attributable to company Q2 2026: $15.6M ($0.08/ADS) vs $3.7M ($0.02/ADS) in Q2 2025
- Revenue from casino contract: $76.8M vs $83.8M; non-gaming revenues: $87.8M vs $106.3M
- Total debt net at June 30, 2026: $1.98B, down from $2.02B at Dec 31, 2025
- Issued $300M 6.125% senior secured notes due 2031 to refinance $350M 7.000% notes due 2027
- Post-quarter redeemed $165M of 6.500% senior notes due 2028 using credit facility drawdown
- Cash and bank balances: $118.2M at June 30, 2026
Financial Impact
Revenue decline of $25.5M YoY; net loss widened by $11.9M; Adjusted EBITDA down $9.4M; debt refinancing reduced interest cost by ~$2.6M per quarter (saving from 7.000% to 6.125% on $350M)
Risk Factors
- Continued weakness in mass market table games and non-gaming revenue
- High debt load of $1.98B with significant interest expense ($29.9M/quarter)
- Dependence on Macau gaming market and regulatory environment
- Potential further deterioration in operating performance if Macau visitation slows
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-350205 |
| Document: d136315d6k.htm | 0001193125-26-350205 |
| Document: 0001193125-26-350205-index-headers.html | 0001193125-26-350205 |
| Document: 0001193125-26-350205-index.html | 0001193125-26-350205 |
| Document: 0001193125-26-350205.txt | 0001193125-26-350205 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 25d ago | Insider Cluster | $0.9700 $0.9800 | ▲ +1.03% | ▼ −0.27% | $0.7720 (−20.41%) |
Sep 28, 2026 28d ago | Insider Cluster | $0.8500 $0.9800 | ▲ +15.29% | ▲ +13.35% | $0.7720 (−9.18%) |
Sep 23, 2026 4w ago | 6-K | $0.7991 $0.9240 | ▲ +15.63% | ▲ +16.30% | $0.7720 (−3.39%) |
Aug 28, 2026 8w ago | 6-K | $1.77 $1.71 | ▲ +3.14% | ▲ +3.25% | $0.7720 (+56.38%) |
Aug 14, 2026 10w ago | 6-K | $1.80 $1.86 | ▼ −3.06% | ▼ −4.42% | $0.7720 (+57.11%) |
Aug 13, 2026 10w ago | Press Release | $1.73 $1.80 | ▼ −4.05% | ▼ −6.01% | $0.7720 (+55.38%) |
Aug 7, 2026 11w ago | 6-K | $1.81 $1.80 | ▼ −0.55% | ▼ −0.95% | $0.7720 (−57.35%) |
Jul 21, 2026 13w ago | 6-K | $1.73 $1.75 | ▲ +1.16% | ▲ +2.38% | $0.7720 (−55.38%) |
Jun 18, 2026 18w ago | 6-K | $1.98 $1.83 | ▼ −7.58% | ▼ −5.51% | $0.7720 (−61.01%) |
Jun 8, 2026 20w ago | 6-K | $2.34 $2.09 | ▼ −10.68% | ▼ −12.79% | $0.7720 (−67.01%) |
US Market Status
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