The Q2 results confirm a material deterioration in both gaming and non-gaming operations, with entertainment revenue collapsing 81% and total revenues down 13.4%. The debt refinancing (2027 notes redeemed, 2031 notes issued) extends maturities but does not address the underlying business weakness. Monitor upcoming Macau visitation data and Q3 2026 operating trends for signs of stabilization; the stock is likely to remain under pressure until revenue growth resumes.
Price Chart
Executive Summary
Studio City Finance and Studio City Investments filed quarterly reports for Q2 2026 via a 6-K, showing a 13.4% YoY decline in total operating revenues to $164.6M (from $190.1M) and a widened net loss of $17.2M (from $4.4M). The decline was driven by softer mass market table games performance and lower non-gaming revenues, partially offset by liability management actions including the issuance of $300M in 2031 notes and full redemption of $350M in 2027 notes. The filing is bearish due to clear revenue contraction and deteriorating profitability, with no guidance provided to offset the negative headline numbers.
Key Facts
- Total operating revenues for Q2 2026 were $164.6M, down 13.4% from $190.1M in Q2 2025.
- Net loss attributable to Studio City Finance widened to $17.2M in Q2 2026 from $4.4M in Q2 2025.
- Revenue from casino contract fell to $76.8M from $83.8M, a decline of 8.4%.
- Total non-gaming revenues dropped to $87.8M from $106.3M, a decline of 17.4%.
- Mass market table games drop decreased to $884.1M from $958.2M.
- Entertainment revenue collapsed to $3.6M from $19.1M, a decline of 81.4%.
- Operating cash flow fell to $82.8M from $102.7M in Q2 2025.
- Gross indebtedness stood at $1.98B as of June 30, 2026, with $193.3M available under SCC 2024 Revolving Facilities.
- The company fully redeemed $350M of 2027 SCC Senior Secured Notes in Q2 2026, funded by $300M in new 2031 notes and a $15.1M revolver drawdown.
- Post-quarter, $165M of 2028 SCF Senior Notes were partially redeemed on July 18, 2026.
Financial Impact
Revenue decline of $25.5M (13.4%) YoY in Q2; net loss widened by $12.8M; operating cash flow down $19.9M
Risk Factors
- Continued decline in Macau mass market table games drop and hold percentage
- Further erosion of non-gaming revenues, particularly entertainment and food & beverage
- High gross debt of $1.98B with limited free cash flow coverage
- No forward guidance provided, creating uncertainty about recovery trajectory
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-372012 |
| Document: 0001193125-26-372012-index-headers.html | 0001193125-26-372012 |
| Document: 0001193125-26-372012-index.html | 0001193125-26-372012 |
| Document: 0001193125-26-372012.txt | 0001193125-26-372012 |
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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