The revenue and EBITDA decline confirm ongoing softness in Macau mass market and non-gaming segments. The refinancing and partial debt redemption are credit-positive but do not offset the operational deterioration. Monitor Q3 2026 for stabilization in mass market drop and non-gaming revenue; further weakness would pressure the stock toward its recent lows.
Price Chart
Executive Summary
Studio City reported Q2 2026 results with total operating revenues of $164.6M, down 13.4% YoY from $190.1M, driven by softer mass market table games and lower non-gaming revenues. Net loss attributable to the company widened to $15.6M ($0.08/ADS) from $3.7M ($0.02/ADS) in Q2 2025, and Adjusted EBITDA fell 12.2% to $67.0M from $76.4M. The revenue decline and widening losses are the headline story, though the company refinanced $350M of 7.000% notes with lower-cost 6.125% notes and partially redeemed $165M of 6.500% notes post-quarter, modestly improving the credit profile.
Key Financial Metrics
Key Facts
- Total operating revenues $164.6M in Q2 2026, down 13.4% YoY from $190.1M
- Net loss attributable to Studio City widened to $15.6M from $3.7M YoY
- Adjusted EBITDA fell to $67.0M from $76.4M YoY, a decline of 12.2%
- Revenue from casino contract decreased to $76.8M from $83.8M YoY
- Non-gaming revenues fell to $87.8M from $106.3M YoY
- Mass market table games drop declined to $884.1M from $958.2M YoY
- Total debt net of deferred financing costs was $1.98B at June 30, 2026, down from $2.02B at Dec 31, 2025
- Issued $300M of 6.125% senior secured notes due 2031 to refinance $350M of 7.000% notes due 2027
- Post-quarter, redeemed $165M of 6.500% senior notes due 2028, funded by credit facility drawdown
- Cash and bank balances $118.2M at June 30, 2026, up from $109.5M at Dec 31, 2025
Financial Impact
Revenue decline of $25.5M YoY (13.4%), net loss widened by $11.9M, Adjusted EBITDA down $9.4M
Risk Factors
- Continued decline in mass market table games drop and hold percentage
- Further deterioration in non-gaming revenues (entertainment, services fee)
- High debt load of $1.98B with interest expense of $29.9M per quarter
- Macau regulatory and visitation risks
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3344476 |
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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