$MSC

STUDIO CITY INTERNATIONAL HOLDINGS Ltd

CIK:0001713334|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenues:
Total operating revenues	$ 694,566	$ 639,145	$ 445,538
Operating costs and expenses:
General and administrative	(183,387)	(171,271)	(115,203)
Pre-opening costs	(510)	(807)	(17,451)
Amortization of land use right	(3,316)	(3,314)	(3,302)
Depreciation and amortization	(208,700)	(201,746)	(166,095)
Property charges and other	(1,985)	(1,318)	(1,407)
Total operating costs and expenses	(624,528)	(600,997)	(474,580)
Operating income (loss)	70,038	38,148	(29,042)
Non-operating income (expenses):
Interest income	914	4,059	10,675
Interest expense, net of amounts capitalized	(126,266)	(133,594)	(129,567)
Other financing costs	(1,839)	(592)	(417)
Foreign exchange gains (losses), net	462	(5,500)	642
Other expenses, net	0	0	(67)
(Loss) gain on extinguishment of debt	0	(1,000)	1,611
Total non-operating expenses, net	(126,729)	(136,627)	(117,123)
Loss before income tax	(56,691)	(98,479)	(146,165)
Income tax (expense) benefit	(7,606)	(7,352)	81
Net loss	(64,297)	(105,831)	(146,084)
Net loss attributable to participation interest	5,532	9,105	12,567
Net loss attributable to Studio City International Holdings Limited	(58,765)	(96,726)	(133,517)
Casino Contract [Member]
Operating revenues:
Total operating revenues	305,946	259,842	155,527
Operating costs and expenses:
Cost of revenue	(38,494)	(34,704)	(28,847)
Rooms [Member]
Operating revenues:
Total operating revenues	168,011	160,721	111,733
Operating costs and expenses:
Cost of revenue	(60,241)	(51,614)	(28,280)
Food and Beverage [Member]
Operating revenues:
Total operating revenues	90,118	89,660	62,426
Operating costs and expenses:
Cost of revenue	(79,306)	(80,081)	(54,741)
Entertainment [Member]
Operating revenues:
Total operating revenues	39,115	47,533	61,777
Operating costs and expenses:
Cost of revenue	(38,430)	(46,500)	(53,056)
Services fee [Member]
Operating revenues:
Total operating revenues	68,265	59,529	40,473
Mall [Member]
Operating revenues:
Total operating revenues	19,202	18,289	10,744
Operating costs and expenses:
Cost of revenue	(7,726)	(7,336)	(4,212)
Retail and Other [Member]
Operating revenues:
Total operating revenues	3,909	3,571	2,858
Operating costs and expenses:
Cost of revenue	$ (2,433)	$ (2,306)	$ (1,986)
Class A Ordinary Shares [Member]
Net loss attributable to Studio City International Holdings Limited per Class A ordinary share:
Basic	$ (0.076)	$ (0.126)	$ (0.173)
Diluted	$ (0.076)	$ (0.126)	$ (0.173)
Weighted average Class A ordinary shares outstanding used in net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation:
Basic	770,352,700	770,352,700	770,352,700
Diluted	770,352,700	770,352,700	770,352,700

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (64,297)	$ (105,831)	$ (146,084)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	212,016	205,060	169,397
Amortization of deferred financing costs and original issue premiums	4,464	3,328	2,857
Loss on disposal of property and equipment and other long-term assets	725	879	541
Provision for (reversal of) credit losses	5	162	(581)
Loss (gain) on extinguishment of debt	0	1,000	(1,611)
Changes in operating assets and liabilities:
Accounts receivable	85	318	(2,028)
Receivables from affiliated companies	(426)	40,825	(40,649)
Inventories, prepaid expenses and other	17,114	8,431	(339)
Long-term prepayments, deposits and other	674	9,942	19,335
Accounts payable, accrued expenses and other	748	13,633	40,658
Payables to affiliated companies	37,028	11,266	(61,376)
Other long-term liabilities	2,184	886	986
Net cash provided by (used in) operating activities	210,320	189,899	(18,894)
Cash flows from investing activities:
Acquisition of property and equipment	(61,970)	(86,756)	(156,824)
Payments to an affiliated company for other long-term assets	(30,728)	(31,305)	(5,530)
Proceeds from sale of property and equipment	7,549	9,600	814
Net cash used in investing activities	(85,149)	(108,461)	(161,540)
Cash flows from financing activities:
Repayments of long-term debt	(313,441)	(175,378)	(100,372)
Proceeds from long-term debt	170,327	0	0
Payments of financing costs	0	(7,885)	(530)
Net cash used in financing activities	(143,114)	(183,263)	(100,902)
Effect of exchange rate on cash, cash equivalents and restricted cash	(290)	1,419	(147)
Decrease in cash, cash equivalents and restricted cash	(18,233)	(100,406)	(281,483)
Cash, cash equivalents and restricted cash at beginning of year	127,764	228,170	509,653
Cash, cash equivalents and restricted cash at end of year	109,531	127,764	228,170
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	(127,738)	(134,951)	(113,419)
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases	(677)	(677)	(673)
Repayments of long-term debt to a director of SCIH	0	(30,000)	0
Proceeds on sale of property and equipment from affiliated companies	7,548	9,600	809
Non-cash disclosures:
Change in operating lease right-of-use assets and lease liabilities arising from lease modification	6	3	(1,456)
Change in accrued expenses and other current liabilities related to acquisition of property and equipment	7,223	18,290	11,600
Change in payables to affiliated companies related to acquisition of property and equipment	221	394	432
Change in accrued expenses and other current liabilities related to financing costs	(152)	1,431	125
Transfer of property and equipment to assets under sales-type lease and included in prepaid expenses and other current assets and long-term prepayments, deposits and other assets	$ 1,783	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 109,401	$ 127,634
Accounts receivable, net of allowances for credit losses of $11 and $11	$ 1,887	$ 1,976
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Receivables from affiliated companies	$ 735	$ 309
Inventories	8,727	7,306
Prepaid expenses and other current assets	10,740	29,140
Total current assets	131,490	166,365
Property and equipment, net	2,485,029	2,652,169
Long-term prepayments, deposits and other assets	69,141	52,504
Restricted cash	130	130
Operating lease right-of-use assets	11,571	11,647
Land use right, net	99,073	102,629
Total assets	2,796,434	2,985,444
Current liabilities:
Accounts payable	6,401	3,285
Accrued expenses and other current liabilities	91,438	118,117
Income tax payable	15,257	7,626
Current portion of long-term debt, net	$ 0	$ 21,597
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Payables to affiliated companies	$ 66,946	$ 30,131
Total current liabilities	180,042	180,756
Long-term debt, net	2,024,569	2,141,750
Other long-term liabilities	6,290	4,115
Deferred tax liabilities, net	60	77
Operating lease liabilities, non-current	12,095	12,227
Total liabilities	2,223,056	2,338,925
Commitments and contingencies (Note 16)
Shareholders' equity and participation interest:
Additional paid-in capital	2,477,359	2,477,359
Accumulated other comprehensive income	618	8,701
Accumulated losses	(1,954,174)	(1,895,409)
Total shareholders' equity	523,887	590,735
Participation interest	49,491	55,784
Total shareholders' equity and participation interest	573,378	646,519
Total liabilities, shareholders' equity and participation interest	2,796,434	2,985,444
Class A Ordinary Shares [Member]
Shareholders' equity and participation interest:
Ordinary shares, value	77	77
Class B Ordinary Shares [Member]
Shareholders' equity and participation interest:
Ordinary shares, value	$ 7	$ 7