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6-K 1 d136315d6k.htm FORM 6-K Form 6-K
Table of Contents
 
 

FORM 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a–16 OR 15d–16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-38699

 

 

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

 

 

71 Robinson Road

#04-03

Singapore 068895

and

38th Floor, The Centrium

60 Wyndham Street

Central

Hong Kong

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20–F or Form 40– F.

Form 20-F ☒   Form 40-F ☐

 

 
 


Table of Contents

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

Form 6–K

TABLE OF CONTENTS

 

Signature

     3  

Exhibit 99.1

 

2


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED
By:   /s/ Geoffrey Davis
Name:   Geoffrey Davis, CFA
Title:   Chief Financial Officer

 

Date: August 14, 2026

  

3


Table of Contents

EXHIBIT INDEX

 

Exhibit No.

  

Description

Exhibit 99.1    Unaudited Results for Second Quarter of 2026

 

 

4

EX-99.1 2 d136315dex991.htm UNAUDITED RESULTS FOR SECOND QUARTER OF 2026 Unaudited Results for Second Quarter of 2026

Exhibit 99.1

 

 

LOGO

Studio City International Holdings Limited Announces Unaudited Second Quarter 2026 Earnings

MACAU, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the second quarter of 2026.

Total operating revenues for the second quarter of 2026 were US$164.6 million, compared with US$190.1 million in the second quarter of 2025. The decrease was primarily attributable to softer performance in mass market table games operations leading to a decrease in revenue from casino contract and lower overall non-gaming revenues.

Studio City Casino generated gross gaming revenues of US$357.7 million and US$359.6 million for the second quarters of 2026 and 2025, respectively.

Mass market table games drop was US$884.1 million in the second quarter of 2026, compared with US$958.2 million in the second quarter of 2025. Hold percentage was 36.3% in the second quarter of 2026, compared with 34.0% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$1.04 billion, compared with US$0.92 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.7% in the second quarter of 2025.

Revenue from casino contract was US$76.8 million for the second quarter of 2026, compared with US$83.8 million for the second quarter of 2025. Revenue from casino contract is net of gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino which are deducted by Melco Resorts (Macau) Limited, the gaming operator of the Studio City Casino (the “Gaming Operator”).

Total gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino deducted from gross gaming revenues were US$280.9 million and US$275.8 million in the second quarters of 2026 and 2025, respectively.

Total non-gaming revenues at Studio City for the second quarter of 2026 were US$87.8 million, compared with US$106.3 million for the second quarter of 2025.

Operating income for the second quarter of 2026 was US$15.0 million, compared with US$23.1 million in the second quarter of 2025.

Studio City’s Adjusted EBITDA(1) was US$67.0 million in the second quarter of 2026, compared with US$76.4 million in the second quarter of 2025. The change was mainly attributable to lower revenue from casino contract and softer performance in non-gaming operations.

Net loss attributable to Studio City International Holdings Limited for the second quarter of 2026 was US$15.6 million, or US$0.08 per American depositary share (“ADS”), compared with US$3.7 million, or US$0.02 per ADS, in the second quarter of 2025. The net loss attributable to participation interest was US$1.5 million and US$0.4 million in the second quarters of 2026 and 2025, respectively.

Other Factors Affecting Earnings

Total net non-operating expenses for the second quarter of 2026 were US$30.2 million, which mainly included interest expense of US$29.9 million.

Depreciation and amortization costs of US$52.3 million were recorded in the second quarter of 2026, of which US$0.8 million was related to the amortization expense for the land use right.

Adjusted EBITDA for Studio City for the three months ended June 30, 2026 referred to in the earnings release of Melco Resorts & Entertainment Limited (“Melco Resorts”) dated August 13, 2026 (“Melco Resorts’ Earnings Release”) was US$28.5 million more than the Adjusted EBITDA of Studio City reported in this press release. Adjusted EBITDA of Studio City reported in this press release includes certain intercompany charges that are not included in Adjusted EBITDA for Studio City reported in Melco Resorts’ Earnings Release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City presented in Melco Resorts’ Earnings Release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino.

 

1


Financial Position and Capital Expenditures

Total cash and bank balances as of June 30, 2026 aggregated to US$118.2 million (December 31, 2025: US$109.5 million), including US$0.1 million of restricted cash (December 31, 2025: US$0.1 million). Total debt, net of unamortized deferred financing costs and original issue premiums, at the end of the second quarter of 2026 was US$1.98 billion (December 31, 2025: US$2.02 billion), a reduction of US$38.0 million compared to total debt, net as of March 31, 2026.

On May 15, 2026, Studio City Company Limited (“SCC”) issued US$300.0 million in aggregate principal amount of 6.125% senior secured notes due 2031 (“2031 SCC Senior Secured Notes”). The net proceeds from the issuance of the 2031 SCC Senior Secured Notes, together with a HK$118.0 million (equivalent to US$15.1 million) drawdown from SCC’s senior secured credit facility, and cash on hand, was utilized to refinance US$350.0 million in aggregate principal amount of the 7.000% senior secured notes due 2027.

Subsequent to quarter end, on July 18, 2026, Studio City Finance Limited redeemed an aggregate principal amount of US$165.0 million of its outstanding 6.500% senior notes due 2028 pursuant to the notice of partial redemption dated June 18, 2026. The redemption was funded with a HK$1.18 billion (equivalent to US$150.5 million) drawdown from SCC’s senior secured credit facility. All of the redeemed notes have been cancelled.

Capital expenditures for the second quarter of 2026 were US$8.1 million.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

 

(1)

“Adjusted EBITDA” is defined as net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other and other non-operating income and expenses. Adjusted EBITDA, which is a non-GAAP financial measure, is presented as supplemental disclosure because management believes it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA to measure our operating performance and to compare our operating performance with those of our competitors.

The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA should not be considered as an alternative to operating income/loss as an indicator of the Company’s performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA does not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA as only one of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA. Also, the Company’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted EBITDA has material limitations as an analytical tool, as Adjusted EBITDA does not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

 

2


(2)

“Adjusted net income/loss attributable to Studio City International Holdings Limited” is net income/loss attributable to Studio City International Holdings Limited before pre-opening costs, property charges and other and loss on extinguishment of debt, net of participation interest and taxes. Adjusted net income/loss attributable to Studio City International Holdings Limited, which is a non-GAAP financial measure, is presented as supplemental disclosure because management believes it provides useful information to investors and others in understanding and evaluating our performance, in addition to income/loss computed in accordance with U.S. GAAP. Adjusted net income/loss attributable to Studio City International Holdings Limited may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Studio City International Holdings Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

About Studio City International Holdings Limited

The Company, with its American depositary shares listed on the New York Stock Exchange (NYSE: MSC), is a world-class integrated resort located in Cotai, Macau. For more information about the Company, please visit www.studiocity-macau.com.

The Company is majority owned by Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).

For the investment community, please contact:

Jeanny Kim

Senior Vice President, Group Treasurer

Tel: +852 2598 3698

Email: jeannykim@melco-resorts.com

For media enquiries, please contact:

Chimmy Leung

Executive Director, Corporate Communications

Tel: +852 3151 3765

Email: chimmyleung@melco-resorts.com

 

3


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2026     2025     2026     2025  

Operating revenues:

        

Revenue from casino contract

   $ 76,776     $ 83,783     $ 163,744     $ 159,703  

Rooms

     40,523       39,645       84,123       80,881  

Food and beverage

     20,485       21,453       41,827       44,204  

Entertainment

     3,566       19,131       6,930       22,095  

Services fee

     17,393       20,846       32,505       34,204  

Mall

     4,783       4,502       9,812       8,963  

Retail and other

     1,035       691       2,344       1,721  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating revenues

     164,561       190,051       341,285       351,771  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

        

Costs related to casino contract

     (8,175     (10,352     (16,627     (19,373

Rooms

     (14,779     (14,776     (30,066     (29,548

Food and beverage

     (18,721     (19,461     (38,471     (39,595

Entertainment

     (5,254     (18,715     (10,374     (23,721

Mall

     (2,077     (1,934     (4,140     (3,767

Retail and other

     (622     (605     (1,181     (1,176

General and administrative

     (47,897     (47,835     (93,352     (88,307

Pre-opening costs

     (27     (314     (28     (469

Amortization of land use right

     (825     (826     (1,651     (1,657

Depreciation and amortization

     (51,439     (52,006     (102,411     (103,655

Property charges and other

     236       (154     34       (2,160
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (149,580     (166,978     (298,267     (313,428
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     14,981       23,073       43,018       38,343  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-operating income (expenses):

        

Interest income

     388       243       554       517  

Interest expense

     (29,887     (32,504     (59,936     (64,982

Other financing costs

     (426     (580     (842     (1,153

Foreign exchange gains, net

     1,076       8,758       9,518       10,729  

Loss on extinguishment of debt

     (1,380     —        (1,380     —   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expenses, net

     (30,229     (24,083     (52,086     (54,889
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     (15,248     (1,010     (9,068     (16,546

Income tax expense

     (1,822     (3,088     (4,875     (5,028
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (17,070     (4,098     (13,943     (21,574

Net loss attributable to participation interest

     1,469       353       1,199       1,856  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Studio City International Holdings Limited

   $ (15,601   $ (3,745   $ (12,744     (19,718
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Studio City International Holdings Limited per Class A ordinary share:

        

Basic and diluted

   $ (0.020   $ (0.005   $ (0.017   $ (0.026
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Studio City International Holdings Limited per ADS:

        

Basic and diluted

   $ (0.081   $ (0.019   $ (0.066   $ (0.102
  

 

 

   

 

 

   

 

 

   

 

 

 

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 and diluted

     770,352,700       770,352,700       770,352,700       770,352,700  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

4


Studio City International Holdings Limited and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share data)

 

     June 30,     December 31,  
     2026     2025  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 118,047      $ 109,401  

Accounts receivable, net

     1,402       1,887  

Receivables from affiliated companies

     348       735  

Inventories

     8,468       8,727  

Prepaid expenses and other current assets

     12,201       10,740  
  

 

 

   

 

 

 

Total current assets

     140,466       131,490  
  

 

 

   

 

 

 

Property and equipment, net

     2,384,935       2,485,029  

Long-term prepayments, deposits and other assets

     63,809       69,141  

Restricted cash

     129       130  

Operating lease right-of-use assets

     11,457       11,571  

Land use right, net

     96,643       99,073  
  

 

 

   

 

 

 

Total assets

   $ 2,697,439     $ 2,796,434  
  

 

 

   

 

 

 

LIABILITIES, SHAREHOLDERS’ EQUITY AND PARTICIPATION INTEREST

    

Current liabilities:

    

Accounts payable

   $ 3,860     $ 6,401  

Accrued expenses and other current liabilities

     82,302       91,438  

Income tax payable

     20,032       15,257  

Current portion of long-term debt, net

     14,514       —   

Payables to affiliated companies

     63,441       66,946  
  

 

 

   

 

 

 

Total current liabilities

     184,149       180,042  
  

 

 

   

 

 

 

Long-term debt, net

     1,962,238       2,024,569  

Other long-term liabilities

     9,351       6,290  

Deferred tax liabilities, net

     37       60  

Operating lease liabilities, non-current

     11,430       12,095  
  

 

 

   

 

 

 

Total liabilities

     2,167,205       2,223,056  
  

 

 

   

 

 

 

Shareholders’ equity and participation interest:

    

Class A ordinary shares, par value $0.0001; 1,927,488,240 shares authorized; 770,352,700 shares issued and outstanding

     77       77  

Class B ordinary shares, par value $0.0001; 72,511,760 shares authorized; 72,511,760 shares issued and outstanding

     7       7  

Additional paid-in capital

     2,477,359       2,477,359  

Accumulated other comprehensive (losses) income

     (26,071     618  

Accumulated losses

     (1,966,918     (1,954,174
  

 

 

   

 

 

 

Total shareholders’ equity

     484,454       523,887  
  

 

 

   

 

 

 

Participation interest

     45,780       49,491  
  

 

 

   

 

 

 

Total shareholders’ equity and participation interest

     530,234       573,378  
  

 

 

   

 

 

 

Total liabilities, shareholders’ equity and participation interest

   $ 2,697,439     $ 2,796,434  
  

 

 

   

 

 

 

 

5


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net Loss Attributable to Studio City International Holdings Limited to

Adjusted Net Loss Attributable to Studio City International Holdings Limited (Unaudited)

(In thousands, except share and per share data)

 

    

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
     2026     2025     2026     2025  

Net loss attributable to Studio City International Holdings Limited

   $ (15,601   $ (3,745   $ (12,744   $ (19,718

Pre-opening costs

     27       314       28       469  

Property charges and other

     (236     154       (34     2,160  

Loss on extinguishment of debt

     1,380       —        1,380       —   

Income tax impact on adjustments

     (11     —        (15     (239

Participation interest impact on adjustments

     (100     (41     (117     (206
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss attributable to Studio City International Holdings Limited

   $ (14,541   $ (3,318   $ (11,502   $ (17,534
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share:

        

Basic and diluted

   $ (0.019   $ (0.004   $ (0.015   $ (0.023
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss attributable to Studio City International Holdings Limited per ADS:

        

Basic and diluted

   $ (0.076   $ (0.017   $ (0.060   $ (0.091
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Class A ordinary shares outstanding used in adjusted net loss attributable to Studio City International Holdings Limited per Class A ordinary share calculation:

        

Basic and diluted

     770,352,700       770,352,700       770,352,700       770,352,700  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

6


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Operating Income to Adjusted EBITDA (Unaudited)

(In thousands)

 

    

Three Months Ended

June 30,

    

Six Months Ended

June 30,

 
     2026     2025      2026     2025  

Operating income

   $ 14,981     $ 23,073      $ 43,018     $ 38,343  

Pre-opening costs

     27       314        28       469  

Depreciation and amortization

     52,264       52,832        104,062       105,312  

Property charges and other

     (236     154        (34     2,160  
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted EBITDA

   $        67,036     $        76,373      $       147,074     $       146,284  
  

 

 

   

 

 

    

 

 

   

 

 

 

 

7


Studio City International Holdings Limited and Subsidiaries

Reconciliation of Net Loss Attributable to Studio City International Holdings Limited

to Adjusted EBITDA (Unaudited)

(In thousands)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2026     2025     2026     2025  

Net loss attributable to Studio City International Holdings Limited

   $ (15,601   $ (3,745   $ (12,744   $ (19,718

Net loss attributable to participation interest

     (1,469     (353     (1,199     (1,856
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (17,070     (4,098     (13,943     (21,574

Income tax expense

     1,822       3,088       4,875       5,028  

Interest and other non-operating expenses, net

        30,229           24,083           52,086       54,889  

Depreciation and amortization

          52,264            52,832           104,062           105,312  

Property charges and other

     (236     154       (34     2,160  

Pre-opening costs

     27       314       28       469  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 67,036     $ 76,373     $ 147,074     $ 146,284  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

8


Studio City International Holdings Limited and Subsidiaries

Supplemental Data Schedule

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2026     2025     2026     2025  

Room Statistics:

        

Average daily rate (3)

   $ 169     $ 163     $ 174     $ 166  

Occupancy per available room

     97     97     98     98

Revenue per available room (4)

   $ 163     $ 159     $ 170     $ 163  

Other Information:

        

Average number of table games

     253       253       253       253  

Average number of gaming machines

     935       724       949       760  

Table games win per unit per day (5)

   $  13,925     $  14,143     $  14,270     $  13,734  

Gaming machines win per unit per day (6)

   $ 433     $ 516     $ 451     $ 486  

 

(3)

Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms

(4)

Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available

(5)

Table games win per unit per day is shown before discounts, commissions, other incentives as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

(6)

Gaming machines win per unit per day is shown before other incentives as administered by the Gaming Operator and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

 

9