Studio City International Holdings Ltd
studiocity-macau.comWhat Do They Do?
Provides services under a casino contract and runs hotel, dining, shopping and entertainment businesses at a Macau resort for gaming patrons, travelers and families.
20-F for FY2025, filed Mar 13, 2026Studio City is a world-class integrated resort located in Cotai, Macau and its principal operating activities are the provision of services…View ↗
Studio City Casino is operated by the Gaming Operator, one of the subsidiaries of Melco Resorts and a holder of a gaming concession, and we…View ↗
Mass market patrons come to Studio City Casino for a variety of reasons, including our brand, the quality and comfort of the mass market…View ↗
We provide non-gaming patrons with a broad array of accommodations and leisure and entertainment offerings featured at Studio City…View ↗
How Do They Make Money?
Casino-contract income is the amount remaining from casino revenue after the gaming operator deducts gaming taxes, operating costs and complimentary services. Customers pay for rooms, food, entertainment and other goods or services when provided; room, event-space and ticket deposits may be collected in advance.
20-F for FY2025, filed Mar 13, 2026Revenue from casino contract represents revenue arising from the Studio City Casino Agreement for the operations of Studio City Casino by…View ↗
Non-gaming revenues include services provided for cash consideration and services provided on a complimentary basis to the gaming patrons…View ↗
In providing goods and services to customers, there may be a timing difference between cash receipts from customers and recognition of…View ↗
$694.6M
-
20-F for FY2025, filed Mar 13, 2026
$694.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Revenue from casino contract
|
44%
FY2022: −491%
|
Revenue from casino contract, FY2025
$305.9M Sources
|
|
|
Rooms
Sold outright
20-F for FY2025, filed Mar 13, 2026 |
24%
FY2022: 155%
|
Rooms, FY2025
$168M Sources
|
Sold outright |
|
Food and Beverage
Sold outright
20-F for FY2025, filed Mar 13, 2026 |
13%
FY2022: 151%
|
Food and Beverage, FY2025
$90.1M Sources
|
Sold outright |
|
Entertainment
Sold outright
|
5.6%
FY2022: 14%
|
Entertainment, FY2025
$39.1M Sources
|
Sold outright |
|
Services fee
Sold outright
20-F for FY2025, filed Mar 13, 2026 |
9.8%
FY2022: 190%
|
Services fee, FY2025
$68.3M Sources
|
Sold outright |
|
Mall
Recurring
|
2.8%
FY2022: 62%
|
Mall, FY2025
$19.2M Sources
|
Recurring |
|
Retail and Other
|
0.6%
FY2022: 18%
|
Retail and Other, FY2025
$3.9M Sources
|
Who Are Their Customers?
Mass-market patrons visit Studio City Casino, while non-gaming visitors use its hotels, dining, retail and entertainment facilities. The Gaming Operator runs casino loyalty programs and cross-marketing, while Studio City also markets directly to customers.
20-F for FY2025, filed Mar 13, 2026Gaming patrons currently include mass market patrons.View ↗
Mass market patrons come to Studio City Casino for a variety of reasons, including our brand, the quality and comfort of the mass market…View ↗
We provide non-gaming patrons with a broad array of accommodations and leisure and entertainment offerings featured at Studio City…View ↗
The Gaming Operator holds various promotions and special events at Studio City and operates loyalty programs for patrons. In addition…View ↗
There are public relations and marketing and branding teams dedicated to Studio City that cultivate media relationships, promote Studio…View ↗
Do Revenues Turn Into Profits?
No. It lost $58.8M in FY2025.
How Are They Changing?
Growing. Revenue grew 6.5x in 4 years, from $106.9M in FY2021 to $694.6M in FY2025, about 60% a year.
VIP gaming
The older report described active VIP rolling-chip gaming alongside mass-market play; the latest report says the casino did not have VIP rolling-chip operations.
20-F for FY2022, filed Mar 31, 2023 20-F for FY2025, filed Mar 13, 2026Studio City Casino did not have VIP rolling chip operations in 2025. Studio City Casino’s VIP rolling chip volume, VIP rolling chip win…View ↗
Hotel offering
The latest report describes W Macau and Epic Tower alongside the Star and Celebrity towers; the older report described only the Star and Celebrity towers.
20-F for FY2022, filed Mar 31, 2023 20-F for FY2025, filed Mar 13, 2026Studio City includes self-managed luxury hotel facilities with approximately 1,600 hotel rooms, all elegantly furnished and complete with…View ↗
Studio City includes luxury hotel facilities with approximately 2,493 hotel rooms, all elegantly furnished and complete with services and…View ↗
Water park
The older report described an outdoor water park; the latest report describes both indoor and outdoor water park attractions.
20-F for FY2022, filed Mar 31, 2023 20-F for FY2025, filed Mar 13, 2026Studio City Water Park — an all-weather water park complex and Macau’s largest water park:View ↗
Outdoor Water Park— a water park featuring several high-thrill and family-focused attractions, including the High Point Twister, a 20-meter…View ↗
Indoor Water Park — a climate-controlled, space-themed indoor water park with 16 attractions, including seven exhilarating water slides…View ↗
Who Do They Compete With?
Competes with SJM, MGM Grand Paradise, Galaxy, Venetian Macau, and Wynn Resorts Macau
20-F for FY2025, filed Mar 13, 2026Gaming in Macau is administered through concessions awarded by the Macau government to six different concessionaires: SJM, MGM Grand…View ↗
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