Studio City International Holdings Ltd ADR Dossier
Qualitative Analysis
Business overview
Studio City International Holdings Limited (NYSE: MSC) is a world-class, cinematically-themed integrated gaming, retail, and entertainment resort located in Cotai, Macau. The company operates the Studio City Casino, which features approximately 250 mass-market gaming tables and 552 gaming machines. Its non-gaming attractions are highly differentiated, including the world's first figure-8 Ferris wheel (Golden Reel), a deluxe nightclub and karaoke venue, a 5,000-seat live performance arena, and an extensive indoor and outdoor water park. The resort also features 2,493 luxury hotel rooms, diverse food and beverage establishments, and approximately 38,500 square meters of complementary retail space. Studio City is majority-owned by Melco Resorts & Entertainment Limited (NASDAQ: MLCO).
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Focusing marketing and operational resources on high-margin mass-market and premium-mass gaming tables and electronic gaming machines, moving away from the volatile VIP junket business.
Expected impact: Improves Adjusted EBITDA margins and stabilizes casino contract revenues through higher hold percentages and increased gaming machine handle.
Maximizing the utilization and foot traffic of newly opened Phase 2 facilities, including the Epic Tower, W Macau - Studio City, and the indoor/outdoor water park.
Expected impact: Increases non-gaming revenue streams from hotel rooms, food and beverage, and retail, while driving mass-market gaming cross-visitation.
Proactively addressing the company's capital structure by refinancing high-interest near-term debt with longer-dated senior secured notes.
Expected impact: Extends debt maturity profile to 2031, reduces interest rate from 7.00% to 6.125% on the refinanced portion, and preserves liquidity.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Co-developing films and variety shows in Macau to promote the resort's non-gaming attractions and boost tourism from mainland China.
Terms: Not publicly disclosed