MSC 6-K SEC Filing Analysis

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MSC ▼ -5.02% at T+5d

LONG call ✗ call lost -5.02% · α vs SPY -2.50% · entry $2.39 → $2.27

Next anchor: T+20d in 19d

Last close $2.34 (close Jun 8) · -2.09% from $2.39 entry

Entry anchored
May 29, 2026
via day open

T+1d

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call 0.00% · α -0.26%

$2.39

settled 9d ago

T+5d

-5.02%

call -5.02% · α -2.50%

$2.27

settled 5d ago

T+20d

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call — · α —

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T+60d

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Executive Summary

Studio City International Holdings reported Q1 2026 results via its subsidiaries Studio City Investments and Studio City Finance. Total operating revenues rose 9.3% YoY to US$176.7 million, driven by stronger mass market casino performance and higher non-gaming revenues. Net loss attributable to Studio City Investments narrowed sharply to US$6.6 million from US$21.0 million a year ago, while Studio City Finance swung to a net profit of US$2.9 million from a loss of US$17.7 million. The filing also notes the post-quarter issuance of US$300 million in 2031 senior secured notes used to refinance the 2027 notes, extending the debt maturity profile.

Actionable Insight

The Q1 results show a clear operational recovery with revenue and profitability improving meaningfully YoY, driven by mass market gaming strength. The post-quarter refinancing of the 2027 notes with longer-dated 2031 notes removes a near-term maturity overhang and improves the debt profile. Monitor Macau visitation trends and the company's ability to sustain margin improvement into Q2.

Key Facts

Total operating revenues for Q1 2026 were US$176.7 million, up 9.3% from US$161.7 million in Q1 2025.
Net loss attributable to Studio City Investments narrowed to US$6.6 million from US$21.0 million YoY.
Studio City Finance reported net income of US$2.9 million, versus a net loss of US$17.7 million in Q1 2025.
Studio City Casino gross gaming revenues rose to US$373.5 million from US$336.2 million YoY.
Revenue from casino contract increased to US$87.0 million from US$75.9 million YoY.
Total non-gaming revenues grew to US$89.8 million from US$85.8 million YoY.
Operating income at Studio City Investments more than doubled to US$28.6 million from US$16.0 million.
Post-quarter, the company issued US$300 million in 2031 SCC Senior Secured Notes to refinance the 2027 notes, extending maturities.
Cash and cash equivalents at Studio City Investments stood at US$53.6 million as of March 31, 2026.
Total gross indebtedness was US$2.02 billion as of March 31, 2026.

Financial Impact

Revenue growth of ~9% YoY, net loss reduction of ~68% at the Investments level, and a swing to profitability at the Finance level. Post-quarter refinancing of US$350M in 2027 notes with US$300M in new 2031 notes extends debt maturities.

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Risk Factors

Macau gaming market remains dependent on Chinese economic conditions and travel policy.
Total debt of US$2.02 billion remains elevated relative to the company's equity base.
Operating cash flow at Studio City Investments declined slightly to US$16.4 million from US$18.4 million YoY.
The company operates under a concession contract that expires December 31, 2032, with renewal risk.

Market Snapshot

Exchange

NYSE

Sector

Hotels & Motels

Analyst Consensus

80% bullish (5 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001193125-26-246178
Document: d82535dex991.htm	0001193125-26-246178
Document: d82535d6k.htm	0001193125-26-246178
Document: 0001193125-26-246178-index-headers.html	0001193125-26-246178
Document: 0001193125-26-246178-index.html	0001193125-26-246178
Document: 0001193125-26-246178.txt	0001193125-26-246178

12 reports for MSC

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Track record builds as more directional reports settle.

Filters

Reports for MSC — sortable, filterable
	Type				Now
Jun 8, 2026 1d ago	6-K BULLISH ★ 7/10	$2.29 awaiting T+5	awaiting T+5	—	$2.34 (+2.18%)
May 29, 2026 11d ago	6-K BULLISH ★ 6/10	$2.39 $2.27	▼ −5.02%	▼ −2.50%	$2.34 (−2.09%)
May 15, 2026 25d ago	6-K BULLISH ★ 5/10	$2.55 $2.33	▼ −8.63%	▼ −10.25%	$2.34 (−8.24%)
May 7, 2026 4w ago	6-K NEUTRAL ★ 4/10	$2.70 $2.50	▼ −7.41%	▼ −8.91%	$2.34 (−13.33%)
May 6, 2026 4w ago	6-K NEUTRAL ★ 4/10	$2.40 $2.40	· 0.00%	▼ −1.13%	$2.34 (−2.50%)
May 6, 2026 4w ago	Press Release NEUTRAL ★ 3/10	$2.40 $2.40	· 0.00%	▼ −1.13%	$2.34 (−2.50%)
Apr 30, 2026 5w ago	Press Release BULLISH ★ 6/10	$2.35 $2.40	▲ +2.13%	▲ +0.40%	$2.34 (−0.43%)
Apr 28, 2026 6w ago	6-K NEUTRAL ★ 2/10	$2.52 $2.40	▼ −4.76%	▼ −6.45%	$2.34 (−7.14%)
Apr 28, 2026 6w ago	Press Release NEUTRAL ★ 2/10	$2.52 $2.40	▼ −4.76%	▼ −6.45%	$2.34 (−7.14%)
Apr 24, 2026 6w ago	6-K MIXED ★ 6/10	$2.70 $2.35	▼ −12.96%	▼ −13.87%	$2.34 (−13.33%)

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