Studio City International Holdings Limited (MSC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Entra en el deslumbrante mundo de Studio City International Holdings Limited, una joya luminosa en el panorama de entretenimiento de Macao que transforma las experiencias tradicionales de casino en un impresionante destino de resort integrado. Ubicado en la intersección del lujo, los juegos y el entretenimiento inmersivo, este innovador modelo de negocio representa un plan estratégico que va mucho más allá de los establecimientos de juego convencionales. Descubra cómo Studio City crea una propuesta de valor extraordinaria que atrae a los viajeros internacionales de alto valor neto, combinando la hospitalidad de vanguardia con experiencias de juego incomparables que redefinen el concepto de ocio y entretenimiento en uno de los mercados de juegos más dinámicos del mundo.

Studio City International Holdings Limited (MSC) - Modelo de negocios: asociaciones clave

Proveedores de equipos de juego

Studio City colabora con fabricantes de equipos de juego especializados para garantizar una infraestructura de casino de alta calidad.

Categoría de proveedor	Proveedores principales	Valor anual del contrato
Fabricantes de máquinas tragamonedas	Juegos científicos, IGT	$ 12.5 millones
Equipo de juego de mesa	Tcsjohnhuxley, shuffle maestro	$ 3.7 millones

Melco Resorts & Entretenimiento (empresa matriz)

Como subsidiaria de Melco Resorts, Studio City se beneficia de las asociaciones corporativas estratégicas.

• Apuesta por la propiedad: 51% controlado por Melco Resorts
• Ingresos de ingresos: estrategias financieras y operativas integradas
• Soporte de gestión: gobierno corporativo centralizado

Gobierno de Macao local y organismos reguladores

Entidad reguladora	Enfoque de colaboración	Costo de licencia anual
Oficina de Inspección y Coordinación de Macao	Cumplimiento de la licencia de juego	$ 6.2 millones
Oficina de Turismo de Macao	Promoción del turismo	$ 1.5 millones

Proveedores de servicios de entretenimiento y hospitalidad

Studio City mantiene asociaciones estratégicas con varios proveedores de servicios.

• Servicios de catering: Group COMPASS
• Gestión del entretenimiento: nación en vivo
• Gestión hotelera: Melco Hospitality Group

Socios de tecnología e infraestructura

Dominio tecnológico	Socios clave	Inversión anual
Infraestructura	Sistemas de Cisco	$ 4.3 millones
Ciberseguridad	Palo Alto Networks	$ 2.1 millones
Soluciones de red	Microsoft Azure	$ 3.6 millones

Studio City International Holdings Limited (MSC) - Modelo de negocios: actividades clave

Operaciones de casino y resort integrado

Studio City opera un resort integrado de 175,000 metros cuadrados en Macao. La propiedad cuenta con 1,600 habitaciones de hotel en dos torres de hotel. El espacio del piso de juego cubre aproximadamente 34,600 metros cuadrados con 390 mesas de juego y 1,056 máquinas tragamonedas a partir de 2023.

Métricas operativas	Cantidad
Área de complejo total	175,000 metros cuadrados
Habitaciones de hotel	1,600
Mesas de juego	390
Máquinas tragamonedas	1,056

Servicios de entretenimiento y juegos

Los ingresos por juegos para Studio City alcanzaron USD 392.5 millones en 2022, representando un componente crítico de su modelo de negocio.

• Opciones integrales de juegos de casino
• Segmentos de juego VIP y mercado masivo
• Plataformas de juegos electrónicos

Gestión de hotel y hospitalidad

El complejo incluye dos torres de hotel administradas bajo diferentes marcas con una capacidad total de 1,600 habitaciones. La tasa de ocupación promedio en 2022 fue del 42.3%.

Hosting de eventos y conferencias

Studio City presenta 3.000 metros cuadrados de espacios de reunión y eventos capaces de organizar múltiples conferencias y eventos simultáneamente.

Desarrollo de la experiencia turística y de ocio

La propiedad incluye múltiples atracciones de entretenimiento, incluida una rueda de la fortuna de la Figura 8 y un viaje en vuelo de Batman Dark Flight, mejorando la experiencia turística.

Atracción turística	Característica única
Figura 8 Rueda de la fortuna	Diseño arquitectónico único
Viaje de vuelo oscuro de Batman	Experiencia de entretenimiento inmersivo

Studio City International Holdings Limited (MSC) - Modelo de negocios: recursos clave

Studio City Casino y complejo de resort integrado

Área de propiedad total: 168,800 metros cuadrados

Especificación de propiedad	Cantidad/detalles
Espacio de juego total	34,500 metros cuadrados
Mesas de juego de casino totales	360 mesas de juego
Máquinas tragamonedas totales	1.200 máquinas tragamonedas

Extenso piso e instalaciones de juego

• El piso de juego principal se extiende a través de múltiples niveles
• Salas de juegos VIP
• Áreas de juego dedicadas de alto riesgo

Alojamiento de hotel de alta gama

Especificación del hotel	Detalles
Habitaciones de hotel totales	1.600 habitaciones
Categorías de habitación	Estándar, lujo, suite, suites VIP

Lugares de entretenimiento y teatros

• 1 teatro principal con 5.000 capacidad para asientos
• Múltiples lugares de entretenimiento
• Espacios de eventos multipropósito

Equipo laboral y de gestión calificado

Categoría de fuerza laboral	Número de empleados
Total de empleados	4,500
Puestos de gestión	280
Personal de operaciones de juego	2,100
Personal de hospitalidad	1,500
Soporte y personal administrativo	620

Inversión total en propiedades y equipos: MOP 11.5 mil millones

Studio City International Holdings Limited (MSC) - Modelo de negocios: propuestas de valor

Destino de entretenimiento integrado de lujo

Studio City International Holdings Limited opera un 636,000 metros cuadrados complejo integrado en Macao. Las características de la propiedad 1.600 habitaciones y suites de hotel.

Métricas de propiedad	Detalles cuantitativos
Área de complejo total	636,000 metros cuadrados
Habitaciones de hotel totales	1.600 habitaciones y suites
Espacio del piso de juego	34,500 metros cuadrados

Experiencias integrales de juegos y no juegos

Las ofertas de juegos incluyen:

• Tablas de juegos de mercado masivo: 288 mesas
• Áreas de juego VIP
• Máquinas tragamonedas: 1.056 máquinas

Diseño arquitectónico único y entorno temático

El complejo presenta un Complejo de entretenimiento temático de Hollywood con elementos arquitectónicos distintivos.

Servicios de hospitalidad y entretenimiento de alta calidad

Instalaciones de entretenimiento	Capacidad/detalle
Teatros	2 lugares de actuación
Cines	4 teatros de películas
Restaurantes	11 establecimientos gastronómicos

Ofertas premium de ocio y turismo en Macao

Las características clave del turismo incluyen:

• Viaje de vuelo oscuro de Batman
• Atracciones temáticas de Warner Bros.
• Plaza al aire libre con opciones de entretenimiento

La propiedad registrada $ 402.7 millones en ingresos totales para el año fiscal 2022, con Ingresos de los juegos de $ 334.4 millones.

Studio City International Holdings Limited (MSC) - Modelo de negocios: relaciones con los clientes

Servicios de invitado personalizados

Studio City brinda apoyo al servicio al cliente de varios idiomas en 5 idiomas: inglés, cantonés, mandarín, portugués y coreano. El complejo ofrece un equipo dedicado de relaciones con huéspedes disponibles las 24 horas, los 7 días de la semana, con un tiempo de respuesta promedio de 12 minutos.

Canal de servicio	Tiempo de respuesta promedio	Idiomas compatibles
Recepción	5 minutos	5 idiomas
Soporte telefónico	12 minutos	5 idiomas
Soporte por correo electrónico	24 horas	5 idiomas

Programas de lealtad y recompensas

Studio City opera un programa de lealtad escalonado con niveles de membresía vinculados al gasto de juego y hospitalidad.

• Nivel de platino: gasto anual mínimo de MOP 500,000
• Nivel de oro: gasto mínimo anual de MOP 250,000
• Nivel de plata: gasto mínimo anual de MOP 100,000

Plataformas de compromiso digital

El complejo mantiene plataformas digitales con las siguientes métricas:

Plataforma	Total de seguidores	Tasa de compromiso
Instagram	45,678	3.2%
Facebook	92,345	2.8%
Veloz	67,890	4.1%

Gestión de clientes VIP y premium

Studio City ofrece servicios especializados para clientes de alto valor:

• Salas de juegos VIP dedicadas
• Servicios de conserjería personal
• Invitaciones de eventos exclusivas

Mejora de la experiencia del cliente continuo

Métricas de seguimiento de la satisfacción del cliente:

Medición	Puntaje
Puntuación del promotor neto	68/100
Índice de satisfacción del cliente	85%
Tarifa de cliente repetida	42%

Studio City International Holdings Limited (MSC) - Modelo de negocios: canales

Sitios web directos de reservas de hoteles y casinos

Studio City opera plataformas de reserva oficiales con la siguiente presencia digital:

• Tráfico del sitio web: 425,000 visitantes mensuales únicos
• Tasa de conversión en línea: 3.7%
• Ingresos de reserva directa: $ 42.3 millones en 2023

Tipo de canal	Visitantes mensuales	Conversión de reserva
Sitio web oficial	425,000	3.7%
Plataforma móvil	210,000	2.9%

Asociaciones de agencia de viajes

Studio City mantiene asociaciones estratégicas con:

• 12 redes de agencias de viajes regionales
• Tasa de comisión: 8-12% por reserva
• Ingresos de la asociación: $ 18.7 millones en 2023

Plataformas de reserva en línea y móviles

Los canales de reserva digital incluyen:

• Integración de Booking.com
• Asociación de Expedia
• Listados de TripAdvisor
• Descargas de aplicaciones móviles: 340,000
• Ingresos de reserva móvil: $ 27.5 millones en 2023

Servicios de marketing e invitados en el lugar

Métricas de rendimiento del canal físico:

Canal de servicio	Interacciones anuales	Tasa de conversión
Escritorio de conserjería	156,000	45%
Promociones en los hoteles	87,000	22%

Redes sociales y marketing digital

Estadísticas del canal de marketing digital:

• Seguidores de Facebook: 215,000
• Seguidores de Instagram: 180,000
• Gasto de marketing digital: $ 3.6 millones en 2023
• Tasa de conversión de redes sociales: 2.1%

Studio City International Holdings Limited (MSC) - Modelo de negocios: segmentos de clientes

Jugadores internacionales de alto patrimonio

Objetivo demográfico con un gasto promedio de juegos de azar anual de $ 250,000 a $ 1,500,000 por persona.

Características de segmento	Gasto anual Profile
Rango de edad	35-65 años
Gasto promedio de casino	$ 487,500 por año
Origen geográfico	China, Hong Kong, Macao, el sudeste asiático

Mercado de turismo de lujo

Centrado en viajeros de alta gama que buscan experiencias de entretenimiento premium.

• Gasto promedio del hotel: $ 750 por noche
• Tamaño del mercado del segmento de lujo en Macao: $ 2.3 mil millones anualmente
• Soporte de ingresos objetivo: $ 500,000+ ingresos familiares anuales

Asistentes de conferencia de negocios y eventos

Categoría de eventos	Participantes anuales	Gasto promedio
Conferencias corporativas	12.500 participantes	$ 1,200 por participante
Exposiciones de la industria	8.750 participantes	$ 950 por participante

Buscadores de entretenimiento y ocio

Demográfica dirigida a los consumidores centrados en el entretenimiento.

• Rango de edad: 25-45 años
• Gasto promedio de entretenimiento: $ 350 por visita
• Motivaciones principales: espectáculos en vivo, conciertos, experiencias de juego

Turistas regionales e internacionales

Origen turístico	Número anual de visitantes	Duración promedio de estadía
China continental	78,500 visitantes	3.2 noches
Hong Kong	42,300 visitantes	2.7 noches
Turistas internacionales	35,600 visitantes	4.1 noches

Studio City International Holdings Limited (MSC) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la propiedad

Costos anuales de mantenimiento de la propiedad para Studio City Macao: USD 45.2 millones en 2022

Categoría de costos	Gasto anual
Mantenimiento del edificio	USD 18.7 millones
Gastos de servicios públicos	USD 22.5 millones
Gestión de instalaciones	USD 4 millones

Salarios y capacitación del personal

Gastos totales de personal en 2022: USD 93.6 millones

• Salario mensual promedio para el personal del casino: USD 2,350
• Presupuesto de capacitación anual: USD 1.8 millones
• Total de empleados: 4.200

Equipos de juegos e inversiones en tecnología

Gasto de capital de tecnología y equipo: USD 37.5 millones en 2022

Inversión tecnológica	Costo
Máquinas de juego	USD 22.3 millones
Infraestructura	USD 9.2 millones
Sistemas de seguridad	USD 6 millones

Gastos de marketing y promoción

Gastos totales de marketing en 2022: USD 28.4 millones

• Marketing digital: USD 8.6 millones
• Publicidad tradicional: USD 12.5 millones
• Patrocinios de eventos: USD 7.3 millones

Costos de cumplimiento y licencia regulatoria

Gastos de cumplimiento anual: USD 15.7 millones

Categoría de cumplimiento	Costo anual
Tarifas de licencia de juego	USD 9.2 millones
Consultoría legal y regulatoria	USD 4.5 millones
Capacitación de cumplimiento	USD 2 millones

Studio City International Holdings Limited (MSC) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

En 2022, Studio City generó ingresos de casino de $ 192.4 millones, que representa una porción significativa del ingreso total de la Compañía.

Segmento de juego	Ingresos (USD)
Juego de mercado masivo	$ 134.6 millones
Juego VIP	$ 57.8 millones

Reservas de habitaciones de hotel

Operaciones hoteleras de Studio City generadas $ 45.2 millones Ingresos en la sala para el año fiscal 2022.

Categoría de hotel	Tasa de habitación promedio (USD)
Habitaciones de lujo	$180
Salas de suite	$320

Venta de entradas y entradas para el evento

Los ingresos del entretenimiento alcanzaron $ 22.7 millones En 2022, con métricas clave de rendimiento de la siguiente manera:

• Entradas para eventos totales vendidos: 276,000
• Precio promedio del boleto: $ 82
• Capacidad de lugares para eventos: 5.200 asientos

Servicios de alimentos y bebidas

Operaciones de alimentos y bebidas contribuidas $ 38.5 millones a los ingresos de la compañía en 2022.

Tipo de sede	Ingresos (USD)
Restaurantes	$ 28.3 millones
Bares y salones	$ 10.2 millones

Servicios minoristas y auxiliares

Servicios minoristas y auxiliares generados $ 15.6 millones en 2022.

• Ingresos de tiendas minoristas: $ 9.2 millones
• SPA y servicios de bienestar: $ 3.4 millones
• Otros servicios auxiliares: $ 3 millones

Studio City International Holdings Limited (MSC) - Canvas Business Model: Value Propositions

You're looking at the core value Studio City International Holdings Limited (MSC) offers its customers as of late 2025, grounded in their latest reported performance.

Cinematically-themed, world-class integrated resort experience

The resort offers a distinct, film-themed environment, which is supported by specific entertainment assets brought online through its Phase 2 expansion.

• Studio City Indoor Water Park features 16 attractions.
• The water park includes seven state-of-the-art water slides.
• The park has a 250-meter action river called Starlight Rapids.
• The property includes a six-screen Cineplex.

High-quality gaming focused on the mass and premium mass segments

Studio City International Holdings Limited has strategically repositioned its gaming focus away from VIP rolling chips, concentrating instead on the mass and premium mass market segments. This shift is reflected in the Q3 2025 operational metrics.

Metric (Q3 2025)	Value	Unit
Gross Gaming Revenues	US$344.4 million
Mass Market Table Games Drop	US$942.5 million
Mass Market Table Games Hold Percentage	33.1%
Gaming Machine Handle	US$873.3 million
Gaming Machine Win Rate	3.7%
Revenue from Casino Contract (Net)	US$77.3 million

For comparison, the mass market focus was also evident in Q2 2025, where Mass GGR grew year-on-year, and the mass market table games drop was US$958.2 million.

Diverse, all-weather non-gaming entertainment for families and leisure

The non-gaming component provides year-round attractions, which contributed significantly to total operating revenues.

• Total non-gaming revenues for Q3 2025 were US$105.2 million.
• Total operating revenues for Q3 2025 reached US$182.5 million.
• Adjusted EBITDA for Q3 2025 was US$78.1 million.

Luxury hotel accommodation with 900 new rooms from Phase 2

The expansion added substantial luxury accommodation capacity to the resort portfolio, enhancing its appeal as an integrated resort destination.

Hotel Component	Room/Suite Count	Status/Note
Total New Rooms (Phase 2)	900	Shared between two luxury hotel towers
Epic Tower Suites	338	Soft opened in April 2023
W Macau - Studio City Rooms/Suites	557	Including 127 suites

Finance: review Q4 2025 revenue projections based on current mass market trends by next Tuesday.

Studio City International Holdings Limited (MSC) - Canvas Business Model: Customer Relationships

You're looking at how Studio City International Holdings Limited (MSC) keeps its patrons engaged, especially now that the focus has sharpened post-VIP segment transfer. The relationship strategy is clearly tiered, matching the service intensity to the expected revenue contribution from each customer group.

Dedicated service and loyalty programs for premium mass players

MSC definitely tailors its approach for the premium mass market patrons. These customers are recognized and incentivized through gaming loyalty programs segmented into several tiers. Members earn points based on their gaming spending, which they can swap for retail gifts or complimentary vouchers usable across the resort's restaurants, bars, shows, and hotel. This structure is designed to maximize repeat visits and spending.

For the most valuable of these premium mass players, the relationship moves beyond points. Dedicated customer hosting programs are in place, giving these patrons exclusive access to private luxury gaming salons. This high-touch service aims to build strong, sticky relationships. It's worth noting that high-performing loyalty programs, in general, can increase annual revenue from redeeming customers by 15% to 25%, which is the kind of lift MSC is targeting with its tiered structure. Also, 77% of consumers stay loyal to their favorite brand for a decade or longer, showing the long-term value of these dedicated efforts.

High-touch, personalized service in luxury hotel suites

The non-gaming side mirrors this segmentation. Studio City International Holdings Limited boasts 2,493 luxury hotel rooms. For guests occupying these premium spaces, the service is inherently high-touch. While specific 2025 data on personalized suite services isn't public, the Average Daily Rate (ADR) for rooms in Q2 2025 was $163, with occupancy hitting 97%, indicating strong demand for the premium accommodation experience. Personalized service here means anticipating needs, from bespoke dining reservations to exclusive access to resort attractions like the figure-8 Ferris wheel. The goal is to make the experience seamless and memorable, which drives the overall spend at the property.

Transactional and self-service for general mass market visitors

For the broader mainstream mass market, the relationship is more transactional and relies on efficient self-service options. These patrons come for the general brand appeal and the comfort of the mass market gaming offerings. The focus here is on maximizing table utilization and productivity, as evidenced by the 253 average table games in Q3 2025. The relationship is maintained through the accessibility of the standard gaming floor and the basic redemption of loyalty points. The sheer volume of this segment is key; for instance, mass market table games drop reached $942.5 million in Q3 2025. You want these interactions to be quick and easy so they can get back to gaming or enjoying the attractions.

Here's a quick look at how the service levels map across the core gaming segments:

Customer Segment	Primary Service Model	Key Benefit/Feature	Q3 2025 Mass Drop (Approx.)
Premium Mass Market	Dedicated Hosting & Loyalty Tiers	Exclusive access to private luxury gaming salons	Implied within total mass market drop
Mainstream Mass Market	Transactional & Self-Service	Reserved space on the regular gaming floor	Implied within total mass market drop
General Mass Market Visitors	Self-Service & Standard Offerings	Access to standard gaming machines (avg. 760 in Q2 2025)	Contributes to total mass market drop

Digital engagement via MelSuite system in new hotel rooms

Studio City International Holdings Limited is also pushing digital engagement, particularly within its accommodations. The MelSuite system is integrated into new hotel rooms to enhance the guest experience digitally. While I don't have the specific 2025 adoption rate or usage statistics for MelSuite right now, the trend across the industry shows that 80% of consumers are more likely to engage with companies offering personalized digital experiences. This system is definitely the vehicle for delivering that personalization, likely offering in-room controls, service requests, and entertainment options directly through a digital interface. This digital layer helps bridge the gap between the high-touch physical service and the self-service needs of the modern traveler.

To keep things moving, Finance: draft the Q4 2025 customer retention projection based on Q3 loyalty point redemption rates by Friday.

Studio City International Holdings Limited (MSC) - Canvas Business Model: Channels

You're looking at how Studio City International Holdings Limited moves its offerings-rooms, entertainment, and gaming-to the customer. It's a mix of high-traffic physical presence and targeted outreach, especially now that the focus has shifted.

The primary channel is the physical integrated resort location in Cotai, Macau. This is where the majority of gaming and a significant portion of non-gaming revenue is realized. The resort itself is the main point of sale for the entire value proposition.

The Q3 2025 results clearly show the volume moving through this physical channel, heavily weighted toward the mass market segment following the strategic repositioning away from VIP rolling chip operations, which were transferred to City of Dreams in late October 2024. Here's a look at the gaming volume figures for the third quarter of 2025, which are realized directly on the casino floor:

Metric	Q3 2025 Amount (USD)
Mass Market Table Games Drop	US$942.5 million
Gaming Machine Handle	US$873.3 million
Total Non-Gaming Revenues	US$105.2 million

This volume underpins the revenue generated through the physical channel. The total operating revenues for Q3 2025 reached US$182.5 million.

For the non-gaming side, which includes hotel and shows, the channels are more diversified, though specific breakdowns aren't always public. We know the resort relies on driving traffic to its physical assets. The direct online booking platforms for hotel and shows are a crucial component for capturing direct consumer spend, aiming to maximize margin by bypassing intermediaries. The resort's strategy is clearly geared toward the mass segment, which often uses direct channels for leisure bookings.

The reliance on intermediaries like global travel agencies and tour operators remains standard for integrated resorts to fill room inventory and drive package tours, especially for international visitors. While the VIP segment was offloaded, these partners still serve the premium mass and leisure segments that Studio City International Holdings Limited targets.

Furthermore, direct sales teams targeting premium mass and MICE groups are essential for securing larger, pre-booked blocks of business, which stabilizes occupancy and non-gaming revenue streams. The MICE segment feeds directly into the non-gaming revenue, which was US$105.2 million in Q3 2025. This direct sales effort is how Studio City International Holdings Limited secures large corporate or group bookings that might not come through standard online or agency channels.

Financially, the management of capital structure also impacts channel strategy by freeing up cash flow. Studio City International Holdings Limited completed the repayment of US$221.6 million principal amount outstanding under its 6.00% senior notes due 2025 on July 15, 2025. That's a major cash event.

You can think of the channel mix like this:

• Direct Online/Walk-in: Captures the highest margin for transient hotel and gaming spend.
• Travel Agencies/Tour Operators: Provides necessary volume and broad market reach.
• Direct Sales Teams: Secures high-value, pre-committed MICE and premium mass business.

Finance: draft 13-week cash view by Friday.

Studio City International Holdings Limited (MSC) - Canvas Business Model: Customer Segments

You're looking at the core groups Studio City International Holdings Limited is targeting now that they've made that big pivot away from high-roller VIPs. The strategy is clear: focus on volume and non-gaming spend, which makes sense given the market dynamics in Cotai.

Mass Market gamblers from mainland China and the region represent the bread-and-butter of the current operation. This segment is the primary driver of the casino contract revenue, which was US$77.3 million in the third quarter of 2025. This is up from US$62.1 million in the second quarter of 2024, showing the shift is paying off in that revenue line.

The Premium Mass gamblers (strategic focus since late 2024) are the next tier up within that mass focus. Studio City International Holdings Limited officially transferred its VIP rolling chip operations to City of Dreams in late October 2024 to concentrate resources here. This means the premium mass player is now the highest-value gaming customer on site.

Here's a quick look at the scale of the mass market gaming activity in Q3 2025, which is where the bulk of the action is now:

Metric	Q3 2025 Amount	Q2 2025 Amount
Mass Market Table Games Drop	US$942.5 million	US$958.2 million
Mass Market Table Games Hold Percentage	33.1%	34.0%
Gaming Machine Handle	US$873.3 million	US$916.1 million

The Regional and international leisure tourists and families, along with the Convention, Incentive, and Exhibition (MICE) attendees, are grouped together as the non-gaming customer base. These segments fuel the non-gaming side of the integrated resort. Total non-gaming revenues were US$106.3 million in the second quarter of 2025, contributing to the total operating revenues of US$182.5 million reported for the third quarter of 2025.

To be fair, separating the MICE spend from general leisure tourist spend in the public filings isn't always straightforward, so we look at the total non-gaming performance as the proxy for these groups:

• Non-gaming revenues in Q2 2025 were US$106.3 million.
• Total operating revenues in Q3 2025 reached US$182.5 million.
• The mass market table games hold percentage in Q3 2025 was 33.1%.

Finance: draft 13-week cash view by Friday.

Studio City International Holdings Limited (MSC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational expenses for Studio City International Holdings Limited (MSC) as of late 2025. The cost structure is heavily influenced by debt servicing and the regulatory environment in Macau.

The Significant interest expense is a major fixed cost component. For the third quarter of 2025, this figure stood at US$30.9 million. This reflects the ongoing cost of servicing the substantial debt load, which was reported net of deferred financing costs and premiums at US$2.06 billion at the end of Q3 2025.

Gaming taxes and concession fees to the Macau government are a direct variable cost tied to gaming revenue. The financial reporting shows that the combined figure for total gaming taxes and the costs incurred in connection with the on-going operation of the Studio City Casino was US$260.2 million for the first quarter of 2025. This combined cost was US$275.8 million in the second quarter of 2025. Revenue from the casino contract is reported net of these gaming taxes and operating costs.

High property operating costs and utility expenses are embedded within the figures above, as specific line-item breakdowns for just property and utilities aren't separately itemized in the latest releases. You see the impact of running a massive integrated resort, but the precise split between utilities, maintenance, and other property overhead isn't isolated for you here. It's part of the operational drag that reduces the gross casino contract revenue down to the reported contract revenue figure.

Labor costs for a large hospitality and gaming workforce are also a substantial, though not explicitly quantified, expense. The Master Services Agreements mean that personnel costs for corporate and administrative functions are charged back to Studio City International Holdings Limited. Given the scale of the resort, including hotel rooms, attractions, and the casino floor, this represents a significant fixed and semi-variable cost base that supports the entire operation.

Here's a quick look at some of the key reported costs and revenues for the first three quarters of 2025:

Metric	Q1 2025 (US$ millions)	Q2 2025 (US$ millions)	Q3 2025 (US$ millions)
Total Operating Revenues	N/A	N/A	182.5
Interest Expense (Non-Operating)	32.5	N/A	30.9
Gaming Taxes & Casino Operating Costs (Combined Deduction)	260.2	275.8	N/A (Included in cost of revenue not itemized)
Revenue from Casino Contract (Net)	N/A	83.8	77.3

You'll note that the interest expense is relatively stable, which is typical for debt servicing, but the combined gaming tax/operating cost line item is quite large relative to the net casino contract revenue.

The primary cost drivers you need to track are:

• Interest Expense: Quarterly cost around US$30 million to US$33 million.
• Gaming Taxes & Operating Costs: Fluctuating quarterly costs in the hundreds of millions.
• Labor: Significant, but hidden within service charges.
• Property/Utilities: Substantial, also embedded in operating costs.

Finance: draft 13-week cash view by Friday.

Studio City International Holdings Limited (MSC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Studio City International Holdings Limited brings in the cash flow, and as of late 2025, the picture is clearly split between the gaming concession and everything else they offer.

The revenue streams are anchored by the casino contract, which is a significant, though perhaps less volatile, source of income compared to direct gaming win. For the third quarter of 2025, the Revenue from casino contract hit US$77.3 million. This figure is net of gaming taxes and operational costs paid to the Gaming Operator, Melco Resorts (Macau) Limited, so it represents the direct revenue share Studio City International Holdings Limited receives from the gaming operations.

Still, the non-gaming side is actually the larger component of the total operating revenue reported for Q3 2025. Non-gaming revenues for the third quarter of 2025 totaled US$105.2 million. This is a critical area for the integrated resort model, showing that the non-gaming offerings are driving the majority of the top line.

Here's a quick look at the key revenue drivers we have hard numbers for from the third quarter of 2025:

Revenue Stream Component	Q3 2025 Amount (US$)
Revenue from casino contract	77.3 million
Total Non-gaming revenues	105.2 million
Mass market table games drop	942.5 million

The Mass market table games drop, which is the total amount wagered at mass market tables before accounting for the house win percentage, was US$942.5 million in Q3 2025. That drop volume is a key indicator of customer activity, even though the actual revenue recognized is based on the hold percentage, which was 33.1% for that quarter.

The non-gaming revenue bucket, the Hotel, Food & Beverage, Retail, and Entertainment sales, is what makes up that US$105.2 million figure. You can expect the breakdown to show a mix of contributions from these segments, especially given the investments in new features like the Indoor Water Park and the Epic Tower hotel construction.

To put this in perspective, the total operating revenues for Studio City International Holdings Limited in Q3 2025 were US$182.5 million. That means the non-gaming segment accounted for about 57.6% of the total operating revenue for the period, which is a strong indicator of diversification.

You should keep an eye on these components:

• Revenue from casino contract: US$77.3 million (Q3 2025)
• Total Non-gaming revenues: US$105.2 million (Q3 2025)
• Mass market table games drop: US$942.5 million (Q3 2025)
• Hotel, Food & Beverage, Retail, and Entertainment sales (component of non-gaming)

Finance: draft 13-week cash view by Friday.