Studio City International Holdings Limited (MSC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Entre no deslumbrante mundo do Studio City International Holdings Limited, uma jóia luminosa no cenário de entretenimento de Macau que transforma experiências tradicionais de cassino em um destino de resort integrado de tirar o fôlego. Aninhado na interseção de luxo, jogos e entretenimento imersivo, esse modelo inovador de negócios representa um plano estratégico que vai muito além dos estabelecimentos convencionais de jogo. Descubra como o Studio City cria uma proposta de valor extraordinária que atrai viajantes internacionais de alta rede, misturando hospitalidade de ponta com experiências de jogos incomparáveis ​​que redefinem o conceito de lazer e entretenimento em um dos mercados de jogos mais dinâmicos do mundo.

Studio City International Holdings Limited (MSC) - Modelo de negócios: Parcerias -chave

Fornecedores de equipamentos para jogos

O Studio City colabora com fabricantes especializados de equipamentos de jogos para garantir infraestrutura de cassino de alta qualidade.

Categoria de fornecedores	Fornecedores primários	Valor anual do contrato
Fabricantes de máquinas caça -níqueis	Jogos Científicos, IGT	US $ 12,5 milhões
Equipamento de jogo de mesa	Tcsjohnhuxley, mestre de embaralhamento	US $ 3,7 milhões

Melco Resorts & Entretenimento (empresa -mãe)

Como subsidiária da Melco Resorts, o Studio City se beneficia de parcerias corporativas estratégicas.

• Participação de propriedade: 51% controlado pela Melco Resorts
• Compartilhamento de receita: estratégias financeiras e operacionais integradas
• Suporte da gerência: governança corporativa centralizada

Governo local de Macau e órgãos regulatórios

Entidade regulatória	Foco de colaboração	Custo anual de licenciamento
Macau Gaming Inspeção e Coordenação Bureau	Conformidade com licença de jogo	US $ 6,2 milhões
Escritório de Turismo de Macau	Promoção do turismo	US $ 1,5 milhão

Provedores de serviços de entretenimento e hospitalidade

O Studio City mantém parcerias estratégicas com vários provedores de serviços.

• Serviços de catering: Grupo Compass
• Gerenciamento de entretenimento: Live Nation
• Gerenciamento de hotéis: Melco Hospitality Group

Parceiros de tecnologia e infraestrutura

Domínio tecnológico	Parceiros -chave	Investimento anual
Infraestrutura de TI	Sistemas Cisco	US $ 4,3 milhões
Segurança cibernética	Redes Palo Alto	US $ 2,1 milhões
Soluções de rede	Microsoft Azure	US $ 3,6 milhões

Studio City International Holdings Limited (MSC) - Modelo de negócios: Atividades -chave

Cassino e operações de resort integradas

O Studio City opera um resort integrado de 175.000 metros quadrados em Macau. A propriedade possui 1.600 quartos de hotel em duas torres de hotéis. O piso de jogos cobre aproximadamente 34.600 metros quadrados com 390 tabelas de jogos e 1.056 máquinas caça -níqueis a partir de 2023.

Métricas operacionais	Quantidade
Área total do resort	175.000 metros quadrados
Quartos de hotel	1,600
Tabelas de jogos	390
Máquinas caça -níqueis	1,056

Serviços de entretenimento e jogo

A receita de jogos para o Studio City atingiu US $ 392,5 milhões em 2022, representando um componente crítico de seu modelo de negócios.

• Opções abrangentes de jogos de cassino
• Segmentos de jogos VIP e do mercado de massa
• Plataformas de jogos eletrônicos

Gerenciamento de hotéis e hospitalidade

O resort inclui duas torres de hotéis gerenciadas sob diferentes marcas com capacidade total de 1.600 quartos. A taxa média de ocupação em 2022 foi de 42,3%.

Hospedagem de eventos e conferências

O Studio City possui 3.000 metros quadrados de espaços de reunião e eventos capazes de hospedar várias conferências e eventos simultaneamente.

Desenvolvimento de experiência em turismo e lazer

A propriedade inclui várias atrações de entretenimento, incluindo uma roda de gigantes da Figura 8 e um passeio de vôo escuro do Batman, melhorando a experiência do turismo.

Atração do turismo	Recurso único
Figura 8 Roda gigante	Design arquitetônico exclusivo
Batman Dark Flight Ride	Experiência imersiva de entretenimento

Studio City International Holdings Limited (MSC) - Modelo de negócios: Recursos -chave

Studio City Casino e complexo de resorts integrados

Área de propriedade total: 168.800 metros quadrados

Especificação da propriedade	Quantidade/detalhes
Espaço total para jogos	34.500 metros quadrados
Toal de tabelas de jogos de cassino	360 tabelas de jogos
Máquinas de caça -níqueis totais	1.200 máquinas caça -níqueis

Piso de jogo extenso e instalações

• O piso de jogos principal se espalhou por vários níveis
• Salas de jogos VIP
• Áreas de jogo de alto risco dedicado

Acomodações de hotéis sofisticadas

Especificação do hotel	Detalhes
Total de quartos de hotel	1.600 quartos
Categorias de quartos	Suítes padrão, de luxo, suíte, VIP

Locais de entretenimento e teatros

• 1 teatro principal com 5.000 capacidade de assento
• Vários locais de entretenimento
• Espaços de eventos multiuso

Equipe de força de trabalho e gerenciamento qualificada

Categoria de força de trabalho	Número de funcionários
Total de funcionários	4,500
Posições de gerenciamento	280
Equipe de operações de jogo	2,100
Equipe de hospitalidade	1,500
Suporte e equipe administrativa	620

Investimento total em propriedade e equipamento: MOP 11,5 bilhões

Studio City International Holdings Limited (MSC) - Modelo de Negócios: Proposições de Valor

Destino de entretenimento integrado de luxo

Studio City International Holdings Limited opera um 636.000 metros quadrados resort integrado em macau. Os recursos da propriedade 1.600 quartos e suítes de hotel.

Métricas de propriedade	Detalhes quantitativos
Área total do resort	636.000 metros quadrados
Total de quartos de hotel	1.600 quartos e suítes
Espaço para jogos	34.500 metros quadrados

Jogos abrangentes e experiências não-gamadoras

As ofertas de jogos incluem:

• Tabelas de jogos de mercado de massa: 288 tabelas
• Áreas de jogos VIP
• Máquinas caça -níqueis: 1.056 máquinas

Design arquitetônico exclusivo e ambiente temático

O resort apresenta um Complexo de entretenimento com tema de Hollywood com elementos arquitetônicos distintos.

Serviços de hospitalidade e entretenimento de alta qualidade

Instalações de entretenimento	Capacidade/detalhes
Teatros	2 locais de desempenho
Cinemas	4 teatros de filmes
Restaurantes	11 estabelecimentos de jantar

Ofertas de lazer e turismo premium em Macau

Os principais recursos turísticos incluem:

• Batman Dark Flight Ride
• Warner Bros. Atrações temáticas
• Plaza ao ar livre com opções de entretenimento

A propriedade registrada US $ 402,7 milhões em receita total para o ano fiscal de 2022, com receita de jogos de US $ 334,4 milhões.

Studio City International Holdings Limited (MSC) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de convidados personalizados

O Studio City fornece suporte de atendimento ao cliente em vários idiomas em 5 idiomas: inglês, cantonês, mandarim, português e coreano. O resort oferece equipe de relações com convidados dedicada disponível 24/7, com um tempo médio de resposta de 12 minutos.

Canal de serviço	Tempo médio de resposta	Idiomas suportados
Recepção	5 minutos	5 idiomas
Suporte telefônico	12 minutos	5 idiomas
Suporte por e -mail	24 horas	5 idiomas

Programas de lealdade e recompensas

O Studio City opera um programa de fidelidade em camadas com níveis de associação vinculados a gastos com jogos e hospitalidade.

• Nível de platina: gasto anual mínimo do MOP 500.000
• Nível de ouro: gasto anual mínimo do MOP 250.000
• Nível de prata: gasto anual mínimo do MOP 100.000

Plataformas de engajamento digital

O resort mantém plataformas digitais com as seguintes métricas:

Plataforma	Total de seguidores	Taxa de engajamento
Instagram	45,678	3.2%
Facebook	92,345	2.8%
WeChat	67,890	4.1%

Gerenciamento de clientes VIP e Premium

O Studio City oferece serviços especializados para clientes de alto valor:

• Salas de jogos VIP dedicadas
• Serviços de concierge pessoal
• Convites de eventos exclusivos

Melhoria da experiência do cliente contínua

Métricas de rastreamento de satisfação do cliente:

Medição	Pontuação
Pontuação do promotor líquido	68/100
Índice de satisfação do cliente	85%
Repetir a taxa de cliente	42%

Studio City International Holdings Limited (MSC) - Modelo de Negócios: Canais

Sites diretos de reservas de hotéis e cassinos

O Studio City opera plataformas oficiais de reserva com a seguinte presença digital:

• Tráfego do site: 425.000 visitantes mensais únicos
• Taxa de conversão online: 3,7%
• Receita de reserva direta: US $ 42,3 milhões em 2023

Tipo de canal	Visitantes mensais	Conversão de reserva
Site oficial	425,000	3.7%
Plataforma móvel	210,000	2.9%

Parcerias da agência de viagens

Studio City mantém parcerias estratégicas com:

• 12 redes regionais de agências de viagens
• Taxa de comissão: 8-12% por reserva
• Receita de parceria: US $ 18,7 milhões em 2023

Plataformas de reserva online e móveis

Os canais de reserva digital incluem:

• Integração Booking.com
• Parceria da Expedia
• Listagens do TripAdvisor
• Downloads de aplicativos móveis: 340.000
• Receita de reserva móvel: US $ 27,5 milhões em 2023

Os serviços de marketing e convidados no local

Métricas de desempenho do canal físico:

Canal de serviço	Interações anuais	Taxa de conversão
Mesa de concierge	156,000	45%
Promoções em hotel	87,000	22%

Mídia social e marketing digital

Estatísticas de canais de marketing digital:

• Seguidores do Facebook: 215.000
• Seguidores do Instagram: 180.000
• Gastes de marketing digital: US $ 3,6 milhões em 2023
• Taxa de conversão de mídia social: 2,1%

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

Jogadores internacionais de alta rede

Decongridade -alvo com gastos médios anuais de jogo de US $ 250.000 a US $ 1.500.000 por pessoa.

Características do segmento	Gastos anuais Profile
Faixa etária	35-65 anos
Gasto médio de cassino	US $ 487.500 por ano
Origem geográfica	China, Hong Kong, Macau, Sudeste Asiático

Mercado de Turismo de Luxo

Focado em viajantes de ponta que buscam experiências de entretenimento premium.

• Gastos médios do hotel: US $ 750 por noite
• Tamanho do mercado do segmento de luxo em Macau: US $ 2,3 bilhões anualmente
• Strinete de renda -alvo: US $ 500.000+ renda familiar anual

Conferência de negócios e participantes do evento

Categoria de evento	Participantes anuais	Gastos médios
Conferências corporativas	12.500 participantes	US $ 1.200 por participante
Exposições da indústria	8.750 participantes	US $ 950 por participante

Entretenimento e buscadores de lazer

Consumidores demográficos focados em entretenimento.

• Faixa etária: 25-45 anos
• Gastos médios de entretenimento: US $ 350 por visita
• Motivações primárias: shows ao vivo, shows, experiências de jogo

Turistas regionais e internacionais

Origem turística	Números anuais de visitantes	Duração média da permanência
China continental	78.500 visitantes	3,2 noites
Hong Kong	42.300 visitantes	2,7 noites
Turistas internacionais	35.600 visitantes	4,1 noites

Studio City International Holdings Limited (MSC) - Modelo de negócios: Estrutura de custos

Manutenção de propriedades e operações

Custos anuais de manutenção de propriedades para Studio City Macau: US $ 45,2 milhões em 2022

Categoria de custo	Despesa anual
Manutenção de edifícios	US $ 18,7 milhões
Despesas de utilidade	US $ 22,5 milhões
Gerenciamento de instalações	US $ 4 milhões

Salários e treinamento da equipe

Total de despesas de pessoal em 2022: US $ 93,6 milhões

• Salário médio mensal para funcionários do cassino: US $ 2.350
• Orçamento de treinamento anual: US $ 1,8 milhão
• Total de funcionários: 4.200

Equipamento de jogos e investimentos em tecnologia

Despesas de capital de tecnologia e equipamentos: US $ 37,5 milhões em 2022

Investimento em tecnologia	Custo
Máquinas de jogos	US $ 22,3 milhões
Infraestrutura de TI	US $ 9,2 milhões
Sistemas de segurança	US $ 6 milhões

Despesas de marketing e promocionais

Despesas totais de marketing em 2022: US $ 28,4 milhões

• Marketing Digital: US $ 8,6 milhões
• Publicidade tradicional: US $ 12,5 milhões
• Patrocínio de eventos: US $ 7,3 milhões

Custos regulatórios de conformidade e licenciamento

Despesas anuais de conformidade: US $ 15,7 milhões

Categoria de conformidade	Custo anual
Taxas de licença de jogo	US $ 9,2 milhões
Consultoria legal e regulatória	US $ 4,5 milhões
Treinamento de conformidade	US $ 2 milhões

Studio City International Holdings Limited (MSC) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Em 2022, a receita de cassino gerou Studio City de US $ 192,4 milhões, representando uma parcela significativa da renda total da empresa.

Segmento de jogos	Receita (USD)
Jogos de mercado de massa	US $ 134,6 milhões
Jogos VIP	US $ 57,8 milhões

Reservas de quartos de hotel

Operações de hotéis de Studio City geradas US $ 45,2 milhões na receita da sala para o ano fiscal de 2022.

Categoria de hotel	Taxa de quarto médio (USD)
Quartos de luxo	$180
Salas de suíte	$320

Vendas de ingressos de entretenimento e evento

Receita de entretenimento alcançada US $ 22,7 milhões Em 2022, com as principais métricas de desempenho da seguinte forma:

• TOTAL DE EVENTOS VENDIDOS: 276.000
• Preço médio do bilhete: US $ 82
• Capacidade dos locais de eventos: 5.200 assentos

Serviços de comida e bebida

Operações de comida e bebida contribuíram US $ 38,5 milhões para a receita da empresa em 2022.

Tipo de local para refeições	Receita (USD)
Restaurantes	US $ 28,3 milhões
Bares e lounges	US $ 10,2 milhões

Serviços de varejo e auxiliares

Serviços de varejo e auxiliar gerados US $ 15,6 milhões em 2022.

• Receita de lojas de varejo: US $ 9,2 milhões
• Serviços de spa e bem -estar: US $ 3,4 milhões
• Outros serviços auxiliares: US $ 3 milhões

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.