Studio City International Holdings owns and operates Studio City, a cinematically-themed integrated resort in Cotai, Macau. The property's primary business is mass market casino gaming — Studio City does not operate VIP rolling chip tables. The casino is run by Melco Resorts Macau, the entity holding the Macau gaming concession, under a casino services agreement, which pays Studio City a fee based on casino revenues. This means Studio City consolidates casino revenues contractually rather than through a direct gaming license. Gaming revenue is driven by table drop and hold rates, gaming machine handle, and the number of tables and machines in operation. Because Macau caps total gaming tables and machines across its six concessionaires, Studio City's gaming growth depends on improving hold rates, machine productivity, and attracting higher-value mass market visitors rather than adding capacity. Studio City also operates non-gaming businesses directly, including approximately 2,493 hotel rooms across four towers (including the W Macau brand and two Forbes Five-Star towers), food and beverage, roughly 44,300 sqm of retail, a 5,000-seat live entertainment arena, an indoor and outdoor water park, a cineplex, a figure-8 Ferris wheel, and a nightclub. These amenities are designed to draw tourists and families, broadening the customer base beyond pure gaming visitors. Studio City International is a majority-owned subsidiary of Melco Resorts & Entertainment.