Melco Announces Unaudited Second Quarter 2025 Earnings
Melco Resorts & Entertainment (NASDAQ:MLCO) reported Q2 2025 results with total operating revenues of US$1.33 billion, up 15% year-over-year. The company achieved operating income of US$124.7 million and Adjusted Property EBITDA of US$377.7 million, showing significant improvement from Q2 2024.
Key highlights include record-setting mass market table games revenue at City of Dreams Macau and Studio City. The company's net income was US$17.2 million (US$0.04 per ADS). City of Dreams posted strong performance with US$710.5 million in operating revenues and US$225.6 million in Adjusted EBITDA. The company also announced the upcoming opening of City of Dreams Sri Lanka on August 1, 2025, marking their entry into South Asia.
Melco Resorts & Entertainment (NASDAQ:MLCO) ha riportato i risultati del secondo trimestre 2025 con ricavi operativi totali di 1,33 miliardi di dollari, in aumento del 15% rispetto all'anno precedente. La società ha raggiunto un reddito operativo di 124,7 milioni di dollari e un EBITDA rettificato delle proprietà di 377,7 milioni di dollari, mostrando un miglioramento significativo rispetto al secondo trimestre 2024.
I punti salienti includono un fatturato record nei giochi da tavolo di massa presso City of Dreams Macau e Studio City. Il utile netto della società è stato di 17,2 milioni di dollari (0,04 dollari per ADS). City of Dreams ha registrato una solida performance con 710,5 milioni di dollari di ricavi operativi e 225,6 milioni di dollari di EBITDA rettificato. La società ha inoltre annunciato l'imminente apertura di City of Dreams Sri Lanka il 1° agosto 2025, segnando il loro ingresso nel Sud Asia.
Melco Resorts & Entertainment (NASDAQ:MLCO) reportó resultados del segundo trimestre de 2025 con ingresos operativos totales de 1.33 mil millones de dólares, un aumento del 15% interanual. La compañía logró un ingreso operativo de 124.7 millones de dólares y un EBITDA ajustado de propiedad de 377.7 millones de dólares, mostrando una mejora significativa respecto al segundo trimestre de 2024.
Los aspectos destacados incluyen ingresos récord en juegos de mesa de mercado masivo en City of Dreams Macau y Studio City. El ingreso neto de la compañía fue de 17.2 millones de dólares (0.04 dólares por ADS). City of Dreams tuvo un desempeño sólido con 710.5 millones de dólares en ingresos operativos y 225.6 millones de dólares en EBITDA ajustado. La compañía también anunció la próxima apertura de City of Dreams Sri Lanka el 1 de agosto de 2025, marcando su entrada en el sur de Asia.
Melco Resorts & Entertainment (NASDAQ:MLCO)는 2025년 2분기 실적을 발표하며 총 영업수익 13억 3천만 달러로 전년 동기 대비 15% 증가했습니다. 회사는 영업이익 1억 2,470만 달러와 조정된 부동산 EBITDA 3억 7,770만 달러를 기록하며 2024년 2분기 대비 크게 개선된 성과를 보였습니다.
주요 내용으로는 City of Dreams Macau와 Studio City에서 대중 시장 테이블 게임 매출이 사상 최고를 기록했습니다. 회사의 순이익은 1,720만 달러 (ADS당 0.04 달러)였습니다. City of Dreams는 7억 1,050만 달러의 영업수익과 2억 2,560만 달러의 조정 EBITDA로 강력한 실적을 보였습니다. 또한 2025년 8월 1일 City of Dreams Sri Lanka의 개장을 발표하며 남아시아 시장에 진출할 예정입니다.
Melco Resorts & Entertainment (NASDAQ:MLCO) a publié ses résultats du deuxième trimestre 2025 avec un chiffre d'affaires total de 1,33 milliard de dollars, en hausse de 15 % par rapport à l'année précédente. La société a réalisé un résultat d'exploitation de 124,7 millions de dollars et un EBITDA ajusté des propriétés de 377,7 millions de dollars, montrant une amélioration significative par rapport au deuxième trimestre 2024.
Les points clés incluent un chiffre d'affaires record des jeux de table pour le marché de masse à City of Dreams Macau et Studio City. Le résultat net de la société s'est élevé à 17,2 millions de dollars (0,04 dollar par ADS). City of Dreams a affiché une solide performance avec 710,5 millions de dollars de revenus d'exploitation et 225,6 millions de dollars d'EBITDA ajusté. La société a également annoncé l'ouverture prochaine de City of Dreams Sri Lanka le 1er août 2025, marquant son entrée en Asie du Sud.
Melco Resorts & Entertainment (NASDAQ:MLCO) meldete die Ergebnisse für das zweite Quartal 2025 mit Gesamtbetriebseinnahmen von 1,33 Milliarden US-Dollar, ein Anstieg von 15 % gegenüber dem Vorjahr. Das Unternehmen erzielte ein Betriebsergebnis von 124,7 Millionen US-Dollar und ein bereinigtes Immobilien-EBITDA von 377,7 Millionen US-Dollar, was eine deutliche Verbesserung gegenüber dem zweiten Quartal 2024 darstellt.
Zu den Highlights zählen rekordverdächtige Umsätze bei Massentischspielen in City of Dreams Macau und Studio City. Der Nettoertrag des Unternehmens betrug 17,2 Millionen US-Dollar (0,04 US-Dollar pro ADS). City of Dreams verzeichnete eine starke Leistung mit 710,5 Millionen US-Dollar Betriebseinnahmen und 225,6 Millionen US-Dollar bereinigtem EBITDA. Das Unternehmen kündigte außerdem die bevorstehende Eröffnung von City of Dreams Sri Lanka am 1. August 2025 an, was den Eintritt in Südasien markiert.
- Total operating revenues increased 15% year-over-year to US$1.33 billion
- Adjusted Property EBITDA grew 24.7% to US$377.7 million
- Record mass market table games revenue at City of Dreams Macau and Studio City
- City of Dreams Adjusted EBITDA increased 36.6% to US$225.6 million
- Rolling chip volume at City of Dreams grew to US$5.49 billion from US$4.83 billion
- Net income decreased to US$17.2 million from US$21.4 million year-over-year
- City of Dreams Manila showed softer performance with Adjusted EBITDA declining to US$28.4 million from US$40.5 million
- Impairment in goodwill of US$55.6 million due to closure of Grand Dragon Casino and three Mocha Clubs
- High total debt of US$7.16 billion as of Q2 2025
- Competitive pressures affecting Philippines operations
Insights
Melco's Q2 2025 shows 15% revenue growth to $1.33B, with record-setting mass market performance in Macau despite lower net income.
Melco delivered total operating revenues of
The company's Adjusted Property EBITDA reached
Macau operations were the standout performers, with Macau Property EBITDA growing
Studio City's Adjusted EBITDA increased by
Not all properties performed equally well. City of Dreams Manila saw Adjusted EBITDA decline by
The company recognized a
Notably, Melco is expanding with City of Dreams Sri Lanka opening on August 1, 2025, representing the first integrated resort in Sri Lanka and South Asia.
MACAU, July 31, 2025 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the second quarter of 2025.
Total operating revenues for the second quarter of 2025 were US
Operating income for the second quarter of 2025 was US
Melco’s Adjusted Property EBITDA(1) was US
Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2025 was US
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau Property EBITDA grew
“In the Philippines, although the heightened competitive environment continues to impact performance, we have been implementing a variety of initiatives to improve performance and reduce cost. In Cyprus, City of Dreams Mediterranean and our satellite casinos exhibited solid results despite the events in the Middle East in June 2025 and we are cautiously optimistic about the performance for the remainder of the peak season.
“And finally, we are very excited to have City of Dreams Sri Lanka open on August 1, 2025. City of Dreams Sri Lanka represents the first integrated resort in Sri Lanka and South Asia, and we are excited for the opportunities this presents for us.”
City of Dreams Second Quarter Results
For the quarter ended June 30, 2025, total operating revenues at City of Dreams were US
Rolling chip volume increased to US
Mass market table games drop increased to US
Gaming machine handle for the second quarter of 2025 was US
Total non-gaming revenue at City of Dreams in the second quarter of 2025 was US
Studio City Second Quarter Results
For the quarter ended June 30, 2025, total operating revenues at Studio City were US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2025 was US
Total non-gaming revenue at Studio City was US
As reported in the earnings release for the fourth quarter of 2024, Studio City has strategically repositioned itself to focus on the premium mass and mass operations, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2025, total operating revenues at Altira Macau were US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2025 was US
Total non-gaming revenue at Altira Macau was US
Mocha and Other Second Quarter Results
Total operating revenues from Mocha and Other were US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2025 was US
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2025, total operating revenues at City of Dreams Manila were US
City of Dreams Manila’s rolling chip volume was US
Mass market table games drop decreased to US
Gaming machine handle for the second quarter of 2025 was US
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2025 was US
City of Dreams Mediterranean and Other Second Quarter Results
The Company operates City of Dreams Mediterranean in conjunction with three satellite casinos in Cyprus.
Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2025 were US
Rolling chip volume was US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2025 was US
Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2025 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2025 were US
Depreciation and amortization costs of US
As announced on June 9, 2025, after considering the Company’s overall development strategy and in accordance with Macau law, the Company will cease operations of the Grand Dragon Casino and three Mocha Clubs before the end of 2025. As a result, in the second quarter of 2025, we recognized an impairment in goodwill of US
The Adjusted EBITDA for Studio City for the three months ended June 30, 2025 referred to above was US
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2025 aggregated to US
In July 2025, Studio City Finance Limited repaid the US
Capital expenditures for the second quarter of 2025 were US
Conference Call Information
Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2025 financial results on Thursday, July 31, 2025 at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time).
To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers, passcode and a unique Personal PIN which can be used to join the conference.
Online Registration Link:
https://s1.c-conf.com/diamondpass/10049000-vi09pg.html
An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
| (1) | “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA, which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA to measure the operating performance of our segments and to compare the operating performance of our properties with those of our competitors. The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA do not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. |
| (2) | “Adjusted net income/loss” is net income/loss before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS”), which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. |
About Melco Resorts & Entertainment Limited
The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates City of Dreams (www.cityofdreamsmacau.com) and Altira Macau (www.altiramacau.com), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Grand Dragon Casino, a casino located in Taipa, Macau and Mocha Clubs (www.mochaclubs.com), the largest non-casino based operator of electronic gaming machines in Macau. In addition, the Company operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus (www.cityofdreamsmed.com.cy) and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos”). For more information about the Company, please visit www.melco-resorts.com.
The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.
For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: jeannykim@melco-resorts.com
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Casino | $ | 1,095,508 | $ | 942,968 | $ | 2,119,920 | $ | 1,856,288 | |||||||
| Rooms | 108,918 | 101,386 | 214,057 | 202,224 | |||||||||||
| Food and beverage | 70,948 | 71,574 | 146,496 | 137,679 | |||||||||||
| Entertainment, retail and other | 52,837 | 43,727 | 80,046 | 75,871 | |||||||||||
| Total operating revenues | 1,328,211 | 1,159,655 | 2,560,519 | 2,272,062 | |||||||||||
| Operating costs and expenses: | |||||||||||||||
| Casino | (695,947 | ) | (632,474 | ) | (1,358,604 | ) | (1,242,225 | ) | |||||||
| Rooms | (36,938 | ) | (30,266 | ) | (72,563 | ) | (59,518 | ) | |||||||
| Food and beverage | (60,641 | ) | (53,712 | ) | (121,738 | ) | (108,449 | ) | |||||||
| Entertainment, retail and other | (32,731 | ) | (23,021 | ) | (46,518 | ) | (39,647 | ) | |||||||
| General and administrative | (158,494 | ) | (144,388 | ) | (313,444 | ) | (271,343 | ) | |||||||
| Payments to the Philippine Parties | (9,062 | ) | (10,535 | ) | (18,301 | ) | (19,024 | ) | |||||||
| Pre-opening costs | (28,982 | ) | (2,883 | ) | (43,023 | ) | (5,172 | ) | |||||||
| Development costs | (1,846 | ) | (1,934 | ) | (5,270 | ) | (2,072 | ) | |||||||
| Amortization of land use rights | (4,980 | ) | (4,979 | ) | (9,982 | ) | (9,955 | ) | |||||||
| Depreciation and amortization | (128,943 | ) | (129,535 | ) | (254,364 | ) | (261,357 | ) | |||||||
| Property charges and other | (44,991 | ) | (2,192 | ) | (47,186 | ) | (4,214 | ) | |||||||
| Total operating costs and expenses | (1,203,555 | ) | (1,035,919 | ) | (2,290,993 | ) | (2,022,976 | ) | |||||||
| Operating income | 124,656 | 123,736 | 269,526 | 249,086 | |||||||||||
| Non-operating income (expenses): | |||||||||||||||
| Interest income | 1,687 | 4,293 | 4,563 | 8,831 | |||||||||||
| Interest expense, net of amounts capitalized | (117,883 | ) | (121,320 | ) | (237,389 | ) | (245,512 | ) | |||||||
| Other financing costs | (1,895 | ) | (1,976 | ) | (3,978 | ) | (3,600 | ) | |||||||
| Foreign exchange gains, net | 13,299 | 2,335 | 18,901 | 507 | |||||||||||
| Other income, net | 1,389 | 605 | 1,989 | 2,605 | |||||||||||
| Loss on extinguishment of debt | - | (869 | ) | - | (869 | ) | |||||||||
| Total non-operating expenses, net | (103,403 | ) | (116,932 | ) | (215,914 | ) | (238,038 | ) | |||||||
| Income before income tax | 21,253 | 6,804 | 53,612 | 11,048 | |||||||||||
| Income tax expense | (11,898 | ) | (8,091 | ) | (16,510 | ) | (11,785 | ) | |||||||
| Net income (loss) | 9,355 | (1,287 | ) | 37,102 | (737 | ) | |||||||||
| Net loss attributable to noncontrolling interests | 7,837 | 22,677 | 12,622 | 37,297 | |||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 17,192 | $ | 21,390 | $ | 49,724 | $ | 36,560 | |||||||
| Net income attributable to Melco Resorts & Entertainment Limited per share: | |||||||||||||||
| Basic | $ | 0.015 | $ | 0.016 | $ | 0.041 | $ | 0.028 | |||||||
| Diluted | $ | 0.014 | $ | 0.016 | $ | 0.041 | $ | 0.028 | |||||||
| Net income attributable to Melco Resorts & Entertainment Limited per ADS: | |||||||||||||||
| Basic | $ | 0.044 | $ | 0.049 | $ | 0.123 | $ | 0.083 | |||||||
| Diluted | $ | 0.043 | $ | 0.049 | $ | 0.122 | $ | 0.083 | |||||||
| Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation: | |||||||||||||||
| Basic | 1,183,590,580 | 1,320,517,938 | 1,216,519,466 | 1,315,894,356 | |||||||||||
| Diluted | 1,186,358,988 | 1,322,235,542 | 1,219,467,624 | 1,320,530,024 | |||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| June 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 1,119,822 | $ | 1,147,193 | |||
| Restricted cash | - | 368 | |||||
| Accounts receivable, net | 129,338 | 144,211 | |||||
| Receivables from affiliated companies | 2,071 | 2,422 | |||||
| Inventories | 32,881 | 32,452 | |||||
| Prepaid expenses and other current assets | 102,407 | 102,521 | |||||
| Total current assets | 1,386,519 | 1,429,167 | |||||
| Property and equipment, net | 5,234,667 | 5,272,500 | |||||
| Intangible assets, net | 279,108 | 288,710 | |||||
| Goodwill | 25,632 | 82,090 | |||||
| Long-term prepayments, deposits and other assets, net | 127,120 | 131,850 | |||||
| Restricted cash | 124,143 | 125,511 | |||||
| Operating lease right-of-use assets | 85,094 | 89,164 | |||||
| Land use rights, net | 550,221 | 566,351 | |||||
| Total assets | $ | 7,812,504 | $ | 7,985,343 | |||
| LIABILITIES AND DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 16,919 | $ | 24,794 | |||
| Accrued expenses and other current liabilities | 1,034,582 | 1,054,018 | |||||
| Income tax payable, current | 36,059 | 38,009 | |||||
| Operating lease liabilities, current | 21,795 | 18,590 | |||||
| Finance lease liabilities, current | 34,668 | 33,817 | |||||
| Current portion of long-term debt, net | 51,295 | 21,597 | |||||
| Payables to affiliated companies | 617 | 39 | |||||
| Total current liabilities | 1,195,935 | 1,190,864 | |||||
| Long-term debt, net | 7,109,676 | 7,135,825 | |||||
| Other long-term liabilities | 299,497 | 315,299 | |||||
| Income tax payable, non-current | 5,916 | - | |||||
| Deferred tax liabilities, net | 35,726 | 36,708 | |||||
| Operating lease liabilities, non-current | 76,548 | 80,673 | |||||
| Finance lease liabilities, non-current | 162,548 | 165,938 | |||||
| Total liabilities | 8,885,846 | 8,925,307 | |||||
| Deficit: | |||||||
| Ordinary shares, par value | |||||||
| 1,351,540,382 and 1,351,540,382 shares issued; | |||||||
| 1,171,221,595 and 1,259,138,299 shares outstanding, respectively | 13,515 | 13,515 | |||||
| Treasury shares, at cost; 180,318,787 and 92,402,083 shares, respectively | (358,997 | ) | (216,626 | ) | |||
| Additional paid-in capital | 2,975,802 | 2,985,730 | |||||
| Accumulated other comprehensive losses | (94,800 | ) | (95,750 | ) | |||
| Accumulated losses | (3,963,605 | ) | (4,013,329 | ) | |||
| Total Melco Resorts & Entertainment Limited shareholders’ deficit | (1,428,085 | ) | (1,326,460 | ) | |||
| Noncontrolling interests | 354,743 | 386,496 | |||||
| Total deficit | (1,073,342 | ) | (939,964 | ) | |||
| Total liabilities and deficit | $ | 7,812,504 | $ | 7,985,343 | |||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
| Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to | |||||||||||||||
| Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited (Unaudited) | |||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 17,192 | $ | 21,390 | $ | 49,724 | $ | 36,560 | |||||||
| Pre-opening costs | 28,982 | 2,883 | 43,023 | 5,172 | |||||||||||
| Development costs | 1,846 | 1,934 | 5,270 | 2,072 | |||||||||||
| Property charges and other | 44,991 | 2,192 | 47,186 | 4,214 | |||||||||||
| Loss on extinguishment of debt | - | 869 | - | 869 | |||||||||||
| Income tax impact on adjustments | (556 | ) | (18 | ) | (799 | ) | (37 | ) | |||||||
| Noncontrolling interests impact on adjustments | (188 | ) | (844 | ) | (1,052 | ) | (883 | ) | |||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited | $ | 92,267 | $ | 28,406 | $ | 143,352 | $ | 47,967 | |||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited per share: | |||||||||||||||
| Basic | $ | 0.078 | $ | 0.022 | $ | 0.118 | $ | 0.036 | |||||||
| Diluted | $ | 0.078 | $ | 0.021 | $ | 0.118 | $ | 0.036 | |||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS: | |||||||||||||||
| Basic | $ | 0.234 | $ | 0.065 | $ | 0.354 | $ | 0.109 | |||||||
| Diluted | $ | 0.233 | $ | 0.064 | $ | 0.353 | $ | 0.109 | |||||||
| Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation: | |||||||||||||||
| Basic | 1,183,590,580 | 1,320,517,938 | 1,216,519,466 | 1,315,894,356 | |||||||||||
| Diluted | 1,186,358,988 | 1,322,235,542 | 1,219,467,624 | 1,320,530,024 | |||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||||||||||||||||
| Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | ||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Corporate and Other | Total | |||||||||||||||||||||||||
| Operating income (loss) | $ | 163,368 | $ | 47,336 | $ | (35 | ) | $ | (51,468 | ) | $ | 12,769 | $ | (748 | ) | $ | (46,566 | ) | $ | 124,656 | ||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 9,062 | - | - | 9,062 | ||||||||||||||||||||||||
| Integrated resort and casino rent(3) | - | - | - | - | 1,118 | - | 1,788 | 2,906 | ||||||||||||||||||||||||
| Pre-opening costs(4) | 19,985 | 314 | - | - | - | - | 6,895 | 27,194 | ||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 1,846 | 1,846 | ||||||||||||||||||||||||
| Depreciation and amortization | 51,220 | 56,926 | 578 | 1,077 | 5,147 | 13,155 | 5,820 | 133,923 | ||||||||||||||||||||||||
| Share-based compensation | 1,600 | 428 | 114 | 46 | 269 | 105 | 5,084 | 7,646 | ||||||||||||||||||||||||
| Property charges and other | (10,536 | ) | 206 | 184 | 55,557 | 52 | (97 | ) | (375 | ) | 44,991 | |||||||||||||||||||||
| Adjusted EBITDA | 225,637 | 105,210 | 841 | 5,212 | 28,417 | 12,415 | (25,508 | ) | 352,224 | |||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 25,508 | 25,508 | ||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 225,637 | $ | 105,210 | $ | 841 | $ | 5,212 | $ | 28,417 | $ | 12,415 | $ | - | $ | 377,732 | ||||||||||||||||
| Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Corporate and Other | Total | |||||||||||||||||||||||||
| Operating income (loss) | $ | 111,105 | $ | 23,456 | $ | (3,174 | ) | $ | 5,876 | $ | 17,209 | $ | 653 | $ | (31,389 | ) | $ | 123,736 | ||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 10,535 | - | - | 10,535 | ||||||||||||||||||||||||
| Integrated resort and casino rent(3) | - | - | - | - | 1,045 | - | - | 1,045 | ||||||||||||||||||||||||
| Pre-opening costs | 1,801 | 747 | - | - | - | 26 | 309 | 2,883 | ||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 1,934 | 1,934 | ||||||||||||||||||||||||
| Depreciation and amortization | 49,750 | 54,492 | 557 | 930 | 11,355 | 12,218 | 5,212 | 134,514 | ||||||||||||||||||||||||
| Share-based compensation | 1,225 | 337 | 108 | 43 | 283 | 106 | 4,955 | 7,057 | ||||||||||||||||||||||||
| Property charges and other | 1,251 | 208 | 497 | - | 61 | 105 | 70 | 2,192 | ||||||||||||||||||||||||
| Adjusted EBITDA | 165,132 | 79,240 | (2,012 | ) | 6,849 | 40,488 | 13,108 | (18,909 | ) | 283,896 | ||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 18,909 | 18,909 | ||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 165,132 | $ | 79,240 | $ | (2,012 | ) | $ | 6,849 | $ | 40,488 | $ | 13,108 | $ | - | $ | 302,805 | |||||||||||||||
| (3) Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to John Keells Group. | ||||||||||||||||||||||||||||||||
| (4) Certain amounts of pre-opening costs are grouped and reported under the line item Integrated resort and casino rent. | ||||||||||||||||||||||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||||||||
| Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | |||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Corporate and Other | Total | ||||||||||||||||||||||||
| Operating income (loss) | $ | 300,860 | $ | 85,462 | $ | (2,478 | ) | $ | (45,748 | ) | $ | 26,293 | $ | (1,220 | ) | $ | (93,643 | ) | $ | 269,526 | |||||||||||
| Payments to the Philippine Parties | - | - | - | - | 18,301 | - | - | 18,301 | |||||||||||||||||||||||
| Integrated resort and casino rent(3) | - | - | - | - | 2,802 | - | 3,579 | 6,381 | |||||||||||||||||||||||
| Pre-opening costs(4) | 28,461 | 469 | - | - | - | - | 10,514 | 39,444 | |||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 5,270 | 5,270 | |||||||||||||||||||||||
| Depreciation and amortization | 100,759 | 113,674 | 1,105 | 2,104 | 10,505 | 25,153 | 11,046 | 264,346 | |||||||||||||||||||||||
| Share-based compensation | 2,897 | 766 | 212 | 90 | 485 | 205 | 9,781 | 14,436 | |||||||||||||||||||||||
| Property charges and other | (11,432 | ) | 2,161 | 1,313 | 55,557 | 86 | (111 | ) | (388 | ) | 47,186 | ||||||||||||||||||||
| Adjusted EBITDA | 421,545 | 202,532 | 152 | 12,003 | 58,472 | 24,027 | (53,841 | ) | 664,890 | ||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 53,841 | 53,841 | |||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 421,545 | $ | 202,532 | $ | 152 | $ | 12,003 | $ | 58,472 | $ | 24,027 | $ | - | $ | 718,731 | |||||||||||||||
| Six Months Ended June 30, 2024 | |||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Corporate and Other | Total | ||||||||||||||||||||||||
| Operating income (loss) | $ | 209,171 | $ | 56,737 | $ | (3,558 | ) | $ | 12,388 | $ | 32,701 | $ | (1,782 | ) | $ | (56,571 | ) | $ | 249,086 | ||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 19,024 | - | - | 19,024 | |||||||||||||||||||||||
| Integrated resort and casino rent(3) | - | - | - | - | 2,793 | - | - | 2,793 | |||||||||||||||||||||||
| Pre-opening costs | 3,673 | 806 | 69 | - | - | 315 | 309 | 5,172 | |||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 2,072 | 2,072 | |||||||||||||||||||||||
| Depreciation and amortization | 101,174 | 108,759 | 1,132 | 1,851 | 22,981 | 24,932 | 10,483 | 271,312 | |||||||||||||||||||||||
| Share-based compensation | 2,539 | 711 | 227 | 80 | 583 | 211 | 9,609 | 13,960 | |||||||||||||||||||||||
| Property charges and other | 2,178 | 148 | 1,544 | (5 | ) | 251 | (31 | ) | 129 | 4,214 | |||||||||||||||||||||
| Adjusted EBITDA | 318,735 | 167,161 | (586 | ) | 14,314 | 78,333 | 23,645 | (33,969 | ) | 567,633 | |||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 33,969 | 33,969 | |||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 318,735 | $ | 167,161 | $ | (586 | ) | $ | 14,314 | $ | 78,333 | $ | 23,645 | $ | - | $ | 601,602 | ||||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
| Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to | |||||||||||||||
| Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 17,192 | $ | 21,390 | $ | 49,724 | $ | 36,560 | |||||||
| Net loss attributable to noncontrolling interests | (7,837 | ) | (22,677 | ) | (12,622 | ) | (37,297 | ) | |||||||
| Net income (loss) | 9,355 | (1,287 | ) | 37,102 | (737 | ) | |||||||||
| Income tax expense | 11,898 | 8,091 | 16,510 | 11,785 | |||||||||||
| Interest and other non-operating expenses, net | 103,403 | 116,932 | 215,914 | 238,038 | |||||||||||
| Depreciation and amortization | 133,923 | 134,514 | 264,346 | 271,312 | |||||||||||
| Property charges and other | 44,991 | 2,192 | 47,186 | 4,214 | |||||||||||
| Share-based compensation | 7,646 | 7,057 | 14,436 | 13,960 | |||||||||||
| Development costs | 1,846 | 1,934 | 5,270 | 2,072 | |||||||||||
| Pre-opening costs(4) | 27,194 | 2,883 | 39,444 | 5,172 | |||||||||||
| Integrated resort and casino rent(3) | 2,906 | 1,045 | 6,381 | 2,793 | |||||||||||
| Payments to the Philippine Parties | 9,062 | 10,535 | 18,301 | 19,024 | |||||||||||
| Adjusted EBITDA | 352,224 | 283,896 | 664,890 | 567,633 | |||||||||||
| Corporate and Other expenses | 25,508 | 18,909 | 53,841 | 33,969 | |||||||||||
| Adjusted Property EBITDA | $ | 377,732 | $ | 302,805 | $ | 718,731 | $ | 601,602 | |||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
| Supplemental Data Schedule | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Room Statistics: | |||||||||||||||
| City of Dreams | |||||||||||||||
| Average daily rate(5) | $ | 217 | $ | 209 | $ | 217 | $ | 207 | |||||||
| Occupancy per available room | 98 | % | 93 | % | 98 | % | 93 | % | |||||||
| Revenue per available room(6) | $ | 212 | $ | 194 | $ | 213 | $ | 194 | |||||||
| Studio City | |||||||||||||||
| Average daily rate(5) | $ | 163 | $ | 157 | $ | 166 | $ | 158 | |||||||
| Occupancy per available room | 97 | % | 96 | % | 98 | % | 96 | % | |||||||
| Revenue per available room(6) | $ | 159 | $ | 150 | $ | 163 | $ | 151 | |||||||
| Altira Macau | |||||||||||||||
| Average daily rate(5) | $ | 130 | $ | 129 | $ | 132 | $ | 131 | |||||||
| Occupancy per available room | 97 | % | 95 | % | 97 | % | 95 | % | |||||||
| Revenue per available room(6) | $ | 126 | $ | 123 | $ | 128 | $ | 124 | |||||||
| City of Dreams Manila | |||||||||||||||
| Average daily rate(5) | $ | 164 | $ | 160 | $ | 161 | $ | 164 | |||||||
| Occupancy per available room | 95 | % | 97 | % | 95 | % | 96 | % | |||||||
| Revenue per available room(6) | $ | 156 | $ | 155 | $ | 153 | $ | 158 | |||||||
| City of Dreams Mediterranean and Other | |||||||||||||||
| Average daily rate(5) | $ | 495 | $ | 443 | $ | 430 | $ | 383 | |||||||
| Occupancy per available room | 62 | % | 61 | % | 60 | % | 58 | % | |||||||
| Revenue per available room(6) | $ | 306 | $ | 272 | $ | 257 | $ | 221 | |||||||
| Other Information: | |||||||||||||||
| City of Dreams | |||||||||||||||
| Average number of table games | 437 | 430 | 434 | 430 | |||||||||||
| Average number of gaming machines | 616 | 603 | 622 | 624 | |||||||||||
| Table games win per unit per day(7) | $ | 18,876 | $ | 15,714 | $ | 18,572 | $ | 15,490 | |||||||
| Gaming machines win per unit per day(8) | $ | 505 | $ | 510 | $ | 507 | $ | 491 | |||||||
| Studio City | |||||||||||||||
| Average number of table games | 253 | 252 | 253 | 249 | |||||||||||
| Average number of gaming machines | 724 | 641 | 760 | 656 | |||||||||||
| Table games win per unit per day(7) | $ | 14,143 | $ | 13,563 | $ | 13,734 | $ | 13,300 | |||||||
| Gaming machines win per unit per day(8) | $ | 516 | $ | 476 | $ | 486 | $ | 456 | |||||||
| Altira Macau | |||||||||||||||
| Average number of table games | 30 | 39 | 33 | 41 | |||||||||||
| Average number of gaming machines | 131 | 139 | 133 | 137 | |||||||||||
| Table games win per unit per day(7) | $ | 9,277 | $ | 7,890 | $ | 8,203 | $ | 8,330 | |||||||
| Gaming machines win per unit per day(8) | $ | 242 | $ | 276 | $ | 276 | $ | 260 | |||||||
| Mocha and Other | |||||||||||||||
| Average number of table games | 15 | 16 | 15 | 17 | |||||||||||
| Average number of gaming machines | 835 | 912 | 845 | 905 | |||||||||||
| Table games win per unit per day(7) | $ | 6,115 | $ | 7,629 | $ | 6,502 | $ | 6,674 | |||||||
| Gaming machines win per unit per day(8) | $ | 270 | $ | 254 | $ | 279 | $ | 273 | |||||||
| City of Dreams Manila | |||||||||||||||
| Average number of table games | 264 | 269 | 266 | 269 | |||||||||||
| Average number of gaming machines | 2,259 | 2,277 | 2,266 | 2,279 | |||||||||||
| Table games win per unit per day(7) | $ | 2,734 | $ | 3,049 | $ | 2,566 | $ | 2,935 | |||||||
| Gaming machines win per unit per day(8) | $ | 223 | $ | 232 | $ | 237 | $ | 253 | |||||||
| City of Dreams Mediterranean and Other | |||||||||||||||
| Average number of table games | 106 | 102 | 106 | 103 | |||||||||||
| Average number of gaming machines | 883 | 891 | 885 | 890 | |||||||||||
| Table games win per unit per day(7) | $ | 3,684 | $ | 2,908 | $ | 3,390 | $ | 2,941 | |||||||
| Gaming machines win per unit per day(8) | $ | 406 | $ | 334 | $ | 389 | $ | 325 | |||||||
| (5) | Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms |
| (6) | Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available |
| (7) | Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis |
| (8) | Gaming machines win per unit per day is shown before non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis |
FAQ
What were Melco's (MLCO) key financial results for Q2 2025?
How did City of Dreams Macau perform in Q2 2025?
What is Melco's (MLCO) debt position as of Q2 2025?
What major developments did Melco announce for 2025?
How did Melco's Philippines operations perform in Q2 2025?
