Melco Announces Unaudited Third Quarter 2025 Earnings
Melco Resorts & Entertainment (Nasdaq: MLCO) reported unaudited Q3 2025 results: total operating revenues $1.31B (+11% YoY), operating income $184.5M, Adjusted Property EBITDA $380.4M, and net income $74.7M (US$0.19 per ADS).
Macau Property EBITDA rose 21% YoY; Philippines Property EBITDA grew 45% QoQ; City of Dreams Mediterranean Property EBITDA grew 53% YoY. Cash and bank balances were $1.61B with $7.35B total debt and available liquidity of ~$2.60B. Capital expenditures totaled $67.6M in Q3. In September, Melco issued $500M 6.50% senior notes due 2033 to settle 2026 notes. A conference call is scheduled for Nov 6, 2025 at 8:30 AM ET.
Melco Resorts & Entertainment (Nasdaq: MLCO) ha riportato risultati non auditati del terzo trimestre 2025: ricavi operativi totali di 1,31 miliardi di dollari (+11% su base annua), reddito operativo di 184,5 milioni di dollari, EBITDA rettificato della proprietà di 380,4 milioni di dollari e reddito netto di 74,7 milioni di dollari (US$0,19 per ADS).
L’EBITDA della proprietà di Macao è salito del 21% su base annua; l’EBITDA della proprietà delle Filippine è cresciuto del 45% su base QoQ; l’EBITDA della proprietà City of Dreams Mediterranean è cresciuto del 53% su base annua. Le disponibilità liquide e contanti ammontavano a 1,61 miliardi di dollari con 7,35 miliardi di dollari di debito totale e liquidità disponibile di circa 2,60 miliardi di dollari. Gli investimenti in immobilizzazioni hanno totalizzato 67,6 milioni di dollari nel trimestre. A settembre, Melco ha emesso 500 milioni di dollari di obbligazioni senior al 6,50% con scadenza nel 2033 per rifinanziare note del 2026. Una conference call è prevista per 6 novembre 2025 alle 8:30 ET.
Melco Resorts & Entertainment (Nasdaq: MLCO) informó resultados no auditados del tercer trimestre de 2025: ingresos operativos totales de 1,31 mil millones de dólares (+11% año tras año), ingreso operativo de 184,5 millones de dólares, EBITDA ajustado de la propiedad de 380,4 millones de dólares y ingreso neto de 74,7 millones de dólares (US$0,19 por ADS).
El EBITDA de la Propiedad de Macao subió un 21% interanual; el EBITDA de la Propiedad de Filipinas creció un 45% QoQ; el EBITDA de la Propiedad City of Dreams Mediterranean creció un 53% interanual. Los saldos en efectivo y bancos fueron 1,61 mil millones de dólares con 7,35 mil millones de dólares de deuda total y una liquidez disponible de aproximadamente 2,60 mil millones de dólares. Las inversiones de capital totalizaron 67,6 millones de dólares en el trimestre. En septiembre, Melco emitió 500 millones de dólares en notas senior al 6,50% con vencimiento en 2033 para liquidar notas de 2026. Una conferencia telefónica está prevista para el 6 de noviembre de 2025 a las 8:30 a. m. ET.
Melco Resorts & Entertainment (Nasdaq: MLCO) 비감사된 2025년 3분기 실적을 발표했습니다: 총 운영 수익 13.1억 달러 (+전년 대비 11%), 영업이익 1,8450만 달러, 자산별 조정 EBITDA 3,8040만 달러, 그리고 순이익 7470만 달러 (ADS당 US$0.19).
마카오 자산 EBITDA는 전년 대비 21% 증가; 필리핀 자산 EBITDA는 분기 대비 45% 증가; 시티 오브 드림스 Mediterranean 자산 EBITDA는 전년 대비 53% 증가. 현금 및 은행 잔고는 16억1000만 달러였고, 총부채는 73억5000만 달러, 사용 가능 유동성은 약 26억 달러 수준이었습니다. 설비투자는 3분기에 6,760만 달러였고, 9월에 멜코는 2033년 만기 6.50%의 선순위채권 5억 달러를 발행해 2026년 채권을 상환했습니다. 컨퍼런스 콜은 2025년 11월 6일 동부 표준시 8:30 AM에 예정되어 있습니다.
Melco Resorts & Entertainment (Nasdaq: MLCO) a publié des résultats non audités pour le T3 2025: revenus opérationnels totaux de 1,31 milliard de dollars (+11 % sur un an), bénéfice opérationnel de 184,5 millions de dollars, EBITDA opérationnel ajusté de la propriété de 380,4 millions de dollars et résultat net de 74,7 millions de dollars (US$0,19 par ADS).
L’EBITDA de la Propriété Macao a augmenté de 21 % sur un an; l’EBITDA de la Propriété Philippines a progressé de 45 % QoQ; l’EBITDA de la Propriété City of Dreams Mediterranean a augmenté de 53 % sur un an. Les liquidités et soldes bancaires s’élevaient à 1,61 milliard de dollars avec une dette totale de 7,35 milliards de dollars et une liquidité disponible d’environ 2,60 milliards de dollars. Les dépenses d’investissement ont totalisé 67,6 millions de dollars au T3. En septembre, Melco a émis des obligations seniors de 500 millions de dollars à 6,50 % échéant en 2033 pour rembourser les notes de 2026. Une conférence téléphonique est prévue le 6 novembre 2025 à 8h30 CET.
Melco Resorts & Entertainment (Nasdaq: MLCO) meldete ungeprüfte Ergebnisse für Q3 2025: Gesamtbetriebseinnahmen von 1,31 Mrd. USD (+11 % YoY), Betriebsergebnis von 184,5 Mio. USD, bereinigtes Property-EBITDA von 380,4 Mio. USD und Nettogewinn von 74,7 Mio. USD (US$0,19 pro ADS).
Das EBITDA der Macau-Property stieg um 21 % YoY; das EBITDA der Philippines-Property wuchs QoQ um 45 %; das EBITDA der City of Dreams Mediterranean-Property wuchs um 53 % YoY. Cash und Bankguthaben betrugen 1,61 Mrd. USD bei einer Gesamtverschuldung von 7,35 Mrd. USD und verfügbare Liquidität von ca. 2,60 Mrd. USD. Investitionen in Sachanlagen beliefen sich im Q3 auf 67,6 Mio. USD. Im September emittierte Melco 500 Mio. USD Anleihen mit 6,50 % Zins und Fälligkeit 2033, um die Anleihen von 2026 zu tilgen. Eine Telefonkonferenz ist vorgesehen für den 6. November 2025 um 8:30 Uhr ET.
Melco Resorts & Entertainment (ناسداك: MLCO) أبلغت عن نتائج غير مدققة للربع الثالث من 2025: الإيرادات التشغيلية الإجمالية 1.31 مليار دولار (+11% على أساس سنوي)، دخل تشغيلي قدره 184.5 مليون دولار, EBITDA معدّل للخاصية 380.4 مليون دولار، و الدخل الصافي 74.7 مليون دولار (US$0.19 للسهم ADS).
زاد EBITDA عقار ماكاو بنسبة 21% على أساس سنوي; نما EBITDA عقار الفلبين بنسبة 45% QoQ; نما EBITDA عقار City of Dreams Mediterranean بنسبة 53% على أساس سنوي. بلغت رصيد النقد والحسابات البنكية 1.61 مليار دولار مع دين إجمالي قدره 7.35 مليار دولار وسيولة متاحة تبلغ نحو 2.60 مليار دولار. بلغت النفقات الرأسمالية 67.6 مليون دولار في الربع الثالث. في سبتمبر، أصدرت Melco سندات كبار المستوى بقيمة 500 مليون دولار بفائدة 6.50% تستحق في 2033 لسداد سندات 2026. من المقرر عقد مكالمة مؤتمر في 6 نوفمبر 2025 الساعة 8:30 صباحاً بتوقيت شرق الولايات المتحدة.
- Total operating revenues +11% YoY to $1.31B
- Adjusted Property EBITDA $380.4M (Q3 2025)
- Available liquidity approximately $2.60B
- Total debt of $7.35B at quarter end
- Net non-operating expenses $121.6M in Q3
- Depreciation and amortization $138.3M in Q3
Insights
Melco shows clear quarter-over-quarter revenue and EBITDA growth, with improved net income and stable margins across core properties.
Revenue rose to
Performance depends on sustained gaming volumes and win rates reported here; rolling chip win rates at City of Dreams were above its expected range (3.68% vs expected
Operating cash flow strengthened, but leverage and recent note issuances materially alter the debt profile.
The company reported cash and bank balances of
These moves change near-term cash interest and maturity profile and raise fixed coupon obligations versus the retired 2026 notes; monitor interest expense (noted as ~
MACAU, Nov. 06, 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 third quarter of 2025.
Total operating revenues for the third quarter of 2025 were US
Operating income for the third quarter of 2025 was US
Melco’s Adjusted Property EBITDA(1) was US
Net income attributable to Melco Resorts & Entertainment Limited for the third quarter of 2025 was US
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by
“In the Philippines, Property EBITDA grew
City of Dreams Third Quarter Results
For the quarter ended September 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 third quarter of 2025 was US
Total non-gaming revenue at City of Dreams in the third quarter of 2025 was US
Studio City Third Quarter Results
For the quarter ended September 30, 2025, total operating revenues at Studio City were US
Mass market table games drop was US
Gaming machine handle for the third 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 Third Quarter Results
For the quarter ended September 30, 2025, total operating revenues at Altira Macau were US
Mass market table games drop was US
Gaming machine handle for the third quarter of 2025 was US
Total non-gaming revenue at Altira Macau was US
Mocha and Other Third Quarter Results
As part of the Company’s development strategy and in accordance with Macau law, Grand Dragon Casino and one of the six Mocha Clubs, namely Mocha Kuong Fat, ceased operations in September 2025. Following these closures, 15 gaming tables were re-allocated to City of Dreams, and 90 gaming machines were re-allocated to Studio City. Another two of the remaining five Mocha Clubs will progressively cease operations before the end of 2025, with its electronic gaming machines being reallocated to the Company’s other gaming areas in Macau.
Total operating revenues from Mocha and Other were US
Mass market table games drop was US
Gaming machine handle for the third quarter of 2025 was US
City of Dreams Manila Third Quarter Results
For the quarter ended September 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 third quarter of 2025 was US
Total non-gaming revenue at City of Dreams Manila in the third quarter of 2025 was US
City of Dreams Mediterranean and Other Third 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 September 30, 2025 were US
Rolling chip volume was US
Mass market table games drop was US
Gaming machine handle for the third quarter of 2025 was US
Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2025 was US
Other Operations
Other Operations include the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to the Nüwa hotel at City of Dreams Sri Lanka, which opened to the public on July 15, 2025.
Total operating revenues from Other Operations were US
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2025 were US
Depreciation and amortization costs of US
Adjusted EBITDA for Studio City for the three months ended September 30, 2025 referred to above was US
Financial Position and Capital Expenditures
Total cash and bank balances as of September 30, 2025 aggregated to US
Total debt, net of unamortized deferred financing costs and original issue premiums, was US
In July 2025, Studio City Finance Limited repaid US
During the quarter ended September 30, 2025, Melco repaid HK
In September 2025, Melco Resorts Finance Limited issued US
Subsequent to the quarter end, Melco repaid an additional HK
Available liquidity, including cash and undrawn revolving credit facilities, as of September 30, 2025 was approximately US
Capital expenditures for the third quarter of 2025 were US
Conference Call Information
Melco Resorts & Entertainment Limited will hold a conference call to discuss its third quarter 2025 financial results on Thursday, November 6, 2025 at 8:30 a.m. Eastern Time (or 9:30 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/10050691-g5lnwm.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, the Republic of Cyprus and Sri Lanka, (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 Mocha Clubs (www.mochaclubs.com), the only non-casino based operation 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”). In South Asia, the Company operates the casino and manages the Nüwa hotel at City of Dreams Sri Lanka (www.cityofdreamssrilanka.com), an integrated resort in Colombo, Sri Lanka. 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Casino | $ | 1,061,469 | $ | 944,352 | $ | 3,181,389 | $ | 2,800,640 | ||||||||
| Rooms | 118,577 | 110,993 | 332,634 | 313,217 | ||||||||||||
| Food and beverage | 73,270 | 73,512 | 219,766 | 211,191 | ||||||||||||
| Entertainment, retail and other | 56,191 | 46,276 | 136,237 | 122,147 | ||||||||||||
| Total operating revenues | 1,309,507 | 1,175,133 | 3,870,026 | 3,447,195 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Casino | (674,624 | ) | (624,121 | ) | (2,033,228 | ) | (1,866,346 | ) | ||||||||
| Rooms | (38,623 | ) | (33,528 | ) | (111,186 | ) | (93,046 | ) | ||||||||
| Food and beverage | (60,041 | ) | (59,828 | ) | (181,779 | ) | (168,277 | ) | ||||||||
| Entertainment, retail and other | (27,560 | ) | (22,868 | ) | (74,078 | ) | (62,515 | ) | ||||||||
| General and administrative | (167,005 | ) | (140,506 | ) | (480,449 | ) | (411,849 | ) | ||||||||
| Payments to the Philippine Parties | (10,213 | ) | (10,508 | ) | (28,514 | ) | (29,532 | ) | ||||||||
| Pre-opening costs | (7,393 | ) | (5,763 | ) | (50,416 | ) | (10,935 | ) | ||||||||
| Development costs | (996 | ) | (1,469 | ) | (6,266 | ) | (3,541 | ) | ||||||||
| Amortization of land use rights | (4,984 | ) | (4,993 | ) | (14,966 | ) | (14,948 | ) | ||||||||
| Depreciation and amortization | (133,323 | ) | (130,861 | ) | (387,687 | ) | (392,218 | ) | ||||||||
| Property charges and other | (234 | ) | (2,103 | ) | (47,420 | ) | (6,317 | ) | ||||||||
| Total operating costs and expenses | (1,124,996 | ) | (1,036,548 | ) | (3,415,989 | ) | (3,059,524 | ) | ||||||||
| Operating income | 184,511 | 138,585 | 454,037 | 387,671 | ||||||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 1,057 | 3,769 | 5,620 | 12,600 | ||||||||||||
| Interest expense, net of amounts capitalized | (113,261 | ) | (121,438 | ) | (350,650 | ) | (366,950 | ) | ||||||||
| Other financing costs | (992 | ) | (2,061 | ) | (4,970 | ) | (5,661 | ) | ||||||||
| Foreign exchange (losses) gains, net | (9,296 | ) | (1,790 | ) | 9,605 | (1,283 | ) | |||||||||
| Other income, net | 1,410 | 601 | 3,399 | 3,206 | ||||||||||||
| Loss on extinguishment of debt | (524 | ) | (114 | ) | (524 | ) | (983 | ) | ||||||||
| Total non-operating expenses, net | (121,606 | ) | (121,033 | ) | (337,520 | ) | (359,071 | ) | ||||||||
| Income before income tax | 62,905 | 17,552 | 116,517 | 28,600 | ||||||||||||
| Income tax expense | (845 | ) | (4,862 | ) | (17,355 | ) | (16,647 | ) | ||||||||
| Net income | 62,060 | 12,690 | 99,162 | 11,953 | ||||||||||||
| Net loss attributable to noncontrolling interests | 12,626 | 14,567 | 25,248 | 51,864 | ||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 74,686 | $ | 27,257 | $ | 124,410 | $ | 63,817 | ||||||||
| Net income attributable to Melco Resorts & Entertainment Limited per share: | ||||||||||||||||
| Basic | $ | 0.064 | $ | 0.021 | $ | 0.104 | $ | 0.049 | ||||||||
| Diluted | $ | 0.063 | $ | 0.021 | $ | 0.103 | $ | 0.049 | ||||||||
| Net income attributable to Melco Resorts & Entertainment Limited per ADS: | ||||||||||||||||
| Basic | $ | 0.191 | $ | 0.063 | $ | 0.311 | $ | 0.146 | ||||||||
| Diluted | $ | 0.189 | $ | 0.063 | $ | 0.309 | $ | 0.146 | ||||||||
| Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation: | ||||||||||||||||
| Basic | 1,171,585,944 | 1,294,946,572 | 1,201,377,034 | 1,308,860,794 | ||||||||||||
| Diluted | 1,184,132,090 | 1,295,758,173 | 1,207,524,521 | 1,312,221,773 | ||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,481,604 | $ | 1,147,193 | ||||
| Restricted cash | - | 368 | ||||||
| Accounts receivable, net | 100,632 | 144,211 | ||||||
| Receivables from affiliated companies | 1,577 | 2,422 | ||||||
| Inventories | 35,273 | 32,452 | ||||||
| Prepaid expenses and other current assets | 96,627 | 102,521 | ||||||
| Total current assets | 1,715,713 | 1,429,167 | ||||||
| Property and equipment, net | 5,213,411 | 5,272,500 | ||||||
| Intangible assets, net | 273,773 | 288,710 | ||||||
| Goodwill | 25,854 | 82,090 | ||||||
| Long-term prepayments, deposits and other assets, net | 119,091 | 131,850 | ||||||
| Restricted cash | 125,215 | 125,511 | ||||||
| Operating lease right-of-use assets | 79,798 | 89,164 | ||||||
| Land use rights, net | 549,975 | 566,351 | ||||||
| Total assets | $ | 8,102,830 | $ | 7,985,343 | ||||
| LIABILITIES AND DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 17,380 | $ | 24,794 | ||||
| Accrued expenses and other current liabilities | 1,024,238 | 1,054,018 | ||||||
| Income tax payable, current | 30,379 | 38,009 | ||||||
| Operating lease liabilities, current | 19,408 | 18,590 | ||||||
| Finance lease liabilities, current | 33,779 | 33,817 | ||||||
| Current portion of long-term debt, net | 457,755 | 21,597 | ||||||
| Payables to affiliated companies | 619 | 39 | ||||||
| Total current liabilities | 1,583,558 | 1,190,864 | ||||||
| Long-term debt, net | 6,887,549 | 7,135,825 | ||||||
| Other long-term liabilities | 306,299 | 315,299 | ||||||
| Income tax payable, non-current | 10,848 | - | ||||||
| Deferred tax liabilities, net | 37,541 | 36,708 | ||||||
| Operating lease liabilities, non-current | 75,796 | 80,673 | ||||||
| Finance lease liabilities, non-current | 154,543 | 165,938 | ||||||
| Total liabilities | 9,056,134 | 8,925,307 | ||||||
| Deficit: | ||||||||
| Ordinary shares, par value | ||||||||
| 1,351,540,382 and 1,351,540,382 shares issued; | ||||||||
| 1,171,986,064 and 1,259,138,299 shares outstanding, respectively | 13,515 | 13,515 | ||||||
| Treasury shares, at cost; 179,554,318 and 92,402,083 shares, respectively | (357,015 | ) | (216,626 | ) | ||||
| Additional paid-in capital | 2,981,659 | 2,985,730 | ||||||
| Accumulated other comprehensive losses | (59,781 | ) | (95,750 | ) | ||||
| Accumulated losses | (3,888,919 | ) | (4,013,329 | ) | ||||
| Total Melco Resorts & Entertainment Limited shareholders’ deficit | (1,310,541 | ) | (1,326,460 | ) | ||||
| Noncontrolling interests | 357,237 | 386,496 | ||||||
| Total deficit | (953,304 | ) | (939,964 | ) | ||||
| Total liabilities and deficit | $ | 8,102,830 | $ | 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 74,686 | $ | 27,257 | $ | 124,410 | $ | 63,817 | ||||||||
| Pre-opening costs | 7,393 | 5,763 | 50,416 | 10,935 | ||||||||||||
| Development costs | 996 | 1,469 | 6,266 | 3,541 | ||||||||||||
| Property charges and other | 234 | 2,103 | 47,420 | 6,317 | ||||||||||||
| Loss on extinguishment of debt | 524 | 114 | 524 | 983 | ||||||||||||
| Income tax impact on adjustments | (12 | ) | - | (811 | ) | (37 | ) | |||||||||
| Noncontrolling interests impact on adjustments | (138 | ) | (263 | ) | (1,190 | ) | (1,146 | ) | ||||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited | $ | 83,683 | $ | 36,443 | $ | 227,035 | $ | 84,410 | ||||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited per share: | ||||||||||||||||
| Basic | $ | 0.071 | $ | 0.028 | $ | 0.189 | $ | 0.064 | ||||||||
| Diluted | $ | 0.071 | $ | 0.028 | $ | 0.188 | $ | 0.064 | ||||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS: | ||||||||||||||||
| Basic | $ | 0.214 | $ | 0.084 | $ | 0.567 | $ | 0.193 | ||||||||
| Diluted | $ | 0.212 | $ | 0.084 | $ | 0.564 | $ | 0.193 | ||||||||
| Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation: | ||||||||||||||||
| Basic | 1,171,585,944 | 1,294,946,572 | 1,201,377,034 | 1,308,860,794 | ||||||||||||
| Diluted | 1,184,132,090 | 1,295,758,173 | 1,207,524,521 | 1,312,221,773 | ||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | |||||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other(3) | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations(4) | Corporate and Other | Total | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 153,803 | $ | 45,914 | $ | (2,275 | ) | $ | 4,252 | $ | 24,272 | $ | 9,537 | $ | (11,119 | ) | $ | (39,873 | ) | $ | 184,511 | ||||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 10,213 | - | - | - | 10,213 | ||||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 1,390 | - | 1,788 | - | 3,178 | ||||||||||||||||||||||||||||
| Pre-opening costs(6) | 410 | 31 | - | - | - | - | 6,359 | - | 6,800 | ||||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | - | 996 | 996 | ||||||||||||||||||||||||||||
| Depreciation and amortization | 52,242 | 58,152 | 604 | 1,448 | 4,977 | 13,291 | 2,318 | 5,275 | 138,307 | ||||||||||||||||||||||||||||
| Share-based compensation | 1,601 | 416 | 115 | 47 | 271 | 107 | 25 | 5,142 | 7,724 | ||||||||||||||||||||||||||||
| Property charges and other | (1,176 | ) | 158 | 849 | 26 | 138 | 239 | - | - | 234 | |||||||||||||||||||||||||||
| Adjusted EBITDA | 206,880 | 104,671 | (707 | ) | 5,773 | 41,261 | 23,174 | (629 | ) | (28,460 | ) | 351,963 | |||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 28,460 | 28,460 | ||||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 206,880 | $ | 104,671 | $ | (707 | ) | $ | 5,773 | $ | 41,261 | $ | 23,174 | $ | (629 | ) | $ | - | $ | 380,423 | |||||||||||||||||
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations(4) | Corporate and Other | Total | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 108,290 | $ | 36,127 | $ | (2,152 | ) | $ | 5,919 | $ | 22,302 | $ | 2,111 | $ | (2,424 | ) | $ | (31,588 | ) | $ | 138,585 | ||||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 10,508 | - | - | - | 10,508 | ||||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 1,398 | - | 1,199 | - | 2,597 | ||||||||||||||||||||||||||||
| Pre-opening costs(6) | 3,311 | 24 | - | - | - | (2 | ) | 1,231 | - | 4,564 | |||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 7 | 1,462 | 1,469 | ||||||||||||||||||||||||||||
| Depreciation and amortization | 48,967 | 56,015 | 618 | 962 | 11,469 | 12,679 | - | 5,144 | 135,854 | ||||||||||||||||||||||||||||
| Share-based compensation | 1,241 | 342 | 107 | 43 | 252 | 103 | - | 4,819 | 6,907 | ||||||||||||||||||||||||||||
| Property charges and other | 1,019 | 325 | 342 | - | 3 | 224 | - | 190 | 2,103 | ||||||||||||||||||||||||||||
| Adjusted EBITDA | 162,828 | 92,833 | (1,085 | ) | 6,924 | 45,932 | 15,115 | 13 | (19,973 | ) | 302,587 | ||||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 19,973 | 19,973 | ||||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 162,828 | $ | 92,833 | $ | (1,085 | ) | $ | 6,924 | $ | 45,932 | $ | 15,115 | $ | 13 | $ | - | $ | 322,560 | ||||||||||||||||||
| (3) | Mocha and Other segment includes the operation of the Grand Dragon Casino before its closure effective on September 23, 2025. | ||||||||||||||||||||||||||||||||||||
| (4) | Effective from August 1, 2025, the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to operate certain floors of the hotel tower at City of Dreams Sri Lanka which opened to the public on July 15, 2025 were previously reported under the Corporate and Other category, has been included in the Other Operations segment. City of Dreams Sri Lanka is an integrated resort in Colombo, Sri Lanka, developed by a subsidiary of John Keells Holdings PLC, an independent third party. | ||||||||||||||||||||||||||||||||||||
| (5) | Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to a subsidiary of John Keells Holdings PLC. | ||||||||||||||||||||||||||||||||||||
| (6) | 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) | ||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other(3) | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations(4) | Corporate and Other | Total | ||||||||||||||||||||||||||||
| Operating income (loss) | $ | 454,663 | $ | 131,376 | $ | (4,753 | ) | $ | (41,496 | ) | $ | 50,565 | $ | 8,317 | $ | (25,303 | ) | $ | (119,332 | ) | $ | 454,037 | ||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 28,514 | - | - | - | 28,514 | |||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 4,192 | - | 5,367 | - | 9,559 | |||||||||||||||||||||||||||
| Pre-opening costs(6) | 28,871 | 500 | - | - | - | - | 16,873 | - | 46,244 | |||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | - | 6,266 | 6,266 | |||||||||||||||||||||||||||
| Depreciation and amortization | 153,001 | 171,826 | 1,709 | 3,552 | 15,482 | 38,444 | 2,318 | 16,321 | 402,653 | |||||||||||||||||||||||||||
| Share-based compensation | 4,498 | 1,182 | 327 | 137 | 756 | 312 | 63 | 14,885 | 22,160 | |||||||||||||||||||||||||||
| Property charges and other | (12,608 | ) | 2,319 | 2,162 | 55,583 | 224 | 128 | - | (388 | ) | 47,420 | |||||||||||||||||||||||||
| Adjusted EBITDA | 628,425 | 307,203 | (555 | ) | 17,776 | 99,733 | 47,201 | (682 | ) | (82,248 | ) | 1,016,853 | ||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 82,248 | 82,248 | |||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 628,425 | $ | 307,203 | $ | (555 | ) | $ | 17,776 | $ | 99,733 | $ | 47,201 | $ | (682 | ) | $ | - | $ | 1,099,101 | ||||||||||||||||
| Nine Months Ended September 30, 2024 | ||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations(4) | Corporate and Other | Total | ||||||||||||||||||||||||||||
| Operating income (loss) | $ | 317,461 | $ | 92,864 | $ | (5,710 | ) | $ | 18,307 | $ | 55,003 | $ | 329 | $ | (2,962 | ) | $ | (87,621 | ) | $ | 387,671 | |||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 29,532 | - | - | - | 29,532 | |||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 4,191 | - | 1,199 | - | 5,390 | |||||||||||||||||||||||||||
| Pre-opening costs(6) | 6,984 | 830 | 69 | - | - | 313 | 1,540 | - | 9,736 | |||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 177 | 3,364 | 3,541 | |||||||||||||||||||||||||||
| Depreciation and amortization | 150,141 | 164,774 | 1,750 | 2,813 | 34,450 | 37,611 | - | 15,627 | 407,166 | |||||||||||||||||||||||||||
| Share-based compensation | 3,780 | 1,053 | 334 | 123 | 835 | 314 | - | 14,428 | 20,867 | |||||||||||||||||||||||||||
| Property charges and other | 3,197 | 473 | 1,886 | (5 | ) | 254 | 193 | - | 319 | 6,317 | ||||||||||||||||||||||||||
| Adjusted EBITDA | 481,563 | 259,994 | (1,671 | ) | 21,238 | 124,265 | 38,760 | (46 | ) | (53,883 | ) | 870,220 | ||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 53,883 | 53,883 | |||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 481,563 | $ | 259,994 | $ | (1,671 | ) | $ | 21,238 | $ | 124,265 | $ | 38,760 | $ | (46 | ) | $ | - | $ | 924,103 | ||||||||||||||||
| 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 | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 74,686 | $ | 27,257 | $ | 124,410 | $ | 63,817 | |||||||
| Net loss attributable to noncontrolling interests | (12,626 | ) | (14,567 | ) | (25,248 | ) | (51,864 | ) | |||||||
| Net income | 62,060 | 12,690 | 99,162 | 11,953 | |||||||||||
| Income tax expense | 845 | 4,862 | 17,355 | 16,647 | |||||||||||
| Interest and other non-operating expenses, net | 121,606 | 121,033 | 337,520 | 359,071 | |||||||||||
| Depreciation and amortization | 138,307 | 135,854 | 402,653 | 407,166 | |||||||||||
| Property charges and other | 234 | 2,103 | 47,420 | 6,317 | |||||||||||
| Share-based compensation | 7,724 | 6,907 | 22,160 | 20,867 | |||||||||||
| Development costs | 996 | 1,469 | 6,266 | 3,541 | |||||||||||
| Pre-opening costs(6) | 6,800 | 4,564 | 46,244 | 9,736 | |||||||||||
| Integrated resort and casino rent(5) | 3,178 | 2,597 | 9,559 | 5,390 | |||||||||||
| Payments to the Philippine Parties | 10,213 | 10,508 | 28,514 | 29,532 | |||||||||||
| Adjusted EBITDA | 351,963 | 302,587 | 1,016,853 | 870,220 | |||||||||||
| Corporate and Other expenses | 28,460 | 19,973 | 82,248 | 53,883 | |||||||||||
| Adjusted Property EBITDA | $ | 380,423 | $ | 322,560 | $ | 1,099,101 | $ | 924,103 | |||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||||||
| Supplemental Data Schedule | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Room Statistics: | ||||||||||||||||||||||
| City of Dreams | ||||||||||||||||||||||
| Average daily rate(7) | $ | 218 | $ | 211 | $ | 218 | $ | 209 | ||||||||||||||
| Occupancy per available room | 98 | % | 91 | % | 98 | % | 92 | % | ||||||||||||||
| Revenue per available room(8) | $ | 212 | $ | 192 | $ | 213 | $ | 193 | ||||||||||||||
| Studio City | ||||||||||||||||||||||
| Average daily rate(7) | $ | 178 | $ | 171 | $ | 170 | $ | 162 | ||||||||||||||
| Occupancy per available room | 97 | % | 96 | % | 98 | % | 96 | % | ||||||||||||||
| Revenue per available room(8) | $ | 174 | $ | 164 | $ | 166 | $ | 155 | ||||||||||||||
| Altira Macau | ||||||||||||||||||||||
| Average daily rate(7) | $ | 135 | $ | 134 | $ | 133 | $ | 132 | ||||||||||||||
| Occupancy per available room | 96 | % | 95 | % | 97 | % | 95 | % | ||||||||||||||
| Revenue per available room(8) | $ | 130 | $ | 128 | $ | 129 | $ | 126 | ||||||||||||||
| City of Dreams Manila | ||||||||||||||||||||||
| Average daily rate(7) | $ | 158 | $ | 164 | $ | 160 | $ | 164 | ||||||||||||||
| Occupancy per available room | 90 | % | 97 | % | 93 | % | 97 | % | ||||||||||||||
| Revenue per available room(8) | $ | 142 | $ | 158 | $ | 150 | $ | 158 | ||||||||||||||
| City of Dreams Mediterranean and Other | ||||||||||||||||||||||
| Average daily rate(7) | $ | 595 | $ | 526 | $ | 493 | $ | 438 | ||||||||||||||
| Occupancy per available room | 72 | % | 71 | % | 64 | % | 62 | % | ||||||||||||||
| Revenue per available room(8) | $ | 425 | $ | 371 | $ | 315 | $ | 273 | ||||||||||||||
| Other Information: | ||||||||||||||||||||||
| City of Dreams | ||||||||||||||||||||||
| Average number of table games | 437 | 430 | 435 | 430 | ||||||||||||||||||
| Average number of gaming machines | 615 | 600 | 619 | 616 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 17,583 | $ | 14,738 | $ | 18,239 | $ | 15,237 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 586 | $ | 545 | $ | 533 | $ | 509 | ||||||||||||||
| Studio City | ||||||||||||||||||||||
| Average number of table games | 253 | 253 | 253 | 250 | ||||||||||||||||||
| Average number of gaming machines | 726 | 726 | 749 | 679 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 13,572 | $ | 13,212 | $ | 13,680 | $ | 13,270 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 484 | $ | 418 | $ | 485 | $ | 443 | ||||||||||||||
| Altira Macau | ||||||||||||||||||||||
| Average number of table games | 29 | 37 | 32 | 40 | ||||||||||||||||||
| Average number of gaming machines | 148 | 132 | 138 | 136 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 8,188 | $ | 8,658 | $ | 8,199 | $ | 8,433 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 274 | $ | 223 | $ | 275 | $ | 247 | ||||||||||||||
| Mocha and Other | ||||||||||||||||||||||
| Average number of table games | 15 | 15 | 15 | 16 | ||||||||||||||||||
| Average number of gaming machines | 850 | 873 | 847 | 894 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 6,884 | $ | 6,888 | $ | 6,623 | $ | 6,741 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 269 | $ | 276 | $ | 276 | $ | 274 | ||||||||||||||
| City of Dreams Manila | ||||||||||||||||||||||
| Average number of table games | 262 | 264 | 265 | 267 | ||||||||||||||||||
| Average number of gaming machines | 2,264 | 2,276 | 2,265 | 2,278 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 3,089 | $ | 3,308 | $ | 2,740 | $ | 3,059 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 241 | $ | 272 | $ | 238 | $ | 259 | ||||||||||||||
| City of Dreams Mediterranean and Other | ||||||||||||||||||||||
| Average number of table games | 106 | 104 | 106 | 103 | ||||||||||||||||||
| Average number of gaming machines | 888 | 897 | 886 | 892 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 4,231 | $ | 2,994 | $ | 3,674 | $ | 2,959 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 446 | $ | 352 | $ | 408 | $ | 334 | ||||||||||||||
| (7 | ) | 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 | ||||||||||||||||||||
| (8 | ) | Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | ||||||||||||||||||||
| (9 | ) | 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 | ||||||||||||||||||||
| (10 | ) | 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 (MLCO) Q3 2025 total operating revenues and net income?
How did Melco's Macau operations perform in Q3 2025 (MLCO)?
What is Melco's liquidity and debt position after Q3 2025 (MLCO)?
Did Melco (MLCO) issue new debt in Q3 2025 and why?
How much did Melco spend on capital expenditures in Q3 2025 (MLCO)?
When is Melco's Q3 2025 earnings conference call for investors (MLCO)?
