Loading...
•
Mar 31
Melco Resorts Q1 2025 Earnings Report
Melco Resorts Announces Unaudited First Quarter 2025 Earnings
Key Takeaways
Melco Resorts & Entertainment Limited reported increased total operating revenues and net income for the first quarter of 2025, driven by improved performance in gaming and non-gaming operations. Adjusted Property EBITDA also saw a significant increase. The company highlighted strong performance in Macau and growth in Cyprus, while City of Dreams Manila faced increased competition.
Total operating revenues increased by approximately 11% to US$1.23 billion in Q1 2025.
Net income attributable to Melco Resorts & Entertainment Limited rose to US$32.5 million in Q1 2025 from US$15.2 million in Q1 2024.
Adjusted Property EBITDA for Q1 2025 was US$341.0 million, up from US$298.8 million in Q1 2024.
City of Dreams Macau saw a significant increase in Adjusted EBITDA, while City of Dreams Manila experienced a decrease due to competition.
Melco Resorts
Melco Resorts
Melco Resorts Revenue by Segment
Revenue by Segment
City of Dreams Revenue
CapyFin.comStudio City Revenue
CapyFin.comAltira Macau Revenue
CapyFin.comMocha and Other Revenue
CapyFin.comCity of Dreams Manila Revenue
CapyFin.comCity of Dreams Mediterranean Revenue
CapyFin.com Forward Guidance
Melco Resorts expects continued business momentum, particularly in Macau. The company is progressing with the fit-out of the casino at City of Dreams Sri Lanka and anticipates commencing casino operations in the third quarter of 2025.
Positive Outlook
- Macau Property EBITDA grew 32% quarter-over-quarter.
- Mass drop increased each month during the quarter in Macau.
- Recorded highest daily mass drop ever.
- City of Dreams Mediterranean and Cyprus satellite casinos exhibited solid sequential and year-on-year growth.
- Fit-out of the casino at City of Dreams Sri Lanka is progressing well for a Q3 2025 opening.
Challenges Ahead
- City of Dreams Manila was impacted by increased competition.
- Altira Macau experienced softer performance in mass market table games.
- Challenges posed by conflicts in the region continued to impact Cyprus operations.
- Rolling chip win rate at City of Dreams Mediterranean and Other decreased significantly year-over-year (although attributed to low volume in the prior year).
- No specific negative forward guidance points were explicitly stated beyond the impact of competition on City of Dreams Manila.