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Mar 31, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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