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Sep 30
Melco Resorts Q3 2025 Earnings Report
Melco Resorts posted strong Q3 2025 results with double-digit revenue growth and a significant rise in net income, driven by robust performance across Macau and Cyprus operations.
Key Takeaways
Melco delivered a solid Q3 2025, with $1.31 billion in revenue and notable Adjusted EBITDA gains across key properties. Macau and Cyprus led the growth, supported by expanded gaming activities and stable margins.
Total revenue grew to $1.31 billion, driven by improved gaming and non-gaming operations.
Adjusted Property EBITDA rose to $380.4 million, led by City of Dreams and Studio City.
Net income attributable to Melco surged to $74.7 million, or $0.19 per ADS.
City of Dreams Manila faced softness in gaming machine and non-gaming revenues.
Melco Resorts
Melco Resorts
Melco Resorts Revenue by Segment
Melco Resorts Revenue by Geographic Location
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.comOther Operations Revenue
CapyFin.comRevenue by Geographic Location
Macau Revenue
CapyFin.comPhilippines Revenue
CapyFin.comCyprus Revenue
CapyFin.comSri Lanka Revenue
CapyFin.com Forward Guidance
Melco remains optimistic with new initiatives and stable operating margins driving long-term growth across core markets.
Positive Outlook
- Strong growth in Macau property EBITDA with stable margins.
- COD Mediterranean posted its best quarter since opening.
- Philippines EBITDA grew 45% quarter-over-quarter.
- Revenue increased 11% year-over-year to $1.31B.
- Robust liquidity position with $2.6B in available liquidity.
Challenges Ahead
- City of Dreams Manila experienced softness in gaming machine revenue.
- Altira Macau reported negative EBITDA and lower revenue.
- Mocha Clubs closures impacted Mocha and Other segment revenue.
- Interest expense remained high at $113.3M for the quarter.
- Pre-opening costs increased to $6.8M in Q3 2025.