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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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