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Melco Resorts & Entertainment (MLCO) investor relations material
Melco Resorts & Entertainment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Total operating revenues for Q2 2025 reached $1.33B, up 15% year-over-year, driven by improved gaming and non-gaming operations and record mass table games revenue in Macau.
Adjusted Property EBITDA rose 25% year-over-year to $378M, with Macau property EBITDA up 35% and 13% sequentially.
Net income attributable to shareholders was $17.2M, down from $21.4M in Q2 2024, but adjusted net income rose to $92.3M.
Opened City of Dreams Sri Lanka, the first integrated resort in South Asia, targeting the premium Indian customer segment.
Strategic initiatives, cost efficiencies, and new entertainment offerings contributed to margin improvements, especially in Macau.
Financial highlights
Total operating revenues for Q2 2025 were $1.33B, up 14.5–15% year-over-year.
Adjusted Property EBITDA was $378M, up 24.7–25% year-over-year; Adjusted EBITDA reached $352M.
Net income reached $17.2M, a turnaround from a $1M loss in Q2 2024.
Total cash and bank balances as of June 30, 2025, were $1.24B, with available liquidity of $2.27B.
Capital expenditures for Q2 2025 were $95.9M, including enhancements in Macau, Studio City, and Sri Lanka.
Outlook and guidance
Management remains optimistic about Q3, citing continued momentum, stabilization in the Chinese economy, and the opening of City of Dreams Sri Lanka in August 2025.
Depreciation and amortization expected at $135M–$140M; corporate expense at $25M–$30M; net interest expense at $115M–$120M for 2025.
Strategic initiatives and property enhancements are expected to support continued growth.
Cautious optimism for Cyprus performance during peak season; competitive pressures remain in the Philippines.
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