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Melco Resorts & Entertainment (MLCO) investor relations material
Melco Resorts & Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved global presence with integrated resorts in Macau, the Philippines, Cyprus, and Sri Lanka, adapting to diverse markets and customer segments; City of Dreams Sri Lanka opened in August 2025, expanding the South Asia footprint.
Macau properties achieved 21% year-over-year Property EBITDA growth in Q3 2025, despite a $12 million typhoon impact; post-Golden Week, Macau GGR grew over 30% year-over-year, with record mass tables GGR at COD in October.
New initiatives included the opening of the Signature Clubhouse for premium mass customers and expanded gaming areas at City of Dreams, with table and machine reallocations from closed venues.
Studio City expanded its high-limit gaming area and launched new private gaming salons; iRad Hospital was relaunched to enhance tourism infrastructure.
Recognized for over 1,200 awards, including Forbes and MICHELIN accolades in 2025.
Financial highlights
Total operating revenues for Q3 2025 were $1.31 billion, up 11.4% year-over-year; gaming revenue rose 12.4%, non-gaming up 7.5%.
Adjusted Property EBITDA was $380.4 million, up 18% year-over-year; Adjusted EBITDA margin improved to 29.1%.
Net income reached $74.7 million, up from $27.3 million in Q3 2024.
City of Dreams Macau contributed $207 million in Adjusted EBITDA, up 27% year-over-year.
Studio City reported $105 million in Adjusted EBITDA, up 13% year-over-year.
Outlook and guidance
Q4 2025 guidance: depreciation and amortization expense of $135–$140 million, corporate expense of $25–$30 million, and consolidated net interest expense of $115–$120 million.
CapEx for Countdown Hotel renovation is $125 million; 2026 CapEx guidance is approximately $400 million.
OPEX in Macau expected to spike in Q4 due to one-off events, with a run rate of about $3.3 million per day, then decline in subsequent quarters.
Management remains focused on cost discipline and new initiatives to enhance customer engagement.
Macau margin expansion drivers/barriers
Cash allocation strategy beyond debt reduction
Learnings from new/developing markets?
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Next Melco Resorts & Entertainment earnings date
Q4 202527 Feb, 2026
Next Melco Resorts & Entertainment earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Melco Resorts & Entertainment Limited is an integrated resort operator engaged in the development, ownership, and operation of casino gaming and entertainment casino resort facilities. The company's properties feature premium accommodations, dining, retail, and entertainment options. Melco's key assets include resort complexes that offer luxury hotels, convention space, performance venues, and gaming facilities. The company is headquartered in Hong Kong, and its shares are listed on the NASDAQ.
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