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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
Achieved strong Q2 2025 results with total operating revenues of $1.33 billion, up 15% year-over-year, driven by record mass table games revenue and increased visitation at City of Dreams and Studio City, and improved non-gaming operations.
Non-gaming revenue grew, supported by the successful relaunch of House of Dancing Water, which saw 98% theater occupancy and boosted property visitation by 31% year-over-year.
City of Dreams Sri Lanka, the first integrated resort in South Asia, is set to open August 1, 2025, targeting the premium Indian customer segment.
Recognized for a diverse, award-winning product portfolio, operational excellence, and a sustainability strategy targeting carbon neutrality and zero waste by 2030.
Maintained a strong balance sheet and global presence, focusing on stakeholder value and liquidity.
Financial highlights
Group-wide adjusted property EBITDA grew 25% year-over-year to $378 million; adjusted for VIP hold, EBITDA was $354 million.
Net income reached $17.2 million, with adjusted net income attributable to shareholders at $92.3 million and adjusted net income per ADS at $0.23.
Total cash and bank balances as of June 30, 2025, were $1.24 billion, with available liquidity of $2.27 billion.
Capital expenditures for Q2 2025 were $95.9 million, including enhancements in Macau, Studio City, and City of Dreams Sri Lanka.
Gaming revenues increased 16.2% year-over-year; non-gaming revenues up 7.4%.
Outlook and guidance
Cautiously optimistic for strong results in Macau and Cyprus for the remainder of the peak season, with record daily visitation in July and positive forward bookings.
Q3 2025 guidance: depreciation and amortization of $135–$140 million, corporate expense of $25–$30 million, and net interest expense of $115–$120 million.
Expense base in Macau expected to remain at $3 million per day, with ongoing focus on cost discipline and optimization.
Strategic initiatives and new projects, including retail revamp and hotel rebranding at City of Dreams Macau, support future growth.
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