Melco International Development (200) Q1 2025 earnings summary

Executive summary

• Achieved total operating revenues of $1.232B in Q1 2025, up 10.8–11% year-over-year, driven by improved gaming and non-gaming operations.

• Net income attributable to shareholders was $32.5M, a significant increase from $1M–$15.2M in Q1 2024.

• Adjusted Property EBITDA rose to $341M, with margin improving to 27.7%.

• Continued global expansion with integrated resorts in Macau, the Philippines, Cyprus, and Sri Lanka.

• Recognized for sustainability and operational excellence, with over 1,000 awards and strong ESG progress.

Financial highlights

• Gaming revenue grew 12.2% year-over-year to $1.024B; non-gaming revenue increased 4.4% to $208M.

• Operating income rose to $145M from $125.4M in Q1 2024.

• Adjusted Property EBITDA rose to $341M, up from $298.8M year-over-year.

• Total net non-operating expenses were $112.5M, mainly due to $119.5M in net interest expense, partially offset by $5.6M in net foreign exchange gains.

• Depreciation and amortization costs totaled $130.4M, including $5M for land use rights.

Outlook and guidance

• 2Q'25 depreciation and amortization expected at $135–140M; corporate expenses at $25–30M.

• Net interest expense for 2Q'25 projected at $120–125M.

• Ongoing capital expenditures include enhancement projects in Macau, Studio City, and City of Dreams Sri Lanka.

• Upcoming projects include retail revamp and casino/hotel openings in Macau and Sri Lanka.