Melco International Development (200) Q3 2025 earnings summary

Executive summary

• Total operating revenues for Q3 2025 reached $1,310 million, up 11.4% year-over-year, with net income rising to $74.7 million, a significant increase from $13 million in Q3 2024.

• Adjusted Property EBITDA reached $380.4 million, up 17.9% year-over-year, with a margin of 28.1%.

• Operating income rose to $185 million, up from $138.6 million in Q3 2024.

• Opened City of Dreams Sri Lanka in August 2025, expanding the global footprint.

• Continued to receive industry-leading awards for product quality and sustainability.

Financial highlights

• Gaming revenues grew 12.4% year-over-year to $1,175 million; non-gaming revenues increased 7.5% to $248 million.

• Casino revenues for Q3 2025 were $1.06 billion, up from $944.4 million in Q3 2024.

• Adjusted EBITDA was $352 million after corporate and other expenses.

• Hold-Adjusted Property EBITDA was $355 million, reflecting normalized VIP win rates.

• Depreciation and amortization costs for Q3 2025 were $138.3 million.

Outlook and guidance

• Depreciation and amortization expected at $135–140 million, corporate expenses at $25–30 million, and net interest expense at $115–120 million for Q4 2025.

• Ongoing renovations at City of Dreams Macau and rebranding of the Countdown Hotel.

• Capital expenditures for Q3 2025 were $67.6 million, including enhancement projects in Macau and Sri Lanka.

• Available liquidity as of September 30, 2025, was approximately $2.60 billion, including cash and undrawn credit facilities.