Melco Resorts & Entertainment (MLCO) Q2 2026 earnings summary

Executive summary

• Global presence with integrated resorts in Macau, the Philippines, Cyprus, and Sri Lanka, offering a diverse, award-winning portfolio and strong operational track record.

• Confident in long-term business strength and Macau outlook, despite near-term headwinds in Q2 2026.

• Priorities include deepening customer engagement, attracting high-quality visitation, and continued property investment.

• Recognized with over 1,400 awards, including 19 Five-Star Forbes Travel Guide awards in 2026 and leadership in MICHELIN Guide accolades.

• Continued focus on operational efficiency, stakeholder value, and maintaining a strong balance sheet and liquidity profile.

Financial highlights

• Q2 2026 operating revenues were $1.25 billion, down 6% year-over-year; gaming revenue fell 5.5%, non-gaming revenue dropped 6.7%.

• Adjusted Property EBITDA for Q2 2026 was $304 million; hold-adjusted $312 million, down 19.6% year-over-year.

• Net income attributable to shareholders increased to $22.7 million ($0.06 per ADS) in Q2 2026, up 12.8% year-over-year.

• City of Dreams Manila delivered $31 million property EBITDA in Q2 2026, up 9% year-over-year.

• City of Dreams Mediterranean and Cyprus satellite casinos saw 60% year-over-year EBITDA growth in Q2 2026.

Outlook and guidance

• Confident in capturing growth and demand with phased REM opening and operational initiatives.

• Expect to recommence dividends in 2027, aiming for a substantive payout.

• Q3 2026 guidance: depreciation/amortization $140–$145 million, corporate expense $20–$25 million, net interest expense $115–$120 million.

• CapEx guidance: $225 million for remainder of 2026, $275–$300 million for 2027.

• Ongoing investments and efficiency initiatives are expected to position the business for future demand growth.