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Melco Announces Unaudited First Quarter 2025 Earnings

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Melco Resorts & Entertainment (NASDAQ: MLCO) reported strong Q1 2025 financial results, with total operating revenues reaching US$1.23 billion, an 11% increase from Q1 2024. Operating income grew to US$144.9 million, while net income rose to US$32.5 million (US$0.08 per ADS). The company's Adjusted Property EBITDA increased to US$341.0 million, up from US$298.8 million year-over-year. City of Dreams led performance with US$658.1 million in revenues and US$195.9 million in Adjusted EBITDA. Macau operations showed strong growth, with record-breaking mass drop numbers, while City of Dreams Manila faced increased competition. The company continued its share repurchase program, buying back approximately 32.3 million ADSs for US$165 million, with US$223 million remaining in the program.
Melco Resorts & Entertainment (NASDAQ: MLCO) ha riportato risultati finanziari solidi nel primo trimestre 2025, con ricavi operativi totali pari a 1,23 miliardi di dollari USA, in aumento dell'11% rispetto al primo trimestre 2024. L'utile operativo è salito a 144,9 milioni di dollari USA, mentre l'utile netto ha raggiunto 32,5 milioni di dollari USA (0,08 dollari USA per ADS). L'EBITDA rettificato delle proprietà della società è cresciuto a 341,0 milioni di dollari USA, rispetto ai 298,8 milioni di dollari dell'anno precedente. City of Dreams ha guidato le performance con ricavi di 658,1 milioni di dollari USA e un EBITDA rettificato di 195,9 milioni di dollari USA. Le operazioni di Macau hanno mostrato una forte crescita, con numeri record nella raccolta massiva, mentre City of Dreams Manila ha affrontato una concorrenza più agguerrita. La società ha proseguito il programma di riacquisto azionario, acquistando circa 32,3 milioni di ADS per 165 milioni di dollari USA, con 223 milioni di dollari ancora disponibili nel programma.
Melco Resorts & Entertainment (NASDAQ: MLCO) reportó sólidos resultados financieros en el primer trimestre de 2025, con ingresos operativos totales que alcanzaron los 1.230 millones de dólares estadounidenses, un aumento del 11% respecto al primer trimestre de 2024. El ingreso operativo creció a 144,9 millones de dólares, mientras que el ingreso neto subió a 32,5 millones de dólares (0,08 dólares por ADS). El EBITDA ajustado de la propiedad de la compañía aumentó a 341,0 millones de dólares, desde los 298,8 millones del año anterior. City of Dreams lideró el desempeño con ingresos de 658,1 millones de dólares y un EBITDA ajustado de 195,9 millones. Las operaciones en Macao mostraron un fuerte crecimiento, con cifras récord en la caída masiva, mientras que City of Dreams Manila enfrentó una competencia creciente. La compañía continuó su programa de recompra de acciones, recomprando aproximadamente 32,3 millones de ADS por 165 millones de dólares, con 223 millones restantes en el programa.
Melco Resorts & Entertainment (NASDAQ: MLCO)� 2025� 1분기 강력� 재무 실적� 보고했으�, � 영업 수익은 12� 3천만 달러� 2024� 1분기 대� 11% 증가했습니다. 영업 이익은 1� 4,490� 달러� 증가했고, 순이익은 3,250� 달러(ADS� 0.08달러)� 상승했습니다. 회사� 조정 부동산 EBITDA� 전년 대� 2� 9,880� 달러에서 3� 4,100� 달러� 증가했습니다. City of Dreams� 6� 5,810� 달러� 수익� 1� 9,590� 달러� 조정 EBITDA� 실적� 주도했습니다. 마카� 사업은 기록적인 대� 매출 수치� 보이� 강한 성장� 나타냈고, City of Dreams Manila� 경쟁 심화� 직면했습니다. 회사� � 3,230� ADS� 1� 6,500� 달러� 재매입하� 주식 환매 프로그램� 계속 진행했으�, 프로그램� 2� 2,300� 달러가 남아 있습니다.
Melco Resorts & Entertainment (NASDAQ : MLCO) a publié de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires total de 1,23 milliard de dollars US, soit une augmentation de 11 % par rapport au premier trimestre 2024. Le résultat d'exploitation a atteint 144,9 millions de dollars US, tandis que le bénéfice net a progressé à 32,5 millions de dollars US (0,08 dollar US par ADS). L'EBITDA ajusté des propriétés de la société a augmenté pour atteindre 341,0 millions de dollars US, contre 298,8 millions l'année précédente. City of Dreams a mené la performance avec 658,1 millions de dollars de revenus et 195,9 millions d'EBITDA ajusté. Les opérations de Macao ont connu une forte croissance, avec des chiffres records de mise en masse, tandis que City of Dreams Manila a fait face à une concurrence accrue. La société a poursuivi son programme de rachat d'actions, rachetant environ 32,3 millions d'ADS pour 165 millions de dollars, avec 223 millions encore disponibles dans le programme.
Melco Resorts & Entertainment (NASDAQ: MLCO) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Gesamtumsatz von 1,23 Milliarden US-Dollar, was einer Steigerung von 11 % gegenüber dem ersten Quartal 2024 entspricht. Das Betriebsergebnis stieg auf 144,9 Millionen US-Dollar, während der Nettogewinn auf 32,5 Millionen US-Dollar (0,08 US-Dollar pro ADS) zunahm. Das bereinigte Property-EBITDA des Unternehmens erhöhte sich auf 341,0 Millionen US-Dollar, nach 298,8 Millionen US-Dollar im Vorjahreszeitraum. City of Dreams führte die Performance mit Einnahmen von 658,1 Millionen US-Dollar und einem bereinigten EBITDA von 195,9 Millionen US-Dollar an. Die Macau-Operationen verzeichneten ein starkes Wachstum mit rekordverdächtigen Mass Drop-Zahlen, während City of Dreams Manila mit zunehmendem Wettbewerb konfrontiert war. Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte rund 32,3 Millionen ADS für 165 Millionen US-Dollar zurück, wobei im Programm noch 223 Millionen US-Dollar verfügbar sind.
Positive
  • Total operating revenues increased 11% YoY to US$1.23 billion
  • Net income more than doubled to US$32.5 million from US$15.2 million YoY
  • Adjusted Property EBITDA grew 14% to US$341.0 million
  • City of Dreams' Adjusted EBITDA increased 27.5% to US$195.9 million
  • Record-breaking mass drop performance in Macau
  • Active share repurchase program with US$165 million in buybacks
Negative
  • City of Dreams Manila impacted by increased market competition
  • Altira Macau reported negative Adjusted EBITDA of US$0.7 million
  • City of Dreams Manila's mass market table games drop decreased to US$145.5 million from US$180.6 million
  • High total debt of US$7.16 billion

Insights

Melco delivered robust Q1 results with 11% revenue growth and doubled net income, powered by exceptional Macau performance despite mixed international results.

Melco's Q1 2025 financial results showcase impressive momentum in the company's core Macau operations, alongside varied performance across its international portfolio. Total operating revenues jumped 11% year-over-year to $1.23 billion, with profitability metrics showing even stronger gains: operating income increased 15.5% to $144.9 million, Adjusted Property EBITDA grew 14.1% to $341.0 million, and net income more than doubled to $32.5 million ($0.08 per ADS).

The standout metric is the 32% quarter-over-quarter growth in Macau Property EBITDA, indicating accelerating business momentum. City of Dreams Macau led this charge with a 27.5% year-over-year EBITDA increase to $195.9 million. This performance benefited from a rolling chip win rate of 3.74%, significantly exceeding the expected 2.85%-3.15% range, suggesting some statistical variance beyond pure operational improvements. Mass market table games drop increased 7.4% to $1.59 billion.

Studio City's strategic repositioning to focus on premium mass and mass segments appears successful, with EBITDA rising 10.7% to $97.3 million. While mass table drop remained essentially flat at $923.9 million, the property benefited from an improved hold percentage of 32.8% versus 29.5% last year.

International operations delivered mixed results. City of Dreams Manila faced headwinds with EBITDA declining 20.4% to $30.1 million due to increased market competition. Conversely, the Cyprus operations demonstrated resilience with an 11.6% revenue increase to $58.5 million despite regional conflicts.

From a balance sheet perspective, Melco maintained $1.23 billion in cash against $7.16 billion in debt. The company's ongoing share repurchase program (with $165 million spent in 2025 through May 7) signals management's confidence. Capital expenditures of $97.4 million focused on enhancement projects in Macau and the casino fit-out at City of Dreams Sri Lanka, which should commence operations in Q3 2025, representing a new growth driver.

MACAU, May 08, 2025 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco� or the “Company�), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the first quarter of 2025.

Total operating revenues for the first quarter of 2025 were US$1.23 billion, representing an increase of approximately 11% from US$1.11 billion for the comparable period in 2024. The increase in total operating revenues was primarily attributable to the improved performance in all gaming operations and overall non-gaming operations.

Operating income for the first quarter of 2025 was US$144.9 million, compared with US$125.4 million in the first quarter of 2024.

Melco’s Adjusted Property EBITDA(1) was US$341.0 million in the first quarter of 2025, compared with US$298.8 million in the first quarter of 2024.

Net income attributable to Melco Resorts & Entertainment Limited for the first quarter of 2025 was US$32.5 million, or US$0.08 per ADS, compared with US$15.2 million, or US$0.03 per ADS, in the first quarter of 2024. The net loss attributable to noncontrolling interests was US$4.8 million and US$14.6 million during the first quarters of 2025 and 2024, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau Property EBITDA grew 32% quarter-over-quarter, demonstrating our strength and growth potential in Macau. Mass drop increased each month during the quarter, and we recorded our highest daily mass drop ever. The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts of our teams, and the quality of our product offerings, and we will continue to build on this momentum.

“City of Dreams Manila was impacted by the increased competition in the market, while results at City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid sequential and year-on-year growth despite the continued challenges posed by the conflicts in the region.

“And finally, the fit-out of the casino at City of Dreams Sri Lanka is progressing well and we continue to expect to commence casino operations in the third quarter of 2025.�

City of Dreams First Quarter Results

For the quarter ended March 31, 2025, total operating revenues at City of Dreams were US$658.1 million, compared with US$550.9 million in the first quarter of 2024. City of Dreams� Adjusted EBITDA was US$195.9 million in the first quarter of 2025, compared with US$153.6 million in the first quarter of 2024. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming operations.

Rolling chip volume increased to US$6.05 billion during the first quarter of 2025, compared with US$5.69 billion in the first quarter of 2024 and win rate was 3.74% in the first quarter of 2025 versus 2.23% in the first quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.59 billion in the first quarter of 2025, compared with US$1.48 billion in the first quarter of 2024 and hold percentage was 30.2% in the first quarter of 2025, compared with 31.7% in the first quarter of 2024.

Gaming machine handle for the first quarter of 2025 was US$911.0 million, compared with US$890.0 million in the first quarter of 2024 and win rate was 3.2% in the first quarter of 2025 versus 3.1% in the first quarter of 2024.

Total non-gaming revenue at City of Dreams in the first quarter of 2025 was US$84.1 million, compared with US$80.6 million in the first quarter of 2024.

Studio City First Quarter Results

For the quarter ended March 31, 2025, total operating revenues at Studio City were US$354.5 million, compared with US$331.4 million in the first quarter of 2024. Studio City’s Adjusted EBITDA was US$97.3 million in the first quarter of 2025, compared with US$87.9 million in the first quarter of 2024. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.

Mass market table games drop was US$923.9 million in the first quarter of 2025, compared with US$923.3 million in the first quarter of 2024 and hold percentage was 32.8% in the first quarter of 2025, compared with 29.5% in the first quarter of 2024.

Gaming machine handle for the first quarter of 2025 was US$871.5 million, compared with US$824.3 million in the first quarter of 2024 and win rate was 3.8% in the first quarter of 2025, compared with 3.2% in the first quarter of 2024.

Total non-gaming revenue at Studio City was US$70.7 million in both the first quarters of 2025 and 2024.

As reported in the earnings release for the fourth quarter of 2024, Studio City has strategically repositioned itself to focus on the premium mass and mass segments, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.

Altira Macau First Quarter Results

For the quarter ended March 31, 2025, total operating revenues at Altira Macau were US$27.9 million, compared with US$34.2 million in the first quarter of 2024. Altira Macau’s negative Adjusted EBITDA was US$0.7 million in the first quarter of 2025, compared with Adjusted EBITDA of US$1.4 million in the first quarter of 2024. The year-over-year change in Adjusted EBITDA was primarily a result of softer performance in mass market table games.

Mass market table games drop was US$108.8 million in the first quarter of 2025 versus US$140.7 million in the first quarter of 2024 and hold percentage was 22.4% in the first quarter of 2025, compared with 24.3% in the first quarter of 2024.

Gaming machine handle for the first quarter of 2025 was US$131.6 million, compared with US$93.9 million in the first quarter of 2024 and win rate was 2.9% in the first quarter of 2025 versus 3.2% in the first quarter of 2024.

Total non-gaming revenue at Altira Macau was US$5.0 million in both the first quarters of 2025 and 2024.

Mocha and Other First Quarter Results

Total operating revenues from Mocha and Other were US$30.6 million in the first quarter of 2025, compared with US$31.9 million in the first quarter of 2024. Mocha and Other’s Adjusted EBITDA was US$6.8 million in the first quarter of 2025, compared with US$7.5 million in the first quarter of 2024.

Mass market table games drop was US$57.3 million in the first quarter of 2025 versus US$58.9 million in the first quarter of 2024 and hold percentage was 16.2% in both the first quarters of 2025 and 2024.

Gaming machine handle for the first quarter of 2025 was US$558.8 million, compared with US$527.6 million in the first quarter of 2024 and win rate was 4.0% in the first quarter of 2025 versus 4.5% in the first quarter of 2024.

City of Dreams Manila First Quarter Results

For the quarter ended March 31, 2025, total operating revenues at City of Dreams Manila were US$101.6 million, compared with US$110.7 million in the first quarter of 2024. City of Dreams Manila’s Adjusted EBITDA was US$30.1 million in the first quarter of 2025, compared with Adjusted EBITDA of US$37.8 million in the comparable period of 2024. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer mass market performance.

City of Dreams Manila’s rolling chip volume was US$351.9 million in the first quarter of 2025 versus US$527.7 million in the first quarter of 2024 and win rate was 2.98% in the first quarter of 2025 versus 2.20% in the first quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$145.5 million in the first quarter of 2025, compared with US$180.6 million in the first quarter of 2024 and hold percentage was 32.6% in the first quarter of 2025, compared with 31.8% in the first quarter of 2024.

Gaming machine handle for the first quarter of 2025 was US$1.01 billion, compared with US$1.13 billion in the first quarter of 2024 and win rate was 5.1% in the first quarter of 2025 versus 5.0% in the first quarter of 2024.

Total non-gaming revenue at City of Dreams Manila in the first quarter of 2025 was US$26.6 million, compared with US$28.8 million in the first quarter of 2024.

City of Dreams Mediterranean and Other First Quarter Results

The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended March 31, 2025 were US$58.5 million, compared with US$52.4 million in the first quarter of 2024. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$11.6 million in the first quarter of 2025, compared with US$10.5 million in the first quarter of 2024.

Rolling chip volume was US$11.9 million for the first quarter of 2025 versus US$5.2 million in the first quarter of 2024 and win rate was 3.99% in the first quarter of 2025, compared with 8.47% in the first quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%. The significant fluctuation on the rolling chip win rate resulted from low gaming volumes in the first quarter of 2024.

Mass market table games drop was US$145.0 million in the first quarter of 2025, compared with US$108.2 million in the first quarter of 2024 and hold percentage was 20.0% in the first quarter of 2025, compared with 25.6% in the first quarter of 2024.

Gaming machine handle for the first quarter of 2025 was US$591.2 million, compared with US$504.0 million in the first quarter of 2024 and win rate was 5.0% in the first quarter of 2025 versus 5.1% in the first quarter of 2024.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the first quarter of 2025 was US$18.8 million, compared with US$11.8 million in the first quarter of 2024.

Other Factors Affecting Earnings

Total net non-operating expenses for the first quarter of 2025 were US$112.5 million, which mainly included interest expense, net of amounts capitalized of US$119.5 million, partially offset by net foreign exchange gains of US$5.6 million.

Depreciation and amortization costs of US$130.4 million were recorded in the first quarter of 2025, of which US$5.0 million related to the amortization expense for land use rights.

The Adjusted EBITDA for Studio City for the three months ended March 31, 2025 referred to above was US$27.4 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL�) dated May 8, 2025 (the “Studio City Earnings Release�). The Adjusted EBITDA of Studio City contained in the Studio City Earnings Release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of March 31, 2025 aggregated to US$1.23 billion, including US$125.3 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.16 billion at the end of the first quarter of 2025. Available liquidity, including cash and undrawn revolving credit facilities as of March 31, 2025 was approximately US$3.27 billion.

Capital expenditures for the first quarter of 2025 were US$97.4 million, which included costs related to enhancement projects at City of Dreams in Macau and Studio City, and the fit-out of the casino at City of Dreams Sri Lanka.

Share Repurchase Program

During the period from January 1, 2025 to May 7, 2025, Melco repurchased approximately 32.3 million ADSs (representing approximately97.0 million ordinary shares) from the open market at an aggregate purchase price of approximately US$165 million, under its US$500 million share repurchase program. The Company currently has remaining authority to repurchase up to approximately US$223 million of ordinary shares.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its first quarter 2025 financial results on Thursday, May 8, 2025 at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time).

To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers, passcode and a unique Personal PIN which can be used to join the conference.

Online Registration Link:

An audio webcast and replay of the conference call will also be available at .

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor� provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company�) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC�), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may�, “will�, “expect�, “anticipate�, “target�, “aim�, “estimate�, “intend�, “plan�, “believe�, “potential�, “continue�, “is/are likely to� or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

(1) “Adjusted EBITDA� is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties�), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA� is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA, which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA to measure the operating performance of our segments and to compare the operating performance of our properties with those of our competitors.

The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA do not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

(2) “Adjusted net income/loss� is net income/loss before pre-opening costs, development costs, and property charges and other, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS�), which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

About Melco Resorts & Entertainment Limited

The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates City of Dreams () and Altira Macau (), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Grand Dragon Casino, a casino located in Taipa, Macau and Mocha Clubs (), the largest non-casino based operator of electronic gaming machines in Macau. In addition, the Company operates Studio City (), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus () and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos�). For more information about the Company, please visit .

The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email:

For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email:


Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three Months Ended
March 31,
20252024
Operating revenues:
Casino$1,024,412$913,320
Rooms105,139100,838
Food and beverage75,54866,105
Entertainment, retail and other27,20932,144
Total operating revenues1,232,3081,112,407
Operating costs and expenses:
Casino(662,657)(609,751)
Rooms(35,625)(29,252)
Food and beverage(61,097)(54,737)
Entertainment, retail and other(13,787)(16,626)
General and administrative(154,950)(126,955)
Payments to the Philippine Parties(9,239)(8,489)
Pre-opening costs(14,041)(2,289)
Development costs(3,424)(138)
Amortization of land use rights(5,002)(4,976)
Depreciation and amortization(125,421)(131,822)
Property charges and other(2,195)(2,022)
Total operating costs and expenses(1,087,438)(987,057)
Operating income144,870125,350
Non-operating income (expenses):
Interest income2,8764,538
Interest expense, net of amounts capitalized(119,506)(124,192)
Other financing costs(2,083)(1,624)
Foreign exchange gains (losses), net5,602(1,828)
Other income, net6002,000
Total non-operating expenses, net(112,511)(121,106)
Income before income tax32,3594,244
Income tax expense(4,612)(3,694)
Net income27,747550
Net loss attributable to noncontrolling interests4,78514,620
Net income attributable to Melco Resorts & Entertainment Limited$32,532$15,170
Net income attributable to Melco Resorts & Entertainment Limited per share:
Basic$0.026$0.012
Diluted$0.026$0.012
Net income attributable to Melco Resorts & Entertainment Limited per ADS:
Basic$0.078$0.035
Diluted$0.078$0.035
Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic1,249,814,2291,311,270,775
Diluted1,252,942,1361,318,824,507


Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31,December 31,
20252024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,104,161$1,147,193
Restricted cash-368
Accounts receivable, net124,947144,211
Receivables from affiliated companies1,9832,422
Inventories33,24532,452
Prepaid expenses and other current assets109,712102,521
Total current assets1,374,0481,429,167
Property and equipment, net5,262,2575,272,500
Intangible assets, net283,386288,710
Goodwill81,93782,090
Long-term prepayments, deposits and other assets, net128,003131,850
Restricted cash125,282125,511
Operating lease right-of-use assets88,52489,164
Land use rights, net560,296566,351
Total assets$7,903,733$7,985,343
LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable$18,802$24,794
Accrued expenses and other current liabilities1,007,9121,054,018
Income tax payable30,93738,009
Operating lease liabilities, current20,28618,590
Finance lease liabilities, current34,19633,817
Current portion of long-term debt, net21,61021,597
Payables to affiliated companies1,15239
Total current liabilities1,134,8951,190,864
Long-term debt, net7,138,1087,135,825
Other long-term liabilities295,447315,299
Deferred tax liabilities, net37,23636,708
Operating lease liabilities, non-current80,86780,673
Finance lease liabilities, non-current164,116165,938
Total liabilities8,850,6698,925,307
Deficit:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized;
1,351,540,382 and 1,351,540,382 shares issued;
1,233,596,557 and 1,259,138,299 shares outstanding, respectively13,51513,515
Treasury shares, at cost; 117,943,825 and 92,402,083 shares, respectively(262,429)(216,626)
Additional paid-in capital2,991,9012,985,730
Accumulated other comprehensive losses(87,694)(95,750)
Accumulated losses(3,980,797)(4,013,329)
Total Melco Resorts & Entertainment Limited shareholders� deficit(1,325,504)(1,326,460)
Noncontrolling interests378,568386,496
Total deficit(946,936)(939,964)
Total liabilities and deficit$7,903,733$7,985,343


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to
Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited (Unaudited)
(In thousands, except share and per share data)
Three Months Ended
March 31,
20252024
Net income attributable to Melco Resorts & Entertainment Limited$32,532$15,170
Pre-opening costs14,0412,289
Development costs3,424138
Property charges and other2,1952,022
Income tax impact on adjustments(243)(19)
Noncontrolling interests impact on adjustments(864)(39)
Adjusted net income attributable to Melco Resorts & Entertainment Limited$51,085$19,561
Adjusted net income attributable to Melco Resorts & Entertainment Limited per share:
Basic$0.041$0.015
Diluted$0.041$0.015
Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS:
Basic$0.123$0.045
Diluted$0.122$0.044
Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic1,249,814,2291,311,270,775
Diluted1,252,942,1361,318,824,507


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
Three Months Ended March 31, 2025
City of
Dreams
Studio
City
Altira
Macau
Mocha
and Other
City of Dreams
Manila
City of Dreams
Mediterranean
and Other
Corporate
and Other
Total
Operating income (loss)$137,492$38,126$(2,443)$5,720$13,524$(472)$(47,077)$144,870
Payments to the Philippine Parties----9,239--9,239
Integrated resort and casino rent(3)----1,684-1,7913,475
Pre-opening costs(4)8,476155----3,61912,250
Development costs------3,4243,424
Depreciation and amortization49,53956,7485271,0275,35811,9985,226130,423
Share-based compensation1,29733898442161004,6976,790
Property charges and other(896)1,9551,129-34(14)(13)2,195
Adjusted EBITDA195,90897,322(689)6,79130,05511,612(28,333)312,666
Corporate and Other expenses------28,33328,333
Adjusted Property EBITDA$195,908$97,322$(689)$6,791$30,055$11,612$-$340,999
Three Months Ended March 31, 2024
City of
Dreams
Studio
City
Altira
Macau
Mocha
and Other
City of Dreams
Manila
City of Dreams
Mediterranean
and Other
Corporate
and Other
Total
Operating income (loss)$98,066$33,281$(384)$6,512$15,492$(2,435)$(25,182)$125,350
Payments to the Philippine Parties----8,489--8,489
Integrated resort and casino rent(3)----1,748--1,748
Pre-opening costs1,8725969--289-2,289
Development costs------138138
Depreciation and amortization51,42454,26757592111,62612,7145,271136,798
Share-based compensation1,314374119373001054,6546,903
Property charges and other927(60)1,047(5)190(136)592,022
Adjusted EBITDA153,60387,9211,4267,46537,84510,537(15,060)283,737
Corporate and Other expenses------15,06015,060
Adjusted Property EBITDA$153,603$87,921$1,426$7,465$37,845$10,537$-$298,797
(3)Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to John Keells Group.
(4)Certain amounts of pre-opening costs are grouped and reported under the line item Integrated resort and casino rent.


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to
Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
Three Months Ended
March 31,
20252024
Net income attributable to Melco Resorts & Entertainment Limited$32,532$15,170
Net loss attributable to noncontrolling interests(4,785)(14,620)
Net income27,747550
Income tax expense4,6123,694
Interest and other non-operating expenses, net112,511121,106
Depreciation and amortization130,423136,798
Property charges and other2,1952,022
Share-based compensation6,7906,903
Development costs3,424138
Pre-opening costs (4)12,2502,289
Integrated resort and casino rent (3)3,4751,748
Payments to the Philippine Parties9,2398,489
Adjusted EBITDA312,666283,737
Corporate and Other expenses28,33315,060
Adjusted Property EBITDA$340,999$298,797



Melco Resorts & Entertainment Limited and Subsidiaries
Supplemental Data Schedule
Three Months Ended
March 31,
20252024
Room Statistics:
City of Dreams
Average daily rate (5)$218$206
Occupancy per available room98%94%
Revenue per available room (6)$213$194
Studio City
Average daily rate (5)$169$159
Occupancy per available room99%96%
Revenue per available room (6)$166$152
Altira Macau
Average daily rate (5)$134$133
Occupancy per available room97%94%
Revenue per available room (6)$130$126
City of Dreams Manila
Average daily rate (5)$159$169
Occupancy per available room95%96%
Revenue per available room (6)$150$162
City of Dreams Mediterranean and Other
Average daily rate (5)$358$299
Occupancy per available room57%54%
Revenue per available room (6)$206$161
Other Information:
City of Dreams
Average number of table games430430
Average number of gaming machines627646
Table games win per unit per day (7)$18,259$15,266
Gaming machines win per unit per day (8)$508$474
Studio City
Average number of table games253246
Average number of gaming machines797670
Table games win per unit per day (7)$13,320$13,031
Gaming machines win per unit per day (8)$458$437
Altira Macau
Average number of table games3743
Average number of gaming machines135136
Table games win per unit per day (7)$7,321$8,725
Gaming machines win per unit per day (8)$310$243
Mocha and Other
Average number of table games1518
Average number of gaming machines855897
Table games win per unit per day (7)$6,894$5,834
Gaming machines win per unit per day (8)$288$292
City of Dreams Manila
Average number of table games269269
Average number of gaming machines2,2732,280
Table games win per unit per day (7)$2,399$2,821
Gaming machines win per unit per day (8)$250$274
City of Dreams Mediterranean and Other
Average number of table games106104
Average number of gaming machines887889
Table games win per unit per day (7)$3,093$2,974
Gaming machines win per unit per day (8)$372$317
(5)Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms
(6)Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available
(7)Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis
(8)Gaming machines win per unit per day is shown before non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis



FAQ

What were Melco's (MLCO) Q1 2025 earnings results?

Melco reported Q1 2025 total operating revenues of US$1.23 billion, net income of US$32.5 million (US$0.08 per ADS), and Adjusted Property EBITDA of US$341.0 million.

How much did Melco's (MLCO) revenue grow in Q1 2025?

Melco's total operating revenues grew 11% year-over-year, from US$1.11 billion in Q1 2024 to US$1.23 billion in Q1 2025.

What was City of Dreams' performance in Q1 2025?

City of Dreams generated total operating revenues of US$658.1 million and Adjusted EBITDA of US$195.9 million, showing significant improvement in all gaming operations.

How much stock did Melco (MLCO) repurchase in early 2025?

Melco repurchased approximately 32.3 million ADSs for US$165 million between January 1 and May 7, 2025, with US$223 million remaining in the repurchase program.

What is Melco's (MLCO) current debt position?

As of March 31, 2025, Melco's total debt was US$7.16 billion, with total cash and bank balances of US$1.23 billion and available liquidity of approximately US$3.27 billion.
Melco Resorts And Entmnt Ltd

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3.67B
411.20M
37.64%
2.24%
Resorts & Casinos
Consumer Cyclical
Hong Kong
Central