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Melco Announces Unaudited Second Quarter 2025 Earnings

By Melco Resorts & Entertainment Limited | July 31, 2025, 8:00 AM

MACAU, July 31, 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 second quarter of 2025.

Total operating revenues for the second quarter of 2025 were US$1.33 billion, representing an increase of approximately 15% from US$1.16 billion for the comparable period in 2024. The increase in total operating revenues was primarily attributable to the improved performance in both overall gaming and non-gaming operations.

Operating income for the second quarter of 2025 was US$124.7 million, compared with US$123.7 million in the second quarter of 2024.

Melco’s Adjusted Property EBITDA(1) was US$377.7 million in the second quarter of 2025, compared with US$302.8 million in the second quarter of 2024.

Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2025 was US$17.2 million, or US$0.04 per ADS, compared with US$21.4 million, or US$0.05 per ADS, in the second quarter of 2024. The net loss attributable to noncontrolling interests was US$7.8 million and US$22.7 million during the second 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 35% year-over-year and 13% quarter-to-quarter. Gaming volumes and revenue increased, with City of Dreams Macau and Studio City setting new records in mass market table games revenue. This was further supported by increases in cost efficiencies leading to stronger margins. We are confident that the strategic initiatives we implemented have set us up on a solid foundation for continued growth.

“In the Philippines, although the heightened competitive environment continues to impact performance, we have been implementing a variety of initiatives to improve performance and reduce cost. In Cyprus, City of Dreams Mediterranean and our satellite casinos exhibited solid results despite the events in the Middle East in June 2025 and we are cautiously optimistic about the performance for the remainder of the peak season.

“And finally, we are very excited to have City of Dreams Sri Lanka open on August 1, 2025. City of Dreams Sri Lanka represents the first integrated resort in Sri Lanka and South Asia, and we are excited for the opportunities this presents for us.”

City of Dreams Second Quarter Results

For the quarter ended June 30, 2025, total operating revenues at City of Dreams were US$710.5 million, compared with US$576.4 million in the second quarter of 2024. City of Dreams’ Adjusted EBITDA was US$225.6 million in the second quarter of 2025, compared with US$165.1 million in the second 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$5.49 billion during the second quarter of 2025, compared with US$4.83 billion in the second quarter of 2024 and win rate was 3.93% in the second quarter of 2025 versus 2.99% in the second quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.75 billion in the second quarter of 2025, compared with US$1.46 billion in the second quarter of 2024 and hold percentage was 30.5% in the second quarter of 2025, compared with 32.3% in the second quarter of 2024.

Gaming machine handle for the second quarter of 2025 was US$945.3 million, compared with US$902.3 million in the second quarter of 2024 and win rate was 3.0% in the second quarter of 2025 versus 3.1% in the second quarter of 2024.

Total non-gaming revenue at City of Dreams in the second quarter of 2025 was US$88.1 million, compared with US$80.4 million in the second quarter of 2024.

Studio City Second Quarter Results

For the quarter ended June 30, 2025, total operating revenues at Studio City were US$388.2 million, compared with US$352.3 million in the second quarter of 2024. Studio City’s Adjusted EBITDA was US$105.2 million in the second quarter of 2025, compared with US$79.2 million in the second 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$958.2 million in the second quarter of 2025, compared with US$955.6 million in the second quarter of 2024 and hold percentage was 34.0% in the second quarter of 2025, compared with 30.1% in the second quarter of 2024.

Gaming machine handle for the second quarter of 2025 was US$916.1 million, compared with US$842.4 million in the second quarter of 2024 and win rate was 3.7% in the second quarter of 2025, compared with 3.3% in the second quarter of 2024.

Total non-gaming revenue at Studio City was US$83.8 million in the second quarter of 2025, compared with US$80.4 million in the second quarter of 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 operations, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.

Altira Macau Second Quarter Results

For the quarter ended June 30, 2025, total operating revenues at Altira Macau were US$28.3 million, compared with US$29.3 million in the second quarter of 2024. Altira Macau’s Adjusted EBITDA was US$0.8 million in the second quarter of 2025, compared with negative Adjusted EBITDA of US$2.0 million in the second quarter of 2024.

Mass market table games drop was US$119.0 million in the second quarter of 2025 versus US$134.4 million in the second quarter of 2024 and hold percentage was 21.3% in the second quarter of 2025, compared with 20.6% in the second quarter of 2024.

Gaming machine handle for the second quarter of 2025 was US$114.9 million, compared with US$132.1 million in the second quarter of 2024 and win rate was 2.5% in the second quarter of 2025 versus 2.6% in the second quarter of 2024.

Total non-gaming revenue at Altira Macau was US$4.8 million in the second quarter of 2025, compared with US$4.9 million in the second quarter of 2024.

Mocha and Other Second Quarter Results

Total operating revenues from Mocha and Other were US$27.9 million in the second quarter of 2025, compared with US$30.7 million in the second quarter of 2024. Mocha and Other’s Adjusted EBITDA was US$5.2 million in the second quarter of 2025, compared with US$6.8 million in the second quarter of 2024.

Mass market table games drop was US$53.4 million in the second quarter of 2025 versus US$58.0 million in the second quarter of 2024 and hold percentage was 15.6% in the second quarter of 2025 versus 18.9% in the second quarter of 2024.

Gaming machine handle for the second quarter of 2025 was US$496.4 million, compared with US$502.7 million in the second quarter of 2024 and win rate was 4.1% in the second quarter of 2025 versus 4.2% in the second quarter of 2024.

City of Dreams Manila Second Quarter Results

For the quarter ended June 30, 2025, total operating revenues at City of Dreams Manila were US$98.5 million, compared with US$109.0 million in the second quarter of 2024. City of Dreams Manila’s Adjusted EBITDA was US$28.4 million in the second quarter of 2025, compared with US$40.5 million in the comparable period of 2024. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer performance in all gaming operations.

City of Dreams Manila’s rolling chip volume was US$694.4 million in the second quarter of 2025 versus US$572.9 million in the second quarter of 2024 and win rate was 2.05% in the second quarter of 2025 versus 3.19% in the second quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$147.9 million in the second quarter of 2025, compared with US$174.4 million in the second quarter of 2024 and hold percentage was 34.8% in the second quarter of 2025, compared with 32.4% in the second quarter of 2024.

Gaming machine handle for the second quarter of 2025 was US$1.00 billion, compared with US$1.04 billion in the second quarter of 2024 and win rate was 4.6% in both the second quarters of 2025 and 2024.

Total non-gaming revenue at City of Dreams Manila in the second quarter of 2025 was US$27.0 million, compared with US$27.3 million in the second quarter of 2024.

City of Dreams Mediterranean and Other Second Quarter Results

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

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2025 were US$72.3 million, compared with US$58.7 million in the second quarter of 2024. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$12.4 million in the second quarter of 2025, compared with US$13.1 million in the second quarter of 2024.

Rolling chip volume was US$0.7 million for the second quarter of 2025 versus US$6.9 million in the second quarter of 2024 and win rate was 7.28% in the second quarter of 2025, compared with negative 5.59% in the second 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.

Mass market table games drop was US$161.8 million in the second quarter of 2025, compared with US$113.8 million in the second quarter of 2024 and hold percentage was 21.9% in the second quarter of 2025, compared with 24.0% in the second quarter of 2024.

Gaming machine handle for the second quarter of 2025 was US$668.1 million, compared with US$522.4 million in the second quarter of 2024 and win rate was 4.9% in the second quarter of 2025 versus 5.2% in the second quarter of 2024.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2025 was US$25.4 million, compared with US$19.2 million in the second quarter of 2024.

Other Factors Affecting Earnings

Total net non-operating expenses for the second quarter of 2025 were US$103.4 million, which mainly included interest expense, net of amounts capitalized of US$117.9 million, partially offset by net foreign exchange gains of US$13.3 million.

Depreciation and amortization costs of US$133.9 million were recorded in the second quarter of 2025, of which US$5.0 million related to the amortization expense for land use rights.

As announced on June 9, 2025, after considering the Company’s overall development strategy and in accordance with Macau law, the Company will cease operations of the Grand Dragon Casino and three Mocha Clubs before the end of 2025. As a result, in the second quarter of 2025, we recognized an impairment in goodwill of US$55.6 million in Property Charges and Other to reflect the decrease in fair value of the reporting unit “Mocha and Other” which takes into account the expected cessation of three Mocha Clubs before the end of 2025 and the continuing operations of the other three Mocha Clubs, namely, Mocha Inner Harbour, Mocha Hotel Sintra and Mocha Golden Dragon, subject to compliance with all legal and regulatory requirements in Macau.

The Adjusted EBITDA for Studio City for the three months ended June 30, 2025 referred to above was US$28.8 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated July 31, 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 June 30, 2025 aggregated to US$1.24 billion, including US$124.1 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 second quarter of 2025. Available liquidity, including cash and undrawn revolving credit facilities as of June 30, 2025 was approximately US$2.27 billion.

In July 2025, Studio City Finance Limited repaid the US$221.6 million principal amount outstanding under the 6.00% senior notes which matured on July 15, 2025, with a HK$1,337.0 million (equivalent to US$170.3 million) drawdown from the senior secured credit facilities entered into by Studio City Company Limited and the remainder with cash on hand.

Capital expenditures for the second quarter of 2025 were US$95.9 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.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2025 financial results on Thursday, July 31, 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:
https://s1.c-conf.com/diamondpass/10049000-vi09pg.html

An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com.

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, property charges and other and loss on extinguishment of debt, 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 (www.cityofdreamsmacau.com) and Altira Macau (www.altiramacau.com), 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 (www.mochaclubs.com), the largest non-casino based operator of electronic gaming machines in Macau. In addition, the Company operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), 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 (www.cityofdreamsmed.com.cy) and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos”). For more information about the Company, please visit www.melco-resorts.com.

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: [email protected]

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


Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
            
 Three Months Ended Six Months Ended
 June 30, June 30,
 2025  2024  2025  2024 
            
Operating revenues:           
Casino$1,095,508  $942,968  $2,119,920  $1,856,288 
Rooms 108,918   101,386   214,057   202,224 
Food and beverage 70,948   71,574   146,496   137,679 
Entertainment, retail and other 52,837   43,727   80,046   75,871 
Total operating revenues 1,328,211   1,159,655   2,560,519   2,272,062 
            
Operating costs and expenses:           
Casino (695,947)  (632,474)  (1,358,604)  (1,242,225)
Rooms (36,938)  (30,266)  (72,563)  (59,518)
Food and beverage (60,641)  (53,712)  (121,738)  (108,449)
Entertainment, retail and other (32,731)  (23,021)  (46,518)  (39,647)
General and administrative (158,494)  (144,388)  (313,444)  (271,343)
Payments to the Philippine Parties (9,062)  (10,535)  (18,301)  (19,024)
Pre-opening costs (28,982)  (2,883)  (43,023)  (5,172)
Development costs (1,846)  (1,934)  (5,270)  (2,072)
Amortization of land use rights (4,980)  (4,979)  (9,982)  (9,955)
Depreciation and amortization (128,943)  (129,535)  (254,364)  (261,357)
Property charges and other (44,991)  (2,192)  (47,186)  (4,214)
Total operating costs and expenses (1,203,555)  (1,035,919)  (2,290,993)  (2,022,976)
Operating income 124,656   123,736   269,526   249,086 
Non-operating income (expenses):           
Interest income 1,687   4,293   4,563   8,831 
Interest expense, net of amounts capitalized (117,883)  (121,320)  (237,389)  (245,512)
Other financing costs (1,895)  (1,976)  (3,978)  (3,600)
Foreign exchange gains, net 13,299   2,335   18,901   507 
Other income, net 1,389   605   1,989   2,605 
Loss on extinguishment of debt -   (869)  -   (869)
Total non-operating expenses, net (103,403)  (116,932)  (215,914)  (238,038)
Income before income tax 21,253   6,804   53,612   11,048 
Income tax expense (11,898)  (8,091)  (16,510)  (11,785)
Net income (loss) 9,355   (1,287)  37,102   (737)
Net loss attributable to noncontrolling interests 7,837   22,677   12,622   37,297 
Net income attributable to Melco Resorts & Entertainment Limited$17,192  $21,390  $49,724  $36,560 
            
Net income attributable to Melco Resorts & Entertainment Limited per share:           
Basic$0.015  $0.016  $0.041  $0.028 
Diluted$0.014  $0.016  $0.041  $0.028 
            
Net income attributable to Melco Resorts & Entertainment Limited per ADS:           
Basic$0.044  $0.049  $0.123  $0.083 
Diluted$0.043  $0.049  $0.122  $0.083 
            
Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation:           
Basic 1,183,590,580   1,320,517,938   1,216,519,466   1,315,894,356 
Diluted 1,186,358,988   1,322,235,542   1,219,467,624   1,320,530,024 
            


Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
      
 June 30, December 31,
 2025  2024 
 (Unaudited)   
ASSETS     
      
Current assets:     
Cash and cash equivalents$1,119,822  $1,147,193 
Restricted cash -   368 
Accounts receivable, net 129,338   144,211 
Receivables from affiliated companies 2,071   2,422 
Inventories 32,881   32,452 
Prepaid expenses and other current assets 102,407   102,521 
Total current assets 1,386,519   1,429,167 
      
Property and equipment, net 5,234,667   5,272,500 
Intangible assets, net 279,108   288,710 
Goodwill 25,632   82,090 
Long-term prepayments, deposits and other assets, net 127,120   131,850 
Restricted cash 124,143   125,511 
Operating lease right-of-use assets 85,094   89,164 
Land use rights, net 550,221   566,351 
Total assets$7,812,504  $7,985,343 
      
LIABILITIES AND DEFICIT     
      
Current liabilities:     
Accounts payable$16,919  $24,794 
Accrued expenses and other current liabilities 1,034,582   1,054,018 
Income tax payable, current 36,059   38,009 
Operating lease liabilities, current 21,795   18,590 
Finance lease liabilities, current 34,668   33,817 
Current portion of long-term debt, net 51,295   21,597 
Payables to affiliated companies 617   39 
Total current liabilities 1,195,935   1,190,864 
      
Long-term debt, net 7,109,676   7,135,825 
Other long-term liabilities 299,497   315,299 
Income tax payable, non-current 5,916   - 
Deferred tax liabilities, net 35,726   36,708 
Operating lease liabilities, non-current 76,548   80,673 
Finance lease liabilities, non-current 162,548   165,938 
Total liabilities 8,885,846   8,925,307 
      
Deficit:     
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized;     
1,351,540,382 and 1,351,540,382 shares issued;     
1,171,221,595 and 1,259,138,299 shares outstanding, respectively 13,515   13,515 
Treasury shares, at cost; 180,318,787 and 92,402,083 shares, respectively (358,997)  (216,626)
Additional paid-in capital 2,975,802   2,985,730 
Accumulated other comprehensive losses (94,800)  (95,750)
Accumulated losses (3,963,605)  (4,013,329)
Total Melco Resorts & Entertainment Limited shareholders’ deficit (1,428,085)  (1,326,460)
Noncontrolling interests 354,743   386,496 
Total deficit (1,073,342)  (939,964)
Total liabilities and deficit$7,812,504  $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 Six Months Ended
 June 30, June 30,
 2025  2024  2025  2024 
        
Net income attributable to Melco Resorts & Entertainment Limited$17,192  $21,390  $49,724  $36,560 
Pre-opening costs 28,982   2,883   43,023   5,172 
Development costs 1,846   1,934   5,270   2,072 
Property charges and other 44,991   2,192   47,186   4,214 
Loss on extinguishment of debt -   869   -   869 
Income tax impact on adjustments (556)  (18)  (799)  (37)
Noncontrolling interests impact on adjustments (188)  (844)  (1,052)  (883)
Adjusted net income attributable to Melco Resorts & Entertainment Limited$92,267  $28,406  $143,352  $47,967 
            
Adjusted net income attributable to Melco Resorts & Entertainment Limited per share:           
Basic$0.078  $0.022  $0.118  $0.036 
Diluted$0.078  $0.021  $0.118  $0.036 
            
Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS:           
Basic$0.234  $0.065  $0.354  $0.109 
Diluted$0.233  $0.064  $0.353  $0.109 
            
Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation:           
Basic 1,183,590,580   1,320,517,938   1,216,519,466   1,315,894,356 
Diluted 1,186,358,988   1,322,235,542   1,219,467,624   1,320,530,024 
            


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
                            
  Three Months Ended June 30, 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)$163,368  $47,336  $(35) $(51,468) $12,769  $(748) $(46,566) $124,656 
                            
Payments to the Philippine Parties -   -   -   -   9,062   -   -   9,062 
Integrated resort and casino rent(3) -   -   -   -   1,118   -   1,788   2,906 
Pre-opening costs(4) 19,985   314   -   -   -   -   6,895   27,194 
Development costs -   -   -   -   -   -   1,846   1,846 
Depreciation and amortization 51,220   56,926   578   1,077   5,147   13,155   5,820   133,923 
Share-based compensation 1,600   428   114   46   269   105   5,084   7,646 
Property charges and other (10,536)  206   184   55,557   52   (97)  (375)  44,991 
Adjusted EBITDA 225,637   105,210   841   5,212   28,417   12,415   (25,508)  352,224 
Corporate and Other expenses -   -   -   -   -   -   25,508   25,508 
Adjusted Property EBITDA$225,637  $105,210  $841  $5,212  $28,417  $12,415  $-  $377,732 
                            
                            
  Three Months Ended June 30, 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)$111,105  $23,456  $(3,174) $5,876  $17,209  $653  $(31,389) $123,736 
                            
Payments to the Philippine Parties -   -   -   -   10,535   -   -   10,535 
Integrated resort and casino rent(3) -   -   -   -   1,045   -   -   1,045 
Pre-opening costs 1,801   747   -   -   -   26   309   2,883 
Development costs -   -   -   -   -   -   1,934   1,934 
Depreciation and amortization 49,750   54,492   557   930   11,355   12,218   5,212   134,514 
Share-based compensation 1,225   337   108   43   283   106   4,955   7,057 
Property charges and other 1,251   208   497   -   61   105   70   2,192 
Adjusted EBITDA 165,132   79,240   (2,012)  6,849   40,488   13,108   (18,909)  283,896 
Corporate and Other expenses -   -   -   -   -   -   18,909   18,909 
Adjusted Property EBITDA$165,132  $79,240  $(2,012) $6,849  $40,488  $13,108  $-  $302,805 
                            
(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 Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
                           
 Six Months Ended June 30, 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)$300,860  $85,462  $(2,478) $(45,748) $26,293  $(1,220) $(93,643) $269,526 
                           
Payments to the Philippine Parties -   -   -   -   18,301   -   -   18,301 
Integrated resort and casino rent(3) -   -   -   -   2,802   -   3,579   6,381 
Pre-opening costs(4) 28,461   469   -   -   -   -   10,514   39,444 
Development costs -   -   -   -   -   -   5,270   5,270 
Depreciation and amortization 100,759   113,674   1,105   2,104   10,505   25,153   11,046   264,346 
Share-based compensation 2,897   766   212   90   485   205   9,781   14,436 
Property charges and other (11,432)  2,161   1,313   55,557   86   (111)  (388)  47,186 
Adjusted EBITDA 421,545   202,532   152   12,003   58,472   24,027   (53,841)  664,890 
Corporate and Other expenses -   -   -   -   -   -   53,841   53,841 
Adjusted Property EBITDA$421,545  $202,532  $152  $12,003  $58,472  $24,027  $-  $718,731 
                           
                           
 Six Months Ended June 30, 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)$209,171  $56,737  $(3,558) $12,388  $32,701  $(1,782) $(56,571) $249,086 
                           
Payments to the Philippine Parties -   -   -   -   19,024   -   -   19,024 
Integrated resort and casino rent(3) -   -   -   -   2,793   -   -   2,793 
Pre-opening costs 3,673   806   69   -   -   315   309   5,172 
Development costs -   -   -   -   -   -   2,072   2,072 
Depreciation and amortization 101,174   108,759   1,132   1,851   22,981   24,932   10,483   271,312 
Share-based compensation 2,539   711   227   80   583   211   9,609   13,960 
Property charges and other 2,178   148   1,544   (5)  251   (31)  129   4,214 
Adjusted EBITDA 318,735   167,161   (586)  14,314   78,333   23,645   (33,969)  567,633 
Corporate and Other expenses -   -   -   -   -   -   33,969   33,969 
Adjusted Property EBITDA$318,735  $167,161  $(586) $14,314  $78,333  $23,645  $-  $601,602 
                           


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 Six Months Ended
 June 30, June 30,
 2025
 2024
 2025
 2024
         
Net income attributable to Melco Resorts & Entertainment Limited$17,192  $21,390  $49,724  $36,560 
Net loss attributable to noncontrolling interests (7,837)  (22,677)  (12,622)  (37,297)
Net income (loss) 9,355   (1,287)  37,102   (737)
Income tax expense 11,898   8,091   16,510   11,785 
Interest and other non-operating expenses, net 103,403   116,932   215,914   238,038 
Depreciation and amortization 133,923   134,514   264,346   271,312 
Property charges and other 44,991   2,192   47,186   4,214 
Share-based compensation 7,646   7,057   14,436   13,960 
Development costs 1,846   1,934   5,270   2,072 
Pre-opening costs(4) 27,194   2,883   39,444   5,172 
Integrated resort and casino rent(3) 2,906   1,045   6,381   2,793 
Payments to the Philippine Parties 9,062   10,535   18,301   19,024 
Adjusted EBITDA 352,224   283,896   664,890   567,633 
Corporate and Other expenses 25,508   18,909   53,841   33,969 
Adjusted Property EBITDA$377,732  $302,805  $718,731  $601,602 
            


Melco Resorts & Entertainment Limited and Subsidiaries
Supplemental Data Schedule
        
 Three Months Ended Six Months Ended
 June 30, June 30,
 2025
 2024
 2025
 2024
Room Statistics:       
City of Dreams       
Average daily rate(5)$217  $209  $217  $207 
Occupancy per available room 98%  93%  98%  93%
Revenue per available room(6)$212  $194  $213  $194 
        
Studio City       
Average daily rate(5)$163  $157  $166  $158 
Occupancy per available room 97%  96%  98%  96%
Revenue per available room(6)$159  $150  $163  $151 
        
Altira Macau       
Average daily rate(5)$130  $129  $132  $131 
Occupancy per available room 97%  95%  97%  95%
Revenue per available room(6)$126  $123  $128  $124 
        
City of Dreams Manila       
Average daily rate(5)$164  $160  $161  $164 
Occupancy per available room 95%  97%  95%  96%
Revenue per available room(6)$156  $155  $153  $158 
        
City of Dreams Mediterranean and Other       
Average daily rate(5)$495  $443  $430  $383 
Occupancy per available room 62%  61%  60%  58%
Revenue per available room(6)$306  $272  $257  $221 
        
Other Information:       
City of Dreams       
Average number of table games 437   430   434   430 
Average number of gaming machines 616   603   622   624 
Table games win per unit per day(7)$18,876  $15,714  $18,572  $15,490 
Gaming machines win per unit per day(8)$505  $510  $507  $491 
        
Studio City       
Average number of table games 253   252   253   249 
Average number of gaming machines 724   641   760   656 
Table games win per unit per day(7)$14,143  $13,563  $13,734  $13,300 
Gaming machines win per unit per day(8)$516  $476  $486  $456 
        
Altira Macau       
Average number of table games 30   39   33   41 
Average number of gaming machines 131   139   133   137 
Table games win per unit per day(7)$9,277  $7,890  $8,203  $8,330 
Gaming machines win per unit per day(8)$242  $276  $276  $260 
        
Mocha and Other       
Average number of table games 15   16   15   17 
Average number of gaming machines 835   912   845   905 
Table games win per unit per day(7)$6,115  $7,629  $6,502  $6,674 
Gaming machines win per unit per day(8)$270  $254  $279  $273 
        
City of Dreams Manila       
Average number of table games 264   269   266   269 
Average number of gaming machines 2,259   2,277   2,266   2,279 
Table games win per unit per day(7)$2,734  $3,049  $2,566  $2,935 
Gaming machines win per unit per day(8)$223  $232  $237  $253 
        
City of Dreams Mediterranean and Other       
Average number of table games 106   102   106   103 
Average number of gaming machines 883   891   885   890 
Table games win per unit per day(7)$3,684  $2,908  $3,390  $2,941 
Gaming machines win per unit per day(8)$406  $334  $389  $325 


(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

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