Melco Resorts & Entertainment Limited has reported another strong quarter of growth, with total operating revenues reaching US$1.31 billion for the three months ending 30 September 2025—an increase of 11% year-on-year. The company credited the improvement to higher gaming and non-gaming revenue across its Asian and European resorts, with particularly solid results in Macau and Cyprus.
Sustained Growth in Core Markets
Operating income climbed to US$184.5 million from US$138.6 million in the same period last year, while Adjusted Property EBITDA rose 18% to US$380.4 million. Net income attributable to shareholders surged nearly threefold to US$74.7 million, up from US$27.3 million in 2024. Consolidated gaming revenue increased by 12.4% to US$1.06 billion, and non-gaming revenue rose 7.5% to US$248 million.
Chairman and CEO Lawrence Ho highlighted the company’s steady expansion and operational discipline. “Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21% year-over-year,” he said, according to Inside Asian Gaming. “Margins remained stable, underscoring the strength of our core business and focus on cost discipline. We introduced new gaming areas and facilities during the quarter, providing our patrons with a differentiated experience, and will continue to introduce new initiatives that will elevate the quality of engagement with our customers.”
In addition to Macau’s gains, Ho noted that Property EBITDA grew 45% quarter-over-quarter in the Philippines, while Cyprus operations achieved their best quarter since opening, with a 53% year-over-year increase in Property EBITDA.
Melco’s Macau portfolio continues to anchor its global operations. The flagship City of Dreams Macau generated US$672.6 million in operating revenues, up 19% from a year earlier. Adjusted EBITDA climbed to US$206.9 million, supported by broad-based improvements in both gaming and non-gaming segments. VIP rolling chip volume jumped to US$5.58 billion, while mass table drop rose to US$1.66 billion.
Studio City posted modest revenue growth to US$375.3 million, with Adjusted EBITDA increasing to US$104.7 million on the back of stronger mass-market play. As part of the resort’s repositioning, VIP rolling chip operations were transferred to City of Dreams in late 2024.
Meanwhile, Altira Macau maintained a smaller footprint with total operating revenues of US$25.6 million, compared to US$30.5 million a year earlier. The property recorded a narrowed Adjusted EBITDA loss of US$0.7 million, showing progress despite reduced activity.
Melco also announced that several Mocha Clubs would close before year-end 2025, with their gaming tables and electronic machines reallocated to City of Dreams and Studio City in accordance with Macau’s regulatory reforms on satellite casinos.
International Expansion and New Openings
Outside Macau, Melco’s City of Dreams Manila in the Philippines generated US$110.7 million in revenues, down from US$118.9 million in 2024. Adjusted EBITDA stood at US$41.3 million, impacted by weaker slot and non-gaming performance.
In Europe, City of Dreams Mediterranean and its satellite casinos in Cyprus achieved record results, with total revenue up to US$85.8 million and Adjusted EBITDA climbing to US$23.2 million. Mass table play and slot performance both improved sharply compared to last year.
Melco also launched new operations in Colombo, Sri Lanka, marking its latest international expansion. City of Dreams Sri Lanka opened on 1 August 2025, contributing US$6.1 million in operating revenue and recording an Adjusted EBITDA loss of US$600,000 during its first two months of activity.
According to the company’s official report, as of the end of September 2025, Melco held US$1.61 billion in cash and bank balances, including US$125.2 million in restricted funds. Total debt, net of financing adjustments, was US$7.35 billion, while overall liquidity—including undrawn credit facilities—stood at approximately US$2.6 billion.
During the quarter, the company repaid over US$530 million in credit facilities and notes and issued US$500 million in senior notes due 2033 to refinance maturing debt. Capital expenditures reached US$67.6 million, largely directed toward upgrades in Macau and the completion of the Sri Lanka casino.
Ho reaffirmed the company’s strategic focus on “disciplined financial management” and continued investment in enhancing guest experiences. Despite challenges such as Typhoon Ragasa, which temporarily closed Macau operations in September, Melco’s diversified portfolio and measured expansion across Asia and Europe have positioned it for continued recovery and sustainable growth.
