City of Dreams Mediterranean showing solid year-over-year growth
Melco Resorts & Entertainment saw a surge in its Q3 results, driven by increases in Macau and a best-ever quarter in Cyprus, with the new casino in Sri Lanka expected to show positive EBITDA in two years.
Total operating revenues for the third quarter of 2025 were US$1.31bn, representing an increase of approximately 11 per cent from US$1.18bn 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.
Lawrence Ho, Melco Chairman and Chief Executive Officer, commented: “Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21 per cent year-over-year. 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 the Philippines, Property EBITDA grew 45 per cent quarter-over-quarter, and in Cyprus, City of Dreams Mediterranean and our satellite casinos had its best quarter since opening with Property EBITDA growing 53 per cent year-over-year.”
In Macau, results for Melco at City of Dreams climbed to US$672.6m, compared with US$563.9m in the third quarter of 2024. Studio City’s revenues came in at US$375.3m, compared with US$364.7m, whilst Altira Macau slid to US$25.6m, compared with US$30.5m.
Mr Ho said: “Our momentum in Macao is continuing, and we did not see a slowdown in October following the holidays. In fact, our Macao GGR grew over 30 per cent year over year post-Golden Week, and COD recorded its highest monthly mass tables GGR ever in October.
“In September, we reopened a gaming area featuring 15 gaming tables at City of Dreams near the Grand Hyatt, across from MGM Cotai and Wynn Palace, and just steps away from the Macao Light Rail Station. This new area has been designed to appeal to walk-in crowds with lower table minimums, and we have seen this area well utilized with a steady flow of new patrons. As we had announced previously, we closed Grand Dragon Casino and one of our Mocha Clubs in September. The 15 tables from Grand Dragon were allocated to the new gaming space at City of Dreams, and 90 gaming machines from the Mocha Clubs closure were shifted to Studio City. We will close two more Mocha Clubs before the end of the year, and the gaming machines will be reallocated across our three properties in Macao.”
In the Philippines results at City of Dreams Manila slid to US$110.7m, compared with US$118.9m in the third quarter of 2024. In Cyprus, City of Dreams Mediterranean and Other for the quarter ended September 30, 2025 were US$85.8m, compared with US$64.4m.
City of Dreams Sri Lanka, which commenced business on August 1, 2025, generated US$6.1m.
Mr Ho added: “City of Dreams Mediterranean and the satellite casinos in Cyprus had their best quarter yet, with property EBITDA growing 53 per cent year over year to $23m. Despite the escalation of hostilities in the region at the beginning of the quarter, we are now in the shoulder season, but the property is coming into its own and showing solid year-over-year growth so far. In Sri Lanka, we opened City of Dreams Sri Lanka on August 1st as the first integrated resort in Sri Lanka and in South Asia. It is early days as we solidify our footing and continue to ramp up our operations there.”
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City of Dreams Mediterranean showing solid year-over-year growth Melco Resorts & Entertainment saw a surge in its Q3 results, driven by increases in Macau and a best-ever quarter in Cyprus, with the new casino in Sri Lanka expected to show positive EBITDA in two years. Total operating revenues for the third quarter of 2025 were…
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