Melco Resorts & Entertainment has posted year-on-year growth in revenue, operating income, and Adjusted Property EBITDA for the third quarter of 2025, driven by stronger gaming and non-gaming performance in Macau, the Philippines, and Cyprus, and supported by the opening of City of Dreams Sri Lanka.
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Melco Resorts & Entertainment has reported third-quarter 2025 operating revenues of US$1.31bn, up 11% from the same period last year. The company said the uplift reflects improved performance across its global gaming and non-gaming operations. Operating income rose to US$184.5m from US$138.6m, while Adjusted Property EBITDA increased to US$380.4m, compared to US$322.6m in Q3 2024.
Net income attributable to Melco was US$74.7m, or US$0.19 per ADS, up from US$27.3m a year earlier.
“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,” commented Chairman and CEO Lawrence Ho. “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… 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.”
Macau operations
City of Dreams generated US$672.6m in operating revenue (Q3 2024: US$563.9m) and US$206.9m in Adjusted EBITDA (Q3 2024: US$162.8m). Rolling chip volume increased to US$5.58bn, mass table drop reached US$1.66bn, and gaming machine handle rose to US$1.04bn. Non-gaming revenue was US$94.8m.
Studio City reported US$375.3m in revenue (Q3 2024: US$364.7m) and US$104.7m in Adjusted EBITDA (Q3 2024: US$92.8m), driven by stronger mass-market results. Non-gaming revenue was US$85.9m.
Altira Macau posted US$25.6m in revenue and a negative EBITDA of US$0.7m.
Mocha Clubs and reallocations
Following Macau regulatory strategy, one casino and one Mocha Club closed in September. Their equipment and tables were reassigned to City of Dreams and Studio City. Two further Mocha Clubs will close by year-end. Mocha and Other revenues totalled US$28.6m with EBITDA of US$5.8m.
Philippines
City of Dreams Manila recorded US$110.7m in revenue and US$41.3m in Adjusted EBITDA, slightly lower than last year due to softer machine and non-gaming performance.
Cyprus
City of Dreams Mediterranean and its satellite casinos delivered US$85.8m in revenue (Q3 2024: US$64.4m) and US$23.2m in Adjusted EBITDA (Q3 2024: US$15.1m).
Sri Lanka
City of Dreams Sri Lanka, which opened on 1 August, contributed US$6.1m in revenue with a negative EBITDA of US$0.6m for its first partial quarter.
Capital structure and liquidity
As of 30 September, Melco held US$1.61bn in cash, with total debt standing at US$7.35bn. During the quarter the company refinanced 2026 senior notes through a US$500m issuance and repaid various credit facilities. Available liquidity totalled approximately US$2.6bn. Capital expenditure for the quarter was US$67.6m, covering enhancement works in Macau and Studio City, and the Sri Lanka casino fit-out.
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Melco Resorts & Entertainment has posted year-on-year growth in revenue, operating income, and Adjusted Property EBITDA for the third quarter of 2025, driven by stronger gaming and non-gaming performance in Macau, the Philippines, and Cyprus, and supported by the opening of City of Dreams Sri Lanka. Story:Melco Resorts & Entertainment has reported third-quarter 2025 operating…
The post Melco reports higher Q3 revenues and earnings across core markets appeared first on G3 Newswire.