Melco Resorts & Entertainment (MLCO) Company Report

Analyst Coverage

Research analysts who have asked questions during Melco Resorts & Entertainment earnings calls.

John DeCree

CBRE

7 questions for MLCO

Also covers: BYD, CZR, FLL +10 more

Joseph Stauff

Susquehanna Financial Group, LLLP

6 questions for MLCO

Also covers: BYD, CHDN, DKNG +9 more

George Choi

Citigroup Inc.

5 questions for MLCO

Also covers: LVS

Luis Chinchilla

Deutsche Bank

5 questions for MLCO

Also covers: FLL

Praveen Choudhary

Morgan Stanley

5 questions for MLCO

D. S. Kim

JPMorgan Chase & Co.

2 questions for MLCO

Also covers: EDU, TAL

Timothy Chau

Citigroup

2 questions for MLCO

Vitaly Umansky

Seaport Research Partners

2 questions for MLCO

Also covers: LVS

Simon Cheung

Goldman Sachs Group, Inc.

1 question for MLCO

Also covers: ATAT, HTHT, TCOM

Latest news

Recent press releases and 8-K filings for MLCO.

Melco Resorts & Entertainment Limited Announces Unaudited Fourth Quarter and Full Year 2025 Earnings

MLCO

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Melco Resorts & Entertainment Limited reported total operating revenues of US$1.29 billion for the fourth quarter of 2025, an approximate 9% increase from the comparable period in 2024, and US$5.16 billion for the full year 2025.
The company achieved net income attributable to Melco Resorts & Entertainment Limited of US$60.6 million, or US$0.16 per ADS, for Q4 2025, compared to a net loss of US$20.3 million, or US$0.05 per ADS, in Q4 2024. For the full year 2025, net income was US$185.0 million, or US$0.46 per ADS, up from US$43.5 million, or US$0.10 per ADS, in 2024.
Adjusted Property EBITDA increased to US$331.3 million in Q4 2025 from US$295.2 million in Q4 2024, and reached US$1.43 billion for the full year 2025, compared to US$1.22 billion in 2024.
This growth was primarily attributed to improved overall rolling chip and mass market table games performance.
As of December 31, 2025, the company's total cash and bank balances aggregated to US$1.15 billion, with available liquidity of approximately US$2.38 billion.

Feb 13, 2026, 11:01 AM

6-K

Melco Resorts & Entertainment Reports Strong 2025 Growth, Outlines 2026 CapEx and Debt Reduction

MLCO

Earnings

Guidance Update

New Projects/Investments

Melco Resorts & Entertainment reported a 17% increase in group property EBITDA for full year 2025, reaching $1.4 billion, with Q4 2025 group-wide adjusted property EBITDA growing 12% year-over-year to approximately $331 million.
The company significantly reduced its debt by approximately $400 million in 2025 and has no material debt maturing in 2026, maintaining robust liquidity of approximately $2.4 billion as of year-end 2025.
Melco projects total CapEx of $450 million for 2026, including approximately $100 million allocated to the renovated Countdown Hotel in Macau, which is slated for a progressive opening in Q3 2026.
The trademark license fee payable to Melco International will increase from 1% of gross revenues in 2025 (totaling approximately $33 million) to 1.5% starting in Q1 2026.

Feb 12, 2026, 1:30 PM

Transcript

Melco Resorts & Entertainment Reports Q4 and Full-Year 2025 Results

MLCO

Earnings

Share Buyback

New Projects/Investments

For Q4 2025, Melco Resorts & Entertainment reported Total Operating Revenues of $1,293 million and Net Income of $46 million. For the full year 2025, Total Operating Revenues reached $5,163 million and Net Income was $145 million.
The company achieved significant growth in 2025, with Group-wide Property EBITDA increasing by 17% YoY and Macau Property EBITDA growing by 25% YoY.
Margin expansion was also notable in 2025, with the Group-wide Property EBITDA margin improving by 141bps to 27.8% and the Macau Property EBITDA margin increasing by 266bps to 27.9%.
Melco Resorts & Entertainment repaid US$413 million in debt and repurchased US$165 million in shares during 2025.
Key operational achievements in 2025 included the re-launch of House of Dancing Water and the opening of the Signature Club Clubhouse at City of Dreams Macau.

Feb 12, 2026, 1:30 PM

Presentation

Melco Resorts & Entertainment Reports Strong 2025 Growth and Outlines 2026 Investments

MLCO

Earnings

Guidance Update

New Projects/Investments

Melco Resorts & Entertainment reported a strong year of growth and recovery in 2025, with group property EBITDA reaching $1.4 billion, a 17% increase compared to 2024. Macau property EBITDA specifically grew 25% year-over-year in 2025, and Q4 2025 group-wide adjusted property EBITDA increased 12% year-over-year to approximately $331 million.
The company significantly reduced its debt, paying down approximately $400 million in 2025, and maintains a robust liquidity position with $2.4 billion available and $1.2 billion in consolidated cash on hand as of the end of 2025.
For 2026, total CapEx is projected at $450 million, with $100 million allocated to the renovation of the Countdown Hotel, which is on track to progressively open in Q3 2026. The company also noted a strong start to Q1 2026, with Macau market GGR up 24% year-over-year.
The trademark license fee payable to Melco International will increase from 1% of gross revenues of City of Dreams, Macau (excluding Grand Hyatt) in 2025 to 1.5% starting in Q1 2026, with total fees for 2025 amounting to approximately $33 million.

Feb 12, 2026, 1:30 PM

Transcript

Melco Resorts & Entertainment Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook

MLCO

Earnings

Guidance Update

New Projects/Investments

Melco Resorts & Entertainment reported group property EBITDA of $1.4 billion for the full year 2025, a 17% increase compared to 2024, and $331 million for the fourth quarter of 2025, up 12% year-over-year. Macau property EBITDA grew 25% for the full year 2025 and 24% for Q4 2025.
The company maintained a robust liquidity position with approximately $2.4 billion available and $1.2 billion consolidated cash on hand as of the end of 2025. The Melco Group paid down approximately $400 million of debt over the course of 2025 and continued debt reduction in early 2026.
Total capital expenditure (CapEx) for 2026 is projected at $450 million, with $100 million allocated to the Countdown Hotel renovation and $375 million for Macau overall.
For the first quarter of 2026, the company expects total depreciation and amortization to be approximately $140 million-$145 million, corporate expense around $35 million, and consolidated net interest expense between $115 million-$120 million. The trademark license fee will increase from 1% in 2025 to 1.5% from Q1 2026.

Feb 12, 2026, 1:30 PM

Transcript

Melco Resorts & Entertainment Reports Strong Q3 2025 Financial Performance

MLCO

Earnings

Debt Issuance

Revenue Acceleration/Inflection

Melco Resorts & Entertainment Limited reported total operating revenues of US$1.11 billion for the third quarter of 2025, an 11.6% increase from US$997.4 million in the third quarter of 2024. For the nine months ended September 30, 2025, total operating revenues were US$3.39 billion, up 13.8% from the comparable period in 2024.
Net income for Q3 2025 was US$52.1 million, significantly higher than US$10.6 million in Q3 2024. For the nine months ended September 30, 2025, net income reached US$100.8 million, compared to US$19.5 million in the prior year period.
The company's cash and cash equivalents and restricted cash totaled US$1,080.7 million as of September 30, 2025.
In September 2025, Melco Resorts Finance Limited issued US$500.0 million in 2033 Senior Notes, using the proceeds to settle US$142.1 million of the 2026 Senior Notes Tender Offer.

Nov 28, 2025, 11:05 AM

6-K

Melco Resorts & Entertainment Limited Announces Unaudited Third Quarter 2025 Earnings

MLCO

Earnings

Debt Issuance

New Projects/Investments

Melco Resorts & Entertainment Limited reported total operating revenues of US$1.31 billion for the third quarter of 2025, representing an increase of approximately 11% from US$1.18 billion in the comparable period of 2024.
Net income attributable to Melco Resorts & Entertainment Limited for Q3 2025 was US$74.7 million, or US$0.19 per ADS, compared to US$27.3 million, or US$0.06 per ADS, in Q3 2024.
Adjusted Property EBITDA for the third quarter of 2025 was US$380.4 million, up from US$322.6 million in Q3 2024, with Macau Property EBITDA improving by 21% year-over-year and City of Dreams Mediterranean's Property EBITDA growing 53% year-over-year.
As of September 30, 2025, the company's total cash and bank balances aggregated US$1.61 billion, and total net debt was US$7.35 billion.
In September 2025, Melco Resorts Finance Limited issued US$500.0 million aggregate principal amount of 6.50% senior notes due 2033, with proceeds used to settle existing 2026 Senior Notes.

Nov 7, 2025, 11:01 AM

6-K

Melco Reports Strong Q3 2025 Financial Performance and Strategic Expansion

MLCO

Earnings

New Projects/Investments

Share Buyback

Melco reported strong financial results for Q3 2025, with Total Operating Revenues increasing 11.4% to $1,310 million and Net Income surging 389.0% to $62 million compared to Q3 2024.
Adjusted Property EBITDA for Q3 2025 rose 17.9% to $380 million, reflecting improved operational performance across its properties.
The company expanded its global footprint with the official opening of City of Dreams Sri Lanka on August 1, 2025, adding approximately 800 hotel rooms, 118 gaming tables, and 250 gaming machines.
Melco continued its shareholder return initiatives, repurchasing approximately $165 million of ADSs year-to-date through November 5, 2025, as part of its $500 million share repurchase program.

Nov 6, 2025, 1:30 PM

Presentation

Melco Resorts & Entertainment Limited Reports Strong Q3 2025 Results and Provides Future Guidance

MLCO

Earnings

Guidance Update

New Projects/Investments

Melco Resorts & Entertainment Limited (MLCO) reported strong Q3 2025 results, with group-wide adjusted property EBITDA growing 18% year over year to approximately $380 million and Macao property EBITDA increasing 21% year over year, despite a $12 million negative impact from a typhoon. Property EBITDA for City of Dreams Mediterranean and Cyprus satellite casinos grew 53% year over year to $23 million.
The company maintained a robust liquidity position with $2.6 billion available and consolidated cash on hand of approximately $1.6 billion as of the end of Q3 2025. MLCO significantly reduced debt, repaying $180 million in Q3 and a further $180 million in October and November, and has no material debt maturing in 2026.
MLCO provided Q4 2025 guidance, expecting Macao OPEX per day to be around $3.3 million , and projected $400 million in CapEx for 2026. The company also plans a more balanced cash allocation strategy, aiming to potentially recommence quarterly dividends by the end of 2026.
Key operational updates include the opening of new gaming and premium mass facilities in Macao, the start of the $125 million Countdown Hotel renovation expected to open in Q3 2026 , and the opening of City of Dreams Sri Lanka. A strategic review for City of Dreams Manila is expected to conclude by the end of 2025.

Nov 6, 2025, 1:30 PM

Transcript

Melco Resorts Finance Prices Senior Notes Offering

MLCO

Debt Issuance

Melco Resorts Finance, a wholly-owned subsidiary of Melco Resorts & Entertainment Limited, priced an international offering of US$500 million aggregate principal amount of 6.500% senior notes due 2033.
The new notes were priced at 100%.
Proceeds from the offering are intended to fund a conditional cash tender offer for its outstanding 5.250% senior notes due 2026, cover related fees, and for general corporate purposes.
The new notes will be senior obligations of Melco Resorts Finance, with the parent company, Melco Resorts & Entertainment Limited, not acting as a guarantor.