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Melco Announces Unaudited Third Quarter 2025 Earnings
| (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 ( ) and Altira Macau ( ), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Mocha Clubs ( ), the only non-casino based operation of electronic gaming machines in Macau. In addition, the Company operates Studio City ( ), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila ( ), 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 ( ) and licensed satellite casinos in other cities in Cyprus (the“Cyprus Casinos”). In South Asia, the Company operates the casino and manages the Nüwa hotel at City of Dreams Sri Lanka ( ), an integrated resort in Colombo, Sri Lanka. For more information about the Company, please visit .
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: ...
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: ...
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Casino | $ | 1,061,469 | $ | 944,352 | $ | 3,181,389 | $ | 2,800,640 | ||||||||
| Rooms | 118,577 | 110,993 | 332,634 | 313,217 | ||||||||||||
| Food and beverage | 73,270 | 73,512 | 219,766 | 211,191 | ||||||||||||
| Entertainment, retail and other | 56,191 | 46,276 | 136,237 | 122,147 | ||||||||||||
| Total operating revenues | 1,309,507 | 1,175,133 | 3,870,026 | 3,447,195 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Casino | (674,624 | ) | (624,121 | ) | (2,033,228 | ) | (1,866,346 | ) | ||||||||
| Rooms | (38,623 | ) | (33,528 | ) | (111,186 | ) | (93,046 | ) | ||||||||
| Food and beverage | (60,041 | ) | (59,828 | ) | (181,779 | ) | (168,277 | ) | ||||||||
| Entertainment, retail and other | (27,560 | ) | (22,868 | ) | (74,078 | ) | (62,515 | ) | ||||||||
| General and administrative | (167,005 | ) | (140,506 | ) | (480,449 | ) | (411,849 | ) | ||||||||
| Payments to the Philippine Parties | (10,213 | ) | (10,508 | ) | (28,514 | ) | (29,532 | ) | ||||||||
| Pre-opening costs | (7,393 | ) | (5,763 | ) | (50,416 | ) | (10,935 | ) | ||||||||
| Development costs | (996 | ) | (1,469 | ) | (6,266 | ) | (3,541 | ) | ||||||||
| Amortization of land use rights | (4,984 | ) | (4,993 | ) | (14,966 | ) | (14,948 | ) | ||||||||
| Depreciation and amortization | (133,323 | ) | (130,861 | ) | (387,687 | ) | (392,218 | ) | ||||||||
| Property charges and other | (234 | ) | (2,103 | ) | (47,420 | ) | (6,317 | ) | ||||||||
| Total operating costs and expenses | (1,124,996 | ) | (1,036,548 | ) | (3,415,989 | ) | (3,059,524 | ) | ||||||||
| Operating income | 184,511 | 138,585 | 454,037 | 387,671 | ||||||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 1,057 | 3,769 | 5,620 | 12,600 | ||||||||||||
| Interest expense, net of amounts capitalized | (113,261 | ) | (121,438 | ) | (350,650 | ) | (366,950 | ) | ||||||||
| Other financing costs | (992 | ) | (2,061 | ) | (4,970 | ) | (5,661 | ) | ||||||||
| Foreign exchange (losses) gains, net | (9,296 | ) | (1,790 | ) | 9,605 | (1,283 | ) | |||||||||
| Other income, net | 1,410 | 601 | 3,399 | 3,206 | ||||||||||||
| Loss on extinguishment of debt | (524 | ) | (114 | ) | (524 | ) | (983 | ) | ||||||||
| Total non-operating expenses, net | (121,606 | ) | (121,033 | ) | (337,520 | ) | (359,071 | ) | ||||||||
| Income before income tax | 62,905 | 17,552 | 116,517 | 28,600 | ||||||||||||
| Income tax expense | (845 | ) | (4,862 | ) | (17,355 | ) | (16,647 | ) | ||||||||
| Net income | 62,060 | 12,690 | 99,162 | 11,953 | ||||||||||||
| Net loss attributable to noncontrolling interests | 12,626 | 14,567 | 25,248 | 51,864 | ||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 74,686 | $ | 27,257 | $ | 124,410 | $ | 63,817 | ||||||||
| Net income attributable to Melco Resorts & Entertainment Limited per share: | ||||||||||||||||
| Basic | $ | 0.064 | $ | 0.021 | $ | 0.104 | $ | 0.049 | ||||||||
| Diluted | $ | 0.063 | $ | 0.021 | $ | 0.103 | $ | 0.049 | ||||||||
| Net income attributable to Melco Resorts & Entertainment Limited per ADS: | ||||||||||||||||
| Basic | $ | 0.191 | $ | 0.063 | $ | 0.311 | $ | 0.146 | ||||||||
| Diluted | $ | 0.189 | $ | 0.063 | $ | 0.309 | $ | 0.146 | ||||||||
| Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation: | ||||||||||||||||
| Basic | 1,171,585,944 | 1,294,946,572 | 1,201,377,034 | 1,308,860,794 | ||||||||||||
| Diluted | 1,184,132,090 | 1,295,758,173 | 1,207,524,521 | 1,312,221,773 | ||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,481,604 | $ | 1,147,193 | ||||
| Restricted cash | - | 368 | ||||||
| Accounts receivable, net | 100,632 | 144,211 | ||||||
| Receivables from affiliated companies | 1,577 | 2,422 | ||||||
| Inventories | 35,273 | 32,452 | ||||||
| Prepaid expenses and other current assets | 96,627 | 102,521 | ||||||
| Total current assets | 1,715,713 | 1,429,167 | ||||||
| Property and equipment, net | 5,213,411 | 5,272,500 | ||||||
| Intangible assets, net | 273,773 | 288,710 | ||||||
| Goodwill | 25,854 | 82,090 | ||||||
| Long-term prepayments, deposits and other assets, net | 119,091 | 131,850 | ||||||
| Restricted cash | 125,215 | 125,511 | ||||||
| Operating lease right-of-use assets | 79,798 | 89,164 | ||||||
| Land use rights, net | 549,975 | 566,351 | ||||||
| Total assets | $ | 8,102,830 | $ | 7,985,343 | ||||
| LIABILITIES AND DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 17,380 | $ | 24,794 | ||||
| Accrued expenses and other current liabilities | 1,024,238 | 1,054,018 | ||||||
| Income tax payable, current | 30,379 | 38,009 | ||||||
| Operating lease liabilities, current | 19,408 | 18,590 | ||||||
| Finance lease liabilities, current | 33,779 | 33,817 | ||||||
| Current portion of long-term debt, net | 457,755 | 21,597 | ||||||
| Payables to affiliated companies | 619 | 39 | ||||||
| Total current liabilities | 1,583,558 | 1,190,864 | ||||||
| Long-term debt, net | 6,887,549 | 7,135,825 | ||||||
| Other long-term liabilities | 306,299 | 315,299 | ||||||
| Income tax payable, non-current | 10,848 | - | ||||||
| Deferred tax liabilities, net | 37,541 | 36,708 | ||||||
| Operating lease liabilities, non-current | 75,796 | 80,673 | ||||||
| Finance lease liabilities, non-current | 154,543 | 165,938 | ||||||
| Total liabilities | 9,056,134 | 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; | ||||||||
| 1,171,986,064 and 1,259,138,299 shares outstanding, respectively | 13,515 | 13,515 | ||||||
| Treasury shares, at cost; 179,554,318 and 92,402,083 shares, respectively | (357,015 | ) | (216,626 | ) | ||||
| Additional paid-in capital | 2,981,659 | 2,985,730 | ||||||
| Accumulated other comprehensive losses | (59,781 | ) | (95,750 | ) | ||||
| Accumulated losses | (3,888,919 | ) | (4,013,329 | ) | ||||
| Total Melco Resorts & Entertainment Limited shareholders' deficit | (1,310,541 | ) | (1,326,460 | ) | ||||
| Noncontrolling interests | 357,237 | 386,496 | ||||||
| Total deficit | (953,304 | ) | (939,964 | ) | ||||
| Total liabilities and deficit | $ | 8,102,830 | $ | 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 74,686 | $ | 27,257 | $ | 124,410 | $ | 63,817 | ||||||||
| Pre-opening costs | 7,393 | 5,763 | 50,416 | 10,935 | ||||||||||||
| Development costs | 996 | 1,469 | 6,266 | 3,541 | ||||||||||||
| Property charges and other | 234 | 2,103 | 47,420 | 6,317 | ||||||||||||
| Loss on extinguishment of debt | 524 | 114 | 524 | 983 | ||||||||||||
| Income tax impact on adjustments | (12 | ) | - | (811 | ) | (37 | ) | |||||||||
| Noncontrolling interests impact on adjustments | (138 | ) | (263 | ) | (1,190 | ) | (1,146 | ) | ||||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited | $ | 83,683 | $ | 36,443 | $ | 227,035 | $ | 84,410 | ||||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited per share: | ||||||||||||||||
| Basic | $ | 0.071 | $ | 0.028 | $ | 0.189 | $ | 0.064 | ||||||||
| Diluted | $ | 0.071 | $ | 0.028 | $ | 0.188 | $ | 0.064 | ||||||||
| Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS: | ||||||||||||||||
| Basic | $ | 0.214 | $ | 0.084 | $ | 0.567 | $ | 0.193 | ||||||||
| Diluted | $ | 0.212 | $ | 0.084 | $ | 0.564 | $ | 0.193 | ||||||||
| Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation: | ||||||||||||||||
| Basic | 1,171,585,944 | 1,294,946,572 | 1,201,377,034 | 1,308,860,794 | ||||||||||||
| Diluted | 1,184,132,090 | 1,295,758,173 | 1,207,524,521 | 1,312,221,773 | ||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | |||||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other (3) | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations (4) | Corporate and Other | Total | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 153,803 | $ | 45,914 | $ | (2,275 | ) | $ | 4,252 | $ | 24,272 | $ | 9,537 | $ | (11,119 | ) | $ | (39,873 | ) | $ | 184,511 | ||||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 10,213 | - | - | - | 10,213 | ||||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 1,390 | - | 1,788 | - | 3,178 | ||||||||||||||||||||||||||||
| Pre-opening costs(6) | 410 | 31 | - | - | - | - | 6,359 | - | 6,800 | ||||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | - | 996 | 996 | ||||||||||||||||||||||||||||
| Depreciation and amortization | 52,242 | 58,152 | 604 | 1,448 | 4,977 | 13,291 | 2,318 | 5,275 | 138,307 | ||||||||||||||||||||||||||||
| Share-based compensation | 1,601 | 416 | 115 | 47 | 271 | 107 | 25 | 5,142 | 7,724 | ||||||||||||||||||||||||||||
| Property charges and other | (1,176 | ) | 158 | 849 | 26 | 138 | 239 | - | - | 234 | |||||||||||||||||||||||||||
| Adjusted EBITDA | 206,880 | 104,671 | (707 | ) | 5,773 | 41,261 | 23,174 | (629 | ) | (28,460 | ) | 351,963 | |||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 28,460 | 28,460 | ||||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 206,880 | $ | 104,671 | $ | (707 | ) | $ | 5,773 | $ | 41,261 | $ | 23,174 | $ | (629 | ) | $ | - | $ | 380,423 | |||||||||||||||||
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations (4) | Corporate and Other | Total | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 108,290 | $ | 36,127 | $ | (2,152 | ) | $ | 5,919 | $ | 22,302 | $ | 2,111 | $ | (2,424 | ) | $ | (31,588 | ) | $ | 138,585 | ||||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 10,508 | - | - | - | 10,508 | ||||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 1,398 | - | 1,199 | - | 2,597 | ||||||||||||||||||||||||||||
| Pre-opening costs(6) | 3,311 | 24 | - | - | - | (2 | ) | 1,231 | - | 4,564 | |||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 7 | 1,462 | 1,469 | ||||||||||||||||||||||||||||
| Depreciation and amortization | 48,967 | 56,015 | 618 | 962 | 11,469 | 12,679 | - | 5,144 | 135,854 | ||||||||||||||||||||||||||||
| Share-based compensation | 1,241 | 342 | 107 | 43 | 252 | 103 | - | 4,819 | 6,907 | ||||||||||||||||||||||||||||
| Property charges and other | 1,019 | 325 | 342 | - | 3 | 224 | - | 190 | 2,103 | ||||||||||||||||||||||||||||
| Adjusted EBITDA | 162,828 | 92,833 | (1,085 | ) | 6,924 | 45,932 | 15,115 | 13 | (19,973 | ) | 302,587 | ||||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 19,973 | 19,973 | ||||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 162,828 | $ | 92,833 | $ | (1,085 | ) | $ | 6,924 | $ | 45,932 | $ | 15,115 | $ | 13 | $ | - | $ | 322,560 | ||||||||||||||||||
| (3) | Mocha and Other segment includes the operation of the Grand Dragon Casino before its closure effective on September 23, 2025. | ||||||||||||||||||||||||||||||||||||
| (4) | Effective from August 1, 2025, the Company's casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to operate certain floors of the hotel tower at City of Dreams Sri Lanka which opened to the public on July 15, 2025 were previously reported under the Corporate and Other category, has been included in the Other Operations segment. City of Dreams Sri Lanka is an integrated resort in Colombo, Sri Lanka, developed by a subsidiary of John Keells Holdings PLC, an independent third party. | ||||||||||||||||||||||||||||||||||||
| (5) | Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to a subsidiary of John Keells Holdings PLC. | ||||||||||||||||||||||||||||||||||||
| (6) | 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) | ||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other (3) | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations (4) | Corporate and Other | Total | ||||||||||||||||||||||||||||
| Operating income (loss) | $ | 454,663 | $ | 131,376 | $ | (4,753 | ) | $ | (41,496 | ) | $ | 50,565 | $ | 8,317 | $ | (25,303 | ) | $ | (119,332 | ) | $ | 454,037 | ||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 28,514 | - | - | - | 28,514 | |||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 4,192 | - | 5,367 | - | 9,559 | |||||||||||||||||||||||||||
| Pre-opening costs(6) | 28,871 | 500 | - | - | - | - | 16,873 | - | 46,244 | |||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | - | 6,266 | 6,266 | |||||||||||||||||||||||||||
| Depreciation and amortization | 153,001 | 171,826 | 1,709 | 3,552 | 15,482 | 38,444 | 2,318 | 16,321 | 402,653 | |||||||||||||||||||||||||||
| Share-based compensation | 4,498 | 1,182 | 327 | 137 | 756 | 312 | 63 | 14,885 | 22,160 | |||||||||||||||||||||||||||
| Property charges and other | (12,608 | ) | 2,319 | 2,162 | 55,583 | 224 | 128 | - | (388 | ) | 47,420 | |||||||||||||||||||||||||
| Adjusted EBITDA | 628,425 | 307,203 | (555 | ) | 17,776 | 99,733 | 47,201 | (682 | ) | (82,248 | ) | 1,016,853 | ||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 82,248 | 82,248 | |||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 628,425 | $ | 307,203 | $ | (555 | ) | $ | 17,776 | $ | 99,733 | $ | 47,201 | $ | (682 | ) | $ | - | $ | 1,099,101 | ||||||||||||||||
| Nine Months Ended September 30, 2024 | ||||||||||||||||||||||||||||||||||||
| City of Dreams | Studio City | Altira Macau | Mocha and Other | City of Dreams Manila | City of Dreams Mediterranean and Other | Other Operations (4) | Corporate and Other | Total | ||||||||||||||||||||||||||||
| Operating income (loss) | $ | 317,461 | $ | 92,864 | $ | (5,710 | ) | $ | 18,307 | $ | 55,003 | $ | 329 | $ | (2,962 | ) | $ | (87,621 | ) | $ | 387,671 | |||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 29,532 | - | - | - | 29,532 | |||||||||||||||||||||||||||
| Integrated resort and casino rent(5) | - | - | - | - | 4,191 | - | 1,199 | - | 5,390 | |||||||||||||||||||||||||||
| Pre-opening costs(6) | 6,984 | 830 | 69 | - | - | 313 | 1,540 | - | 9,736 | |||||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 177 | 3,364 | 3,541 | |||||||||||||||||||||||||||
| Depreciation and amortization | 150,141 | 164,774 | 1,750 | 2,813 | 34,450 | 37,611 | - | 15,627 | 407,166 | |||||||||||||||||||||||||||
| Share-based compensation | 3,780 | 1,053 | 334 | 123 | 835 | 314 | - | 14,428 | 20,867 | |||||||||||||||||||||||||||
| Property charges and other | 3,197 | 473 | 1,886 | (5 | ) | 254 | 193 | - | 319 | 6,317 | ||||||||||||||||||||||||||
| Adjusted EBITDA | 481,563 | 259,994 | (1,671 | ) | 21,238 | 124,265 | 38,760 | (46 | ) | (53,883 | ) | 870,220 | ||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | - | 53,883 | 53,883 | |||||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | 481,563 | $ | 259,994 | $ | (1,671 | ) | $ | 21,238 | $ | 124,265 | $ | 38,760 | $ | (46 | ) | $ | - | $ | 924,103 | ||||||||||||||||
| 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 | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to Melco Resorts & Entertainment Limited | $ | 74,686 | $ | 27,257 | $ | 124,410 | $ | 63,817 | |||||||
| Net loss attributable to noncontrolling interests | (12,626 | ) | (14,567 | ) | (25,248 | ) | (51,864 | ) | |||||||
| Net income | 62,060 | 12,690 | 99,162 | 11,953 | |||||||||||
| Income tax expense | 845 | 4,862 | 17,355 | 16,647 | |||||||||||
| Interest and other non-operating expenses, net | 121,606 | 121,033 | 337,520 | 359,071 | |||||||||||
| Depreciation and amortization | 138,307 | 135,854 | 402,653 | 407,166 | |||||||||||
| Property charges and other | 234 | 2,103 | 47,420 | 6,317 | |||||||||||
| Share-based compensation | 7,724 | 6,907 | 22,160 | 20,867 | |||||||||||
| Development costs | 996 | 1,469 | 6,266 | 3,541 | |||||||||||
| Pre-opening costs(6) | 6,800 | 4,564 | 46,244 | 9,736 | |||||||||||
| Integrated resort and casino rent(5) | 3,178 | 2,597 | 9,559 | 5,390 | |||||||||||
| Payments to the Philippine Parties | 10,213 | 10,508 | 28,514 | 29,532 | |||||||||||
| Adjusted EBITDA | 351,963 | 302,587 | 1,016,853 | 870,220 | |||||||||||
| Corporate and Other expenses | 28,460 | 19,973 | 82,248 | 53,883 | |||||||||||
| Adjusted Property EBITDA | $ | 380,423 | $ | 322,560 | $ | 1,099,101 | $ | 924,103 | |||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||||||
| Supplemental Data Schedule | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Room Statistics: | ||||||||||||||||||||||
| City of Dreams | ||||||||||||||||||||||
| Average daily rate(7) | $ | 218 | $ | 211 | $ | 218 | $ | 209 | ||||||||||||||
| Occupancy per available room | 98 | % | 91 | % | 98 | % | 92 | % | ||||||||||||||
| Revenue per available room(8) | $ | 212 | $ | 192 | $ | 213 | $ | 193 | ||||||||||||||
| Studio City | ||||||||||||||||||||||
| Average daily rate(7) | $ | 178 | $ | 171 | $ | 170 | $ | 162 | ||||||||||||||
| Occupancy per available room | 97 | % | 96 | % | 98 | % | 96 | % | ||||||||||||||
| Revenue per available room(8) | $ | 174 | $ | 164 | $ | 166 | $ | 155 | ||||||||||||||
| Altira Macau | ||||||||||||||||||||||
| Average daily rate(7) | $ | 135 | $ | 134 | $ | 133 | $ | 132 | ||||||||||||||
| Occupancy per available room | 96 | % | 95 | % | 97 | % | 95 | % | ||||||||||||||
| Revenue per available room(8) | $ | 130 | $ | 128 | $ | 129 | $ | 126 | ||||||||||||||
| City of Dreams Manila | ||||||||||||||||||||||
| Average daily rate(7) | $ | 158 | $ | 164 | $ | 160 | $ | 164 | ||||||||||||||
| Occupancy per available room | 90 | % | 97 | % | 93 | % | 97 | % | ||||||||||||||
| Revenue per available room(8) | $ | 142 | $ | 158 | $ | 150 | $ | 158 | ||||||||||||||
| City of Dreams Mediterranean and Other | ||||||||||||||||||||||
| Average daily rate(7) | $ | 595 | $ | 526 | $ | 493 | $ | 438 | ||||||||||||||
| Occupancy per available room | 72 | % | 71 | % | 64 | % | 62 | % | ||||||||||||||
| Revenue per available room(8) | $ | 425 | $ | 371 | $ | 315 | $ | 273 | ||||||||||||||
| Other Information: | ||||||||||||||||||||||
| City of Dreams | ||||||||||||||||||||||
| Average number of table games | 437 | 430 | 435 | 430 | ||||||||||||||||||
| Average number of gaming machines | 615 | 600 | 619 | 616 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 17,583 | $ | 14,738 | $ | 18,239 | $ | 15,237 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 586 | $ | 545 | $ | 533 | $ | 509 | ||||||||||||||
| Studio City | ||||||||||||||||||||||
| Average number of table games | 253 | 253 | 253 | 250 | ||||||||||||||||||
| Average number of gaming machines | 726 | 726 | 749 | 679 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 13,572 | $ | 13,212 | $ | 13,680 | $ | 13,270 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 484 | $ | 418 | $ | 485 | $ | 443 | ||||||||||||||
| Altira Macau | ||||||||||||||||||||||
| Average number of table games | 29 | 37 | 32 | 40 | ||||||||||||||||||
| Average number of gaming machines | 148 | 132 | 138 | 136 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 8,188 | $ | 8,658 | $ | 8,199 | $ | 8,433 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 274 | $ | 223 | $ | 275 | $ | 247 | ||||||||||||||
| Mocha and Other | ||||||||||||||||||||||
| Average number of table games | 15 | 15 | 15 | 16 | ||||||||||||||||||
| Average number of gaming machines | 850 | 873 | 847 | 894 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 6,884 | $ | 6,888 | $ | 6,623 | $ | 6,741 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 269 | $ | 276 | $ | 276 | $ | 274 | ||||||||||||||
| City of Dreams Manila | ||||||||||||||||||||||
| Average number of table games | 262 | 264 | 265 | 267 | ||||||||||||||||||
| Average number of gaming machines | 2,264 | 2,276 | 2,265 | 2,278 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 3,089 | $ | 3,308 | $ | 2,740 | $ | 3,059 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 241 | $ | 272 | $ | 238 | $ | 259 | ||||||||||||||
| City of Dreams Mediterranean and Other | ||||||||||||||||||||||
| Average number of table games | 106 | 104 | 106 | 103 | ||||||||||||||||||
| Average number of gaming machines | 888 | 897 | 886 | 892 | ||||||||||||||||||
| Table games win per unit per day(9) | $ | 4,231 | $ | 2,994 | $ | 3,674 | $ | 2,959 | ||||||||||||||
| Gaming machines win per unit per day(10) | $ | 446 | $ | 352 | $ | 408 | $ | 334 | ||||||||||||||
| (7 | ) | 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 | ||||||||||||||||||||
| (8 | ) | Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | ||||||||||||||||||||
| (9 | ) | 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 | ||||||||||||||||||||
| (10 | ) | 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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