Melco Resorts & Entertainment Limited achieved a total operating revenue of $1.31 billion in the third quarter of 2025, an 11% increase year-over-year. The company's performance growth was primarily due to increased gaming and non-gaming revenues in its resorts in Asia and Europe, with notable market performances in Macau and Cyprus. Net profit saw a significant increase, with robust financial indicators reflecting the company's ongoing recovery.
Quarterly Performance Overview
In the third quarter of 2025, Melco Resorts & Entertainment's operating revenue increased from $1.386 billion in the same period last year to $1.845 billion, with adjusted property EBITDA up 18% to $380.4 million. Net profit attributable to shareholders reached $74.7 million, a significant rise from $27.3 million in 2024. Total gaming revenue grew by 12.4% to $1.06 billion, while non-gaming revenue increased by 7.5% to $248 million. Chairman and CEO Lawrence Ho emphasized that the company achieved growth through robust operations and cost control, with EBITDA for Macau properties increasing by 21% year-over-year.
Regional Market Performance
As the cornerstone of the business, Melco's City of Dreams Macau generated operating revenue of $672.6 million, up 19% year-over-year, with adjusted EBITDA rising to $206.9 million. VIP rolling chip volume increased to $5.58 billion, and mass market table games handle grew to $1.66 billion. Studio City's revenue slightly increased to $375.3 million, with adjusted EBITDA at $104.7 million, mainly benefiting from the mass market segment. Meanwhile, revenue for City of Dreams Macau Hotel narrowed to $25.6 million, with EBITDA losses improving to $0.7 million. The company also integrated Mocha Clubs resources in compliance with Macau regulatory requirements.
International Expansion and Finance
Beyond Macau, City of Dreams Manila in the Philippines generated revenue of $110.7 million, with adjusted EBITDA of $41.3 million; Cyprus operations totaled $85.8 million in revenue, with EBITDA climbing to $23.2 million. New ventures in Sri Lanka opened in August 2025, with early revenue of $6.1 million. The company held cash and bank deposits of $1.61 billion, total debt of $7.35 billion, and working capital of about $2.6 billion. This quarter, $530 million was repaid in debt, and $500 million in senior notes were issued. Capital expenditures of $67.6 million were allocated for upgrade projects, with Lawrence Ho reiterating a focus on financial management and investment in guest experience.
