Melco Resorts & Entertainment reported total operating revenues of US$1.29 billion for the three months to 31 December 2025, up 9% year-on-year although slightly down from the US$1.31 billion reported in the September 2025 quarter.
Adjusted Property EBITDA of US$331.3 million was also up 12% year-on-year but down 6% sequentially, while net income attributable to Melco of US$60.6 million reversed a US$20.3 million loss a year earlier and only slightly down from US$62 million in Q3.
Melco’s flagship IR, City of Dreams Macau, was again the star performer, with total gross gaming revenue (GGR) rising 14% year-on-year and 4% quarter-on-quarter to US$764 million. Mass tables led the way with GGR of US$539 million, up 10% year-on-year, while VIP GGR enjoyed a surge to grow 39% to US$200 million. Slot GGR fell 22% year-on-year and 25% sequentially to US$25 million. Adjusted Property EBITDA was up 38% year-on-year to US$194 million.
At Studio City, total GGR grew 7% year-on-year to US$343 million – largely in line with the third quarter. Mass table GGR grew 10% compared with 4Q24 to US$314 million while slot GGR fell by 3% to US$28 million. Adjusted Property EBITDA was up 7% to US$87 million.
Altira, meanwhile, saw GGR fall 9% year-on-year to US$29 million with an Adjusted Property EBITDA loss of US$3 million.
In the Philippines, the wider woes of the Manila market were reflected in a 26% year-on-year and 12% sequential decline in total GGR at City of Dreams Manila to US$110 million. This included a 28% decline in mass table GGR to US$42 million, a 40% decline in VIP GGR to US$21 million and a 17% decline in slots GGR to US$47 million. Adjusted Property EBITDA fell 42% to US$33 million.
City of Dreams Mediterranean continued its steady rise, with total GGR reaching US$79 million – up 37% year-on-year and 1% higher than Q3. This came on the back of a 50% rise in mass GGR to US$42 million and a 26% increase in slots GGR to US$37 million. Adjusted Property EBITDA was up 78% to US$21 million.
Total operating revenues from “Other Operations”, which include the recently opened City of Dreams Sri Lanka, were US$6.4 million in Q4 with an Adjusted EBITDA loss of US$3.9 million.
For FY25, group-wide revenues reached US$5.16 billion, up from US$4.64 billion a year earlier, while operating income of US$600.4 million compared with US$484.6 million in 2024.
Melco Chairman and CEO, Lawrence Ho, said, “2025 was a year of growth and recovery, supported by disciplined cost management and margin expansion. Melco Resorts recorded US$1.43 billion in Group Property EBITDA for the full year 2025.
“In Macau, Property EBITDA grew by 25% year-over-year to US$1.23 billion for the full year 2025, driven by stronger gaming revenue and margins. We remain focused on executing our growth priorities and are energized by the pipeline of new initiatives launching in the coming year, each designed to further differentiate our offerings.
“In the Philippines, City of Dreams Manila was impacted by competitive pressures and industry headwinds. In Cyprus, City of Dreams Mediterranean and our satellite casinos recorded a solid 35% year-over-year growth in Property EBITDA for the full year 2025.”
