Melco Resorts & Entertainment reported total operating revenues of US$1.37 billion in the three months to 31 March 2026, up 10.9% year-on-year and 6.2% higher than the December 2025 quarter.
The improvement was primarily driven by ongoing growth in the mass gaming segments at Melco’s Macau resorts, although City of Dreams Manila also staged a recovery in VIP.
Group Adjusted EBITDA grew 9.8% year-on-year and 3.6% sequentially to US$343 million, while net income reached US$71 million.
By property, City of Dreams Macau saw GGR grow 11% year-on-year to US$813 million with Adjusted EBITDA up 9% to US$214 million. The improvement came off the back of a 12% rise in mass GGR to US$40 million and a 75% increase in slots GGR to US$50 million, while VIP was flat year-on-year – but up 12% sequentially – to US$223 million.
At Studio City, GGR grew 11% to US$373 million and Adjusted EBITDA by 15% to US$112 million, aided by strong mass hold of 36.9%. Mass GGR grew by 10% to US$333 million and slots GGR by 24% to US$41 million.
Altira also booked a 47% increase in GGR to US$41 million of which mass tables generated US$34 million, up 38% year-on-year. Slots were up 105% to US$8 million, with Adjusted EBITDA of US$4 million.
In the Philippines, City of Dreams Manila saw GGR grow 9% to US$119 million on a 128% increase in VIP gaming to US$24 million. Mass GGR fell 7% year-on-year but grew 6% sequentially to US$44 million while slots GGR fell 1% year-on-year but grew 7% quarter-on-quarter to US$51 million.
At City of Dreams Mediterranean in Cyprus, GGR grew 12% year-on-year but was down 22% versus 4Q25 to US$65 million while Adjusted EBITDA plummeted to US$9 million.
Melco Chairman and CEO Lawrence Ho said Cyprus was “impacted by the conflicts in the Middle East that began in late February, which adversely affected tourism arrivals.”
He added, “We are closely monitoring developments and will remain operationally flexible as we position the business for a recovery in travel demand.”
Melco revealed that other operations, including casino operations at the recently opened City of Dreams Sri Lanka and provision of management services to the Nüwa hotel at the property, generated revenue of US$14.3 million with Adjusted EBITDA of around US$300,000.
