Melco Resorts & Entertainment reported a 14.5% year-on-year increase in total operating revenues to US$1.33 billion and 16.2% rise in gaming revenues to US$1.10 billion in the three months to 30 June 2025, aided by the strong performance of its Macau resorts.
The 2Q25 results also represented an 8.1% increase in total operating revenues and a 7.8% increase in gaming revenues compared with the March quarter.
Melco’s performance again comfortably beat forecasts, with Adjusted EBITDA rising 24.1% year-on-year to US$352 million. While VIP hold was high in Macau, analysts noted that even hold-adjusted property EBITDA outperformed, rising 22% year-on-year.
City of Dreams Macau was a standout performer, with GGR up 21% year-on-year and 6% quarter-on-quarter to US$779 million. Q2 was notable for the performance of mass GGR, which grew 14% year-on-year and 11% quarter-on-quarter to US$535 million. VIP was up 49% year-on-year but fell 5% sequentially to US$216 million while slot GGR held steady at US$28 million. Adjusted EBITDA grew by 37% year-on-year and 15% quarter-on-quarter to US$226 million.
Studio City, which no longer runs VIP gaming tables, reported a 6% year-on-year and 7% quarter-on-quarter increase in GGR to US$360 million including mass table GGR of US$326 million – up 13% versus the same period last year. Slots GGR was also up 22%, and 3% compared with Q1, to US$34 million, with Adjusted EBITDA rising 33% year-on-year and 8% sequentially to US$105 million.
Altira was more subdued as GGR remained flat at US$28 million although the property returned to profit with Adjusted EBITDA of US$1 million.
By contrast, Melco’s Philippines and Cyprus IRs continue to face challenges.
City of Dreams Manila reported a 9% year-on-year decline in GGR – although slightly improved quarter-on quarter – to US$111 million, with sequential growth in mass and VIP tables offset by a 10% decline in slots GGR to US$46 million. Adjusted EBITDA was down 30% year-on-year and 5% quarter-on-quarter to US$28 million.
City of Dreams Mediterranean saw decent growth in gaming revenues, although rising costs impacted profitability. The company reported GGR of US$68 million in Q2, up 26% year-on-year and 15% quarter-on-quarter, all from the mass market. Mass table GGR was up 30% and 22% respectively to US$35 million while slots GGR was up 21% versus 2Q24 and 10% versus 1Q25 to US$33 million. Adjusted EBITDA reached US$12 million.
Melco Chairman and CEO Lawrence Ho said, “Macau Property EBITDA grew 35% year-over-year and 13% quarter-to-quarter. Gaming volumes and revenue increased, with City of Dreams Macau and Studio City setting new records in mass market table games revenue. This was further supported by increases in cost efficiencies leading to stronger margins. We are confident that the strategic initiatives we implemented have set us up on a solid foundation for continued growth.
“In the Philippines, although the heightened competitive environment continues to impact performance, we have been implementing a variety of initiatives to improve performance and reduce cost. In Cyprus, City of Dreams Mediterranean and our satellite casinos exhibited solid results despite the events in the Middle East in June 2025 and we are cautiously optimistic about the performance for the remainder of the peak season.
“And finally, we are very excited to have City of Dreams Sri Lanka open on August 1, 2025. City of Dreams Sri Lanka represents the first integrated resort in Sri Lanka and South Asia, and we are excited for the opportunities this presents for us.”
