Melco Resorts & Entertainment reported an 11.4% year-on-year increase in total operating revenues to US$1.31 billion in the three months to 30 September 2025, with gaming revenues rising 12.4% to US$1.06 billion and non-gaming revenues 7.5% to US$248 million.
Revenues were slightly down compared with the June quarter, with Macau resorts City of Dreams and Studio City impacted by the 33-hour closure of casino operations in September due to Typhoon Ragasa.
Adjusted EBITDA of US$352 million was up 16.3% over the same period last year but flat sequentially, while net income reached US$62 million compared with US$13 million in 3Q24.
At City of Dreams Macau, total GGR grew by 19% year-on-year to US$732 million, although this was 5% lower than in Q2. All gaming segments showed year-on-year gains but quarter-on-quarter declines, with VIP GGR up 57% year-on-year to US$206 million, mass GGR up 9% to US$494 and slots GGR up 9% to US$33 million. Adjusted EBITDA climbed 27% year-on-year but fell 8% sequentially to US$207 million.
Studio City followed a similar trend, with total GGR rising 3% year-on-year to US$344 million. The mass-only property saw mass GGR grow 12% year-on-year to US$312 and slot GGR by 14% to US$32 million. The lower increase in total GGR was because of the removal of all VIP gaming tables since the same period last year. Adjusted Property EBITDA of US$113 million was up 13% over 3Q24.
In the Philippines, City of Dreams Manila saw total GGR decline by 9% compared to the same period last year to US$125 million although it improved sequentially by 12%. The quarter saw VIP GGR fall 5% year-on-year but rise 59% quarter-on-quarter to US$23 million, while mass GGR fell 8% year-on-year to US$51 million and slots GGR fell 12% to US$50 million.
There was a vastly improved showing at City of Dreams Mediterranean in Cyprus, where total GGR climbed 35% year-on-year and 14% quarter-on-quarter to US$78 million. VIP GGR was listed at zero – improved from past segment losses – while mass GGR was up 43% year-on-year and 16% quarter-on-quarter to US$41 million and slots GGR by 26% and 12% respectively to US$36 million. Adjusted EBITDA also showed good improvement to US$23 million.
Melco also revealed that other operations, including the provision of management services at City of Dreams Sri Lanka – opened on 1 August 2025 -generated total operating revenues of US$6.1 million and an Adjusted EBITDA loss of US$600,000.
“Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21% year-over-year,” said Melco Chairman and CEO, Lawrence Ho.
“Margins remained stable, underscoring the strength of our core business and focus on cost discipline. We introduced new gaming areas and facilities during the quarter, providing our patrons with a differentiated experience, and will continue to introduce new initiatives that will elevate the quality of engagement with our customers.
“In the Philippines, Property EBITDA grew 45% quarter-over-quarter, and in Cyprus, City of Dreams Mediterranean and our satellite casinos had its best quarter since opening with Property EBITDA growing 53% year-over-year.”
