Melco Resorts Reports 12.4% Higher Revenue in Q3 2025

Melco Resorts & Entertainment reported revenue of $1.31 billion for the third quarter ending Sept. 30, 2025. The performance reflects steady recovery across Macau and improving contribution from Cyprus, even as a 33-hour typhoon shutdown briefly interrupted operations.

Good to Know

• Gaming revenue totaled $1.06b, non-gaming revenue reached $248m
• Adjusted EBITDA rose to $352m, up 16.3% year-on-year
• Net income climbed to $62m, compared with $13m a year earlier

Gaming revenue increased 12.4% year-on-year, while non-gaming revenue grew 7.5%. The company noted that Typhoon Ragasa caused a temporary closure in Macau during the quarter, leading to a small sequential decline in total revenue.

Chairman and CEO Lawrence Ho said:

“Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21% year-over-year.”

Macau Performance

At City of Dreams Macau, total gross gaming revenue (GGR) reached $732 million, up 19% compared to the same period last year. VIP play grew 57% to $206 million, mass gaming reached $494 million (+9%), and slot revenue increased 9% to $33 million. Adjusted EBITDA for the property came in at $207 million, up 27% year-on-year.

At Studio City Macau, total GGR totaled $344 million, supported by 12% growth in mass gaming and 14% in slot revenue, following the removal of VIP tables last year. Adjusted Property EBITDA rose 13% to $113 million.

Ho commented:

“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.”

Wider Portfolio

At City of Dreams Manila, total GGR reached $125 million, down 9% year-on-year but up 12% sequentially. VIP play increased 59% from the previous quarter, supporting a 45% rise in Property EBITDA.

In Cyprus, City of Dreams Mediterranean posted its best quarter since launch, with GGR up 35% year-on-year to $78 million, and Adjusted EBITDA up 53% to $23 million. Ho noted that satellite casinos in the region also contributed to momentum.

The newly opened City of Dreams Sri Lanka, which launched in August 2025, generated $6.1 million in revenue and recorded an Adjusted EBITDA loss of $600,000, reflecting early-stage operational investment.

FAQ

What drove revenue growth in the quarter?

Macau properties showed higher mass and VIP play, and Cyprus delivered its strongest performance since opening.

Why was there a quarter-on-quarter revenue decline?

A 33-hour temporary closure in Macau during Typhoon Ragasa reduced operating days.

How did new properties contribute?

Sri Lanka contributed initial revenue but also reported start-up costs, which is typical for new openings.

Which region showed the most improvement?

Cyprus posted its highest GGR and EBITDA since launch, reflecting rising demand.

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