Net income attributable to the owners at global casino operator Melco Resorts & Entertainment Ltd fell 19.6 percent year-on-year in the second quarter, to just under US$17.2 million. Nonetheless, group-wide operating revenues rose 14.5 percent year-on-year, to nearly US$1.33 billion for the three months to June 30, the firm said in a Thursday announcement.
Adjusted net income – i.e., before pre-opening costs, development costs, property charges and other – was up by 224.8 percent, to almost US$92.3 million.
Group-wide operating revenues from casino business went up 16.2 percent year-on-year, to nearly US$1.01 billion.
The group runs casinos in Macau, one in the Philippine capital Manila, and several in the Republic of Cyprus. This Friday (August 1) it will launch a new casino in the Sri Lankan capital, Colombo, with an official launch event scheduled for Saturday (August 2).
Melco Resorts’ global second-quarter operating expenses rose by 16.2 percent from the prior-year period, to slightly over US$1.20 billion.
Group-wide adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) expanded by 24.7 percent year-on-year, to just above US$377.7 million.
For the Macau market – City of Dreams, Studio City, Altira Macau, the Mocha slot club chain and ‘other’ – adjusted second-quarter property EBITDA was US$336.9 million, up from 2024’s just over US$249.2 million.
Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, was quoted as saying: “Macau property EBITDA grew 35 percent year-over-year and 13 percent quarter-to-quarter. “
He added: “Gaming volumes and revenue increased, with City of Dreams Macau and Studio City setting new records in mass-market table games revenue.”
The Melco Resorts boss noted: “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.”
Philippines, Cyprus headwinds
Mr Ho said that for the operation Melco Resorts manages at City of Dreams Manila, “although the heightened competitive environment continues to impact performance, we have been implementing a variety of initiatives to improve performance and reduce cost.”
Second-quarter operating income at City of Dreams Manila declined by 25.8 percent year-on-year, to just under US$12.8 million. Its adjusted property EBITDA slipped 29.8 percent, to slightly above US$28.4 million.
The Melco Resorts CEO observed, referring to armed conflict in a region neighbouring the eastern Mediterranean: “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.”
The Cyprus business had a US$748,000 operating loss in the second quarter, compared to a US$653,000 operating profit in the three months to June 30, 2024. Its second-quarter 2025 adjusted property EBITDA was just over US$12.4 million, down 5.3 percent year-on-year.
Mr Ho was also cited saying, referring to the firm’s latest project: “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.”
