Net income attributable to global casino operator Melco Resorts & Entertainment Ltd jumped 174.0 percent year-on-year in the third quarter, to nearly US$74.7 million, from almost US$27.3 million, the firm said in a Thursday announcement.
The company made no mention of dividend in its update. Last November it had said it might resume dividends in the second half of this year. Melco Resorts has not paid a dividend since February 2020.
The third quarter 2025 performance was on total operating revenues that rose 11.4 percent from a year earlier, to nearly US$1.31 billion.
Consolidated casino revenues were US$1.06 billion, up 12.4 percent year-on-year. Group non-gaming revenues were US$248.0 million, up 7.5 percent from the prior-year period’s almost US$230.8 million.
The group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) went up 17.9 percent, to US$380.4 million.
Melco Resorts runs casinos in Macau, one in the Philippine capital Manila, and several in the Republic of Cyprus. During the third quarter, it launched a new one in the Sri Lankan capital, Colombo.
Thursday’s results update quoted Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, as saying: “Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau property EBITDA improving by 21 percent year-over-year.”
He added: “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.”
Mr Ho said that in the Philippines, where his company operates City of Dreams Manila via a deal with local investors, “property EBITDA grew 45 percent quarter-over-quarter”.
He added that in the Republic of Cyprus, “City of Dreams Mediterranean and our satellite casinos had [the] best quarter since opening, with property EBITDA growing 53 percent year-over-year.”
The Sri Lanka venue – which has a local real estate developer as the main investor on the infrastructure – is part of Melco Resorts’ “other operations” segment.
Total operating revenues from “other operations” were US$6.1 million for the quarter ended September 30. Adjusted EBITDA from “other operations” were negative by US$0.6 million in the period.
Property performances
The group’s Macau flagship City of Dreams saw its operating revenues rise 19.3 percent year-on-year, to US$672.6 million. Adjusted property EBITDA there rose 27.1 percent, to just under US$206.9 million, “primarily a result of better performance in all gaming and non-gaming operations”.
Rolling chip volume at the property increased to US$5.58 billion during the third quarter, compared with US$3.30 billion a year before. Mass market table games drop increased to US$1.66 billion, from US$1.40 billion. City of Dreams’ gaming machine handle was US$1.04 billion, compared with US$0.94 billion in third-quarter 2024.
Studio City’s third-quarter operating revenues were US$375.3 million, compared with US$364.7 million a year before. Its adjusted EBITDA was US$104.7 million, up from US$92.8 million, with the gain “primarily a result of better mass-market performance”.
VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.
At City of Dreams Manila, third-quarter operating revenues were US$110.7 million, down from US$118.9 million in the prior-year period. City of Dreams Manila’s adjusted EBITDA were US$41.3 million, down from US$45.9 million. “The year-over-year decrease in adjusted EBITDA was primarily a result of softer performance in gaming machine and non-gaming operations,” stated Melco Resorts.
Total operating revenues at City of Dreams Mediterranean and the firm’s three satellite casinos in Cyprus for the quarter ended September 30 were US$85.8 million, up from US$64.4 million in the prior-year period.
Adjusted EBITDA were US$23.2 million, compared with US$15.1 million in the third quarter of 2024.
The group’s total cash and bank balances as of September 30 were US$1.61 billion, including US$125.2 million of restricted cash.
Total debt, net of unamortised deferred financing costs and original issue premiums, was US$7.35 billion at the end of the third quarter.
