Global casino operator Melco Resorts & Entertainment Ltd posted net income attributable to its shareholders of US$60.6 million in the final quarter of 2025, compared to a US$20.3-million loss a year earlier.
The fourth quarter 2025 performance was on total operating revenues that rose 8.6 percent from a year ago, to just over US$1.29 billion, the firm said in a Thursday announcement.
“The increase in total operating revenues was primarily attributable to the improved overall rolling chip and mass market table games performance,” the company stated.
Consolidated casino revenues were nearly US$1.07 billion for the period, up 9.6 percent year-on-year.
Melco Resorts runs casinos in Macau, one in the Philippine capital Manila, and several in the Republic of Cyprus. In the third quarter last year, it launched a new casino in the Sri Lankan capital, Colombo.
The casino operator saw its fourth-quarter operating costs and expenses increased by 4.8 percent year-on-year, to US$1.15 billion. Operating income for the period stood at US$146.4 million, up 51.0 percent from a year earlier.
Melco Resorts’ adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) reached US$331.3 million in the three months to December 31, 12.2-percent higher than in the prior-year period.
Thursday’s results update quoted Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, as saying: “2025 was a year of growth and recovery, supported by disciplined cost management and margin expansion.”
The group posted a net profit of US$185.0 million for full-year 2025, up 325.0 percent from the prior year. That was on revenue that rose 11.3 percent year-on-year, to US$5.16 billion.
Melco Resorts’ adjusted property EBITDA last year stood at US$1.43 billion, a 17.3-percent increase from 2024.
“In Macau, property EBITDA grew by 25 percent year-over-year to US$1.23 billion for the full year 2025, driven by stronger gaming revenue and margins,” Mr Ho said in his prepared remarks.
“We remain focused on executing our growth priorities and are energised by the pipeline of new initiatives launching in the coming year, each designed to further differentiate our offerings,” he added.
Geoffrey Davis, Melco Resorts’ executive vice president and chief financial officer (CFO), said on a call with investment analysts on Thursday that the group’s margins were impacted in the fourth quarter by higher operational expenditure (opex). That was “primarily due to events including the China National Games, Studio City’s 10th anniversary, and the Macau Grand Prix”.
“Excluding these fourth-quarter events, as well as House of Dancing Water [show], Macau opex was approximately US$3.1 million per day,” Mr Davis stated.
He added: “EBITDA in the fourth quarter of 2025 was also impacted by additional bad debt provisions that were taken as a result of a settlement that we reached with one of the previous junket operators.”
“Adjusting for these event-driven costs, Macau’s property EBITDA margin for the fourth quarter of 2025 would’ve been over 27 percent on an actual basis,” the CFO said.
Property performances
The group’s Macau flagship City of Dreams (pictured) recorded operating revenues of US$695.7 million in the October to December period, compared with US$591.1 million a year earlier.
The property’s adjusted EBITDA stood at US$193.7 million in the reporting period, compared with US$140.1 million in the fourth quarter of 2024.
“The year-over-year increase in adjusted EBITDA was primarily a result of improved rolling chip and mass market table games performance and better performance in non-gaming operations,” the casino firm said.
Studio City’s fourth-quarter operating revenues were US$ 360.4 million, compared with US$342.0 million a year before. The complex’s adjusted EBITDA was US$86.6 million in the final quarter of 2025, up from US$81.2 million in the prior-year period.
In Thursday’s announcement, Melco Resorts confirmed that 15 gaming tables have been reallocated to City of Dreams, and 90 gaming machines were transferred to Studio City. That was after the closure in September of the satellite operation at the Grand Dragon Casino, and of the Mocha Kuong Fat slot machine parlour.
Mocha Grand Dragon Hotel and Mocha Hotel Royal ceased operations during the fourth quarter of 2025, “following which 108 gaming machines were reallocated to Studio City, 137 gaming machines were reallocated to City of Dreams, and 100 gaming machines were reallocated to Altira Macau,” the company noted.
Melco Resorts now operates three Mocha Clubs in Macau.
At City of Dreams Manila, fourth-quarter operating revenues were US$100.2 million, down from US$133.8 million in the prior-year period. City of Dreams Manila’s adjusted EBITDA declined to US$33.1 million, from US$56.8 million in fourth-quarter 2024.
“The year-over-year decrease in adjusted EBITDA was primarily a result of softer performance in all gaming and non-gaming operations,” stated Melco Resorts.
“In the Philippines, City of Dreams Manila was impacted by competitive pressures and industry headwinds,” Mr Ho said. “In Cyprus, City of Dreams Mediterranean and our satellite casinos recorded a solid 35-percent year-over-year growth in property EBITDA for the full year 2025,” he added.
Total operating revenues at City of Dreams Mediterranean and the firm’s three satellite casinos in Cyprus for the quarter ended December 31 were US$83.5 million, up from US$59.2 million in the prior-year period.
