Melco Resorts Sees 11% Q3 Revenue Rise as Macau Leads
Melco Resorts & Entertainment has reported an 11.4% year-on-year increase in operating revenue for Q3 2025, reaching US$1.31 billion, driven by solid gaming activity in Macau and steady growth in Cyprus. The results underscore a resilient recovery across its portfolio despite short-term operational setbacks.
Revenue and Profit Overview
Gaming revenue climbed 12.4% year-on-year to US$1.06 billion, while non-gaming revenue rose 7.5% to US$248 million. However, total revenue dipped slightly from the previous quarter, primarily due to a 33-hour closure of Macau casinos caused by Typhoon Ragasa. Adjusted EBITDA grew 16.3% year-on-year to US$352 million, while net income jumped nearly fivefold to US$62 million, compared to US$13 million in Q3 2024.
Macau Remains the Core Driver
At the City of Dreams Macau, gross gaming revenue (GGR) increased 19% year-on-year to US$732 million, though it declined 5% from the prior quarter. VIP GGR surged 57% to US$206 million, mass-market GGR rose 9% to US$494 million and slot revenue climbed 9% to US$33 million. Adjusted EBITDA grew 27% year-on-year to US$207 million, reflecting continued mass-market strength despite minor sequential declines.
Similarly, Studio City Macau posted total GGR of US$344 million, a 3% year-on-year increase, with mass-market revenue up 12% to US$312 million and slot revenue up 14% to US$32 million. Adjusted EBITDA rose 13% year-on-year to US$113 million, although VIP gaming capacity remained limited.
Philippines Records Mixed Outcomes
At City of Dreams Manila, total GGR dropped 9% year-on-year to US$125 million but improved 12% quarter-on-quarter. VIP play was down 5% from last year yet rebounded 59% compared to Q2. Mass-market and slot revenues declined 8% and 12%, respectively. Despite this, property EBITDA surged 45% quarter-on-quarter, showing early recovery momentum.
Cyprus Strengthens Position
In Cyprus, City of Dreams Mediterranean achieved record quarterly results, with GGR soaring 35% year-on-year and 14% sequentially to US$78 million. Mass-market revenue jumped 43% to US$41 million, while slot revenue rose 26% to US$36 million. Adjusted EBITDA reached US$23 million, marking the property’s strongest performance since launch.
Other Operations and Strategic Focus
Melco’s other ventures, including City of Dreams Sri Lanka, which opened in August 2025, generated US$6.1 million in operating revenue with a minor EBITDA loss of US$600,000.
Chairman and CEO Lawrence Ho emphasized that Macau continues to underpin the company’s financial health, with property-level EBITDA up 21% year-on-year. He noted Melco’s commitment to operational discipline and the introduction of new gaming and entertainment experiences to enhance customer engagement.
Sustained Momentum into Year-End
Overall, Melco’s Q3 performance reflects robust recovery and diversification, anchored by Macau’s mass-market strength and Cyprus’s accelerating growth. Despite external challenges such as adverse weather and market competition, the company remains focused on innovation, cost efficiency and customer experience to maintain momentum through the remainder of 2025.
