Earnings release
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Melco Announces Unaudited Third Quarter 2025 Earnings Nov 6, 2025 MACAU, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the third quarter of 2025. Total operating revenues for the third quarter of 2025 were US$1.31 billion, representing an increase of approximately 11% from US$1.18 billion for the comparable period in 2024. The increase in total operating revenues was primarily attributable to the improved performance in both overall gaming and non-gaming operations. Operating income for the third quarter of 2025 was US$184.5 million, compared with US$138.6 million in the third quarter of 2024. Melco’s Adjusted Property EBITDA(1) was US$380.4 million in the third quarter of 2025, compared with US$322.6 million in the third quarter of 2024. Net income attributable to Melco Resorts & Entertainment Limited for the third quarter of 2025 was US$74.7 million, or US$0.19 per ADS, compared with US$27.3 million, or US$0.06 per ADS, in the third quarter of 2024. The net loss attributable to noncontrolling interests was US$12.6 million and US$14.6 million during the third quarters of 2025 and 2024, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other. Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21% year-over-year. 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. “In the Philippines, Property EBITDA grew 45% quarter-over-quarter, and in Cyprus, City of Dreams Mediterranean and our satellite casinos had its best quarter since opening with Property EBITDA growing 53% year-over-year.” City of Dreams Third Quarter Results For the quarter ended September 30, 2025, total operating revenues at City of Dreams were US$672.6 million, compared with US$563.9 million in the third quarter of 2024. City of Dreams’ Adjusted EBITDA was US$206.9 million in the third quarter of 2025, compared with US$162.8 million in the third quarter of 2024. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming and non-gaming operations. Rolling chip volume increased to US$5.58 billion during the third quarter of 2025, compared with US$3.30 billion in the third quarter of 2024 and win rate was 3.68% in the third quarter of 2025 versus 3.97% in the third quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%. Mass market table games drop increased to US$1.66 billion in the third quarter of 2025, compared with US$1.40 billion in the third quarter of 2024 and hold percentage was 29.8% in the third quarter of 2025, compared with 32.3% in the third quarter of 2024. Gaming machine handle for the third quarter of 2025 was US$1.04 billion, compared with US$0.94 billion in the third quarter of 2024 and win rate was 3.2% in both the third quarters of 2025 and 2024. Total non-gaming revenue at City of Dreams in the third quarter of 2025 was US$94.8 million, compared with US$78.7 million in the third quarter of 2024. Studio City Third Quarter Results For the quarter ended September 30, 2025, total operating revenues at Studio City were US$375.3 million, compared with US$364.7 million in the third quarter of 2024. Studio City’s Adjusted EBITDA was US$104.7 million in the third quarter of 2025, compared with US$92.8 million in the third quarter of 2024. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance. Mass market table games drop was US$942.5 million in the third quarter of 2025, compared with US$912.9 million in the third quarter of 2024 and hold percentage was 33.1% in the third quarter of 2025, compared with 30.7% in the third quarter of 2024. Gaming machine handle for the third quarter of 2025 was US$873.3 million, compared with US$853.0 million in the third quarter of 2024 and win rate was 3.7% in the third quarter of 2025, compared with 3.3% in the third quarter of 2024. Total non-gaming revenue at Studio City was US$85.9 million in the third quarter of 2025, compared with US$89.3 million in the third quarter of 2024. As reported in the earnings release for the fourth quarter of 2024, Studio City has strategically repositioned itself to focus on the premium mass and mass operations, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024. Altira Macau Third Quarter Results For the quarter ended September 30, 2025, total operating revenues at Altira Macau were US$25.6 million, compared with US$30.5 million in the third
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quarter of 2024. Altira Macau’s negative Adjusted EBITDA was US$0.7 million in the third quarter of 2025, compared with negative Adjusted EBITDA of US$1.1 million in the third quarter of 2024. Mass market table games drop was US$112.6 million in the third quarter of 2025 versus US$135.5 million in the third quarter of 2024 and hold percentage was 19.4% in the third quarter of 2025, compared with 21.7% in the third quarter of 2024. Gaming machine handle for the third quarter of 2025 was US$119.6 million, compared with US$148.0 million in the third quarter of 2024 and win rate was 3.1% in the third quarter of 2025 versus 1.8% in the third quarter of 2024. Total non-gaming revenue at Altira Macau was US$5.1 million in the third quarter of 2025, compared with US$5.4 million in the third quarter of 2024. Mocha and Other Third Quarter Results As part of the Company’s development strategy and in accordance with Macau law, Grand Dragon Casino and one of the six Mocha Clubs, namely Mocha Kuong Fat, ceased operations in September 2025. Following these closures, 15 gaming tables were re-allocated to City of Dreams, and 90 gaming machines were re-allocated to Studio City. Another two of the remaining five Mocha Clubs will progressively cease operations before the end of 2025, with its electronic gaming machines being reallocated to the Company’s other gaming areas in Macau. Total operating revenues from Mocha and Other were US$28.6 million in the third quarter of 2025, compared with US$30.6 million in the third quarter of 2024. Mocha and Other’s Adjusted EBITDA was US$5.8 million in the third quarter of 2025, compared with US$6.9 million in the third quarter of 2024. Mass market table games drop was US$44.4 million in the third quarter of 2025 versus US$57.2 million in the third quarter of 2024 and hold percentage was 19.5% in the third quarter of 2025 versus 16.6% in the third quarter of 2024. Gaming machine handle for the third quarter of 2025 was US$522.6 million, compared with US$519.1 million in the third quarter of 2024 and win rate was 4.0% in the third quarter of 2025 versus 4.3% in the third quarter of 2024. City of Dreams Manila Third Quarter Results For the quarter ended September 30, 2025, total operating revenues at City of Dreams Manila were US$110.7 million, compared with US$118.9 million in the third quarter of 2024. City of Dreams Manila’s Adjusted EBITDA was US$41.3 million in the third quarter of 2025, compared with US$45.9 million in the comparable period of 2024. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer performance in gaming machine and non-gaming operations. City of Dreams Manila’s rolling chip volume was US$516.9 million in the third quarter of 2025 versus US$614.3 million in the third quarter of 2024 and win rate was 4.37% in the third quarter of 2025 versus 3.88% in the third quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%. Mass market table games drop decreased to US$144.1 million in the third quarter of 2025, compared with US$172.4 million in the third quarter of 2024 and hold percentage was 36.0% in the third quarter of 2025, compared with 32.8% in the third quarter of 2024. Gaming machine handle for the third quarter of 2025 was US$0.99 billion, compared with US$1.11 billion in the third quarter of 2024 and win rate was 5.1% in the third quarter of 2025 versus 5.2% in the third quarter of 2024. Total non-gaming revenue at City of Dreams Manila in the third quarter of 2025 was US$24.1 million, compared with US$29.0 million in the third quarter of 2024. City of Dreams Mediterranean and Other Third Quarter Results The Company operates City of Dreams Mediterranean in conjunction with three satellite casinos in Cyprus. Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended September 30, 2025 were US$85.8 million, compared with US$64.4 million in the third quarter of 2024. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$23.2 million in the third quarter of 2025, compared with US$15.1 million in the third quarter of 2024. Rolling chip volume was US$1.4 million for the third quarter of 2025 versus US$14.6 million in the third quarter of 2024 and win rate was 6.94% in the third quarter of 2025, compared with negative 0.92% in the third quarter of 2024. The expected rolling chip win rate range is 2.85%-3.15%. The significant fluctuation on the rolling chip win rate resulted from low gaming volumes. Mass market table games drop was US$188.5 million in the third quarter of 2025, compared with US$138.8 million in the third quarter of 2024 and hold percentage was 21.8% in the third quarter of 2025, compared with 20.7% in the third quarter of 2024. Gaming machine handle for the third quarter of 2025 was US$690.9 million, compared with US$558.9 million in the third quarter of 2024 and win rate was 5.3% in the third quarter of 2025 versus 5.2% in the third quarter of 2024. Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2025 was US$30.4 million, compared with US$25.0 million in the third quarter of 2024. Other Operations Other Operations include the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to the Nüwa hotel at City of Dreams Sri Lanka, which opened to the public on July 15, 2025. Total operating revenues from Other Operations were US$6.1 million for the quarter ended September 30, 2025. Adjusted EBITDA from Other Operations was negative US$0.6 million in the third quarter of 2025. Other Factors Affecting Earnings
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Total net non-operating expenses for the third quarter of 2025 were US$121.6 million, which mainly included interest expense, net of amounts capitalized of US$113.3 million. Depreciation and amortization costs of US$138.3 million were recorded in the third quarter of 2025, of which US$5.0 million related to the amortization expense for land use rights. Adjusted EBITDA for Studio City for the three months ended September 30, 2025 referred to above was US$26.6 million more than the Adjusted EBITDA of Studio City reported in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated November 6, 2025 (the “Studio City Earnings Release”). Adjusted EBITDA of Studio City reported in the Studio City Earnings Release includes certain intercompany charges that are not included in Adjusted EBITDA for Studio City reported in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City presented in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino. Financial Position and Capital Expenditures Total cash and bank balances as of September 30, 2025 aggregated to US$1.61 billion, including US$125.2 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.35 billion at the end of the third quarter of 2025. In July 2025, Studio City Finance Limited repaid US$221.6 million principal amount outstanding under the 6.00% senior notes upon maturity on July 15, 2025 with a HK$1,337.0 million (equivalent to US$170.3 million) drawdown from the senior secured credit facilities entered into by Studio City Company Limited and the remainder with cash on hand. During the quarter ended September 30, 2025, Melco repaid HK$547.0 million (equivalent to US$70.2 million) principal amount outstanding under the revolving credit facilities entered into by MCO Nominee One Limited, and Studio City Company Limited repaid HK$468.0 million (equivalent to US$60.0 million) principal amount outstanding under the senior secured credit facility. In September 2025, Melco Resorts Finance Limited issued US$500.0 million aggregate principal amount of 6.50% senior notes due 2033. The proceeds were used to settle a conditional tender offer and early redemption of its 5.25% senior notes due 2026 (“2026 Senior Notes”). The conditional tender offer for US$142.1 million of 2026 Senior Notes was settled on September 24, 2025, while the early redemption of the remaining US$357.9 million of 2026 Senior Notes not tendered was settled on October 27, 2025. Subsequent to the quarter end, Melco repaid an additional HK$1,403.0 million (equivalent to US$180.6 million) principal amount outstanding under its revolving credit facilities. Available liquidity, including cash and undrawn revolving credit facilities, as of September 30, 2025 was approximately US$2.60 billion. Capital expenditures for the third quarter of 2025 were US$67.6 million, which included costs related to enhancement projects at City of Dreams in Macau and Studio City, and the fit-out of the casino at City of Dreams Sri Lanka. Conference Call Information Melco Resorts & Entertainment Limited will hold a conference call to discuss its third quarter 2025 financial results on Thursday, November 6, 2025 at 8:30 a.m. Eastern Time (or 9:30 p.m. Singapore Time). To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers, passcode and a unique Personal PIN which can be used to join the conference. Online Registration Link: https://s1.c-conf.com/diamondpass/10050691-g5lnwm.html An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines, the Republic of Cyprus and Sri Lanka, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. Non-GAAP Financial Measures (1) “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes,
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depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA, which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA to measure the operating performance of our segments and to compare the operating performance of our properties with those of our competitors. The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA do not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. (2) “Adjusted net income/loss” is net income/loss before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS”), which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. About Melco Resorts & Entertainment Limited The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates City of Dreams ( www.cityofdreamsmacau.com) and Altira Macau (www.altiramacau.com), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Mocha Clubs (www.mochaclubs.com), the only non-casino based operation of electronic gaming machines in Macau. In addition, the Company operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus ( www.cityofdreamsmed.com.cy) and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos”). In South Asia, the Company operates the casino and manages the Nüwa hotel at City of Dreams Sri Lanka (www.cityofdreamssrilanka.com), an integrated resort in Colombo, Sri Lanka. For more information about the Company, please visit www.melco-resorts.com. The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company. For the investment community, please contact: Jeanny Kim Senior Vice President, Group Treasurer Tel: +852 2598 3698 Email: jeannykim@melco-resorts.com For media enquiries, please contact: Chimmy Leung Executive Director, Corporate Communications Tel: +852 3151 3765 Email: chimmyleung@melco-resorts.com Melco Resorts & Entertainment Limited and Subsidiaries
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Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Operating revenues: Casino $ 1,061,469 $ 944,352 $ 3,181,389 $ 2,800,640 Rooms 118,577 110,993 332,634 313,217 Food and beverage 73,270 73,512 219,766 211,191 Entertainment, retail and other 56,191 46,276 136,237 122,147 Total operating revenues 1,309,507 1,175,133 3,870,026 3,447,195 Operating costs and expenses: Casino (674,624) (624,121) (2,033,228) (1,866,346) Rooms (38,623) (33,528) (111,186) (93,046) Food and beverage (60,041) (59,828) (181,779) (168,277) Entertainment, retail and other (27,560) (22,868) (74,078) (62,515) General and administrative (167,005) (140,506) (480,449) (411,849) Payments to the Philippine Parties (10,213) (10,508) (28,514) (29,532) Pre-opening costs (7,393) (5,763) (50,416) (10,935) Development costs (996) (1,469) (6,266) (3,541) Amortization of land use rights (4,984) (4,993) (14,966) (14,948) Depreciation and amortization (133,323) (130,861) (387,687) (392,218) Property charges and other (234) (2,103) (47,420) (6,317) Total operating costs and expenses (1,124,996) (1,036,548) (3,415,989) (3,059,524) Operating income 184,511 138,585 454,037 387,671 Non-operating income (expenses): Interest income 1,057 3,769 5,620 12,600 Interest expense, net of amounts capitalized (113,261) (121,438) (350,650) (366,950) Other financing costs (992) (2,061) (4,970) (5,661) Foreign exchange (losses) gains, net (9,296) (1,790) 9,605 (1,283) Other income, net 1,410 601 3,399 3,206 Loss on extinguishment of debt (524) (114) (524) (983) Total non-operating expenses, net (121,606) (121,033) (337,520) (359,071) Income before income tax 62,905 17,552 116,517 28,600 Income tax expense (845) (4,862) (17,355) (16,647) Net income 62,060 12,690 99,162 11,953 Net loss attributable to noncontrolling interests 12,626 14,567 25,248 51,864 Net income attributable to Melco Resorts & Entertainment Limited $ 74,686 $ 27,257 $ 124,410 $ 63,817 Net income attributable to Melco Resorts & Entertainment Limited per share: Basic $ 0.064 $ 0.021 $ 0.104 $ 0.049 Diluted $ 0.063 $ 0.021 $ 0.103 $ 0.049 Net income attributable to Melco Resorts & Entertainment Limited per ADS: Basic $ 0.191 $ 0.063 $ 0.311 $ 0.146 Diluted $ 0.189 $ 0.063 $ 0.309 $ 0.146 Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation: Basic 1,171,585,944 1,294,946,572 1,201,377,034 1,308,860,794 Diluted 1,184,132,090 1,295,758,173 1,207,524,521 1,312,221,773
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Melco Resorts & Entertainment Limited and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except share and per share data) September 30, December 31, 2025 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,481,604 $ 1,147,193 Restricted cash - 368 Accounts receivable, net 100,632 144,211 Receivables from affiliated companies 1,577 2,422 Inventories 35,273 32,452 Prepaid expenses and other current assets 96,627 102,521 Total current assets 1,715,713 1,429,167 Property and equipment, net 5,213,411 5,272,500 Intangible assets, net 273,773 288,710 Goodwill 25,854 82,090 Long-term prepayments, deposits and other assets, net 119,091 131,850 Restricted cash 125,215 125,511 Operating lease right-of-use assets 79,798 89,164 Land use rights, net 549,975 566,351 Total assets $ 8,102,830 $ 7,985,343 LIABILITIES AND DEFICIT Current liabilities: Accounts payable $ 17,380 $ 24,794 Accrued expenses and other current liabilities 1,024,238 1,054,018 Income tax payable, current 30,379 38,009 Operating lease liabilities, current 19,408 18,590 Finance lease liabilities, current 33,779 33,817 Current portion of long-term debt, net 457,755 21,597 Payables to affiliated companies 619 39 Total current liabilities 1,583,558 1,190,864 Long-term debt, net 6,887,549 7,135,825 Other long-term liabilities 306,299 315,299 Income tax payable, non-current 10,848 - Deferred tax liabilities, net 37,541 36,708 Operating lease liabilities, non-current 75,796 80,673 Finance lease liabilities, non-current 154,543 165,938 Total liabilities 9,056,134 8,925,307 Deficit: Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,351,540,382 and 1,351,540,382 shares issued; 1,171,986,064 and 1,259,138,299 shares outstanding, respectively 13,515 13,515 Treasury shares, at cost; 179,554,318 and 92,402,083 shares, respectively (357,015) (216,626) Additional paid-in capital 2,981,659 2,985,730 Accumulated other comprehensive losses (59,781) (95,750) Accumulated losses (3,888,919) (4,013,329) Total Melco Resorts & Entertainment Limited shareholders’ deficit (1,310,541) (1,326,460) Noncontrolling interests 357,237 386,496
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Total deficit (953,304) (939,964) Total liabilities and deficit $ 8,102,830 $ 7,985,343 Melco Resorts & Entertainment Limited and Subsidiaries Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited (Unaudited) (In thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income attributable to Melco Resorts & Entertainment Limited $ 74,686 $ 27,257 $ 124,410 $ 63,817 Pre-opening costs 7,393 5,763 50,416 10,935 Development costs 996 1,469 6,266 3,541 Property charges and other 234 2,103 47,420 6,317 Loss on extinguishment of debt 524 114 524 983 Income tax impact on adjustments (12) - (811) (37) Noncontrolling interests impact on adjustments (138) (263) (1,190) (1,146) Adjusted net income attributable to Melco Resorts & Entertainment Limited $ 83,683 $ 36,443 $ 227,035 $ 84,410 Adjusted net income attributable to Melco Resorts & Entertainment Limited per share: Basic $ 0.071 $ 0.028 $ 0.189 $ 0.064 Diluted $ 0.071 $ 0.028 $ 0.188 $ 0.064 Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS: Basic $ 0.214 $ 0.084 $ 0.567 $ 0.193 Diluted $ 0.212 $ 0.084 $ 0.564 $ 0.193 Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation: Basic 1,171,585,944 1,294,946,572 1,201,377,034 1,308,860,794 Diluted 1,184,132,090 1,295,758,173 1,207,524,521 1,312,221,773 Melco Resorts & Entertainment Limited and Subsidiaries Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) (In thousands) Three Months Ended September 30, 2025 City of Dreams Studio City Altira Macau Mocha and Other(3) City of Dreams Manila City of Dreams Mediterranean and Other Other Operations(4) Corporate and Other Total Operating income (loss) $ 153,803 $ 45,914 $ (2,275) $ 4,252 $ 24,272 $ 9,537 $ (11,119) $ (39,873) $ 184,511
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Payments to the Philippine Parties - - - - 10,213 - - - 10,213 Integrated resort and casino rent(5) - - - - 1,390 - 1,788 - 3,178 Pre-opening costs(6) 410 31 - - - - 6,359 - 6,800 Development costs - - - - - - - 996 996 Depreciation and amortization 52,242 58,152 604 1,448 4,977 13,291 2,318 5,275 138,307 Share-based compensation 1,601 416 115 47 271 107 25 5,142 7,724 Property charges and other (1,176) 158 849 26 138 239 - - 234 Adjusted EBITDA 206,880 104,671 (707) 5,773 41,261 23,174 (629) (28,460) 351,963 Corporate and Other expenses - - - - - - - 28,460 28,460 Adjusted Property EBITDA $ 206,880 $ 104,671 $ (707) $ 5,773 $ 41,261 $ 23,174 $ (629) $ - $ 380,423 Three Months Ended September 30, 2024 City of Dreams Studio City Altira Macau Mocha and Other City of Dreams Manila City of Dreams Mediterranean and Other Other Operations(4) Corporate and Other Total Operating income (loss) $ 108,290 $ 36,127 $ (2,152) $ 5,919 $ 22,302 $ 2,111 $ (2,424) $ (31,588) $ 138,585 Payments to the Philippine Parties - - - - 10,508 - - - 10,508 Integrated resort and casino rent(5) - - - - 1,398 - 1,199 - 2,597 Pre-opening costs(6) 3,311 24 - - - (2) 1,231 - 4,564 Development costs - - - - - - 7 1,462 1,469 Depreciation and amortization 48,967 56,015 618 962 11,469 12,679 - 5,144 135,854 Share-based compensation 1,241 342 107 43 252 103 - 4,819 6,907 Property charges and other 1,019 325 342 - 3 224 - 190 2,103 Adjusted EBITDA 162,828 92,833 (1,085) 6,924 45,932 15,115 13 (19,973) 302,587 Corporate and Other expenses - - - - - - - 19,973 19,973 Adjusted Property EBITDA $ 162,828 $ 92,833 $ (1,085) $ 6,924 $ 45,932 $ 15,115 $ 13 $ - $ 322,560 (3) Mocha and Other segment includes the operation of the Grand Dragon Casino before its closure effective on September 23, 2025. (4) Effective from August 1, 2025, the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to operate certain floors of the hotel tower at City of Dreams Sri Lanka which opened to the public on July 15, 2025 were previously reported under the Corporate and Other category, has been included in the Other Operations segment. City of Dreams Sri Lanka is an integrated resort in Colombo, Sri Lanka, developed by a subsidiary of John Keells Holdings PLC, an independent third party. (5) Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to a subsidiary of John Keells Holdings PLC. (6) Certain amounts of pre-opening costs are grouped and reported under the line item Integrated resort and casino rent. Melco Resorts & Entertainment Limited and Subsidiaries Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) (In thousands)
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Nine Months Ended September 30, 2025 City of Dreams Studio City Altira Macau Mocha and Other(3) City of Dreams Manila City of Dreams Mediterranean and Other Other Operations(4) Corporate and Other Total Operating income (loss) $ 454,663 $ 131,376 $ (4,753) $ (41,496) $ 50,565 $ 8,317 $ (25,303) $ (119,332) $ 454,037 Payments to the Philippine Parties - - - - 28,514 - - - 28,514 Integrated resort and casino rent(5) - - - - 4,192 - 5,367 - 9,559 Pre-opening costs(6) 28,871 500 - - - - 16,873 - 46,244 Development costs - - - - - - - 6,266 6,266 Depreciation and amortization 153,001 171,826 1,709 3,552 15,482 38,444 2,318 16,321 402,653 Share-based compensation 4,498 1,182 327 137 756 312 63 14,885 22,160 Property charges and other (12,608) 2,319 2,162 55,583 224 128 - (388) 47,420 Adjusted EBITDA 628,425 307,203 (555) 17,776 99,733 47,201 (682) (82,248) 1,016,853 Corporate and Other expenses - - - - - - - 82,248 82,248 Adjusted Property EBITDA $ 628,425 $ 307,203 $ (555) $ 17,776 $ 99,733 $ 47,201 $ (682) $ - $ 1,099,101 Nine Months Ended September 30, 2024 City of Dreams Studio City Altira Macau Mocha and Other City of Dreams Manila City of Dreams Mediterranean and Other Other Operations(4) Corporate and Other Total Operating income (loss) $ 317,461 $ 92,864 $ (5,710) $ 18,307 $ 55,003 $ 329 $ (2,962) $ (87,621) $ 387,671 Payments to the Philippine Parties - - - - 29,532 - - - 29,532 Integrated resort and casino rent(5) - - - - 4,191 - 1,199 - 5,390 Pre-opening costs(6) 6,984 830 69 - - 313 1,540 - 9,736 Development costs - - - - - - 177 3,364 3,541 Depreciation and amortization 150,141 164,774 1,750 2,813 34,450 37,611 - 15,627 407,166 Share-based compensation 3,780 1,053 334 123 835 314 - 14,428 20,867 Property charges and other 3,197 473 1,886 (5) 254 193 - 319 6,317 Adjusted EBITDA 481,563 259,994 (1,671) 21,238 124,265 38,760 (46) (53,883) 870,220 Corporate and Other expenses - - - - - - - 53,883 53,883 Adjusted Property EBITDA $ 481,563 $ 259,994 $ (1,671) $ 21,238 $ 124,265 $ 38,760 $ (46) $ - $ 924,103 Melco Resorts & Entertainment Limited and Subsidiaries Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) (In thousands)
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Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income attributable to Melco Resorts & Entertainment Limited $ 74,686 $ 27,257 $ 124,410 $ 63,817 Net loss attributable to noncontrolling interests (12,626) (14,567) (25,248) (51,864) Net income 62,060 12,690 99,162 11,953 Income tax expense 845 4,862 17,355 16,647 Interest and other non-operating expenses, net 121,606 121,033 337,520 359,071 Depreciation and amortization 138,307 135,854 402,653 407,166 Property charges and other 234 2,103 47,420 6,317 Share-based compensation 7,724 6,907 22,160 20,867 Development costs 996 1,469 6,266 3,541 Pre-opening costs(6) 6,800 4,564 46,244 9,736 Integrated resort and casino rent(5) 3,178 2,597 9,559 5,390 Payments to the Philippine Parties 10,213 10,508 28,514 29,532 Adjusted EBITDA 351,963 302,587 1,016,853 870,220 Corporate and Other expenses 28,460 19,973 82,248 53,883 Adjusted Property EBITDA $ 380,423 $ 322,560 $ 1,099,101 $ 924,103 Melco Resorts & Entertainment Limited and Subsidiaries Supplemental Data Schedule Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Room Statistics: City of Dreams Average daily rate(7) $ 218 $ 211 $ 218 $ 209 Occupancy per available room 98% 91% 98% 92% Revenue per available room(8) $ 212 $ 192 $ 213 $ 193 Studio City Average daily rate(7) $ 178 $ 171 $ 170 $ 162 Occupancy per available room 97% 96% 98% 96% Revenue per available room(8) $ 174 $ 164 $ 166 $ 155 Altira Macau Average daily rate(7) $ 135 $ 134 $ 133 $ 132 Occupancy per available room 96% 95% 97% 95% Revenue per available room(8) $ 130 $ 128 $ 129 $ 126 City of Dreams Manila Average daily rate(7) $ 158 $ 164 $ 160 $ 164 Occupancy per available room 90% 97% 93% 97% Revenue per available room(8) $ 142 $ 158 $ 150 $ 158 City of Dreams Mediterranean and Other Average daily rate(7) $ 595 $ 526 $ 493 $ 438 Occupancy per available room 72% 71% 64% 62% Revenue per available room(8) $ 425 $ 371 $ 315 $ 273 Other Information: City of Dreams
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Average number of table games 437 430 435 430 Average number of gaming machines 615 600 619 616 Table games win per unit per day(9) $ 17,583 $ 14,738 $ 18,239 $ 15,237 Gaming machines win per unit per day(10) $ 586 $ 545 $ 533 $ 509 Studio City Average number of table games 253 253 253 250 Average number of gaming machines 726 726 749 679 Table games win per unit per day(9) $ 13,572 $ 13,212 $ 13,680 $ 13,270 Gaming machines win per unit per day(10) $ 484 $ 418 $ 485 $ 443 Altira Macau Average number of table games 29 37 32 40 Average number of gaming machines 148 132 138 136 Table games win per unit per day(9) $ 8,188 $ 8,658 $ 8,199 $ 8,433 Gaming machines win per unit per day(10) $ 274 $ 223 $ 275 $ 247 Mocha and Other Average number of table games 15 15 15 16 Average number of gaming machines 850 873 847 894 Table games win per unit per day(9) $ 6,884 $ 6,888 $ 6,623 $ 6,741 Gaming machines win per unit per day(10) $ 269 $ 276 $ 276 $ 274 City of Dreams Manila Average number of table games 262 264 265 267 Average number of gaming machines 2,264 2,276 2,265 2,278 Table games win per unit per day(9) $ 3,089 $ 3,308 $ 2,740 $ 3,059 Gaming machines win per unit per day(10) $ 241 $ 272 $ 238 $ 259 City of Dreams Mediterranean and Other Average number of table games 106 104 106 103 Average number of gaming machines 888 897 886 892 Table games win per unit per day(9) $ 4,231 $ 2,994 $ 3,674 $ 2,959 Gaming machines win per unit per day(10) $ 446 $ 352 $ 408 $ 334 (7 ) Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms (8 ) Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available (9 ) Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis (10 ) Gaming machines win per unit per day is shown before non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis