Earnings release
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Melco Resorts Announces Unaudited Third Quarter 2026 Earnings Nov 4, 2026 MACAU, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco Resorts” 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 2026. Total operating revenues for the third quarter of 2026 were US$1.17 billion, representing a decrease of approximately 10% from US$1.31 billion for the comparable period in 2025. The decrease in total operating revenues was primarily attributable to softer performance in rolling chip and mass market table games as well as overall non-gaming operations. Operating income for the third quarter of 2026 was US$100.2 million, compared with US$184.5 million in the third quarter of 2025. Melco Resorts’ Adjusted Property EBITDA(1) was US$287.6 million in the third quarter of 2026, compared with US$380.4 million in the third quarter of 2025. Net income attributable to Melco Resorts & Entertainment Limited for the third quarter of 2026 was US$34 thousand, or US$0.00009 per American depositary share (“ADS”), compared with US$74.7 million, or US$0.19124 per ADS, in the third quarter of 2025. The net loss attributable to noncontrolling interests was US$9.1 million and US$12.6 million during the third quarters of 2026 and 2025, respectively, the majority of which was attributable to Studio City and City of Dreams Mediterranean and Other. Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “We continue to be confident in the long-term prospects of our businesses in Macau. We are focused on disciplined execution of our strategy to drive strong returns. Our distinctive product portfolio in Macau reflects the best in luxury and innovation. Coupled with the opening of our newly branded hotel REM and the renovation of our retail space at City of Dreams, we believe we are well positioned to capture the demands of our evolving customer base, supporting long-term growth. “In the Philippines and Cyprus, our properties continued to demonstrate resilience despite the ongoing headwinds in those countries and regions. In particular, City of Dreams Mediterranean and our satellite casinos delivered its highest quarterly EBITDA on record.” City of Dreams Third Quarter Results For the quarter ended September 30, 2026, total operating revenues at City of Dreams were US$566.2 million, compared with US$672.6 million in the third quarter of 2025. City of Dreams’ Adjusted EBITDA was US$130.3 million in the third quarter of 2026, compared with US$206.9 million in the third quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer rolling chip and mass market table games performance. Rolling chip volume decreased to US$4.63 billion during the third quarter of 2026, compared with US$5.58 billion in the third quarter of 2025. Win rate was 2.49% in the third quarter of 2026, compared with 3.68% in the third quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%. Mass market table games drop decreased to US$1.63 billion in the third quarter of 2026, compared with US$1.66 billion in the third quarter of 2025. Hold percentage was 29.5% in the third quarter of 2026, compared with 29.8% in the third quarter of 2025. Gaming machine handle for the third quarter of 2026 was US$1.01 billion, compared with US$1.04 billion in the third quarter of 2025. Win rate was 3.6% in the third quarter of 2026, compared with 3.2% in the third quarter of 2025. Total non-gaming revenue at City of Dreams in the third quarter of 2026 was US$88.4 million, compared with US$94.8 million in the third quarter of 2025. Studio City Third Quarter Results For the quarter ended September 30, 2026, total operating revenues at Studio City were US$346.2 million, compared with US$375.3 million in the third quarter of 2025. Studio City’s Adjusted EBITDA was US$90.6 million in the third quarter of 2026, compared with US$104.7 million in the third quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer mass market performance. Mass market table games drop was US$846.3 million in the third quarter of 2026, compared with US$942.5 million in the third quarter of 2025. Hold percentage was 34.3% in the third quarter of 2026, compared with 33.1% in the third quarter of 2025. Gaming machine handle for the third quarter of 2026 was US$892.9 million, compared with US$873.3 million in the third quarter of 2025. Win rate was 3.4% in the third quarter of 2026, compared with 3.7% in the third quarter of 2025. Total non-gaming revenue at Studio City was US$80.4 million in the third quarter of 2026, compared with US$85.9 million in the third quarter of 2025. Altira Macau Third Quarter Results For the quarter ended September 30, 2026, total operating revenues at Altira Macau were US$31.3 million, compared with US$25.6 million in the third quarter of 2025. Altira Macau’s negative Adjusted EBITDA was US$0.3 million in the third quarter of 2026, compared with US$0.7 million in the third
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quarter of 2025. Mass market table games drop was US$145.2 million in the third quarter of 2026, compared with US$112.6 million in the third quarter of 2025. Hold percentage was 20.0% in the third quarter of 2026, compared with 19.4% in the third quarter of 2025. Gaming machine handle for the third quarter of 2026 was US$240.4 million, compared with US$119.6 million in the third quarter of 2025. Win rate was 2.8% in the third quarter of 2026, compared with 3.1% in the third quarter of 2025. Total non-gaming revenue at Altira Macau was US$5.5 million in the third quarter of 2026, compared with US$5.1 million in the third quarter of 2025. Mocha Third Quarter Results Prior to the fourth quarter of 2025, the Mocha and Other segment included the operations of Grand Dragon Casino before its closure in September 2025. This segment has been renamed to the Mocha segment from the fourth quarter of 2025 onwards. Following the government mandated closures of three Mocha Clubs ceasing operations from September to December 2025, the Mocha segment now includes results for the remaining three Mocha Clubs, namely Mocha Inner Harbour, Mocha Golden Dragon and Mocha Hotel Sintra. Total operating revenues from Mocha were US$15.3 million in the third quarter of 2026, compared with US$28.6 million from Mocha and Other in the third quarter of 2025. Mocha’s Adjusted EBITDA was US$4.3 million in the third quarter of 2026, compared with US$5.8 million for Mocha and Other in the third quarter of 2025. Gaming machine handle for the third quarter of 2026 was US$386.8 million, compared with US$522.6 million in the third quarter of 2025. Win rate was 4.0% for both third quarters of 2026 and 2025. City of Dreams Manila Third Quarter Results For the quarter ended September 30, 2026, total operating revenues at City of Dreams Manila were US$99.0 million, compared with US$110.7 million in the third quarter of 2025. City of Dreams Manila’s Adjusted EBITDA was US$32.9 million in the third quarter of 2026, compared with US$41.3 million in the third quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer performance in all gaming operations. City of Dreams Manila’s rolling chip volume was US$484.5 million in the third quarter of 2026, compared with US$516.9 million in the third quarter of 2025. Win rate was 4.09% in the third quarter of 2026, compared with 4.37% in the third quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%. Mass market table games drop decreased to US$134.9 million in the third quarter of 2026, compared with US$144.1 million in the third quarter of 2025. Hold percentage was 33.6% in the third quarter of 2026, compared with 36.0% in the third quarter of 2025. Gaming machine handle for the third quarter of 2026 was US$954.4 million, compared with US$985.7 million in the third quarter of 2025. Win rate was 5.1% for both third quarters of 2026 and 2025. Total non-gaming revenue at City of Dreams Manila in the third quarter of 2026 was US$22.8 million, compared with US$24.1 million in the third quarter of 2025. 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, 2026 were US$96.7 million, compared with US$85.8 million in the third quarter of 2025. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$25.7 million in the third quarter of 2026, compared with US$23.2 million in the third quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of stronger mass market performance. Rolling chip volume was US$0.3 million for the third quarter of 2026, compared with US$1.4 million in the third quarter of 2025. Win rate was negative 15.34% in the third quarter of 2026, compared with 6.94% in the third quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%. The significant movement in the rolling chip win rate resulted from low gaming volumes. Mass market table games drop was US$220.6 million in the third quarter of 2026, compared with US$188.5 million in the third quarter of 2025. Hold percentage was 22.6% in the third quarter of 2026, compared with 21.8% in the third quarter of 2025. Gaming machine handle for the third quarter of 2026 was US$759.0 million, compared with US$690.9 million in the third quarter of 2025. Win rate was 5.0% in the third quarter of 2026, compared with 5.3% in the third quarter of 2025. Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2026 was US$33.6 million, compared with US$30.4 million in the third quarter of 2025. Other Operations Other Operations include the Company’s casino operations and provision of management services to the Nüwa hotel at City of Dreams Sri Lanka. Total operating revenues from Other Operations were US$17.6 million for the quarter ended September 30, 2026, compared with US$6.1 million in the third quarter of 2025. Adjusted EBITDA from Other Operations was US$4.0 million in the third quarter of 2026, compared with negative Adjusted EBITDA of US$0.6 million in the third quarter of 2025. Other Factors Affecting Earnings Total net non-operating expenses for the third quarter of 2026 were US$107.7 million, which mainly included interest expense, net of amounts capitalized, of US$110.8 million, partially offset by net foreign exchange gains of US$3.7 million.
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Depreciation and amortization costs of US$138.3 million were recorded in the third quarter of 2026, 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, 2026 referred to above was US$25.0 million more than the Adjusted EBITDA of Studio City reported in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated November 4, 2026 (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 Resorts. 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, 2026 aggregated to US$886.6 million, including US$124.2 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$6.98 billion at the end of the third quarter of 2026. On July 18, 2026, Studio City Finance Limited redeemed an aggregate principal amount of US$165.0 million of its outstanding 6.500% senior notes due 2028 pursuant to the notice of partial redemption dated June 18, 2026. The redemption was funded with a HK$1.18 billion (equivalent to US$150.5 million) drawdown from the senior secured credit facility of Studio City Company Limited (“SCC”) on July 15, 2026 and cash on hand. On September 23, 2026, Melco Resorts Finance Limited early redeemed its outstanding aggregate principal amount of US$600.0 million of its 5.625% senior notes due 2027. The redemption in full was funded with a HK$4.71 billion (equivalent to US$600.3 million) drawdown from the revolving credit facilities of MCO Nominee One Limited (the “MN1 2020 Revolving Facilities”) on September 21, 2026. During the quarter ended September 30, 2026, MCO Nominee One Limited drew down HK$4.36 billion (equivalent to US$555.0 million) in aggregate principal amount on a net basis under the MN1 2020 Revolving Facilities and SCC drew down HK$1.06 billion (equivalent to US$135.4 million) in aggregate principal amount on a net basis under its senior secured credit facility. Subsequent to quarter end, on October 28, 2026, MCO Nominee One Limited drew down HK$118.0 million (equivalent to US$15.0 million) principal amount under the MN1 2020 Revolving Facilities. Available liquidity, including cash and undrawn revolving credit facilities as of September 30, 2026, was approximately US$1.95 billion. Capital expenditures for the third quarter of 2026 were US$83.0 million, which mainly included costs related to enhancement projects at City of Dreams in Macau, City of Dreams Mediterranean and Other, as well as Studio City. Share Repurchase Programs During the period from July 1, 2026 to November 3, 2026, Melco Resorts repurchased approximately 33.1 million ADSs (representing approximately 99.2 million ordinary shares) from the open market at an aggregate purchase price of approximately US$160.0 million. As of November 3, 2026, the Company has remaining authority to repurchase up to approximately US$487.0 million of its equity. Recent Developments The land concession for the land on which Studio City is located was renewed for a term of ten years from October 17, 2026 to October 16, 2036 pursuant to the payment of a special contribution in the amount of MOP85.7 million (equivalent to US$10.6 million). Conference Call Information Melco Resorts & Entertainment Limited will hold a conference call to discuss its third quarter 2026 financial results on Wednesday, November 4, 2026 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/10057839-p2o4ar.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.
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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, 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 attributable to Melco Resorts & Entertainment Limited” is net income/loss attributable to Melco Resorts & Entertainment Limited 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
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Tel: +852 3151 3765 Email: chimmyleung@melco-resorts.com Melco Resorts & Entertainment Limited and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Operating revenues: Casino $ 939,192 $ 1,061,469 $ 3,124,625 $ 3,181,389 Rooms 122,523 118,577 343,284 332,634 Food and beverage 71,197 73,270 203,660 219,766 Entertainment, retail and other 40,603 56,191 120,858 136,237 Total operating revenues 1,173,515 1,309,507 3,792,427 3,870,026 Operating costs and expenses: Casino (625,100) (674,624) (2,046,454) (2,033,228) Rooms (41,290) (38,623) (120,247) (111,186) Food and beverage (62,874) (60,041) (185,480) (181,779) Entertainment, retail and other (26,864) (27,560) (73,549) (74,078) General and administrative (165,423) (167,005) (511,281) (480,449) Payments to the Philippine Parties (8,155) (10,213) (24,292) (28,514) Pre-opening costs (1,676) (7,393) (3,269) (50,416) Development costs (1,706) (996) (4,134) (6,266) Amortization of land use rights (4,962) (4,984) (14,903) (14,966) Depreciation and amortization (133,347) (133,323) (400,140) (387,687) Property charges and other (1,902) (234) (1,705) (47,420) Total operating costs and expenses (1,073,299) (1,124,996) (3,385,454) (3,415,989) Operating income 100,216 184,511 406,973 454,037 Non-operating income (expenses): Interest income 919 1,057 3,089 5,620 Interest expense, net of amounts capitalized (110,839) (113,261) (333,642) (350,650) Other financing costs (1,767) (992) (5,044) (4,970) Foreign exchange gains (losses), net 3,656 (9,296) 9,343 9,605 Other income, net 1,628 1,410 10,725 3,399 Loss on extinguishment of debt (1,259) (524) (2,639) (524) Total non-operating expenses, net (107,662) (121,606) (318,168) (337,520) (Loss) income before income tax (7,446) 62,905 88,805 116,517 Income tax expense (1,655) (845) (16,476) (17,355) Net (loss) income (9,101) 62,060 72,329 99,162 Net loss attributable to noncontrolling interests 9,135 12,626 27,198 25,248 Net income attributable to Melco Resorts & Entertainment Limited $ 34 $ 74,686 $ 99,527 $ 124,410 Net income attributable to Melco Resorts & Entertainment Limited per share: Basic $ 0.00003 $ 0.06375 $ 0.08684 $ 0.10356 Diluted $ 0.00003 $ 0.06307 $ 0.08644 $ 0.10303 Net income attributable to Melco Resorts & Entertainment Limited per ADS: Basic $ 0.00009 $ 0.19124 $ 0.26051 $ 0.31067 Diluted $ 0.00009 $ 0.18922 $ 0.25933 $ 0.30909
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Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation: Basic 1,104,504,749 1,171,585,944 1,146,144,003 1,201,377,034 Diluted 1,108,390,113 1,184,132,090 1,151,344,779 1,207,524,521 Melco Resorts & Entertainment Limited and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) September 30, December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 762,448 $ 1,023,199 Accounts receivable, net 129,567 126,405 Receivables from affiliated companies 402 887 Inventories 37,252 36,919 Prepaid expenses and other current assets 71,963 81,790 Total current assets 1,001,632 1,269,200 Property and equipment, net 4,977,928 5,157,443 Intangible assets, net 258,490 270,903 Goodwill 23,294 23,490 Long-term prepayments, deposits and other assets 170,295 129,428 Restricted cash 124,198 125,235 Operating lease right-of-use assets 75,554 76,935 Land use rights, net 525,622 545,054 Total assets $ 7,157,013 $ 7,597,688 LIABILITIES AND DEFICIT Current liabilities: Accounts payable $ 19,224 $ 25,910 Accrued expenses and other current liabilities 1,005,568 1,076,150 Income tax payable 30,277 29,208 Operating lease liabilities, current 21,636 18,998 Finance lease liabilities, current 32,057 33,327 Payables to affiliated companies 236 719 Total current liabilities 1,108,998 1,184,312 Long-term debt, net 6,978,551 6,747,918 Other long-term liabilities 281,454 309,799 Deferred tax liabilities, net 34,092 34,590 Operating lease liabilities, non-current 75,222 76,108 Finance lease liabilities, non-current 128,360 148,590 Total liabilities 8,606,677 8,501,317 Deficit: Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,351,540,382 and 1,351,540,382 shares issued; 1,073,746,657 and 1,172,055,466 shares outstanding, respectively 13,515 13,515 Treasury shares, at cost; 277,793,725 and 179,484,916 shares, respectively (526,099) (356,835) Additional paid-in capital 2,609,853 2,988,714 Accumulated other comprehensive losses (118,727) (63,712)
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Accumulated losses (3,728,757) (3,828,284) Total Melco Resorts & Entertainment Limited shareholders’ deficit (1,750,215) (1,246,602) Noncontrolling interests 300,551 342,973 Total deficit (1,449,664) (903,629) Total liabilities and deficit $ 7,157,013 $ 7,597,688 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, 2026 2025 2026 2025 Net income attributable to Melco Resorts & Entertainment Limited $ 34 $ 74,686 $ 99,527 $ 124,410 Pre-opening costs 1,676 7,393 3,269 50,416 Development costs 1,706 996 4,134 6,266 Property charges and other 1,902 234 1,705 47,420 Loss on extinguishment of debt 1,259 524 2,639 524 Income tax impact on adjustments (50) (12) (72) (811) Noncontrolling interests impact on adjustments (41) (138) (670) (1,190) Adjusted net income attributable to Melco Resorts & Entertainment Limited $ 6,486 $ 83,683 $ 110,532 $ 227,035 Adjusted net income attributable to Melco Resorts & Entertainment Limited per share: Basic $ 0.006 $ 0.071 $ 0.096 $ 0.189 Diluted $ 0.006 $ 0.071 $ 0.096 $ 0.188 Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS: Basic $ 0.018 $ 0.214 $ 0.289 $ 0.567 Diluted $ 0.018 $ 0.212 $ 0.288 $ 0.564 Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation: Basic 1,104,504,749 1,171,585,944 1,146,144,003 1,201,377,034 Diluted 1,108,390,113 1,184,132,090 1,151,344,779 1,207,524,521 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, 2026 City of Dreams Studio City Altira Macau Mocha(3) City of Dreams Manila City of Dreams Mediterranean and Other Other Operations(4) Corporate and Other Total
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Operating income (loss) $ 71,571 $ 34,984 $ (2,000) $ 3,269 $ 17,554 $ 12,232 $ (853) $ (36,541) $ 100,216 Payments to the Philippine Parties - - - - 8,155 - - - 8,155 Integrated resort and casino rent(5) - - - - 1,463 - 1,828 - 3,291 Pre-opening costs 1,555 92 - - - - - 29 1,676 Development costs - - - - - - - 1,706 1,706 Depreciation and amortization 54,461 55,436 887 1,025 4,448 13,293 3,008 5,751 138,309 Share-based compensation 1,903 551 132 38 1,115 88 31 5,568 9,426 Property charges and other 854 (496) 693 - 186 47 - 618 1,902 Adjusted EBITDA 130,344 90,567 (288) 4,332 32,921 25,660 4,014 (22,869) 264,681 Corporate and Other expenses - - - - - - - 22,869 22,869 Adjusted Property EBITDA $ 130,344 $ 90,567 $ (288) $ 4,332 $ 32,921 $ 25,660 $ 4,014 $ - $ 287,550 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(4) Total Operating income (loss) $ 153,803 $ 45,914 $ (2,275) $ 4,252 $ 24,272 $ 9,537 $ (11,119) $ (39,873) $ 184,511 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(4) - - - - - - - 28,460 28,460 Adjusted Property EBITDA $ 206,880 $ 104,671 $ (707) $ 5,773 $ 41,261 $ 23,174 $ (629) $ - $ 380,423 (3) Mocha and Other segment included the operation of the Grand Dragon Casino before its closure and was changed to Mocha segment 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 for the three months and nine months ended September 30, 2025. 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.
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Melco Resorts & Entertainment Limited and Subsidiaries Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) (In thousands) Nine Months Ended September 30, 2026 City of Dreams Studio City Altira Macau Mocha(3) City of Dreams Manila City of Dreams Mediterranean and Other Other Operations(4) Corporate and Other Total Operating income (loss) $ 325,788 $ 128,938 $ (623) $ 8,809 $ 56,755 $ 13,983 $ (7,033) $ (119,644) $ 406,973 Payments to the Philippine Parties - - - - 24,292 - - - 24,292 Integrated resort and casino rent(5) - - - - 4,477 - 5,394 - 9,871 Pre-opening costs 3,070 120 - - - - 33 46 3,269 Development costs - - - - - - - 4,134 4,134 Depreciation and amortization 161,409 167,879 2,628 3,082 13,850 40,226 9,327 16,642 415,043 Share-based compensation 5,071 1,411 360 111 1,620 213 80 14,443 23,309 Property charges and other (2,853) (530) 3,564 543 257 106 - 618 1,705 Adjusted EBITDA 492,485 297,818 5,929 12,545 101,251 54,528 7,801 (83,761) 888,596 Corporate and Other expenses - - - - - - - 83,761 83,761 Adjusted Property EBITDA $ 492,485 $ 297,818 $ 5,929 $ 12,545 $ 101,251 $ 54,528 $ 7,801 $ - $ 972,357 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(4) 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(4) - - - - - - - 82,248 82,248 Adjusted Property EBITDA $ 628,425 $ 307,203 $ (555) $ 17,776 $ 99,733 $ 47,201 $ (682) $ - $ 1,099,101
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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) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income attributable to Melco Resorts & Entertainment Limited $ 34 $ 74,686 $ 99,527 $ 124,410 Net loss attributable to noncontrolling interests (9,135) (12,626) (27,198) (25,248) Net (loss) income (9,101) 62,060 72,329 99,162 Income tax expense 1,655 845 16,476 17,355 Interest and other non-operating expenses, net 107,662 121,606 318,168 337,520 Depreciation and amortization 138,309 138,307 415,043 402,653 Property charges and other 1,902 234 1,705 47,420 Share-based compensation 9,426 7,724 23,309 22,160 Development costs 1,706 996 4,134 6,266 Pre-opening costs(6) 1,676 6,800 3,269 46,244 Integrated resort and casino rent(5) 3,291 3,178 9,871 9,559 Payments to the Philippine Parties 8,155 10,213 24,292 28,514 Adjusted EBITDA 264,681 351,963 888,596 1,016,853 Corporate and Other expenses(4) 22,869 28,460 83,761 82,248 Adjusted Property EBITDA $ 287,550 $ 380,423 $ 972,357 $ 1,099,101 Melco Resorts & Entertainment Limited and Subsidiaries Supplemental Data Schedule Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Room Statistics: City of Dreams Average daily rate(7) $ 221 $ 218 $ 225 $ 218 Occupancy per available room 98% 98% 98% 98% Revenue per available room(8) $ 218 $ 212 $ 221 $ 213 Studio City Average daily rate(7) $ 176 $ 178 $ 175 $ 170 Occupancy per available room 97% 97% 97% 98% Revenue per available room(8) $ 171 $ 174 $ 170 $ 166 Altira Macau Average daily rate(7) $ 134 $ 135 $ 134 $ 133 Occupancy per available room 100% 96% 99% 97% Revenue per available room(8) $ 134 $ 130 $ 132 $ 129 City of Dreams Manila Average daily rate(7) $ 140 $ 158 $ 144 $ 160 Occupancy per available room 96% 90% 96% 93%
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Revenue per available room(8) $ 134 $ 142 $ 138 $ 150 City of Dreams Mediterranean and Other Average daily rate(7) $ 611 $ 595 $ 546 $ 493 Occupancy per available room 83% 72% 65% 64% Revenue per available room(8) $ 509 $ 425 $ 354 $ 315 Other Information: City of Dreams Average number of table games 450 437 448 435 Average number of gaming machines 814 615 814 619 Table games win per unit per day(9) $ 14,406 $ 17,583 $ 16,531 $ 18,239 Gaming machines win per unit per day(10) $ 489 $ 586 $ 588 $ 533 Studio City Average number of table games 249 253 252 253 Average number of gaming machines 953 726 951 749 Table games win per unit per day(9) $ 12,663 $ 13,572 $ 13,734 $ 13,680 Gaming machines win per unit per day(10) $ 351 $ 484 $ 417 $ 485 Altira Macau Average number of table games 35 29 34 32 Average number of gaming machines 282 148 284 138 Table games win per unit per day(9) $ 9,004 $ 8,188 $ 9,923 $ 8,199 Gaming machines win per unit per day(10) $ 258 $ 274 $ 278 $ 275 Mocha and Other(3) Average number of table games - 15 - 15 Average number of gaming machines 429 850 426 847 Table games win per unit per day(9) $ - $ 6,884 $ - $ 6,623 Gaming machines win per unit per day(10) $ 392 $ 269 $ 396 $ 276 City of Dreams Manila Average number of table games 264 262 264 265 Average number of gaming machines 2,275 2,264 2,268 2,265 Table games win per unit per day(9) $ 2,682 $ 3,089 $ 2,667 $ 2,740 Gaming machines win per unit per day(10) $ 232 $ 241 $ 237 $ 238 City of Dreams Mediterranean and Other Average number of table games 108 106 108 106 Average number of gaming machines 971 888 950 886 Table games win per unit per day(9) $ 4,996 $ 4,231 $ 4,140 $ 3,674 Gaming machines win per unit per day(10) $ 429 $ 446 $ 413 $ 408 (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, other incentives 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 other incentives and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis