Melco Resorts & Entertainment Limited reported its unaudited financial results for 1Q25 on May 8th, showing significant growth compared to the previous year.
The company posted a net income of $32.5 million for 1Q25, representing an 114 percent increase from $15.2 million in the same period of 2024., highlighting Melco’s continued recovery and expansion in the global gaming market.
Total operating revenues reached $1.23 billion, up approximately 11 percent from $1.11 billion for the comparable period in 2024. The improvement was primarily driven by enhanced performance across all gaming operations and overall non-gaming activities.
Operating income for the first quarter stood at $144.9 million, compared with $125.4 million in the first quarter of 2024, marking a 15.5 percent increase. Meanwhile, Melco’s Adjusted Property EBITDA rose to $341 million, up from $298.8 million in the prior-year period, showing a 14.1 percent improvement.
The net loss attributable to non-controlling interests was $4.8 million during 1Q25, compared to $14.6 million in 1Q24, with the majority related to Studio City and City of Dreams Mediterranean and Other factors.
Lawrence Ho, Chairman and Chief Executive Officer of Melco, commenting on the results, noted: “Macau Property EBITDA grew 32 percent quarter-over-quarter, demonstrating our strength and growth potential in Macau. Mass drop increased each month during the quarter, and we recorded our highest daily mass drop ever.”
He added, “The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts of our teams, and the quality of our product offerings, and we will continue to build on this momentum.”
City of Dreams Macau leads revenue growth
City of Dreams, Melco’s flagship property in Macau, generated total operating revenues of $658.1 million for 1Q25, compared with $550.9 million in 1Q24, representing a 19.5 percent increase.
The property’s Adjusted EBITDA reached $195.9 million, up from $153.6 million in the same period last year, primarily due to improved performance across all gaming operations. Total non-gaming revenue at City of Dreams was $84.1 million, slightly higher than the $80.6 million recorded in 1Q24.
Studio City shows steady improvement
Studio City reported total operating revenues of $354.5 million for 1Q25, compared with $331.4 million in the first quarter of 2024. Adjusted EBITDA increased to $97.3 million from $87.9 million in the prior-year period, driven largely by better mass market performance.
As previously reported, Studio City has strategically repositioned itself to focus on the premium mass and mass segments, with VIP rolling chip operations transferred to City of Dreams in late October 2024. Total non-gaming revenue remained stable at $70.7 million in both periods.
Mixed results from international properties
City of Dreams Manila experienced softer performance, with total operating revenues of $101.6 million, down from $110.7 million in Q1 2024. Its Adjusted EBITDA decreased to $30.1 million from $37.8 million, primarily due to weaker mass market performance.
Rolling chip volume declined to $351.9 million from $527.7 million, though the win rate improved to 2.98 percent from 2.20 percent. Mass market table games drop decreased to $145.5 million from $180.6 million in the comparable period.
Meanwhile, City of Dreams Mediterranean and Other, which includes three satellite casinos in Cyprus, showed improvement with total operating revenues reaching $58.5 million, up from $52.4 million. Adjusted EBITDA increased to $11.6 million from $10.5 million year-over-year.
Ho also noted progress on the company’s expansion plans, highlighting Sri Lanka.
“The fit-out of the casino at City of Dreams Sri Lanka is progressing well and we continue to expect to commence casino operations in the third quarter of 2025,” indicated the executive.
