Melco Resorts & Entertainment reported attributable net income of $185 million for full-year 2025, nearly quadrupling the $43.5 million recorded in 2024, as its Macau gaming operations continued to strengthen.
Results released on February 12th showed that the earnings surge was driven primarily by higher gaming volumes, stronger table performance, and steady growth in non-gaming revenue. Total operating revenue for 2025 rose to $5.16 billion from $4.64 billion a year earlier, while operating income increased to $600.4 million from $484.6 million in FY24.
Adjusted property EBITDA reached $1.43 billion in 2025, compared with $1.22 billion in 2024, reflecting improved margins across major properties. Management attributed the recovery to broad-based improvement across all gaming segments, with both VIP rolling chip turnover and mass-market betting volumes posting sustained gains.
Macau remained the primary engine of Melco’s earnings rebound. Casino revenue for the full year climbed to $4.25 billion from $3.77 billion in 2024, supported by higher visitation, longer average stay duration, and improving customer spending patterns.
Revenue growth was largely underpinned by stronger performance in both VIP and mass-market segments, highlighting a synchronized recovery in high-end and premium mass play.
Non-gaming revenue, including hotel, food and beverage, and entertainment operations, also recorded moderate growth, providing additional support to overall earnings.
4Q25 momentum strengthens
Momentum accelerated in the fourth quarter of 2025, with total operating revenue reaching $1.29 billion, up about 9 percent year-on-year. Casino revenue for the quarter rose to $1.07 billion from $972 million in the same period of 2024.
Operating income increased to $146.4 million from $97 million a year earlier, while adjusted property EBITDA climbed to $331.3 million from $295.2 million. Attributable net income swung to a profit of $60.6 million, reversing a net loss of $20.3 million in the fourth quarter of 2024.
The company noted that the quarterly improvement was mainly supported by higher rolling chip volume and stronger mass-table turnover, alongside stable operating costs.
Despite the improved operating performance, Melco continued to face elevated expenses. Net non-operating expenses totaled $114.6 million in the fourth quarter.
Philippines
In the Philippines, City of Dreams Manila reported weaker fourth-quarter results amid competitive pressures and softer market conditions. Total operating revenue declined to $100.2 million from $133.8 million a year earlier, while adjusted EBITDA fell to $33.1 million from $56.8 million.
Gaming volumes contracted across segments. Rolling chip volume dropped to $469.1 million from $770.9 million, mass-market table games drop decreased to $128.9 million from $168.5 million, and gaming machine handle declined to $0.88 billion from $1.08 billion. Non-gaming revenue also eased to $25.1 million from $29.9 million.
Management attributed the weaker performance to intensified competitive pressures and broader industry headwinds in the Manila market.
Europe
In Europe, operations at City of Dreams Mediterranean and its satellite casinos showed improving operating trends, although losses continued to weigh on non-controlling interests. Total operating revenue for the segment rose to $83.5 million in the fourth quarter of 2025 from $59.2 million a year earlier, while adjusted EBITDA increased to $21 million from $11.8 million, supported by stronger mass-market gaming performance.
Mass-market table games drop increased to $162.6 million from $126.5 million, and gaming machine handle climbed to $690.4 million from $567.3 million, showing higher visitation and improved customer activity across Cyprus. By contrast, VIP rolling chip volume remained minimal during the quarter, resulting in volatility in reported win rates.
Despite the operational improvement, the European segment continued to generate net losses at the group level. Melco remains focused on expanding market penetration through marketing initiatives and infrastructure enhancements, aiming to strengthen the long-term performance and positioning of its Cyprus resort portfolio.
