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- **Macau Growth**: Q3 EBITDA +21% YoY, post-typhoon recovery strong. New gaming areas drive 30% YoY GGR growth post-Golden Week.
- **Financial Strength**: $380M EBITDA (18% YoY), $1.6B cash, $500M bond issuance reduces debt risk.
- **Strategic Moves**: $125M Countdown Hotel renovation, 2026 CapEx $400M, Manila asset review for debt reduction.
- **Cost Discipline**: OpEx stable at $3M/day; dividend resumption targeted for end-2026.

**【CEO Summary Section】**
- **Macau Performance**: Q3 EBITDA grew 21% YoY, despite $12M typhoon impact. Post-Golden Week, GGR rose 30% YoY, with COD's mass tables recording highest monthly GGR. New initiatives include the Signature Clubhouse (exclusive amenities) and a 15-table low-minimum gaming area, driving walk-in traffic. 2 Mochas to close by end-2025, with machines reallocated. Countdown Hotel renovation ($125M CapEx) expected to open Q3 2026.
- **Philippines & Cyprus**: Manila EBITDA up 45% QoQ; Cyprus (City of Dreams Mediterranean) EBITDA rose 53% YoY to $23M. Sri Lanka's COD opened in August, early-stage operations.

**【CFO Financial Commentary】**
- **Financial Highlights**: Group-wide adjusted EBITDA $380M (18% YoY), $355M excluding VIP hold. Favorable win rates added $23M (COD Macau) and $2M (Manila). OpEx stable at $3M/day (excluding HODW). Liquidity $2.6B, cash $1.6B. Debt reduction: $180M repaid in Q3, $180M in October. Issued $500M bonds to refinance 2026 debt, eliminating near-term maturities. Q4 guidance: D&A $135-140M, corporate expenses $25-30M, net interest $115-120M.

**【Q&A Key Highlights】**
- **OpEx & Promotions**: Maintained cost discipline; Q4 OpEx may spike to ~$3.3M/day due to National Games support, Studio City anniversary, and seasonal promotions. No immediate plans to raise mass hold rate beyond 3%.
- **CapEx & Manila Strategy**: 2026 CapEx ~$400M. Manila asset strategic review nearing completion; no exit intent, focused on debt reduction. Sri Lanka COD early-stage, focused on premium product differentiation.
- **Debt & Dividends**: Target resuming quarterly dividend by end-2026. Liquidity strong, no material debt maturities until 2027.

Melco Resorts & Entertainment Limited (MLCO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MLCO

MLCO fundamentals

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