Melco Resorts & Entertainment
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Melco Resorts & Entertainment (MLCO) investor relations material

Melco Resorts & Entertainment Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved $1.4 billion in group property EBITDA for 2025, up 17% year-over-year, with Macau property EBITDA up 25% for the year and 24% in Q4 year-over-year.

  • Achieved global presence with integrated resorts across Asia and Europe, adapting to diverse markets.

  • Fourth quarter 2025 operating revenues rose 9% year-over-year to $1.29 billion, driven by improved rolling chip and mass market table games performance.

  • Net income for FY2025 was $145M, a turnaround from a $28M loss in FY2024; Q4'25 net income was $60.6 million, reversing a net loss of $20.3 million in Q4 2024.

  • Recognized with over 1,400 awards, including 19 Forbes Five-Star Awards in 2026 and multiple Michelin stars.

Financial highlights

  • FY2025 total operating revenues rose 11.3% year-over-year to $5,163M; 4Q'25 revenues up 8.6% to $1,293M.

  • Adjusted Property EBITDA for FY2025 increased 17.3% to $1,430M; 4Q'25 Adjusted Property EBITDA was $331M, up 12.2% year-over-year.

  • Group-wide Property EBITDA margin expanded 141bps to 27.8% in FY2025.

  • $413M in debt repaid and $165M in shares repurchased during FY2025.

  • Favorable win rates at COD Macau and COD Manila positively impacted EBITDA by $7 million and $3 million, respectively.

Outlook and guidance

  • 1Q 2026 guidance: Depreciation & amortization of $140–145M, corporate expenses of $35M, and net interest expense of $115–120M.

  • Macau daily OpEx expected at $3.2 million in Q1 2026 due to increased marketing for Chinese New Year and new brand campaigns.

  • Total CapEx for 2026 projected at $450 million, with $100 million allocated to the Countdown Hotel renovation.

  • Planned renovations at City of Dreams Macau, including hotel rebranding and retail area revamp.

  • Management remains focused on growth priorities and margin expansion, with new initiatives planned for the coming year.

Impact of asset re-allocations on property performance
Manila performance and Sri Lanka growth prospects
Capital allocation strategy post debt reduction
Why Altira's 4Q'25 EBITDA turned negative?
How is Sri Lanka's initial performance?
What is the plan for remaining share buyback
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Frequently asked questions

Melco Resorts & Entertainment Limited is an integrated resort operator engaged in the development, ownership, and operation of casino gaming and entertainment casino resort facilities. The company's properties feature premium accommodations, dining, retail, and entertainment options. Melco's key assets include resort complexes that offer luxury hotels, convention space, performance venues, and gaming facilities. The company is headquartered in Hong Kong, and its shares are listed on the NASDAQ.

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