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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.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.
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