Melco Q3 revenue up 11% to $1.31 billion on Macau strength, Cyprus growth

Melco Resorts & Entertainment Ltd reported a 11.4% year-on-year rise in revenue to $1.31 billion for the third quarter ended Sept. 30, 2025, driven by strong performance in Macau and improving results from its Cyprus operations, even as earnings were dented by a brief weather-related closure.

Gaming revenue rose 12.4% to $1.06 billion, while non-gaming revenue climbed 7.5% to $248 million. A 33-hour suspension of casino operations in Macau due to Typhoon Ragasa led to a modest quarter-on-quarter decline in total revenue, as reported by Inside Asian Gaming.

Adjusted EBITDA came in at $352 million, up 16.3% year-on-year, while net income surged to $62 million, compared with $13 million in the same quarter a year earlier.

“Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21% year-over-year,” said Lawrence Ho, Melco’s Chairman and CEO.

At City of Dreams Macau, total gross gaming revenue (GGR) rose 19% to $732 million, although it fell 5% from the previous quarter. The VIP segment jumped 57% to $206 million, while mass gaming grew 9% to $494 million, and slot revenue rose 9% to $33 million.

Adjusted EBITDA for the flagship property climbed 27% year-on-year to $207 million, despite an 8% sequential drop.

At Studio City Macau, total GGR increased 3% year-on-year to $344 million, supported by 12% growth in mass gaming and 14% in slot play, offset by the removal of all VIP tables last year. Adjusted Property EBITDA rose 13% to $113 million.

“Margins remained stable, underscoring the strength of our core business and focus on cost discipline. We introduced new gaming areas and facilities during the quarter, providing our patrons with a differentiated experience, and will continue to introduce new initiatives that will elevate the quality of engagement with our customers,” Ho said.

In the Philippines, City of Dreams Manila reported total GGR of $125 million, down 9% year-on-year but up 12% from the prior quarter. VIP gaming surged 59% sequentially, while overall Property EBITDA grew 45%, signaling recovery momentum.

In Cyprus, City of Dreams Mediterranean delivered its best quarter since opening, with total GGR up 35% year-on-year and 14% quarter-on-quarter to $78 million. Adjusted EBITDA rose 53% to $23 million. “In Cyprus, City of Dreams Mediterranean and our satellite casinos had their best quarter since opening,” Ho confirmed.

Melco’s City of Dreams Sri Lanka, which opened on August 2, 2025, contributed $6.1 million in revenue but posted an Adjusted EBITDA loss of $600,000, reflecting start-up costs in the early phase of operations.