Melco Resorts & Entertainment Ltd
NASDAQ:MLCO
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Melco Resorts & Entertainment Ltd
In the ever-glittering realm of Macau's casino industry, Melco Resorts & Entertainment Ltd stands as a captivating tale of evolution and ambition. Born from the imaginative foresight of Lawrence Ho, Melco quickly climbed the ranks to become one of the most influential integrated resort developers and operators in Asia. Anchored in the heart of the world’s gaming capital, its properties, including City of Dreams, Studio City, and Altira Macau, weave together luxurious accommodations, world-class entertainment, and expansive gaming floors. Melco doesn't just deal in gaming; it crafts immersive experiences that include high-end retail, sophisticated dining, and cultural performances, creating destinations often described as experiential wonderlands.
Melco's business model thrives on capturing the diverse streams of revenue that flow from this all-encompassing hospitality experience. Its primary income source streams from gaming operations, which include VIP rolling chips, mass-market table games, and slot machine handle. Nevertheless, the company skillfully balances this with non-gaming revenue streams through its room rentals, beverage sales, retail partnerships, and entertainment events, thereby appealing to a broader audience. The confluence of these varied offerings allows Melco to maximize its revenue per visitor, forging resilient avenues for growth even as the broader gaming market weathers regulatory changes and economic fluctuations. In this tale of luxury and leisure, Melco continues to redefine the landscape of integrated resorts by capitalizing on its strategic geographic footprint and its commitment to innovation and quality.
In the ever-glittering realm of Macau's casino industry, Melco Resorts & Entertainment Ltd stands as a captivating tale of evolution and ambition. Born from the imaginative foresight of Lawrence Ho, Melco quickly climbed the ranks to become one of the most influential integrated resort developers and operators in Asia. Anchored in the heart of the world’s gaming capital, its properties, including City of Dreams, Studio City, and Altira Macau, weave together luxurious accommodations, world-class entertainment, and expansive gaming floors. Melco doesn't just deal in gaming; it crafts immersive experiences that include high-end retail, sophisticated dining, and cultural performances, creating destinations often described as experiential wonderlands.
Melco's business model thrives on capturing the diverse streams of revenue that flow from this all-encompassing hospitality experience. Its primary income source streams from gaming operations, which include VIP rolling chips, mass-market table games, and slot machine handle. Nevertheless, the company skillfully balances this with non-gaming revenue streams through its room rentals, beverage sales, retail partnerships, and entertainment events, thereby appealing to a broader audience. The confluence of these varied offerings allows Melco to maximize its revenue per visitor, forging resilient avenues for growth even as the broader gaming market weathers regulatory changes and economic fluctuations. In this tale of luxury and leisure, Melco continues to redefine the landscape of integrated resorts by capitalizing on its strategic geographic footprint and its commitment to innovation and quality.
EBITDA Growth: Group-wide adjusted property EBITDA rose 18% year-over-year to about $380 million, despite a $12 million hit from a September typhoon.
Macau Strength: Macau properties saw strong momentum, with post-Golden Week GGR up over 30% year-over-year and a record monthly mass tables GGR at City of Dreams in October.
Operational Discipline: Macau OpEx remained stable at around $3 million per day, helping maintain a 29% property EBITDA margin.
Cash Position: Liquidity remained robust with $2.6 billion available and $1.6 billion in cash at quarter-end. Bond refinancing eliminated material 2026 maturities.
International Growth: EBITDA in the Philippines grew 45% quarter-over-quarter, and Cyprus property EBITDA climbed 53% year-over-year to $23 million.
CapEx Guidance: Countdown Hotel renovation is budgeted at $125 million, and 2026 group CapEx is expected to be about $400 million.
Share Repurchase: 18.5 million ADSs were canceled in October, repurchased at an average price of $5.10 per ADS.
Dividend Outlook: Company may restart a quarterly dividend by the end of next year, while continuing to prioritize debt reduction.
