Melco Resorts & Entertainment Ltd
NASDAQ:MLCO
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 property EBITDA reached $1.4 billion for 2025, up 17% from 2024, with Macau EBITDA rising 25% for the full year and 24% in Q4 year-over-year.
Macau Momentum: Macau's market GGR is up 24% year-over-year so far in Q1 2026, and Melco's market share has increased.
Strong Start to 2026: Chinese New Year performance looks promising, with higher-yielding cash ADRs compared to last year.
Expansion & CapEx: Major projects include the Countdown hotel renovation (opening Q3 2026) and retail/F&B upgrades; total 2026 CapEx is expected to be $450 million.
Philippines & Cyprus: Manila faces headwinds but expects a rebound; Cyprus property EBITDA rose 78% in Q4 to $21 million.
Debt Repayment: Melco paid down $400 million in debt in 2025 and continues repayments in 2026, with no significant maturities this year.
Margins & Costs: Q4 Macau OpEx increased due to events, but underlying daily OpEx guidance for Q1 2026 is about $3.2 million. Margins are stable and management remains disciplined on spending.
