---
title: "Melco Resorts Announces Unaudited Second Quarter 2026 Earnings | MLCO Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295795680.md"
description: "Melco Resorts reported unaudited Q2 2026 results, with total operating revenues decreasing 6% to US$1.25 billion due to softer gaming performance. Operating income rose slightly to US$127.8 million, while Adjusted Property EBITDA fell to US$303.8 million. Net income increased to US$22.7 million (US$0.06 per ADS). CEO Lawrence Ho cited near-term headwinds but expressed confidence in long-term strength, highlighting the upcoming REM hotel opening and resilience in Philippines and Cyprus operations."
datetime: "2026-08-13T04:01:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295795680.md)
  - [en](https://longbridge.com/en/news/295795680.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295795680.md)
generator: "portal-rs"
---

# Melco Resorts Announces Unaudited Second Quarter 2026 Earnings | MLCO Stock News

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MACAU, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco Resorts” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the second quarter of 2026.

Total operating revenues for the second quarter of 2026 were US$1.25 billion, representing a decrease of approximately 6% from US$1.33 billion for the comparable period in 2025. The decrease in total operating revenues was primarily attributable to softer performance in rolling chip and mass market table games as well as overall non-gaming operations.

Operating income for the second quarter of 2026 was US$127.8 million, compared with US$124.7 million in the second quarter of 2025.

Melco Resorts’ Adjusted Property EBITDA(1) was US$303.8 million in the second quarter of 2026, compared with US$377.7 million in the second quarter of 2025.

Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2026 was US$22.7 million, or US$0.06 per American depositary share (“ADS”), compared with US$17.2 million, or US$0.04 per ADS, in the second quarter of 2025. The net loss attributable to noncontrolling interests was US$12.1 million and US$7.8 million during the second quarters of 2026 and 2025, respectively, the majority of which was attributable to Studio City and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “We are confident in the long-term strength of our businesses and our outlook for Macau. Despite near-term headwinds that are reflected in our second quarter results, our priorities continue to be to deepen customer engagement, attract high quality visitation, and continue investing in our properties to anticipate the changing needs of our guests. Our new hotel, REM, will commence its phased opening in the third quarter of 2026, which together with our continued efforts to operate more efficiently and strengthen our business, positions us well to capture the demand that has been gaining momentum in Macau.

“Outside of Macau, our diversified portfolio continued to demonstrate resilience and growth potential. In the Philippines, City of Dreams Manila delivered solid year-over-year growth despite the ongoing challenges in the country. In Cyprus, City of Dreams Mediterranean and our satellite casinos rebounded with considerable strength as disruptions in regional travel eased, with Property EBITDA in the second quarter of 2026 growing by 60% year-over-year.”

**City of Dreams Second Quarter Results**

For the quarter ended June 30, 2026, total operating revenues at City of Dreams were US$632.2 million, compared with US$710.5 million in the second quarter of 2025. City of Dreams’ Adjusted EBITDA was US$147.8 million in the second quarter of 2026, compared with US$225.6 million in the second quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer rolling chip and mass market table games performance.

Rolling chip volume decreased to US$5.16 billion during the second quarter of 2026, compared with US$5.49 billion in the second quarter of 2025. Win rate was 2.71% in the second quarter of 2026, compared with 3.93% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop was US$1.75 billion for each of the second quarters of 2026 and 2025. Hold percentage was 29.8% in the second quarter of 2026, compared with 30.5% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$1.20 billion, compared with US$0.95 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.0% in the second quarter of 2025.

Total non-gaming revenue at City of Dreams in the second quarter of 2026 was US$89.5 million, compared with US$88.1 million in the second quarter of 2025.

**Studio City Second Quarter Results**

For the quarter ended June 30, 2026, total operating revenues at Studio City were US$371.5 million, compared with US$388.2 million in the second quarter of 2025. Studio City’s Adjusted EBITDA was US$95.5 million in the second quarter of 2026, compared with US$105.2 million in the second quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer mass market table games performance.

Mass market table games drop was US$884.1 million in the second quarter of 2026, compared with US$958.2 million in the second quarter of 2025. Hold percentage was 36.3% in the second quarter of 2026, compared with 34.0% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$1.04 billion, compared with US$0.92 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.7% in the second quarter of 2025.

Total non-gaming revenue at Studio City was US$69.2 million in the second quarter of 2026, compared with US$83.8 million in the second quarter of 2025.

**Altira Macau Second Quarter Results**

For the quarter ended June 30, 2026, total operating revenues at Altira Macau were US$33.9 million, compared with US$28.3 million in the second quarter of 2025. Altira Macau’s Adjusted EBITDA was US$2.2 million in the second quarter of 2026, compared with US$0.8 million in the second quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.

Mass market table games drop was US$134.0 million in the second quarter of 2026, compared with US$119.0 million in the second quarter of 2025. Hold percentage was 22.0% in the second quarter of 2026, compared with 21.3% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$208.4 million, compared with US$114.9 million in the second quarter of 2025. Win rate was 3.4% in the second quarter of 2026, compared with 2.5% in the second quarter of 2025.

Total non-gaming revenue at Altira Macau was US$5.3 million in the second quarter of 2026, compared with US$4.8 million in the second quarter of 2025.

**Mocha Second Quarter Results**

Prior to the fourth quarter of 2025, the Mocha and Other segment included the operations of Grand Dragon Casino before its closure in September 2025. This segment has been renamed to the Mocha segment from the fourth quarter of 2025 onwards.

Following the government mandated closures in 2025, the Mocha segment now includes results for three Mocha Clubs, namely Mocha Inner Harbour, Mocha Golden Dragon and Mocha Hotel Sintra.

Total operating revenues from Mocha were US$15.1 million in the second quarter of 2026, compared with US$27.9 million from Mocha and Other in the second quarter of 2025. Mocha’s Adjusted EBITDA was US$4.0 million in the second quarter of 2026, compared with US$5.2 million for Mocha and Other in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$377.0 million, compared with US$496.4 million in the second quarter of 2025. Win rate was 4.0% in the second quarter of 2026, compared with 4.1% in the second quarter of 2025.

**City of Dreams Manila Second Quarter Results**

For the quarter ended June 30, 2026, total operating revenues at City of Dreams Manila were US$97.3 million, compared with US$98.5 million in the second quarter of 2025. City of Dreams Manila’s Adjusted EBITDA was US$30.9 million in the second quarter of 2026, compared with US$28.4 million in the comparable period of 2025.

City of Dreams Manila’s rolling chip volume was US$342.6 million in the second quarter of 2026, compared with US$694.4 million in the second quarter of 2025. Win rate was 3.67% in the second quarter of 2026, compared with 2.05% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$131.9 million in the second quarter of 2026, compared with US$147.9 million in the second quarter of 2025. Hold percentage was 35.4% in the second quarter of 2026, compared with 34.8% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$0.95 billion, compared with US$1.00 billion in the second quarter of 2025. Win rate was 5.0% in the second quarter of 2026, compared with 4.6% in the second quarter of 2025.

Total non-gaming revenue at City of Dreams Manila in the second quarter of 2026 was US$23.3 million, compared with US$27.0 million in the second quarter of 2025.

**City of Dreams Mediterranean and Other Second Quarter Results**

The Company operates City of Dreams Mediterranean in conjunction with three satellite casinos in Cyprus.

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2026 were US$82.0 million, compared with US$72.3 million in the second quarter of 2025. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$19.9 million in the second quarter of 2026, compared with US$12.4 million in the second quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.

Rolling chip volume was US$0.1 million for the second quarter of 2026, compared with US$0.7 million in the second quarter of 2025. Win rate was negative 29.66% in the second quarter of 2026, compared with 7.28% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%. The significant movement in the rolling chip win rate resulted from low gaming volumes.

Mass market table games drop was US$175.7 million in the second quarter of 2026, compared with US$161.8 million in the second quarter of 2025. Hold percentage was 22.1% in the second quarter of 2026, compared with 21.9% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$727.7 million, compared with US$668.1 million in the second quarter of 2025. Win rate was 5.1% in the second quarter of 2026, compared with 4.9% in the second quarter of 2025.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2026 was US$24.4 million, compared with US$25.4 million in the second quarter of 2025.

**Other Operations**

Other Operations include the Company’s casino operations at City of Dreams Sri Lanka, which opened on August 1, 2025, and provision of management services to the Nüwa hotel at City of Dreams Sri Lanka, which opened to the public on July 15, 2025.

Total operating revenues from Other Operations were US$16.9 million for the quarter ended June 30, 2026. Adjusted EBITDA from Other Operations was US$3.5 million in the second quarter of 2026.

**Other Factors Affecting Earnings**

Total net non-operating expenses for the second quarter of 2026 were US$109.5 million, which mainly included interest expense, net of amounts capitalized, of US$111.0 million.

Depreciation and amortization costs of US$135.7 million were recorded in the second quarter of 2026, of which US$5.0 million related to the amortization expense for land use rights.

Adjusted EBITDA for Studio City for the three months ended June 30, 2026 referred to above was US$28.5 million more than the Adjusted EBITDA of Studio City reported in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated August 13, 2026 (the “Studio City Earnings Release”). Adjusted EBITDA of Studio City reported in the Studio City Earnings Release includes certain intercompany charges that are not included in Adjusted EBITDA for Studio City reported in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City presented in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino.

**Financial Position and Capital Expenditures**

Total cash and bank balances as of June 30, 2026 aggregated to US$1.04 billion, including US$124.3 million of restricted cash.

Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.05 billion at the end of the second quarter of 2026.

During the quarter ended June 30, 2026, MCO Nominee One Limited drew down HK$3.27 billion (equivalent to US$416.7 million) principal amount outstanding under its revolving credit facilities (the “MN1 2020 Revolving Facilities”). On June 9, 2026, the Company announced that the maturity date of the MN1 2020 Revolving Facilities was extended from April 2027 to June 2031 and an incremental facility of HK$6.44 billion (equivalent to US$821.0 million) was established such that the total commitments under the MN1 2020 Revolving Facilities increased to HK$21.68 billion (equivalent to US$2.76 billion).

On May 15, 2026, Studio City Company Limited (“SCC”) issued US$300.0 million in aggregate principal amount of 6.125% senior secured notes due 2031 (“2031 SCC Senior Secured Notes”). The net proceeds from the issuance of the 2031 SCC Senior Secured Notes, together with a HK$118.0 million (equivalent to US$15.1 million) drawdown from SCC’s senior secured credit facility, and cash on hand, was utilized to refinance US$350.0 million in aggregate principal amount of the 7.000% senior secured notes due 2027.

Subsequent to quarter end, on July 18, 2026, Studio City Finance Limited redeemed an aggregate principal amount of US$165.0 million of its outstanding 6.500% senior notes due 2028 pursuant to the notice of partial redemption dated June 18, 2026. The redemption was funded with a HK$1.18 billion (equivalent to US$150.5 million) drawdown from SCC’s senior secured credit facility. All of the redeemed notes have been cancelled.

Available liquidity, including cash and undrawn revolving credit facilities as of June 30, 2026 was approximately US$2.80 billion.

Capital expenditures for the second quarter of 2026 were US$123.9 million, which mainly included costs related to enhancement projects at City of Dreams in Macau as well as City of Dreams Mediterranean and Other.

**Share Repurchase Programs**

During the period from April 1, 2026 to August 12, 2026, Melco Resorts repurchased approximately 22.4 million ADSs (representing approximately 67.1 million ordinary shares) from the open market at an aggregate purchase price of approximately US$120.6 million. As of August 12, 2026, the Company has remaining authority to repurchase up to approximately US$589.6 million of its equity.

**Conference Call Information**

Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2026 financial results on Thursday, August 13, 2026 at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time).

To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers, passcode and a unique Personal PIN which can be used to join the conference.

Online Registration Link: https://s1.c-conf.com/diamondpass/10055249-7qhfkc.html

An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com.

**Safe Harbor Statement**

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines, the Republic of Cyprus and Sri Lanka, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

**Non-GAAP Financial Measures**

(1)

“Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA, which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA to measure the operating performance of our segments and to compare the operating performance of our properties with those of our competitors.

The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA do not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

(2)

“Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited” is net income/loss attributable to Melco Resorts & Entertainment Limited before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS”), which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

**About Melco Resorts & Entertainment Limited**

The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates City of Dreams (www.cityofdreamsmacau.com) and Altira Macau (www.altiramacau.com), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Mocha Clubs (www.mochaclubs.com), the only non-casino based operation of electronic gaming machines in Macau. In addition, the Company operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus (www.cityofdreamsmed.com.cy) and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos”). In South Asia, the Company operates the casino and manages the Nüwa hotel at City of Dreams Sri Lanka (www.cityofdreamssrilanka.com), an integrated resort in Colombo, Sri Lanka. For more information about the Company, please visit www.melco-resorts.com.

The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

**For the investment community, please contact:**  
Jeanny Kim  
Senior Vice President, Group Treasurer  
Tel: +852 2598 3698  
Email: jeannykim@melco-resorts.com

**For media enquiries, please contact:**  
Chimmy Leung  
Executive Director, Corporate Communications  
Tel: +852 3151 3765  
Email: chimmyleung@melco-resorts.com

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Condensed Consolidated Statements of Operations (Unaudited)**

**(In thousands, except share and per share data)**

**Three Months Ended**

**Six Months Ended**

**June 30,**

**June 30,**

**2026**

**2025**

**2026**

**2025**

Operating revenues:

Casino

$

1,035,100

$

1,095,508

$

2,185,433

$

2,119,920

Rooms

112,307

108,918

220,761

214,057

Food and beverage

66,685

70,948

132,463

146,496

Entertainment, retail and other

38,106

52,837

80,255

80,046

Total operating revenues

1,252,198

1,328,211

2,618,912

2,560,519

Operating costs and expenses:

Casino

(692,284

)

(695,947

)

(1,421,354

)

(1,358,604

)

Rooms

(39,592

)

(36,938

)

(78,957

)

(72,563

)

Food and beverage

(60,693

)

(60,641

)

(122,606

)

(121,738

)

Entertainment, retail and other

(23,496

)

(32,731

)

(46,685

)

(46,518

)

General and administrative

(166,235

)

(158,494

)

(345,858

)

(313,444

)

Payments to the Philippine Parties

(6,763

)

(9,062

)

(16,137

)

(18,301

)

Pre-opening costs

(1,302

)

(28,982

)

(1,593

)

(43,023

)

Development costs

(1,406

)

(1,846

)

(2,428

)

(5,270

)

Amortization of land use rights

(4,965

)

(4,980

)

(9,941

)

(9,982

)

Depreciation and amortization

(130,705

)

(128,943

)

(266,793

)

(254,364

)

Property charges and other

3,025

(44,991

)

197

(47,186

)

Total operating costs and expenses

(1,124,416

)

(1,203,555

)

(2,312,155

)

(2,290,993

)

Operating income

127,782

124,656

306,757

269,526

Non-operating income (expenses):

Interest income

1,178

1,687

2,170

4,563

Interest expense, net of amounts capitalized

(110,985

)

(117,883

)

(222,803

)

(237,389

)

Other financing costs

(1,534

)

(1,895

)

(3,277

)

(3,978

)

Foreign exchange (losses) gains, net

(3,152

)

13,299

5,687

18,901

Other income, net

6,342

1,389

9,097

1,989

Loss on extinguishment of debt

(1,380

)

-

(1,380

)

-

Total non-operating expenses, net

(109,531

)

(103,403

)

(210,506

)

(215,914

)

Income before income tax

18,251

21,253

96,251

53,612

Income tax expense

(7,701

)

(11,898

)

(14,821

)

(16,510

)

Net income

10,550

9,355

81,430

37,102

Net loss attributable to noncontrolling interests

12,111

7,837

18,063

12,622

Net income attributable to Melco Resorts & Entertainment Limited

$

22,661

$

17,192

$

99,493

$

49,724

Net income attributable to Melco Resorts & Entertainment Limited per share:

Basic

$

0.019

$

0.015

$

0.085

$

0.041

Diluted

$

0.019

$

0.014

$

0.085

$

0.041

Net income attributable to Melco Resorts & Entertainment Limited per ADS:

Basic

$

0.058

$

0.044

$

0.256

$

0.123

Diluted

$

0.058

$

0.043

$

0.254

$

0.122

Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation:

Basic

1,164,375,334

1,183,590,580

1,167,308,707

1,216,519,466

Diluted

1,165,971,364

1,186,358,988

1,173,167,189

1,219,467,624

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Condensed Consolidated Balance Sheets (Unaudited)**

**(In thousands, except share and per share data)**

**June 30,**

**December 31,**

**2026**

**2025**

**ASSETS**

Current assets:

Cash and cash equivalents

$

912,893

$

1,023,199

Accounts receivable, net

117,484

126,405

Receivables from affiliated companies

2,185

887

Inventories

36,219

36,919

Prepaid expenses and other current assets

85,797

81,790

Total current assets

1,154,578

1,269,200

Property and equipment, net

5,026,918

5,157,443

Intangible assets, net

266,991

270,903

Goodwill

23,305

23,490

Long-term prepayments, deposits and other assets

173,211

129,428

Restricted cash

124,253

125,235

Operating lease right-of-use assets

71,778

76,935

Land use rights, net

530,828

545,054

Total assets

$

7,371,862

$

7,597,688

**LIABILITIES AND DEFICIT**

Current liabilities:

Accounts payable

$

19,509

$

25,910

Accrued expenses and other current liabilities

1,024,700

1,076,150

Income tax payable

29,074

29,208

Operating lease liabilities, current

18,721

18,998

Finance lease liabilities, current

32,430

33,327

Current portion of long-term debt, net

14,514

-

Payables to affiliated companies

142

719

Total current liabilities

1,139,090

1,184,312

Long-term debt, net

7,036,841

6,747,918

Other long-term liabilities

276,730

309,799

Deferred tax liabilities, net

36,439

34,590

Operating lease liabilities, non-current

71,275

76,108

Finance lease liabilities, non-current

135,788

148,590

Total liabilities

8,696,163

8,501,317

Deficit:

Ordinary shares, par value $0.01; 7,300,000,000 shares authorized;

1,351,540,382 and 1,351,540,382 shares issued;

1,140,732,190 and 1,172,055,466 shares outstanding, respectively

13,515

13,515

Treasury shares, at cost; 210,808,192 and 179,484,916 shares, respectively

(409,835

)

(356,835

)

Additional paid-in capital

2,602,843

2,988,714

Accumulated other comprehensive losses

(113,372

)

(63,712

)

Accumulated losses

(3,728,791

)

(3,828,284

)

Total Melco Resorts & Entertainment Limited shareholders’ deficit

(1,635,640

)

(1,246,602

)

Noncontrolling interests

311,339

342,973

Total deficit

(1,324,301

)

(903,629

)

Total liabilities and deficit

$

7,371,862

$

7,597,688

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to** 

**Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited (Unaudited)**

**(In thousands, except share and per share data)**

**Three Months Ended**

**Six Months Ended**

**June 30,**

**June 30,**

**2026**

**2025**

**2026**

**2025**

Net income attributable to Melco Resorts & Entertainment Limited

$

22,661

$

17,192

$

99,493

$

49,724

Pre-opening costs

1,302

28,982

1,593

43,023

Development costs

1,406

1,846

2,428

5,270

Property charges and other

(3,025

)

44,991

(197

)

47,186

Loss on extinguishment of debt

1,380

-

1,380

-

Income tax impact on adjustments

(13

)

(556

)

(22

)

(799

)

Noncontrolling interests impact on adjustments

(524

)

(188

)

(629

)

(1,052

)

Adjusted net income attributable to Melco Resorts & Entertainment Limited

$

23,187

$

92,267

$

104,046

$

143,352

Adjusted net income attributable to Melco Resorts & Entertainment Limited per share:

Basic

$

0.020

$

0.078

$

0.089

$

0.118

Diluted

$

0.020

$

0.078

$

0.089

$

0.118

Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS:

Basic

$

0.060

$

0.234

$

0.267

$

0.354

Diluted

$

0.060

$

0.233

$

0.266

$

0.353

Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation:

Basic

1,164,375,334

1,183,590,580

1,167,308,707

1,216,519,466

Diluted

1,165,971,364

1,186,358,988

1,173,167,189

1,219,467,624

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)**

**(In thousands)**

**Three Months Ended June 30, 2026**

**City of  
Dreams**

**Studio  
City**

**Altira  
Macau**

**Mocha** **(3)**

**City of Dreams  
Manila**

**City of Dreams  
Mediterranean  
and Other**

**Other  
Operations** **(4)**

**Corporate  
and Other**

**Total**

Operating income (loss)

$

98,537

$

38,825

$

299

$

2,435

$

17,805

$

6,364

$

(1,403

)

$

(35,080

)

$

127,782

Payments to the Philippine Parties

-

-

-

-

6,763

-

-

-

6,763

Integrated resort and casino rent (5)

-

-

-

-

1,478

-

1,774

-

3,252

Pre-opening costs

1,258

27

-

-

-

-

-

17

1,302

Development costs

-

-

-

-

-

-

-

1,406

1,406

Depreciation and amortization

50,490

56,449

971

1,006

4,622

13,461

3,111

5,560

135,670

Share-based compensation

1,623

450

114

32

250

89

26

4,733

7,317

Property charges and other

(4,124

)

(236

)

779

529

27

-

-

-

(3,025

)

Adjusted EBITDA

147,784

95,515

2,163

4,002

30,945

19,914

3,508

(23,364

)

280,467

Corporate and Other expenses

-

-

-

-

-

-

-

23,364

23,364

Adjusted Property EBITDA

$

147,784

$

95,515

$

2,163

$

4,002

$

30,945

$

19,914

$

3,508

$

-

$

303,831

**Three Months Ended June 30, 2025**

**City of  
Dreams**

**Studio  
City**

**Altira  
Macau**

**Mocha  
and Other** **(3)**

**City of Dreams  
Manila**

**City of Dreams  
Mediterranean  
and Other**

**Other  
Operations** **(4)**

**Corporate  
and Other** **(4)**

**Total**

Operating income (loss)

$

163,368

$

47,336

$

(35

)

$

(51,468

)

$

12,769

$

(748

)

$

(8,735

)

$

(37,831

)

$

124,656

Payments to the Philippine Parties

-

-

-

-

9,062

-

-

-

9,062

Integrated resort and casino rent (5)

-

-

-

-

1,118

-

1,788

-

2,906

Pre-opening costs (6)

19,985

314

-

-

-

-

6,895

-

27,194

Development costs

-

-

-

-

-

-

-

1,846

1,846

Depreciation and amortization

51,220

56,926

578

1,077

5,147

13,155

-

5,820

133,923

Share-based compensation

1,600

428

114

46

269

105

28

5,056

7,646

Property charges and other

(10,536

)

206

184

55,557

52

(97

)

-

(375

)

44,991

Adjusted EBITDA

225,637

105,210

841

5,212

28,417

12,415

(24

)

(25,484

)

352,224

Corporate and Other expenses (4)

-

-

-

-

-

-

-

25,484

25,484

Adjusted Property EBITDA

$

225,637

$

105,210

$

841

$

5,212

$

28,417

$

12,415

$

(24

)

$

-

$

377,708

(3)

Mocha and Other segment included the operation of the Grand Dragon Casino before its closure and was changed to Mocha segment effective on September 23, 2025.

(4)

Effective from August 1, 2025, the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to operate certain floors of the hotel tower at City of Dreams Sri Lanka which opened to the public on July 15, 2025 were previously reported under the Corporate and Other category, has been included in the Other Operations segment for the three months and six months ended June 30, 2025. City of Dreams Sri Lanka is an integrated resort in Colombo, Sri Lanka, developed by a subsidiary of John Keells Holdings PLC, an independent third party.

(5)

Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to a subsidiary of John Keells Holdings PLC.

(6)

Certain amounts of pre-opening costs are grouped and reported under the line item Integrated resort and casino rent.

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)**

**(In thousands)**

**Six Months Ended June 30, 2026**

**City of  
Dreams**

**Studio  
City**

**Altira  
Macau**

**Mocha** **(3)**

**City of Dreams  
Manila**

**City of Dreams  
Mediterranean  
and Other** 

**Other  
Operations** **(4)**

**Corporate**  
**and Other**

**Total**

Operating income (loss)

$

254,217

$

93,954

$

1,377

$

5,540

$

39,201

$

1,751

$

(6,180

)

$

(83,103

)

$

306,757

Payments to the Philippine Parties

-

-

-

-

16,137

-

-

-

16,137

Integrated resort and casino rent (5)

-

-

-

-

3,014

-

3,566

-

6,580

Pre-opening costs

1,515

28

-

-

-

-

33

17

1,593

Development costs

-

-

-

-

-

-

-

2,428

2,428

Depreciation and amortization

106,948

112,443

1,741

2,057

9,402

26,933

6,319

10,891

276,734

Share-based compensation

3,168

860

228

73

505

125

49

8,875

13,883

Property charges and other

(3,707

)

(34

)

2,871

543

71

59

-

-

(197

)

Adjusted EBITDA

362,141

207,251

6,217

8,213

68,330

28,868

3,787

(60,892

)

623,915

Corporate and Other expenses

-

-

-

-

-

-

-

60,892

60,892

Adjusted Property EBITDA

$

362,141

$

207,251

$

6,217

$

8,213

$

68,330

$

28,868

$

3,787

$

-

$

684,807

**Six Months Ended June 30, 2025**

**City of  
Dreams**

**Studio  
City**

**Altira  
Macau**

**Mocha  
and Other** **(3)**

**City of Dreams  
Manila**

**City of Dreams  
Mediterranean  
and Other** 

**Other  
Operations** **(4)**

**Corporate  
and Other** **(4)**

**Total**

Operating income (loss)

$

300,860

$

85,462

$

(2,478

)

$

(45,748

)

$

26,293

$

(1,220

)

$

(14,184

)

$

(79,459

)

$

269,526

Payments to the Philippine Parties

-

-

-

-

18,301

-

-

-

18,301

Integrated resort and casino rent (5)

-

-

-

-

2,802

-

3,579

-

6,381

Pre-opening costs (6)

28,461

469

-

-

-

-

10,514

-

39,444

Development costs

-

-

-

-

-

-

-

5,270

5,270

Depreciation and amortization

100,759

113,674

1,105

2,104

10,505

25,153

-

11,046

264,346

Share-based compensation

2,897

766

212

90

485

205

38

9,743

14,436

Property charges and other

(11,432

)

2,161

1,313

55,557

86

(111

)

-

(388

)

47,186

Adjusted EBITDA

421,545

202,532

152

12,003

58,472

24,027

(53

)

(53,788

)

664,890

Corporate and Other expenses (4)

-

-

-

-

-

-

-

53,788

53,788

Adjusted Property EBITDA

$

421,545

$

202,532

$

152

$

12,003

$

58,472

$

24,027

$

(53

)

$

-

$

718,678

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to**

**Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)**

**(In thousands)**

**Three Months Ended**

**Six Months Ended**

**June 30,**

**June 30,**

**2026**

**2025**

**2026**

**2025**

Net income attributable to Melco Resorts & Entertainment Limited

$

22,661

$

17,192

$

99,493

$

49,724

Net loss attributable to noncontrolling interests

(12,111

)

(7,837

)

(18,063

)

(12,622

)

Net income

10,550

9,355

81,430

37,102

Income tax expense

7,701

11,898

14,821

16,510

Interest and other non-operating expenses, net

109,531

103,403

210,506

215,914

Depreciation and amortization

135,670

133,923

276,734

264,346

Property charges and other

(3,025

)

44,991

(197

)

47,186

Share-based compensation

7,317

7,646

13,883

14,436

Development costs

1,406

1,846

2,428

5,270

Pre-opening costs (6)

1,302

27,194

1,593

39,444

Integrated resort and casino rent (5)

3,252

2,906

6,580

6,381

Payments to the Philippine Parties

6,763

9,062

16,137

18,301

Adjusted EBITDA

280,467

352,224

623,915

664,890

Corporate and Other expenses (4)

23,364

25,484

60,892

53,788

Adjusted Property EBITDA

$

303,831

$

377,708

$

684,807

$

718,678

**Melco Resorts & Entertainment Limited and Subsidiaries**

**Supplemental Data Schedule**

**Three Months Ended**

**Six Months Ended**

**June 30,**

**June 30,**

**2026**

**2025**

**2026**

**2025**

**Room Statistics:**

**City of Dreams**

Average daily rate (7)

$

224

$

217

$

227

$

217

Occupancy per available room

99%

98%

99%

98%

Revenue per available room (8)

$

221

$

212

$

223

$

213

**Studio City**

Average daily rate (7)

$

169

$

163

$

174

$

166

Occupancy per available room

97%

97%

98%

98%

Revenue per available room (8)

$

163

$

159

$

170

$

163

**Altira Macau**

Average daily rate (7)

$

131

$

130

$

133

$

132

Occupancy per available room

98%

97%

98%

97%

Revenue per available room (8)

$

129

$

126

$

131

$

128

**City of Dreams Manila**

Average daily rate (7)

$

144

$

164

$

146

$

161

Occupancy per available room

97%

95%

96%

95%

Revenue per available room (8)

$

139

$

156

$

140

$

153

**City of Dreams Mediterranean and Other**

Average daily rate (7)

$

536

$

495

$

493

$

430

Occupancy per available room

67%

62%

55%

60%

Revenue per available room (8)

$

359

$

306

$

270

$

257

**Other Information:**

**City of Dreams**

Average number of table games

446

437

447

434

Average number of gaming machines

819

616

813

622

Table games win per unit per day (9)

$

16,323

$

18,876

$

17,619

$

18,572

Gaming machines win per unit per day (10)

$

586

$

505

$

638

$

507

**Studio City**

Average number of table games

253

253

253

253

Average number of gaming machines

935

724

949

760

Table games win per unit per day (9)

$

13,925

$

14,143

$

14,270

$

13,734

Gaming machines win per unit per day (10)

$

433

$

516

$

451

$

486

**Altira Macau**

Average number of table games

35

30

33

33

Average number of gaming machines

284

131

285

133

Table games win per unit per day (9)

$

9,324

$

9,277

$

10,415

$

8,203

Gaming machines win per unit per day (10)

$

278

$

242

$

289

$

276

**Mocha and Other****(3)**

Average number of table games

-

15

-

15

Average number of gaming machines

426

835

425

845

Table games win per unit per day (9)

$

-

$

6,115

$

-

$

6,502

Gaming machines win per unit per day (10)

$

393

$

270

$

398

$

279

**City of Dreams Manila**

Average number of table games

265

264

264

266

Average number of gaming machines

2,266

2,259

2,265

2,266

Table games win per unit per day (9)

$

2,460

$

2,734

$

2,660

$

2,566

Gaming machines win per unit per day (10)

$

229

$

223

$

239

$

237

**City of Dreams Mediterranean and Other**

Average number of table games

108

106

108

106

Average number of gaming machines

960

883

940

885

Table games win per unit per day (9)

$

3,954

$

3,684

$

3,702

$

3,390

Gaming machines win per unit per day (10)

$

426

$

406

$

405

$

389

(7)

Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms

(8)

Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available

(9)

Table games win per unit per day is shown before discounts, commissions, other incentives and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

(10)

Gaming machines win per unit per day is shown before other incentives and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**