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MLCO

Melco Resorts & Entertainment Limited

MLCO

Melco Resorts & Entertainment Limited • NASDAQ
$9.11 ▲ 2.02% (+0.18)
Market Cap $1.23 B
52w High $10.15
52w Low $4.55
Dividend Yield 0%
P/E 35.04
Volume 653.20K
Outstanding Shares 135.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.31B ▼ $323.914M ▼ $74.686M ▲ 5.703% ▲ $0.57 ▲ $310.493M ▲
Q2-2025 $1.328B ▲ $332.307M ▲ $17.192M ▼ 1.294% ▼ $0.12 ▼ $273.059M ▼
Q1-2025 $1.232B ▲ $314.272M ▼ $32.532M ▲ 2.64% ▲ $0.23 ▲ $282.288M ▲
Q4-2024 $1.191B ▲ $315.44M ▲ $-20.274M ▼ -1.702% ▼ $-0.14 ▼ $219.194M ▼
Q3-2024 $1.175B $294.1M $27.257M 2.319% $0.063 $274.844M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.482B ▲ $8.103B ▲ $9.056B ▲ $-1.311B ▲
Q2-2025 $1.12B ▲ $7.813B ▼ $8.886B ▲ $-1.428B ▼
Q1-2025 $1.104B ▼ $7.904B ▼ $8.851B ▼ $-1.326B ▲
Q4-2024 $1.147B ▲ $7.985B ▼ $8.925B ▲ $-1.326B ▼
Q3-2024 $1.121B $7.995B $8.886B $-1.295B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $74.686M ▲ $0 $0 $0 $0 $0
Q2-2025 $17.192M ▼ $0 $0 $0 $0 $0
Q1-2025 $32.532M ▲ $0 $0 $0 $0 $0
Q4-2024 $-20.274M ▼ $0 $0 $0 $0 $0
Q3-2024 $27.257M $0 $0 $0 $0 $0

Revenue by Products

Product Q4-2016
Corporate and Other
Corporate and Other
 $10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Melco’s income statement shows a clear recovery story. Revenue has rebounded strongly from the pandemic lows and is now above where it was a few years ago. Profitability has improved step by step: large operating losses during the worst travel restrictions have turned into positive operating profit and positive EBITDA. That said, bottom-line profit is still thin. The company has only just moved from sizeable losses to a small net profit, reflecting heavy fixed costs, interest expense, and the still-recovering nature of Macau and regional gaming markets. Overall, the direction is positive, but the cushion on earnings remains limited, so results could still be sensitive to swings in demand or costs.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive business that leaned on debt to get through the downturn. Total assets have drifted slightly lower, while cash has come down from its peak as the company weathered weak years and continued to invest in its properties. Debt remains high and has grown compared with several years ago, while accounting equity has turned negative due to accumulated losses and leverage. Negative equity is not unusual for some heavily financed resort and casino operators, but it does underline a reliance on lenders and future cash generation. Strengths here include a still‑sizable cash position and valuable resort assets; key risks are the elevated debt load and limited balance‑sheet buffer if conditions worsen.

Cash Flow

Cash Flow Cash flow has improved meaningfully. During the height of the pandemic, core operations were burning cash; more recently, operating cash flow has turned solidly positive as visitation and gaming activity have come back. Free cash flow has swung from large outflows to positive territory, helped by both better earnings and somewhat more moderate capital spending. The company is still investing in its properties, but now appears to be doing so from a position where day‑to‑day operations are funding these investments rather than relying entirely on outside financing. The main watchpoint is whether this positive cash trend can be maintained through economic and regulatory cycles.

Competitive Edge

Competitive Edge Melco’s competitive edge comes from a focused strategy and distinctive properties rather than sheer scale. It targets the “premium mass” customer—affluent players who are less volatile than VIPs but more profitable than the broad mass market. That focus allows tailored service, personalized rewards, and resort designs that speak directly to this segment. Its flagship properties in Macau offer high‑end hotels, signature shows, and family‑friendly attractions that help draw both gamers and non‑gamers. The company has been pruning smaller, satellite operations to concentrate on its most productive assets, which can support better margins and stronger branding. Risks to its position include heavy dependence on Macau and regional tourism, intense competition from other integrated resort operators, and exposure to policy changes in China and local regulators. Still, within that environment, Melco has carved out a clear niche with a premium, entertainment‑driven offering.

Innovation and R&D

Innovation and R&D Melco leans heavily on innovation in both technology and guest experience rather than traditional R&D in a lab sense. On the tech side, it has moved key casino systems to the cloud in partnership with AWS, speeding up new property rollouts and improving flexibility. It is experimenting with blockchain to track transactions and run loyalty programs, and using artificial intelligence for pricing, marketing, and personalized offers. Facial recognition adds another layer of security and responsible gaming controls. On the product and experience side, Melco’s innovation shows up in unique attractions: signature shows, iconic architecture, immersive rides, and large family‑oriented facilities. Its revamped loyalty platforms and new top‑tier membership are designed to deepen relationships with the highest‑value customers. Management has also signaled ongoing innovation, including refreshed gaming areas, the return of major shows, and continued expansion of non‑gaming entertainment. The main question is execution—whether these innovations translate into sustained higher spend and loyalty over time.

Summary

Melco looks like a classic recovery and reinvestment story in the casino and resort space. The business has moved from deep pandemic‑driven losses to renewed growth, positive operating profit, and healthy cash generation, helped by a clear focus on premium mass customers and distinctive, entertainment‑rich properties. At the same time, the financial structure carries meaningful risk: high debt, negative accounting equity, and only recently restored profitability. The company’s fate is closely tied to Macau and broader Asian travel, regulatory decisions, and the health of the Chinese consumer. Its differentiators—technology adoption, strong branding, and unique non‑gaming attractions—provide a competitive edge, but the sector remains cyclical and sensitive to external shocks. For observers, the key things to monitor are the durability of the revenue rebound, continued improvement in margins and free cash flow, and any progress in gradually strengthening the balance sheet while sustaining its innovation and guest‑experience lead.

NEWS

November 6, 2025 · 8:00 AM UTC

Melco Announces Unaudited Third Quarter 2025 Earnings

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October 30, 2025 · 6:49 AM UTC

Melco Announces Earnings Release Date

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September 16, 2025 · 2:38 PM UTC

Melco Resorts Finance Announces Pricing of Senior Notes Offering

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September 15, 2025 · 8:50 AM UTC

Melco Resorts Finance Announces Proposed Senior Notes Offering and Conditional Tender Offer

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