Q3 2025 Melco Resorts & Entertainment Ltd Earnings Call Transcript

Nov 6, 2025 / 01:30 PM GMT

Release Date Price: €7.25 (+2.84%)

Transcript

Key Points

Positve

Macau properties delivered solid growth with property EBITDA increasing by 21% year over year, despite a $12 million negative impact from a typhoon.
Macau's gross gaming revenue (GGR) grew over 30% year over year post-Golden Week, with City of Dreams recording its highest monthly mass tables GGR ever in October.
The Philippines property EBITDA grew 45% quarter over quarter, showing strong momentum.
City of Dreams Mediterranean and satellite casinos in Cyprus achieved their best quarter yet, with property EBITDA growing 53% year over year.
The company has made significant progress in debt reduction, repaying a total of $180 million in the third quarter and planning to potentially recommence quarterly dividends by the end of next year.

Negative

The Macau market remains highly competitive, impacting potential margin expansion despite the absence of VIP and junket business.
The initial days of Golden Week were disappointing due to a typhoon and the Mid-Autumn Festival, affecting overall performance.
Operational expenses are expected to spike in Q4 due to one-off events like the China National Games and the 10th anniversary of Studio City.
The premium-driven business model in Macau, similar to the previous VIP model, may lead to lower multiples due to reliance on a small number of high-value players.
The new market in Sri Lanka is still in early stages, with challenges in understanding the market dynamics and customer preferences.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MLCO.OQ - Melco Resorts & Entertainment Ltd
Q3 2025 Melco Resorts & Entertainment Ltd Earnings Call
Nov 06, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for participating in the 3rd quarter 2025 earnings conference call of Milco Resorts and Entertainment Limited.

At this time, all participants are in a less only mode. After the presentation, we will conduct a question-and-answer session.

Today's conference is being recorded.

I would now like to turn the call over to Ms. Jeannie Kim, senior Vice President, Group treasurer of Milo Resorts and Entertainment Limited. Please go ahead.

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Unidentified_2 [2]
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