Q4 2025 Melco Resorts & Entertainment Ltd Earnings Call Transcript
Key Points
- Melco Resorts and Entertainment Ltd (MLCO) recorded $1.4 billion in group property EBITDA for 2025, a 17% increase compared to 2024.
- Macau property EBITDA grew by 24% year over year in the fourth quarter and 25% for the full year of 2025.
- The company has a strong liquidity position with approximately $2.4 billion available, including $1.2 billion in consolidated cash.
- City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA for the fourth quarter of 2025.
- Melco Resorts and Entertainment Ltd (MLCO) has a pipeline of new initiatives for 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau.
- Competitive pressures and industry headwinds in the Philippines negatively impacted performance in the fourth quarter of 2025.
- Macau's operating expenses increased in the fourth quarter due to events like the China National Games and the Macau Grand Prix.
- Additional bad debt provisions impacted EBITDA due to a settlement with a previous junket operator.
- The company faces intense competition in Macau, which is expected to continue throughout 2026.
- Melco Resorts and Entertainment Ltd (MLCO) did not find viable strategic alternatives for COD Manila, impacting potential value realization.
Ladies and gentlemen, thank you for participating in the fourth quarter of 2025 earnings conference call of Melco Resorts and Entertainment Limited. (Operator Instructions)
Today's conference is being recorded.
I would now like to turn the call over to Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited. Please go ahead.
Thank you, operator, and thank you all for joining us today for our fourth quarter 2025 earnings call. On the call are Lawrence Ho, Geoff Davis, Evan Winkler, and our property Presidents in Macau, Manila, and Cyprus.
Before we get started, please note that today's discussion may contain forward-looking statements made under the Safe Harbor provision of federal securities laws. Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. A definition and reconciliation of each of these measures to the most comparable GAAP financial
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