Q1 2026 Melco Resorts & Entertainment Ltd Earnings Call Transcript
Key Points
- Melco Resorts and Entertainment Ltd (MLCO) reported a 12% year-over-year growth in group property EBITDA for the first quarter of 2026.
- The company announced the upcoming launch of REM, a new luxury hotel at City of Dreams (COD), expected to enhance the product portfolio and redefine contemporary luxury in Macau.
- Property EBITDA in the Philippines grew by 24% year-over-year, with a 9% increase in Gross Gaming Revenue (GGR), despite competitive pressures.
- Melco Resorts and Entertainment Ltd (MLCO) purchased key trademarks from Melco International, providing full ownership and control, which is expected to increase EBITDA and cash flow.
- The company announced a new $500 million share repurchase program, increasing the total share repurchase authorization to $710 million, indicating confidence in the company's valuation.
- The conflict in the Middle East impacted City of Dreams Mediterranean and satellite casinos in Cyprus, affecting occupancy and visitation.
- The company faced IT issues that delayed the release of earnings materials, potentially affecting investor relations.
- Melco Resorts and Entertainment Ltd (MLCO) noted increased player reinvestment levels due to competitive market pressures, which could impact profitability.
- The company anticipates a slight increase in operating expenses due to salary increases and enhancements in service amenities.
- The ongoing refresh of retail areas at COD may cause some disruption over the next 10 to 12 months, potentially affecting customer experience.
Ladies and gentlemen, thank you for participating in the first-quarter 2026 earnings conference call of Melco Resorts & Entertainment Limited.
(Operator Instructions)
Today's conference is being recorded. I would now like to turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited.
Thank you, operator, and thank you, everybody, for joining us today for our first-quarter 2026 earnings call. We apologize for the earnings release materials being later than usual. We had a bit of an IT issue, and we wanted to give all of you a little bit more time to review the materials that were released. As usual, 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 Provisions of federal securities laws. Our
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