Melco Resorts & Entertainment Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw double-digit EBITDA growth, strong Macau and Philippines performance, and a $375M trademark acquisition. Liquidity remains robust, CapEx was reduced, and a new $500M share repurchase program was announced. Dividend resumption is targeted for year-end 2026.
Fiscal Year 2025
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Group property EBITDA rose 17% in 2025, with Macau up 25% and Cyprus up 78% in Q4. Strong liquidity, disciplined cost management, and ongoing debt reduction support growth, while competitive intensity in Macau remains high.
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Q3 2025 saw strong year-over-year EBITDA growth across Macau, the Philippines, and Cyprus, with record mass tables GGR in Macau post-Golden Week. Liquidity remains robust, debt was reduced, and a more balanced capital allocation is planned, including a potential dividend resumption.
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Q2 2025 saw robust growth in Macau, with record mass gaming revenue, improved margins, and strong non-gaming contributions from House of Dancing Water. Liquidity remains high, and new projects in Sri Lanka and ongoing enhancements in Macau support a positive outlook.
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Q1 2025 saw record mass drop and market share gains in Macau, strong EBITDA growth, and robust liquidity. Share buybacks and debt reduction remain priorities, with no material impact from new competition. Non-gaming attractions and disciplined cost management support positive outlook.
Fiscal Year 2024
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2024 saw strong market share and visitation growth, with Q4 adjusted property EBITDA reaching $295 million and further gains expected in 2025. The asset-light strategy is advancing, with proceeds targeted for debt reduction and share buybacks, while CapEx for 2025 is projected at $415 million.
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Q3 2024 saw 7% sequential EBITDA growth, record mass drop in Macau, and strong liquidity. Dividend resumption is targeted for H2 2025, with CapEx of $400M planned for next year. Share and bond repurchases were opportunistic amid a stabilizing promotional environment.
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Q2 2024 saw strong EBITDA growth, robust liquidity, and continued investment in premium experiences and property enhancements. Macau and Cyprus outperformed, while Manila remains resilient despite headwinds. Deleveraging is prioritized, with share repurchases under review.