Melco Resorts Announces Unaudited Second Quarter 2026 Earnings

MACAU, Aug. 13, 2026 (GLOBE NEWSWIRE) — Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco Resorts” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the second quarter of 2026.

Total operating revenues for the second quarter of 2026 were US$1.25 billion, representing a decrease of approximately 6% from US$1.33 billion for the comparable period in 2025. The decrease in total operating revenues was primarily attributable to softer performance in rolling chip and mass market table games as well as overall non-gaming operations.

Operating income for the second quarter of 2026 was US$127.8 million, compared with US$124.7 million in the second quarter of 2025.

Melco Resorts’ Adjusted Property EBITDA⁽¹⁾ was US$303.8 million in the second quarter of 2026, compared with US$377.7 million in the second quarter of 2025.

Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2026 was US$22.7 million, or US$0.06 per American depositary share (“ADS”), compared with US$17.2 million, or US$0.04 per ADS, in the second quarter of 2025. The net loss attributable to noncontrolling interests was US$12.1 million and US$7.8 million during the second quarters of 2026 and 2025, respectively, the majority of which was attributable to Studio City and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “We are confident in the long-term strength of our businesses and our outlook for Macau. Despite near-term headwinds that are reflected in our second quarter results, our priorities continue to be to deepen customer engagement, attract high quality visitation, and continue investing in our properties to anticipate the changing needs of our guests. Our new hotel, REM, will commence its phased opening in the third quarter of 2026, which together with our continued efforts to operate more efficiently and strengthen our business, positions us well to capture the demand that has been gaining momentum in Macau.

“Outside of Macau, our diversified portfolio continued to demonstrate resilience and growth potential. In the Philippines, City of Dreams Manila delivered solid year-over-year growth despite the ongoing challenges in the country. In Cyprus, City of Dreams Mediterranean and our satellite casinos rebounded with considerable strength as disruptions in regional travel eased, with Property EBITDA in the second quarter of 2026 growing by 60% year-over-year.”

City of Dreams Second Quarter Results

For the quarter ended June 30, 2026, total operating revenues at City of Dreams were US$632.2 million, compared with US$710.5 million in the second quarter of 2025. City of Dreams’ Adjusted EBITDA was US$147.8 million in the second quarter of 2026, compared with US$225.6 million in the second quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer rolling chip and mass market table games performance.

Rolling chip volume decreased to US$5.16 billion during the second quarter of 2026, compared with US$5.49 billion in the second quarter of 2025. Win rate was 2.71% in the second quarter of 2026, compared with 3.93% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop was US$1.75 billion for each of the second quarters of 2026 and 2025. Hold percentage was 29.8% in the second quarter of 2026, compared with 30.5% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$1.20 billion, compared with US$0.95 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.0% in the second quarter of 2025.

Total non-gaming revenue at City of Dreams in the second quarter of 2026 was US$89.5 million, compared with US$88.1 million in the second quarter of 2025.

 

1

Studio City Second Quarter Results

For the quarter ended June 30, 2026, total operating revenues at Studio City were US$371.5 million, compared with US$388.2 million in the second quarter of 2025. Studio City’s Adjusted EBITDA was US$95.5 million in the second quarter of 2026, compared with US$105.2 million in the second quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer mass market table games performance.

Mass market table games drop was US$884.1 million in the second quarter of 2026, compared with US$958.2 million in the second quarter of 2025. Hold percentage was 36.3% in the second quarter of 2026, compared with 34.0% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$1.04 billion, compared with US$0.92 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.7% in the second quarter of 2025.

Total non-gaming revenue at Studio City was US$69.2 million in the second quarter of 2026, compared with US$83.8 million in the second quarter of 2025.

Altira Macau Second Quarter Results

For the quarter ended June 30, 2026, total operating revenues at Altira Macau were US$33.9 million, compared with US$28.3 million in the second quarter of 2025. Altira Macau’s Adjusted EBITDA was US$2.2 million in the second quarter of 2026, compared with US$0.8 million in the second quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.

Mass market table games drop was US$134.0 million in the second quarter of 2026, compared with US$119.0 million in the second quarter of 2025. Hold percentage was 22.0% in the second quarter of 2026, compared with 21.3% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$208.4 million, compared with US$114.9 million in the second quarter of 2025. Win rate was 3.4% in the second quarter of 2026, compared with 2.5% in the second quarter of 2025.

Total non-gaming revenue at Altira Macau was US$5.3 million in the second quarter of 2026, compared with US$4.8 million in the second quarter of 2025.

Mocha Second Quarter Results

Prior to the fourth quarter of 2025, the Mocha and Other segment included the operations of Grand Dragon Casino before its closure in September 2025. This segment has been renamed to the Mocha segment from the fourth quarter of 2025 onwards.

Following the government mandated closures in 2025, the Mocha segment now includes results for three Mocha Clubs, namely Mocha Inner Harbour, Mocha Golden Dragon and Mocha Hotel Sintra.

Total operating revenues from Mocha were US$15.1 million in the second quarter of 2026, compared with US$27.9 million from Mocha and Other in the second quarter of 2025. Mocha’s Adjusted EBITDA was US$4.0 million in the second quarter of 2026, compared with US$5.2 million for Mocha and Other in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$377.0 million, compared with US$496.4 million in the second quarter of 2025. Win rate was 4.0% in the second quarter of 2026, compared with 4.1% in the second quarter of 2025.

City of Dreams Manila Second Quarter Results

For the quarter ended June 30, 2026, total operating revenues at City of Dreams Manila were US$97.3 million, compared with US$98.5 million in the second quarter of 2025. City of Dreams Manila’s Adjusted EBITDA was US$30.9 million in the second quarter of 2026, compared with US$28.4 million in the comparable period of 2025.

City of Dreams Manila’s rolling chip volume was US$342.6 million in the second quarter of 2026, compared with US$694.4 million in the second quarter of 2025. Win rate was 3.67% in the second quarter of 2026, compared with 2.05% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$131.9 million in the second quarter of 2026, compared with US$147.9 million in the second quarter of 2025. Hold percentage was 35.4% in the second quarter of 2026, compared with 34.8% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$0.95 billion, compared with US$1.00 billion in the second quarter of 2025. Win rate was 5.0% in the second quarter of 2026, compared with 4.6% in the second quarter of 2025.

Total non-gaming revenue at City of Dreams Manila in the second quarter of 2026 was US$23.3 million, compared with US$27.0 million in the second quarter of 2025.

 

2

City of Dreams Mediterranean and Other Second Quarter Results

The Company operates City of Dreams Mediterranean in conjunction with three satellite casinos in Cyprus.

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2026 were US$82.0 million, compared with US$72.3 million in the second quarter of 2025. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$19.9 million in the second quarter of 2026, compared with US$12.4 million in the second quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.

Rolling chip volume was US$0.1 million for the second quarter of 2026, compared with US$0.7 million in the second quarter of 2025. Win rate was negative 29.66% in the second quarter of 2026, compared with 7.28% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%. The significant movement in the rolling chip win rate resulted from low gaming volumes.

Mass market table games drop was US$175.7 million in the second quarter of 2026, compared with US$161.8 million in the second quarter of 2025. Hold percentage was 22.1% in the second quarter of 2026, compared with 21.9% in the second quarter of 2025.

Gaming machine handle for the second quarter of 2026 was US$727.7 million, compared with US$668.1 million in the second quarter of 2025. Win rate was 5.1% in the second quarter of 2026, compared with 4.9% in the second quarter of 2025.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2026 was US$24.4 million, compared with US$25.4 million in the second quarter of 2025.

Other Operations

Other Operations include the Company’s casino operations at City of Dreams Sri Lanka, which opened on August 1, 2025, and provision of management services to the Nüwa hotel at City of Dreams Sri Lanka, which opened to the public on July 15, 2025.

Total operating revenues from Other Operations were US$16.9 million for the quarter ended June 30, 2026. Adjusted EBITDA from Other Operations was US$3.5 million in the second quarter of 2026.

Other Factors Affecting Earnings

Total net non-operating expenses for the second quarter of 2026 were US$109.5 million, which mainly included interest expense, net of amounts capitalized, of US$111.0 million.

Depreciation and amortization costs of US$135.7 million were recorded in the second quarter of 2026, of which US$5.0 million related to the amortization expense for land use rights.

Adjusted EBITDA for Studio City for the three months ended June 30, 2026 referred to above was US$28.5 million more than the Adjusted EBITDA of Studio City reported in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated August 13, 2026 (the “Studio City Earnings Release”). Adjusted EBITDA of Studio City reported in the Studio City Earnings Release includes certain intercompany charges that are not included in Adjusted EBITDA for Studio City reported in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City presented in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of June 30, 2026 aggregated to US$1.04 billion, including US$124.3 million of restricted cash.

Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.05 billion at the end of the second quarter of 2026.

During the quarter ended June 30, 2026, MCO Nominee One Limited drew down HK$3.27 billion (equivalent to US$416.7 million) principal amount outstanding under its revolving credit facilities (the “MN1 2020 Revolving Facilities”). On June 9, 2026, the Company announced that the maturity date of the MN1 2020 Revolving Facilities was extended from April 2027 to June 2031 and an incremental facility of HK$6.44 billion (equivalent to US$821.0 million) was established such that the total commitments under the MN1 2020 Revolving Facilities increased to HK$21.68 billion (equivalent to US$2.76 billion).

 

3

On May 15, 2026, Studio City Company Limited (“SCC”) issued US$300.0 million in aggregate principal amount of 6.125% senior secured notes due 2031 (“2031 SCC Senior Secured Notes”). The net proceeds from the issuance of the 2031 SCC Senior Secured Notes, together with a HK$118.0 million (equivalent to US$15.1 million) drawdown from SCC’s senior secured credit facility, and cash on hand, was utilized to refinance US$350.0 million in aggregate principal amount of the 7.000% senior secured notes due 2027.

Subsequent to quarter end, on July 18, 2026, Studio City Finance Limited redeemed an aggregate principal amount of US$165.0 million of its outstanding 6.500% senior notes due 2028 pursuant to the notice of partial redemption dated June 18, 2026. The redemption was funded with a HK$1.18 billion (equivalent to US$150.5 million) drawdown from SCC’s senior secured credit facility. All of the redeemed notes have been cancelled.

Available liquidity, including cash and undrawn revolving credit facilities as of June 30, 2026 was approximately US$2.80 billion.

Capital expenditures for the second quarter of 2026 were US$123.9 million, which mainly included costs related to enhancement projects at City of Dreams in Macau as well as City of Dreams Mediterranean and Other.

Share Repurchase Programs

During the period from April 1, 2026 to August 12, 2026, Melco Resorts repurchased approximately 22.4 million ADSs (representing approximately 67.1 million ordinary shares) from the open market at an aggregate purchase price of approximately US$120.6 million. As of August 12, 2026, the Company has remaining authority to repurchase up to approximately US$589.6 million of its equity.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2026 financial results on Thursday, August 13, 2026 at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time).

To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers, passcode and a unique Personal PIN which can be used to join the conference.

Online Registration Link: https://s1.c-conf.com/diamondpass/10055249-7qhfkc.html

An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines, the Republic of Cyprus and Sri Lanka, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

 

(1)

“Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA, which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA to measure the operating performance of our segments and to compare the operating performance of our properties with those of our competitors.

 

4

The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA do not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

 

(2)

“Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited” is net income/loss attributable to Melco Resorts & Entertainment Limited before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS”), which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

About Melco Resorts & Entertainment Limited

The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates City of Dreams (www.cityofdreamsmacau.com) and Altira Macau (www.altiramacau.com), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Mocha Clubs (www.mochaclubs.com), the only non-casino based operation of electronic gaming machines in Macau. In addition, the Company operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus (www.cityofdreamsmed.com.cy) and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos”). In South Asia, the Company operates the casino and manages the Nüwa hotel at City of Dreams Sri Lanka (www.cityofdreamssrilanka.com), an integrated resort in Colombo, Sri Lanka. For more information about the Company, please visit www.melco-resorts.com.

The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For the investment community, please contact:

Jeanny Kim

Senior Vice President, Group Treasurer

Tel: +852 2598 3698

Email: jeannykim@melco-resorts.com

For media enquiries, please contact:

Chimmy Leung

Executive Director, Corporate Communications

Tel: +852 3151 3765

Email: chimmyleung@melco-resorts.com

 

5

Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Operating revenues:
Casino		$	1,035,100			$	1,095,508			$	2,185,433			$	2,119,920
Rooms			112,307				108,918				220,761				214,057
Food and beverage			66,685				70,948				132,463				146,496
Entertainment, retail and other			38,106				52,837				80,255				80,046
Total operating revenues			1,252,198				1,328,211				2,618,912				2,560,519
Operating costs and expenses:
Casino			(692,284	)			(695,947	)			(1,421,354	)			(1,358,604	)
Rooms			(39,592	)			(36,938	)			(78,957	)			(72,563	)
Food and beverage			(60,693	)			(60,641	)			(122,606	)			(121,738	)
Entertainment, retail and other			(23,496	)			(32,731	)			(46,685	)			(46,518	)
General and administrative			(166,235	)			(158,494	)			(345,858	)			(313,444	)
Payments to the Philippine Parties			(6,763	)			(9,062	)			(16,137	)			(18,301	)
Pre-opening costs			(1,302	)			(28,982	)			(1,593	)			(43,023	)
Development costs			(1,406	)			(1,846	)			(2,428	)			(5,270	)
Amortization of land use rights			(4,965	)			(4,980	)			(9,941	)			(9,982	)
Depreciation and amortization			(130,705	)			(128,943	)			(266,793	)			(254,364	)
Property charges and other			3,025				(44,991	)			197				(47,186	)
Total operating costs and expenses			(1,124,416	)			(1,203,555	)			(2,312,155	)			(2,290,993	)
Operating income			127,782				124,656				306,757				269,526
Non-operating income (expenses):
Interest income			1,178				1,687				2,170				4,563
Interest expense, net of amounts capitalized			(110,985	)			(117,883	)			(222,803	)			(237,389	)
Other financing costs			(1,534	)			(1,895	)			(3,277	)			(3,978	)
Foreign exchange (losses) gains, net			(3,152	)			13,299				5,687				18,901
Other income, net			6,342				1,389				9,097				1,989
Loss on extinguishment of debt			(1,380	)			—				(1,380	)			—
Total non-operating expenses, net			(109,531	)			(103,403	)			(210,506	)			(215,914	)
Income before income tax			18,251				21,253				96,251				53,612
Income tax expense			(7,701	)			(11,898	)			(14,821	)			(16,510	)
Net income			10,550				9,355				81,430				37,102
Net loss attributable to noncontrolling interests			12,111				7,837				18,063				12,622
Net income attributable to Melco Resorts & Entertainment Limited		$	22,661			$	17,192			$	99,493			$	49,724
Net income attributable to Melco Resorts & Entertainment Limited per share:
Basic		$	0.019			$	0.015			$	0.085			$	0.041
Diluted		$	0.019			$	0.014			$	0.085			$	0.041
Net income attributable to Melco Resorts & Entertainment Limited per ADS:
Basic		$	0.058			$	0.044			$	0.256			$	0.123
Diluted		$	0.058			$	0.043			$	0.254			$	0.122
Weighted average shares outstanding used in net income attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic			1,164,375,334				1,183,590,580				1,167,308,707				1,216,519,466
Diluted			1,165,971,364				1,186,358,988				1,173,167,189				1,219,467,624

 

6

Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share data)

 

		June 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	912,893			$	1,023,199
Accounts receivable, net			117,484				126,405
Receivables from affiliated companies			2,185				887
Inventories			36,219				36,919
Prepaid expenses and other current assets			85,797				81,790
Total current assets			1,154,578				1,269,200
Property and equipment, net			5,026,918				5,157,443
Intangible assets, net			266,991				270,903
Goodwill			23,305				23,490
Long-term prepayments, deposits and other assets			173,211				129,428
Restricted cash			124,253				125,235
Operating lease right-of-use assets			71,778				76,935
Land use rights, net			530,828				545,054
Total assets		$	7,371,862			$	7,597,688
LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable		$	19,509			$	25,910
Accrued expenses and other current liabilities			1,024,700				1,076,150
Income tax payable			29,074				29,208
Operating lease liabilities, current			18,721				18,998
Finance lease liabilities, current			32,430				33,327
Current portion of long-term debt, net			14,514				—
Payables to affiliated companies			142				719
Total current liabilities			1,139,090				1,184,312
Long-term debt, net			7,036,841				6,747,918
Other long-term liabilities			276,730				309,799
Deferred tax liabilities, net			36,439				34,590
Operating lease liabilities, non-current			71,275				76,108
Finance lease liabilities, non-current			135,788				148,590
Total liabilities			8,696,163				8,501,317
Deficit:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,351,540,382 and 1,351,540,382 shares issued; 1,140,732,190 and 1,172,055,466 shares outstanding, respectively			13,515				13,515
Treasury shares, at cost; 210,808,192 and 179,484,916 shares, respectively			(409,835	)			(356,835	)
Additional paid-in capital			2,602,843				2,988,714
Accumulated other comprehensive losses			(113,372	)			(63,712	)
Accumulated losses			(3,728,791	)			(3,828,284	)
Total Melco Resorts & Entertainment Limited shareholders’ deficit			(1,635,640	)			(1,246,602	)
Noncontrolling interests			311,339				342,973
Total deficit			(1,324,301	)			(903,629	)
Total liabilities and deficit		$	7,371,862			$	7,597,688

 

7

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to

Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited (Unaudited)

(In thousands, except share and per share data)

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Net income attributable to Melco Resorts & Entertainment Limited		$	22,661			$	17,192			$	99,493			$	49,724
Pre-opening costs			1,302				28,982				1,593				43,023
Development costs			1,406				1,846				2,428				5,270
Property charges and other			(3,025	)			44,991				(197	)			47,186
Loss on extinguishment of debt			1,380				—				1,380				—
Income tax impact on adjustments			(13	)			(556	)			(22	)			(799	)
Noncontrolling interests impact on adjustments			(524	)			(188	)			(629	)			(1,052	)
Adjusted net income attributable to Melco Resorts & Entertainment Limited		$	23,187			$	92,267			$	104,046			$	143,352
Adjusted net income attributable to Melco Resorts & Entertainment Limited per share:
Basic		$	0.020			$	0.078			$	0.089			$	0.118
Diluted		$	0.020			$	0.078			$	0.089			$	0.118
Adjusted net income attributable to Melco Resorts & Entertainment Limited per ADS:
Basic		$	0.060			$	0.234			$	0.267			$	0.354
Diluted		$	0.060			$	0.233			$	0.266			$	0.353
Weighted average shares outstanding used in adjusted net income attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic			1,164,375,334				1,183,590,580				1,167,308,707				1,216,519,466
Diluted			1,165,971,364				1,186,358,988				1,173,167,189				1,219,467,624

 

8

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

		Three Months Ended June 30, 2026
		City of Dreams				Studio City				Altira Macau				Mocha (3)				City of Dreams Manila				City of Dreams Mediterranean and Other				Other Operations (4)				Corporate and Other				Total
Operating income (loss)		$	98,537			$	38,825			$	299			$	2,435			$	17,805			$	6,364			$	(1,403	)		$	(35,080	)		$	127,782
Payments to the Philippine Parties			—				—				—				—				6,763				—				—				—				6,763
Integrated resort and casino rent (5)			—				—				—				—				1,478				—				1,774				—				3,252
Pre-opening costs			1,258				27				—				—				—				—				—				17				1,302
Development costs			—				—				—				—				—				—				—				1,406				1,406
Depreciation and amortization			50,490				56,449				971				1,006				4,622				13,461				3,111				5,560				135,670
Share-based compensation			1,623				450				114				32				250				89				26				4,733				7,317
Property charges and other			(4,124	)			(236	)			779				529				27				—				—				—				(3,025	)
Adjusted EBITDA			147,784				95,515				2,163				4,002				30,945				19,914				3,508				(23,364	)			280,467
Corporate and Other expenses			—				—				—				—				—				—				—				23,364				23,364
Adjusted Property EBITDA		$	147,784			$	95,515			$	2,163			$	4,002			$	30,945			$	19,914			$	3,508			$	—			$	303,831
		Three Months Ended June 30, 2025
		City of Dreams				Studio City				Altira Macau				Mocha and Other (3)				City of Dreams Manila				City of Dreams Mediterranean and Other				Other Operations (4)				Corporate and Other (4)				Total
Operating income (loss)		$	163,368			$	47,336			$	(35	)		$	(51,468	)		$	12,769			$	(748	)		$	(8,735	)		$	(37,831	)		$	124,656
Payments to the Philippine Parties			—				—				—				—				9,062				—				—				—				9,062
Integrated resort and casino rent (5)			—				—				—				—				1,118				—				1,788				—				2,906
Pre-opening costs (6)			19,985				314				—				—				—				—				6,895				—				27,194
Development costs			—				—				—				—				—				—				—				1,846				1,846
Depreciation and amortization			51,220				56,926				578				1,077				5,147				13,155				—				5,820				133,923
Share-based compensation			1,600				428				114				46				269				105				28				5,056				7,646
Property charges and other			(10,536	)			206				184				55,557				52				(97	)			—				(375	)			44,991
Adjusted EBITDA			225,637				105,210				841				5,212				28,417				12,415				(24	)			(25,484	)			352,224
Corporate and Other expenses (4)			—				—				—				—				—				—				—				25,484				25,484
Adjusted Property EBITDA		$	225,637			$	105,210			$	841			$	5,212			$	28,417			$	12,415			$	(24	)		$	—			$	377,708

 

(3)	Mocha and Other segment included the operation of the Grand Dragon Casino before its closure and was changed to Mocha segment effective on September 23, 2025.

(4)

Effective from August 1, 2025, the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to operate certain floors of the hotel tower at City of Dreams Sri Lanka which opened to the public on July 15, 2025 were previously reported under the Corporate and Other category, has been included in the Other Operations segment for the three months and six months ended June 30, 2025. City of Dreams Sri Lanka is an integrated resort in Colombo, Sri Lanka, developed by a subsidiary of John Keells Holdings PLC, an independent third party.

(5)	Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to a subsidiary of John Keells Holdings PLC.

(6)	Certain amounts of pre-opening costs are grouped and reported under the line item Integrated resort and casino rent.

 

9

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

		Six Months Ended June 30, 2026
		City of Dreams				Studio City				Altira Macau				Mocha (3)				City of Dreams Manila				City of Dreams Mediterranean and Other				Other Operations (4)				Corporate and Other				Total
Operating income (loss)		$	254,217			$	93,954			$	1,377			$	5,540			$	39,201			$	1,751			$	(6,180	)		$	(83,103	)		$	306,757
Payments to the Philippine Parties			—				—				—				—				16,137				—				—				—				16,137
Integrated resort and casino rent (5)			—				—				—				—				3,014				—				3,566				—				6,580
Pre-opening costs			1,515				28				—				—				—				—				33				17				1,593
Development costs			—				—				—				—				—				—				—				2,428				2,428
Depreciation and amortization			106,948				112,443				1,741				2,057				9,402				26,933				6,319				10,891				276,734
Share-based compensation			3,168				860				228				73				505				125				49				8,875				13,883
Property charges and other			(3,707	)			(34	)			2,871				543				71				59				—				—				(197	)
Adjusted EBITDA			362,141				207,251				6,217				8,213				68,330				28,868				3,787				(60,892	)			623,915
Corporate and Other expenses			—				—				—				—				—				—				—				60,892				60,892
Adjusted Property EBITDA		$	362,141			$	207,251			$	6,217			$	8,213			$	68,330			$	28,868			$	3,787			$	—			$	684,807
		Six Months Ended June 30, 2025
		City of Dreams				Studio City				Altira Macau				Mocha and Other (3)				City of Dreams Manila				City of Dreams Mediterranean and Other				Other Operations (4)				Corporate and Other (4)				Total
Operating income (loss)		$	300,860			$	85,462			$	(2,478	)		$	(45,748	)		$	26,293			$	(1,220	)		$	(14,184	)		$	(79,459	)		$	269,526
Payments to the Philippine Parties			—				—				—				—				18,301				—				—				—				18,301
Integrated resort and casino rent (5)			—				—				—				—				2,802				—				3,579				—				6,381
Pre-opening costs (6)			28,461				469				—				—				—				—				10,514				—				39,444
Development costs			—				—				—				—				—				—				—				5,270				5,270
Depreciation and amortization			100,759				113,674				1,105				2,104				10,505				25,153				—				11,046				264,346
Share-based compensation			2,897				766				212				90				485				205				38				9,743				14,436
Property charges and other			(11,432	)			2,161				1,313				55,557				86				(111	)			—				(388	)			47,186
Adjusted EBITDA			421,545				202,532				152				12,003				58,472				24,027				(53	)			(53,788	)			664,890
Corporate and Other expenses (4)			—				—				—				—				—				—				—				53,788				53,788
Adjusted Property EBITDA		$	421,545			$	202,532			$	152			$	12,003			$	58,472			$	24,027			$	(53	)		$	—			$	718,678

 

10

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to

Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Net income attributable to Melco Resorts & Entertainment Limited		$	22,661			$	17,192			$	99,493			$	49,724
Net loss attributable to noncontrolling interests			(12,111	)			(7,837	)			(18,063	)			(12,622	)
Net income			10,550				9,355				81,430				37,102
Income tax expense			7,701				11,898				14,821				16,510
Interest and other non-operating expenses, net			109,531				103,403				210,506				215,914
Depreciation and amortization			135,670				133,923				276,734				264,346
Property charges and other			(3,025	)			44,991				(197	)			47,186
Share-based compensation			7,317				7,646				13,883				14,436
Development costs			1,406				1,846				2,428				5,270
Pre-opening costs (6)			1,302				27,194				1,593				39,444
Integrated resort and casino rent (5)			3,252				2,906				6,580				6,381
Payments to the Philippine Parties			6,763				9,062				16,137				18,301
Adjusted EBITDA			280,467				352,224				623,915				664,890
Corporate and Other expenses (4)			23,364				25,484				60,892				53,788
Adjusted Property EBITDA		$	303,831			$	377,708			$	684,807			$	718,678

 

11

Melco Resorts & Entertainment Limited and Subsidiaries

Supplemental Data Schedule

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Room Statistics:
City of Dreams
Average daily rate (7)		$	224			$	217			$	227			$	217
Occupancy per available room			99	%			98	%			99	%			98	%
Revenue per available room (8)		$	221			$	212			$	223			$	213
Studio City
Average daily rate (7)		$	169			$	163			$	174			$	166
Occupancy per available room			97	%			97	%			98	%			98	%
Revenue per available room (8)		$	163			$	159			$	170			$	163
Altira Macau
Average daily rate (7)		$	131			$	130			$	133			$	132
Occupancy per available room			98	%			97	%			98	%			97	%
Revenue per available room (8)		$	129			$	126			$	131			$	128
City of Dreams Manila
Average daily rate (7)		$	144			$	164			$	146			$	161
Occupancy per available room			97	%			95	%			96	%			95	%
Revenue per available room (8)		$	139			$	156			$	140			$	153
City of Dreams Mediterranean and Other
Average daily rate (7)		$	536			$	495			$	493			$	430
Occupancy per available room			67	%			62	%			55	%			60	%
Revenue per available room (8)		$	359			$	306			$	270			$	257
Other Information:
City of Dreams
Average number of table games			446				437				447				434
Average number of gaming machines			819				616				813				622
Table games win per unit per day (9)		$	16,323			$	18,876			$	17,619			$	18,572
Gaming machines win per unit per day (10)		$	586			$	505			$	638			$	507
Studio City
Average number of table games			253				253				253				253
Average number of gaming machines			935				724				949				760
Table games win per unit per day (9)		$	13,925			$	14,143			$	14,270			$	13,734
Gaming machines win per unit per day (10)		$	433			$	516			$	451			$	486
Altira Macau
Average number of table games			35				30				33				33
Average number of gaming machines			284				131				285				133
Table games win per unit per day (9)		$	9,324			$	9,277			$	10,415			$	8,203
Gaming machines win per unit per day (10)		$	278			$	242			$	289			$	276
Mocha and Other (3)
Average number of table games			—				15				—				15
Average number of gaming machines			426				835				425				845
Table games win per unit per day (9)		$	—			$	6,115			$	—			$	6,502
Gaming machines win per unit per day (10)		$	393			$	270			$	398			$	279
City of Dreams Manila
Average number of table games			265				264				264				266
Average number of gaming machines			2,266				2,259				2,265				2,266
Table games win per unit per day (9)		$	2,460			$	2,734			$	2,660			$	2,566
Gaming machines win per unit per day (10)		$	229			$	223			$	239			$	237
City of Dreams Mediterranean and Other
Average number of table games			108				106				108				106
Average number of gaming machines			960				883				940				885
Table games win per unit per day (9)		$	3,954			$	3,684			$	3,702			$	3,390
Gaming machines win per unit per day (10)		$	426			$	406			$	405			$	389

 

(7)	Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms

(8)	Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available

(9)	Table games win per unit per day is shown before discounts, commissions, other incentives and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

(10)	Gaming machines win per unit per day is shown before other incentives and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

 

12