Melco Resorts & Entertainment Limited has released its unaudited financial results for the third quarter of 2026, reporting total operating revenues of $1.17 billion. This compares to $1.31 billion for the corresponding period in 2025, with the year-over-year adjustment primarily attributable to softer performance in rolling chip and mass market table games, alongside general non-gaming operations.
Operating income for the quarter reached $100.2 million, down from $184.5 million in Q3 2025. Adjusted Property EBITDA came in at $287.6 million, compared with $380.4 million in the third quarter of the previous year. Net income attributable to the company was $34 thousand, or $0.00009 per American depositary share (ADS), reflecting a period of strategic reinvestment and operational recalibration.
Commenting on the results, Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Resorts, stated:
“We continue to be confident in the long-term prospects of our businesses in Macau. We are focused on disciplined execution of our strategy to drive strong returns. Our distinctive product portfolio in Macau reflects the best in luxury and innovation. Coupled with the opening of our newly branded hotel REM and the renovation of our retail space at City of Dreams, we believe we are well positioned to capture the demands of our evolving customer base, supporting long-term growth. In the Philippines and Cyprus, our properties continued to demonstrate resilience despite the ongoing headwinds in those countries and regions. In particular, City of Dreams Mediterranean and our satellite casinos delivered its highest quarterly EBITDA on record.”
Regional property highlights
Performance across individual integrated resorts underscored the diversified strength of Melco’s global portfolio:
- City of Dreams (Macau): Total operating revenues reached $566.2 million, with Adjusted EBITDA standing at $130.3 million.
- Studio City: Generated operating revenues of $346.2 million and an Adjusted EBITDA of $90.6 million, supported by steady gaming machine handle growth. Notably, the land concession for Studio City was successfully renewed for a ten-year term through October 2036.
- Altira Macau: Recorded operating revenues of $31.3 million, marking an improvement over the previous year.
- City of Dreams Manila: Delivered operating revenues of $99.0 million and Adjusted EBITDA of $32.9 million.
- City of Dreams Mediterranean and Other: Achieved record-breaking results in Cyprus, with operating revenues rising to $96.7 million and Adjusted EBITDA climbing to $25.7 million, driven by stronger mass market performance.
Strong financial position and share repurchases
Melco Resorts maintained a robust balance sheet, closing out the quarter with total cash and bank balances of $886.6 million (including $124.2 million of restricted cash) and available liquidity of approximately $1.95 billion. Demonstrating ongoing commitment to shareholder value, the company actively repurchased approximately 33.1 million ADSs between July 1 and November 3, 2026, for an aggregate purchase price of $160.0 million, leaving significant remaining repurchase authority.
