Melco outlines $1.37bn in Q1 operating revenues, up 11%

Melco Resorts & Entertainment has posted its latest financial figures for the first quarter of 2026, highlighting an 11% upswing in operating revenues compared to the prior year.  

It was a positive quarter for the operator overall, with revenue, operating income, net income and adjusted EBITDA all rising year-over-year. Melco’s Macau and Manila properties also exhibited strong growth generally, with company CEO and Chairman expressing satisfaction with ongoing operations.  

A full sweep: Melco Q1 at a glance  

Interrogating these results more closely reveals that the operator’s 11% revenue rise led to a figure of $1.37bn during Q1, with adjusted Property EBITDA rising by 12% year-over-year to $381m. Indeed, $334m of that EBITDA figure was accounted for by Macau operations, which also rose by 12% in comparison to last year’s primary quarter, with Property EBITDA margin also improving at 28%.  

Elsewhere, operating income also increased 23.5% year-over-year to total $179m during the first quarter of the year, with net income for the first quarter settling at $76.8m, up by a notable 57.7% in comparison to Q1 2025.  

Melco Q1 by property 

Leading the way for Melco last quarter was the operator’s City of Dreams Macau property, which generated $734.6m during Q1, up 11.6% year-over-year. The property’s adjusted EBITDA also rose by 8.6% to account for $214.4m of the company’s overall EBITDA figure.

Trailing behind was Melco’s Studio City property, which generated a revenue figure of $392m, up 9.6%, alongside observing an EBITDA rise of 14.8% to $111.7m.  

Melco’s City of Dreams Manila property also drove out $105.5m in revenues during Q1, up from the $101.6m recorded during the same period of 2025.

Despite seeing its results altered by conflict in the Middle East, City of Dreams Mediterranean – which is comprised of three satellite casino properties in Cyprus – also recorded a revenue uptick of 10.4%. Property EBITDA in the region, however, declined by 22.4%, settling at $9m.  

CEO’s comments  

Commenting on these latest results, Lawrence Ho, our Chairman and Chief Executive Officer, said: “Melco Resorts’ Adjusted Property EBITDA grew by approximately 12% year-over-year to US$381 million for the first quarter of 2026. In Macau, Property EBITDA grew by approximately 12% year-over-year to US$334 million and Property EBITDA margin improved to approximately 28%.

"Our efforts continue to center on increasing flow through and profitability while enhancing our competitive positioning with key growth initiatives. In the Philippines, City of Dreams Manila exhibited solid performance despite heightened competition and continued industry headwinds that continued into 2026, with Property EBITDA rising by 24% year-over-year.

"In Cyprus, results at City of Dreams Mediterranean and our satellite casinos were impacted by the conflicts in the Middle East that began in late February, which adversely affected tourism arrivals. We are closely monitoring developments and will remain operationally flexible as we position the business for a recovery in travel demand.”