Melco has released its financial results for Q3 2025.
The Macau-based operator reported total operating revenue of $1.31bn, up 11.4% from the $1.18bn reported this time last year. Year-to-date revenue came to $3.87bn, up 12.3%.
Breaking revenue for the quarter down by segment, casino earnings accounted for the majority, making $1.06bn, up 12.4%. Rooms made $118.6m, an improvement just shy of $8m, while food and beverage fell by just over $0.2m to $73.3m. Entertainment, retail and other earnings saw a significant uptick, however, growing by just under $10m, or 21.4%.
Operating expenses, meanwhile, also grew, from $1.04bn to $1.12bn. The largest expense was its casino sector, costing $674.6m, up 8.1%, followed by general and administrative costs, up 18.9% to $167m.
Despite growing costs, revenue outpaced it, resulting in an overall improvement to adjusted property EBITDA, which came to $380.4m, up 17.9%. Operating income totalled $184.5m, up a notable 33.1%. Net income, in total, came to $62m, up significantly from the $12.7m reported in Q3 2024.
By property, City of Dreams reported operating income of $153.8m, up from last year's $108.3m, while Studio City reported $45.9m, up from $36.1m. Altira Macau reported a loss of $2.3m, more than the $2.2m loss reported last year, while Mocha and other properties made $4.3m, down 28.2%. Finally, City of Dreams Manila made $24.3m, up just shy of $2m, while City of Dreams Mediterranean made $9.5m, more than quadruple the $2.1m reported this time last year.
Looking at Studio City more specifically, the operator reported revenue of $182.5m, of which $77.3m came from casino contracts, $44.1m came from rooms and $23.4m came from food and beverage, among other things. However, with expenses of $158.6m, operating income came to $23.9m, with an overall net loss of $20.3m.
Each property reported different room statistics also. City of Dreams, for example, saw occupancy of 98% with an average daily room rate of $218, while Studio City reported occupancy of 97%, with an average daily room rate of $178. The lowest occupancy rate was reported by City of Dreams Mediterranean at 72%, while Altira Macau reported the lowest room rate at $135.
In terms of table and slot games at each property, City of Dreams saw an average number of tables of 437, seven more than last year, with win-per-table at $17,583, down by over $150. The average number of gaming machines rose by 15 to 615, with win-per-machine also increasing, up $41 to $586.
Studio City, meanwhile, saw a consistent number of tables at 253, though win-per-table did increase, up $360 to $13,572. Gaming machine numbers also stayed the same at 726, though again win-per-machine increased, up $66 to $484.
Overall, despite a few dips, Melco reported a highly positive Q3, thanks in part to Covid-19 recovery and a focus on non-gaming revenue, among other factors. However, the operator closed two of its satellite properties, Grand Dragon Casino and Mocha Kuong Fat, in late September, which may impact Q4 results.
The Macau Government is currently incentivising diversity in earnings, following the impact of Covid-19 on gaming
