Melco reports 6% revenue decline in Q2 2026 amid softer gaming performance

Melco has announced its unaudited Q2 2026 earnings, reporting total operating revenue of US$1.25bn, a decrease of approximately 6% year-on-year. The decline was primarily attributed to softer performance in rolling chip and mass market table games, as well as weaker overall non-gaming operations.

Operating income was US$127.8m, compared with US$124.7m the same period last year. adjusted property EBITDA amounted to US$303.8m, representing a 19.6% decrease. Meanwhile, net income attributable reached US$22.7m, a 32.0% increase.

At City of Dreams Macau, total operating revenue fell 11.0% to US$632.2m, while adjusted EBITDA declined 34.5% to US$147.8m, primarily due to softer rolling chip and mass market table games performance.

Rolling chip volume decreased 6.0% to US$5.16bn, with the win rate falling to 2.71% from 3.93%.

Mass market table games drop remained unchanged at US$1.75bn, while the gaming machine handle increased 26.3% to US$1.20bn.

At Studio City Macau, total operating revenues for Q2 2026 were US$371.5m, representing a 4.3% decrease year-on-year. Adjusted EBITDA was US$95.5m, down 9.2%.

At Altira Macau, total operating revenues increased 19.8% year-on-year to US$33.9m, while adjusted EBITDA rose 175% to US$2.2m, primarily driven by better mass market performance.

Melco Chairman and CEO Lawrence Ho commented on the results:’’ 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.’’

At City of Dreams Manila, total operating revenues decreased 1.2% year-on-year to US$97.3m, while adjusted EBITDA increased 8.8% to US$30.9m.

Rolling chip volume fell 50.6% to US$342.6m, while the win rate increased to 3.67% from 2.05%. Mass market table games drop decreased 10.8% to US$131.9m, while the gaming machine handle decreased 5.0% to US$950m.