Melco Resorts net income rises 32% despite Macau revenue and EBITDA decline
Melco Resorts & Entertainment reported a 32 per cent year-on-year increase in net income attributable to shareholders in the second quarter of 2026.
Macau.- Melco Resorts & Entertainment has reported net income attributable to the company of US$22.7m in the second quarter of 2026. That’s a rise of 32 per cent from US$17.2m in the same period last year, despite a decline in total operating revenue and adjusted property EBITDA.
Total operating revenue reached US$1.25bn in the quarter, down 6 per cent from the second quarter of 2025. The company attributed the decline primarily to softer rolling chip and mass-market table game performance, as well as weaker overall non-gaming operations. Operating income increased slightly to US$127.8m, while adjusted property EBITDA fell 20 per cent year-on-year to US$303.8m.
Melco Chairman and CEO Lawrence Ho said the company remained confident in the long-term strength of its businesses. “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,” Ho said. The company expects its new REM hotel to begin a phased opening in the third quarter of 2026.
City of Dreams
City of Dreams recorded operating revenue of US$632.2m in the second quarter, down from US$710.5m a year earlier. Adjusted EBITDA fell to US$147.8m from US$225.6m. Rolling chip volume declined to US$5.16bn from US$5.49bn, while the win rate fell to 2.71 per cent, below the company’s expected range of 2.85 per cent-3.15 per cent and down from 3.93 per cent in the second quarter of 2025.
Mass-market table games drop remained stable at US$1.75bn, while the hold percentage declined slightly to 29.8 per cent from 30.5 per cent. The gaming machine handle increased to US$1.20bn from US$950m, with the win rate improving to 3.6 per cent from 3 per cent. City of Dreams’ non-gaming revenue increased slightly to US$89.5m from US$88.1m.
Studio City also recorded lower revenue and EBITDA. Operating revenue declined to US$371.5m from US$388.2m, while adjusted EBITDA fell to US$95.5m from US$105.2m, primarily due to softer mass-market table game performance. The mass-market table games drop decreased to US$884.1m from US$958.2m, although the hold percentage improved to 36.3 per cent from 34 per cent. The gaming machine handle rose to US$1.04bn from US$920m, while non-gaming revenue fell to US$69.2m from US$83.8m.
Altira Macau operating revenue rose to US$33.9m from US$28.3m. Adjusted EBITDA increased to US$2.2m from US$0.8m, supported by stronger mass-market performance.
Philippines and Cyprus provide resilience
Outside Macau, City of Dreams Manila operating revenue reached US$97.3m, compared with US$98.5m in the second quarter of 2025. Adjusted EBITDA increased 9 per cent to US$30.9m. The property benefited from a higher rolling chip win rate of 3.67 per cent, compared with 2.05 per cent a year earlier, but rolling chip volume fell to US$342.6m from US$694.4m. Mass-market table games drop declined to US$131.9m from US$147.9m, while gaming machine handle decreased to US$950m from US$1bn.
City of Dreams Mediterranean and its satellite casinos in Cyprus saw operating revenue increase 13 per cent to US$82m, while adjusted EBITDA climbed 60 per cent to US$19.9m from US$12.4m. Melco attributed the improvement primarily to better mass-market performance, while noting that regional travel disruptions had eased.
The company reported US$16.9m in operating revenue and US$3.5m in Adjusted EBITDA from its Other Operations segment, which includes its casino operations and hotel management services at City of Dreams Sri Lanka.
