Content Writer: Janice Chew • Monday, 25/11/2025 - 18:32:53 - PM
Melco Resorts & Entertainment executives have expressed renewed optimism about Macau’s recovery and the company’s growth outlook following a strong third quarter of 2025. The group reported total operating revenues of US$1.31 billion, up 11% year-on-year, with adjusted property EBITDA rising 21% to US$304 million. Chairman and CEO Lawrence Ho described the results as “solid across all key properties,” noting that even with “short-term volatility such as typhoon disruptions,” Melco’s overall performance “shows the resilience of our integrated resort portfolio in Macau.”
Ho said Melco’s premium positioning continues to serve the company well amid an increasingly competitive environment. “We are seeing consistent momentum across our mass and premium-mass segments,” he explained, adding that Melco is focusing on experience rather than volume. “The key for us is not about chasing market share — it’s about maintaining margins and delivering a differentiated, luxury-focused experience for our guests.” President Evan Winkler echoed this sentiment, stating that Macau’s market competition has become “rational” and that Melco will “stay disciplined in reinvestment and marketing.”
Financially, the company remains conservative but confident. CFO Geoffrey Davis highlighted that Melco closed the quarter with US$1.6 billion in cash and total liquidity of about US$2.6 billion, having repaid nearly US$360 million in debt across Q3 and October. Ho commented, “We’ve reached a point of financial stability that allows us to think about shareholder returns again. We expect to evaluate reinstating dividends next year, subject to market conditions.” The statement reflects Melco’s improving balance sheet and controlled capital expenditure approach.
Ho also shared updates on Melco’s upcoming expansion projects. The Countdown Hotel at City of Dreams will reopen in Q3 2026 after a full transformation into a new luxury brand property, while plans for further entertainment enhancements at Studio City Phase 2 continue to roll out in stages. “These projects are designed to future-proof our portfolio,” said Ho. “Macau’s future growth will be driven by product differentiation, entertainment, and non-gaming diversification — and we intend to lead in that space.”
Beyond Macau, Ho highlighted encouraging results from Melco’s international assets. The City of Dreams Mediterranean in Cyprus posted record property EBITDA, while City of Dreams Manila delivered sequential growth on the back of tourism recovery. Ho remarked, “We’re seeing global travel patterns normalize, which benefits all our properties, but Macau remains our crown jewel.” He added that the company’s international performance provides a “healthy diversification base” to balance regional fluctuations.
Concluding on an upbeat note, Ho affirmed, “Macau’s recovery is steady and structural. The government’s non-gaming initiatives are supporting longer stays and higher spend per visitor. For Melco, the best is yet to come — we’re building for the next decade of growth.” His comments reflect a cautiously confident outlook as the company continues to expand while maintaining financial discipline and premium market focus.