Melco Resorts & Entertainment Ltd. · NASDAQ:MLCO
Melco Resorts & Entertainment — Q2 2025 Earnings Presentation
34 slides from Melco Resorts & Entertainment's earnings presentation, Jul 31, 2025
Slide 1: 2Q’25 Results Presentation
2Q’25 Results Presentation July 31, 2025 1
Slide 2: Disclaimer
Disclaimer Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking state
Slide 3: Key Investment Highlights
Key Investment Highlights 1 GLOBAL PRESENCE WITH HIGH-QUALITY ASSETS spanning across Asia and Europe with ability to adapt and thrive in diverse market conditions 2 DIVERSE AWARD-WINNING PRODUCT PORTFOLIO offering a wide range of products and facilities to accommodate a broad spectrum of customers 3
Slide 4: Melco’s Global Presence
Melco’s Global Presence Melco is a developer, owner and operator of award-winning integrated resort facilities in Macau, the Philippines, Cyprus and Sri Lanka Macau Philippines Spanning across Macau with an average of approximately 735 gaming tables, 2,306 gaming An average of approximately 264
Slide 5: Diverse Award-Winning Product Offerings
Diverse Award-Winning Product Offerings • To date, Melco has been recognized with over 1,000 local and international awards • 107 Forbes stars awarded across our properties, placing Melco as the leader among Asia’s integrated resort operators with the greatest number of Stars achieved in 2025 Forbes
Slide 6: New Activations in Macau: House of Dancing Water
New Activations in Macau House of Dancing Water at City of Dreams Macau 6
Slide 7: New Activations in Macau: Dinner in the Sky
New Activations in Macau “Dinner in the Sky” at City of Dreams 7
Slide 8: New Activations in Macau: Horst exhibition
New Activations in Macau “Horst: Photographer of Style” exhibition at City of Dreams 8
Slide 9: New Activations in Macau: Toy Story at Studio City
New Activations in Macau Studio City launches “Toy Story at Studio City” 9
Slide 10: Summary Financials
Summary Financials 3 months ended (US$ millions) Jun ’25 Jun’24 % Change Total Operating Revenues 1,328 1,160 14.5% Gaming 1,096 943 16.2% Non-Gaming 233 217 7.4% Total Operating Costs & Expenses (1,204) (1,036) -16.2% Operating Income 125 124 0.7% Total Non-Operating Expenses, Net (103) (117) 11.6%
Slide 11: Melco Group Adjusted Property EBITDA – 2Q’25
Melco Group Adjusted Property EBITDA – 2Q’25 Melco Group-wide Adjusted Property EBITDA of US$378 million(1) and Hold-Adjusted Property EBITDA of US$354 million(3) Total Adjusted Property EBITDA & Margin (1) (2) (US$m) Hold-Adjusted Property EBITDA (3) City of Dreams Mediterranean and Other City of D
Slide 12: City of Dreams Macau – 2Q’25
City of Dreams Macau – 2Q’25 City of Dreams Macau recorded Adjusted EBITDA of US$226 million City of Dreams Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Macau Key Operating Metrics (US$m, unless otherwise 2Q’25 Vs. 1Q’25 Vs. 2Q’24 28.6% 28.9% 29.8% 31.8% stated) 23.7% VIP R
Slide 13: Studio City – 2Q’25
Studio City – 2Q’25 Studio City recorded Adjusted EBITDA of US$105 million Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Studio City Key Operating Metrics (US$m, unless otherwise 2Q’25 Vs. 1Q’25 Vs. 2Q’24 stated) 25.5% 27.5% 27.1% 22.5% 23.8% VIP Rolling Chip (3) - N.A. N.A. 105 VIP
Slide 14: Altira – 2Q’25
Altira – 2Q’25 Altira recorded Adjusted EBITDA of US$1 million Altira Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics (6.9%) (3.6%) (0.8%) (2.5%) 3.0% (US$m, unless otherwise 2Q’25 Vs. 1Q’25 Vs. 2Q’24 stated) Mass Table Drop 119 9% (11%) Mass Table Hold % 21.3% (108bps
Slide 15: City of Dreams Manila – 2Q’25
City of Dreams Manila – 2Q’25 City of Dreams Manila recorded Adjusted EBITDA of US$28 million City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics 37.2% 38.6% 42.5% (US$m, unless otherwise 29.6% 28.8% 2Q’25 Vs. 1Q’25 Vs. 2Q’24 stated) 57
Slide 16: City of Dreams Mediterranean and Other – 2Q’25
City of Dreams Mediterranean and Other– 2Q’25 City of Dreams Mediterranean and Other recorded Adjusted EBITDA of US$12 million City of Dreams Mediterranean and Other Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Mediterranean and Other Key Operating Metrics (US$m, unless otherwise
Slide 17: Guidance on Key Non-Operating Items
Guidance on Key Non-Operating Items Depreciation & Approximately US$135-140 million for 3Q 2025 Amortization Corporate Expenses Approximately US$25-30 million for 3Q 2025 Approximately US$115-120 million for 3Q 2025, including Consolidated Net ‒ Finance liability interest of approximately US$6
Slide 18: Liquidity & Balance Sheet
Liquidity & Balance Sheet Melco Actual as of June 30, 2025 (excluding Studio City, Studio City (1)(2) Philippines Cyprus Melco Group (US$m, unless otherwise stated) Philippines and Cyprus) Cash & Cash Equivalents (3) 644 306 244 51 1,244 Availability Under Credit Facilities 784 200 42 - 1,026 Total
Slide 19: Shareholder Return
Shareholder Return Returned approximately US$4.1bn to shareholders from 2016 • From 2016, approximately US$4.1 billion has been returned to shareholders in the form of dividends and share repurchases. • In August 2022 and March 2023, the Company repurchased approximately US$323 million of shares fro
Slide 20: Melco’s Sustainability Goals & Achievements
Melco’s Sustainability Goals & Achievements 20
Slide 21: Melco’s Sustainability Strategy
Melco’s Sustainability Strategy Our sustainability strategy lays out ambitious goals, actionable targets and further enhancement to disclosures around key environmental, social, and governance (ESG) issues that are critical to Melco’s business. Key Goals Achievement Highlights 1 ACHIEVE CARBON NEUTR
Slide 22: Melco’s Sustainability Achievements
Melco’s Sustainability Achievements Renewable energy: • Installed 25,000 solar panels across our properties, which can generate close to 10,000MW annually, equivalent to powering 1,900 households per year*. • Hybrid and electric vehicles represent 59% of total fleet. Installed 165 electric charging
Slide 23: Globally Recognized Standards in Sustainability
Globally Recognized Standards in Sustainability We have been widely recognized by global institutions for our progress and commitment in sustainability AWARDS CERTIFICATIONS • Gold Award for Sustainable Impact, Cyprus Tourism Awards 2025 • Responsible Gambling Council City of Dreams Mediterranean “R
Slide 24: Appendix
Appendix 1 24
Slide 25: Melco: Table Yield Analysis
Melco: Table Yield Analysis Continue to optimize table allocation across our portfolio of Integrated Resorts Average Number of VIP Gaming Tables Average Number of Mass Gaming Tables 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 Altira 39 37 37 37 30 City of Dreams Macau 76 76 76 76 83
Slide 26: Melco: Historic Revenue and Adjusted Property EBITDA
Melco: Historic Revenue and Adjusted Property EBITDA Melco: Last 12 Months Total Adjusted Property EBITDA(1) (US$ million) Melco: Last 12 Months Macau-only VIP & Mass GGR (US$ million) 2,000 Adjusted Property EBITDA YoY% (Right-axis) 1000% 4,000 VIP Gross Gaming Revenue 90% Mass Gross Gaming Revenue
Slide 27: Appendix
Appendix 2 27
Slide 28: City of Dreams Macau
City of Dreams Macau Morpheus Standard Room Morpheus Club Lounge 28
Slide 29: Studio City
Studio City Add photo of Epic room Epic Tower Room Event Center Indoor Waterpark 29
Slide 30: Altira Macau
Altira Macau 30
Slide 31: City of Dreams Manila
City of Dreams Manila Nuwa Premier King Room Spa at Nuwa Pool at the Hyatt 31
Slide 32: City of Dreams Mediterranean
City of Dreams Mediterranean Panoramic Suite Olea Restaurant 32
Slide 33: City of Dreams Sri Lanka
City of Dreams Sri Lanka 33
Slide 34: Thank You
(40 MELCO Thank You
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