Investment Rating - The report does not explicitly state an investment rating for Melco International Development Core Insights - Melco International Development's subsidiary, Melco Resorts & Entertainment, reported a net revenue of USD 1.31 billion for Q3 2025, representing an 11.4% year-over-year increase. The adjusted EBITDA reached USD 0.352 billion, up 16.3% year-over-year, with an adjusted EBITDA margin of 26.9%, an increase of 1.13 percentage points year-over-year [1][9] - The company's total betting amount in Macau reached USD 10.9 billion, a 24.3% year-over-year increase, with VIP betting amounting to USD 5.58 billion, reflecting a 47.0% year-over-year growth [3][11] - The company's market share in Q3 2025 was 14.6%, down from 15.8% in Q2 2025, indicating a decline in market position [6][14] Summary by Sections Financial Performance - In Q3 2025, Melco International Development achieved operating revenue of USD 1.31 billion, a year-over-year increase of 11.4%. The adjusted EBITDA was USD 0.352 billion, up 16.3%, with an adjusted EBITDA margin of 26.9%, an increase of 1.13 percentage points year-over-year. For the year-to-date, the operating revenue reached USD 3.87 billion, up 12.3%, and adjusted EBITDA was USD 1.017 billion, up 16.9% [1][9] - The company's gaming gross revenue (GGR) in Macau was USD 1.13 billion, up 11.8% year-over-year, but this growth rate was lower than the industry average of 12.5% [4][12] Business Segments - In Macau, the company's operating revenue was USD 1.1 billion, with gaming and non-gaming segments contributing USD 0.92 billion and USD 0.19 billion, respectively. The gaming segment grew by 12.3% year-over-year, while the non-gaming segment grew by 7.2% [2][10] - The adjusted property EBITDA for the company in Macau was USD 0.317 billion, reflecting a year-over-year increase of 21.1% and an adjusted EBITDA margin of 28.7%, up 2.3 percentage points year-over-year [5][13] Market Dynamics - The total betting amount in Macau increased significantly, with VIP betting showing the highest growth at 47.0% year-over-year. The VIP win rate for the City of Dreams was reported at 3.68%, exceeding the expected range [3][11] - The company's market share has declined, with a noted decrease from 15.8% in Q2 2025 to 14.6% in Q3 2025, indicating competitive pressures in the market [6][14]

Core Viewpoint - The performance of Melco Resorts in Q3 2025 exceeded consensus expectations, driven by stable operational cost control despite a decline in market share for gaming revenue [1][2] Financial Performance - Melco reported net revenue of $1.31 billion in Q3 2025, an 11% year-on-year increase but a 1% quarter-on-quarter decline, recovering to 91% of Q3 2019 levels [1] - Adjusted property EBITDA was $380 million, up 18% year-on-year and 1% quarter-on-quarter, also recovering to 91% of Q3 2019 levels, surpassing Bloomberg's consensus estimate of $348 million [1] Development Trends - The company noted a weak performance during the Golden Week in October 2025 due to typhoon disruptions, but demand accelerated post-holiday with a 30% year-on-year growth in the following 21 days, achieving the highest monthly total gaming revenue in history at City of Dreams [1] - Management observed that new clients from other countries have been driving growth in direct VIP business in Macau [1] - Following the closure of the Junlong Hotel and Mocha Club in Q3 2025, the company relocated 15 gaming tables to City of Dreams and 90 slot machines to Studio City [1] Strategic Initiatives - A new gaming area was established at the southeast entrance near the Macau light rail station to attract more visitors [2] - Despite intense competition in the Macau gaming industry, Melco believes the long-term trend for high-end mass gaming remains healthy, with no concerns about profit margin erosion [2] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 6 times the 2026 estimated EV/adjusted EBITDA, suggesting a 1% upside potential to the target price of $8.50 [2] - For Melco International Development, the adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with a target price of HKD 5.80, indicating a 20% upside potential based on a 20% discount to net asset value [2]

Core Viewpoint - New World Development (00200) shares rose over 3%, reaching HKD 5, following the announcement of improved operational results from its subsidiary, Melco Resorts & Entertainment, for Q3 2025 [1] Financial Performance - Melco Resorts & Entertainment reported total operational revenue of USD 1.31 billion for Q3 2025, representing an approximate 11% year-on-year increase [1] - The net income attributable to Melco Resorts was USD 74.7 million, showing a significant year-on-year growth of 174% [1] - Earnings per American Depositary Share (ADS) were USD 0.19 [1]

Core Viewpoint - Melco International Development's subsidiary, Melco Resorts & Entertainment, reported a significant increase in operational revenue for Q3 2025, driven by improved performance in both gaming and non-gaming operations [1] Financial Performance - Total operational revenue for Q3 2025 reached $1.31 billion, an increase of approximately 11% compared to $1.18 billion in Q3 2024 [1] - Operational income for Q3 2025 was $184.5 million, up from $138.6 million in Q3 2024 [1] - Adjusted property EBITDA for Q3 2025 was $380.4 million, compared to $322.6 million in Q3 2024 [1] Net Income - Net income attributable to Melco Resorts for Q3 2025 was $74.7 million, or $0.19 per American Depositary Share, compared to $27.3 million, or $0.06 per American Depositary Share in Q3 2024 [1] - Non-controlling interests reported net losses of $12.6 million and $14.6 million for Q3 2025 and Q3 2024, respectively, primarily related to losses from Studio City and City of Dreams Mediterranean [1]

Group 1 - The core viewpoint of the article highlights that Melco International Development (00200.HK) reported a total operating revenue of $1.31 billion for Q3 2025, reflecting an approximate 11% year-on-year increase, driven by improved performance in both gaming and non-gaming operations [1] - Melco's attributable net income reached $74.7 million, marking a significant year-on-year growth of 174%, with earnings per American Depositary Share at $0.19 [1] - As of November 6, 2025, Melco's stock closed at HKD 4.84, up 0.21%, with a trading volume of 3.165 million shares and a turnover of HKD 15.2172 million [1] Group 2 - Melco International Development has a market capitalization of HKD 10.988 billion, ranking 8th among other leisure service companies [1] - Key financial metrics include a Return on Equity (ROE) of -99.55%, a net profit margin of 2.63%, and a debt ratio of 90.45%, compared to industry averages of -4.84%, -55.53%, and 96.35% respectively [1] - The company ranks 4th in terms of operating revenue within the leisure services sector, with reported revenue of HKD 38.372 billion [1]

Core Viewpoint - Melco International Development Limited's subsidiary, Melco Resorts & Entertainment Limited, reported a total operating revenue of $1.31 billion for Q3 2025, reflecting an approximate 11% year-on-year increase, driven by improved performance in both gaming and non-gaming operations [1] Financial Performance - Total operating revenue for Melco Resorts & Entertainment Limited reached $1.31 billion, marking an 11% increase compared to the previous year [1] - The net income attributable to Melco Resorts was $74.7 million, representing a significant year-on-year growth of 174% [1] - Earnings per American Depositary Share (ADS) stood at $0.19 [1]

Core Insights - Melco International Development Limited (00200) announced that its subsidiary, Melco Resorts & Entertainment Limited, reported total operating revenue of $1.31 billion for Q3 2025, representing an approximate 11% year-over-year increase [1] - The increase in total operating revenue is primarily attributed to improved performance in both gaming and non-gaming operations [1] - Melco Resorts' net income attributable to the company was $74.7 million, reflecting a significant year-over-year growth of 174%, with earnings per American Depositary Share at $0.19 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 新濠博亞娛樂之二零二五年第三季度業績 二零二五年第三季度的總營運收益為 1,310,000,000 美元，較二零二四年同期的 1,180,000,000美元增加約11%。總營運收益增加，主要可歸因於整體博彩及非博彩營運的 表現均有改善。 二零二五年第三季度的營運收入為184,500,000美元，而二零二四年第三季度的營運收入為 138,600,000美元。 新濠博亞娛樂於二零二五年第三季度錄得經調整物業 EBITDA（即扣除利息、稅項、折舊、 攤銷、開業前成本、開發成本、物業開支及其他、以股份為基礎的薪酬、根據合作安排付 予菲律賓訂約方（「菲律賓訂約方」）的款項、綜合度假村及娛樂場租金、企業及其他開支 以及其他非營運收入及開支前的淨收入／虧損）為 380,400,000 美元，而二零二四年第三 季度則錄得經調整物業 EBITDA 為 322,600,000 美元。 上市附屬公司 ─ 新濠博亞娛樂有限公司 ...

Core Viewpoint - The recent closure of the Emperor Palace Casino in Macau marks a significant shift in the operations of Emperor Entertainment Hotel and reflects broader challenges within the gaming industry in the region [2][4][6]. Group 1: Company Operations - Emperor Palace Casino ceased operations on October 30, 2023, at 23:59, following a termination agreement between its subsidiary, Tianhao, and AUB [4][6]. - Emperor Entertainment Hotel will continue its hotel business, including properties like the Emperor Jockey Club Hotel in Hong Kong, despite the closure of the casino [8]. - The company reported stable income from hotel and rental apartment operations for the fiscal years ending March 31, 2024, and 2025 [8]. Group 2: Financial Performance - Emperor International reported a total revenue of approximately HKD 1.375 billion for the fiscal year ending March 31, 2025, a 41.5% increase from HKD 972.55 million in the previous year [12]. - However, the company also faced significant losses, with a net loss attributable to shareholders increasing from HKD 2.091 billion to HKD 2.321 billion, marking a 10.9% increase [12]. - As of March 31, 2023, Emperor International had HKD 16.6 billion in overdue bank loans, raising concerns about its ongoing viability [12][13]. Group 3: Market Context - The Emperor Palace Casino was once a prominent player in Macau's competitive gaming market, having opened in January 2006 and generating approximately HKD 1.2 billion in revenue for the fiscal year ending March 31, 2007 [8]. - The closure of the casino is part of a broader trend, as AUB had previously announced its decision to cease operations at several satellite casinos, including the Emperor Palace [4][6]. - The financial struggles of Emperor International have led to significant stock price declines, with shares dropping over 15% following the announcement of its financial difficulties [13].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新濠國際發展有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00200 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,275,025,632 | | | | 2,275,025,632 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 2,275,025,632 | | 0 | | 2,275,025 ...