Financial Data and Key Metrics Changes - The company's adjusted property EBITDA for 2025 grew 25% year over year to approximately $378 million, with adjusted EBITDA excluding VIP hold at approximately $354 million [10] - Macau property EBITDA margin reached 29.2% in 2025, marking the second highest on record [11] - Available liquidity stood at $2.3 billion, with consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [11] Business Line Data and Key Metrics Changes - Macau property EBITDA grew by 35% year over year and 13% quarter to quarter, with mass table games revenue at City of Dreams and Studio City reaching all-time highs [5][6] - The House of Dancing Water reopened in May with an average occupancy of around 98%, contributing to growing non-gaming revenue [6] - In the Philippines, cost reduction initiatives led to higher profitability and a recovery in gaming revenue in July [8] Market Data and Key Metrics Changes - Visitation to City of Dreams Macau increased by 31% year on year over the second quarter, with average daily property visitation reaching record levels in July [6] - In Cyprus, gaming revenue has surpassed pre-war levels following the Iran-Israel conflict, with strong forward bookings for the summer [9] Company Strategy and Development Direction - The company is focused on enhancing customer experience through renovations and new offerings, including a full renovation of the Countdown Hotel planned for 2026 [7] - The strategic review in the Philippines is ongoing, with updates to be provided when available [8] - The company aims to optimize its gaming units by relocating machines from closed satellite casinos to City of Dreams and Studio City [56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market's performance, citing a strong first half and a stabilizing Chinese economy [25][26] - The company is cautiously optimistic about the performance of City of Dreams Sri Lanka, which is expected to open new opportunities in the region [9][51] Other Important Information - The company repurchased approximately $120 million of its shares in the second quarter, prioritizing shareholder value while focusing on debt reduction [13] - An impairment in goodwill of approximately $56 million was recognized in the second quarter due to the closure of Grand Dragon Casino and three Mocha Clubs [14] Q&A Session Summary Question: Plans for remodeling gaming floors at COD or Studio City - Management highlighted ongoing improvements in product and customer experience, with significant renovations planned for the Countdown Hotel and enhancements to gaming areas [16][17][18] Question: Expectations for normalized EBITDA improvement in Q3 - Management indicated strong momentum from the first half and positive market conditions, suggesting potential for improved EBITDA in Q3 [25][26] Question: Competitive dynamics in the market - Management acknowledged the competitive nature of Macau but emphasized their focus on product and service differentiation rather than aggressive pricing [29][30][31] Question: Contribution of House of Dancing Water to gaming business - The House of Dancing Water has positively impacted visitation and F&B covers, although there is room for improvement in converting visitors into gaming customers [70][74] Question: Update on the Philippines market and transaction - Management noted stabilization in the Manila market and ongoing strategic review for potential transactions, with cautious optimism for future performance [78][76]

Financial Data and Key Metrics Changes - The company achieved a group-wide adjusted property EBITDA of approximately $378 million for Q2 2025, representing a 25% year-over-year growth [11] - Macau property EBITDA grew by 35% year-over-year and 13% quarter-over-quarter, with a margin of 29.2%, the second highest on record [4][12] - Consolidated cash on hand was approximately $1.2 billion, with available liquidity of $2.3 billion as of the end of Q2 2025 [12] Business Line Data and Key Metrics Changes - Mass table games revenue at City of Dreams and Studio City reached all-time highs, contributing to increased gaming volumes and revenues [4] - The House of Dancing Water reopened in May with an average occupancy of around 98%, significantly boosting non-gaming revenue [5] - In the Philippines, the company implemented cost reduction initiatives, leading to higher profitability and a recovery in gaming revenue in July [7] Market Data and Key Metrics Changes - Visitation to City of Dreams Macau increased by 31% year-over-year in Q2, with average daily property visitation reaching record levels in July [5] - In Cyprus, gaming revenue has surpassed pre-war levels following the Iran-Israel conflict, with positive forward bookings for the summer [8] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through renovations and new offerings, including a full renovation of the Countdown Hotel planned for 2026 [6] - The strategic review in the Philippines is ongoing, with updates to be provided in the future [7] - The opening of City of Dreams Sri Lanka is expected to create new opportunities in the premium segment of the Indian customer base [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market's performance, citing a strong first half of 2025 and a stabilizing Chinese economy [28] - The company is cautiously optimistic about Q3, expecting to carry momentum from June into July [29] - Management noted that they are continuously monitoring the competitive landscape and adjusting strategies as necessary [36] Other Important Information - The company repurchased approximately $120 million of its shares in Q2, taking advantage of market dislocation [14] - An impairment in goodwill of approximately $56 million was recognized in Q2 due to the closure of Grand Dragon Casino and three Mocha Clubs [15] Q&A Session Summary Question: Plans for remodeling gaming floors at COD or Studio City - Management highlighted ongoing improvements in product and customer experience, with significant renovations planned for the Countdown Hotel and enhancements to gaming areas [18][19] Question: Expectations for normalized EBITDA in Q3 - Management indicated strong market conditions and momentum from previous quarters, suggesting a positive outlook for Q3 [28][29] Question: Competitive dynamics in the market - Management acknowledged the competitive nature of Macau but emphasized their focus on product and service differentiation rather than aggressive pricing [34][36] Question: Contribution of House of Dancing Water to gaming business - The House of Dancing Water has positively impacted visitation and F&B covers, but management sees opportunities to improve conversion rates to gaming customers [75] Question: Update on the Philippines market - Management noted stabilization in the Manila market and positive results from cost reduction initiatives, with expectations for improved performance in the second half of the year [78][79]

Financial Performance - Q2 2025 - Total Operating Revenues reached $1328 million, a 14.5% increase compared to $1160 million in June 2024[22] - Gaming revenue increased by 16.2%, reaching $1096 million compared to $943 million in June 2024[22] - Non-Gaming revenue increased by 7.4%, reaching $233 million compared to $217 million in June 2024[22] - Adjusted Property EBITDA was $378 million, a 24.7% increase compared to $303 million in June 2024[22] - Net Income increased significantly by 826.9%, reaching $9 million compared to a loss of $1 million in June 2024[22] Performance by Property - Q2 2025 - City of Dreams Macau's Adjusted EBITDA was $226 million, a 36.6% increase compared to $165 million in June 2024[22] - Studio City's Adjusted EBITDA was $105 million, a 32.8% increase compared to $79 million in June 2024[22] - City of Dreams Manila's Adjusted EBITDA was $28 million, a 29.8% decrease compared to $40 million in June 2024[22] - City of Dreams Mediterranean and Other's Adjusted EBITDA was $12 million, a 5.3% decrease compared to $13 million in June 2024[22] Sustainability Initiatives - The company aims to achieve carbon-neutral resorts and zero waste across all resorts by 2030[62, 63] - The company installed 25000 solar panels across properties, generating close to 10000 MW annually[66]

"In the Philippines, although the heightened competitive environment continues to impact performance, we have been implementing a variety of initiatives to improve performance and reduce cost. In Cyprus, City of Dreams Mediterranean and our satellite casinos exhibited solid results despite the events in the Middle East in June 2025 and we are cautiously optimistic about the performance for the remainder of the peak season. "And finally, we are very excited to have City of Dreams Sri Lanka open on August 1, ...

Core Viewpoint - Melco Resorts & Entertainment (MLCO) shows positive financial growth with a significant increase in revenue and net profit, indicating strong operational performance and market confidence [1][2]. Financial Performance - As of March 31, 2025, Melco Resorts reported total revenue of $1.232 billion, representing a year-on-year growth of 10.78% [1]. - The company's net profit attributable to shareholders reached $32.532 million, marking a substantial increase of 114.45% compared to the previous year [1]. Stock Performance and Analyst Ratings - On July 26, MLCO's stock price increased by 2.1%, reaching $8.995 per share, with a trading volume of $7.8143 million and a total market capitalization of $3.699 billion [1]. - On July 1, Morgan Stanley upgraded Melco Resorts' rating to Overweight and raised the target price to $9.50 [2]. Business Operations - Melco Resorts operates integrated entertainment resorts in Asia and Europe, including Altira Macau and City of Dreams in Macau, and is the largest non-casino gaming machine operator in Macau through Mocha Clubs [2]. - The company is also developing the Mediterranean Dream City in Cyprus, which is expected to become the largest integrated resort in Europe, and currently operates a temporary casino in Cyprus [2].

Company Overview - Melco Resorts (MLCO) currently holds a Momentum Style Score of B, indicating potential for strong performance based on recent trends [3] - The company has a Zacks Rank of 1 (Strong Buy), suggesting it is expected to outperform the market [4] Price Performance - Over the past week, MLCO shares have increased by 3.1%, while the Zacks Gaming industry has remained flat [6] - In the last month, MLCO's price change is 33.63%, significantly outperforming the industry's 3.97% [6] - For the past quarter, MLCO shares have risen by 76.45%, and over the last year, they are up 50.33%, compared to the S&P 500's increases of 19.69% and 14.71%, respectively [7] Trading Volume - MLCO's average 20-day trading volume is 4,372,181 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the last two months, two earnings estimates for MLCO have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $0.24 to $0.29 [10] - For the next fiscal year, two estimates have also moved upwards, indicating positive sentiment regarding future earnings [10] Conclusion - Considering the positive price trends, strong earnings outlook, and favorable trading volume, MLCO is positioned as a strong momentum pick with a Momentum Score of B and a Zacks Rank of 1 (Strong Buy) [12]

Core Viewpoint - Melco Resorts & Entertainment (MLCO) has shown positive financial performance with a significant increase in revenue and net profit, indicating strong growth potential in the integrated resort sector [1][2]. Financial Performance - As of March 31, 2025, Melco Resorts reported total revenue of $1.232 billion, representing a year-on-year growth of 10.78% [1]. - The company's net profit attributable to shareholders reached $32.532 million, marking a substantial increase of 114.45% compared to the previous year [1]. Stock Performance and Ratings - On July 1, 2023, Melco Resorts received an upgraded rating from JPMorgan to Overweight, with a target price raised to $9.50 [2]. - On July 18, 2023, the stock price increased by 2.55%, reaching $9.035 per share, with a trading volume of $14.1994 million and a total market capitalization of $3.715 billion [1]. Business Operations - Melco Resorts operates integrated resort businesses in Asia and Europe, including Altira Macau and City of Dreams in Macau, and is the largest non-casino gaming machine operator in Macau through Mocha Clubs [2]. - The company is also developing the Mediterranean Dream City in Cyprus, which is expected to become the largest integrated resort in Europe, and currently operates a temporary casino in Cyprus [2].

Group 1 - The core viewpoint of the news highlights the financial performance and stock market activity of Melco Resorts & Entertainment (MLCO), indicating a positive growth trajectory in revenue and net profit [1] - As of July 14, MLCO's stock price increased by 2.01% to $8.875 per share, with a total market capitalization of $3.649 billion [1] - Financial data shows that for the period ending March 31, 2025, MLCO's total revenue reached $1.232 billion, representing a year-on-year growth of 10.78%, while net profit attributable to shareholders was $32.532 million, reflecting a significant increase of 114.45% [1] Group 2 - Melco Resorts & Entertainment operates integrated resort businesses in Asia and Europe, including Altira Macau and Studio City in Macau, and is the largest non-casino gaming machine operator in Macau through Mocha Clubs [2] - The company is also developing the Mediterranean Dream City in Cyprus, which is expected to become the largest integrated resort in Europe, and currently operates the first authorized casino in Cyprus along with four satellite casinos [2] - The company plans to cease operations of its temporary casino in Cyprus once the Mediterranean Dream City opens [2]

Core Insights - Macau's recovery from pandemic lows is accelerating, with Melco Resorts & Entertainment (MLCO) benefiting significantly from this trend [1][2] Financial Performance - Melco reported strong performance in Q1, surpassing revenue and earnings estimates, driven by increased visitation during peak travel periods like Golden Week [2] - The mass gaming segment saw a notable rise in table drop volumes at key properties, City of Dreams and Studio City [2] - The stock has gained 84.8% over the past three months, outperforming the industry growth of 40.3% [9][11] Strategic Initiatives - CEO Lawrence Ho highlighted that recent gains are attributed to operational improvements, including property renovations and the relaunch of "House of Dancing Water," rather than solely recovery [3] - Melco is focusing on differentiating its offerings to align with changing consumer preferences in China, emphasizing experiences over luxury retail [3] Market Environment - The current pro-consumption policy in China supports domestic tourism and discretionary spending, providing a favorable backdrop for Melco [4] - However, challenges exist, particularly with non-Macau assets facing increased competition, necessitating cost revisions and strategic reviews [4] Competitive Landscape - Melco faces intensified competition from U.S.-listed operators like Wynn Resorts and MGM Resorts, both of which are expanding their market share and enhancing their offerings [6][7] - Wynn's focus on premium clientele and MGM's family-friendly attractions are particularly relevant as they align with Melco's diversification strategy [6][7] Future Outlook - Sustaining top-line growth will depend on disciplined reinvestment, diversification of non-gaming revenues, and navigating regional volatility [5] - The Zacks Consensus Estimate indicates a year-over-year earnings growth of 52.6% for 2025 and 56.3% for 2026, suggesting a positive outlook for Melco [14]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Company Overview - Melco Resorts (MLCO) currently holds a Momentum Style Score of B, indicating a positive outlook based on price changes and earnings estimate revisions [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Group 2: Performance Metrics - MLCO shares have increased by 12.5% over the past week, significantly outperforming the Zacks Gaming industry, which rose by 3.69% during the same period [5] - Over the last three months, MLCO shares have surged by 74.84%, and they are up 15.39% over the past year, compared to the S&P 500's gains of 10.42% and 14.64%, respectively [6] Group 3: Trading Volume - The average 20-day trading volume for MLCO is 3,417,288 shares, which serves as a bullish indicator when combined with rising stock prices [7] Group 4: Earnings Outlook - In the past two months, three earnings estimates for MLCO have been revised upward, while none have been lowered, leading to an increase in the consensus estimate from $0.17 to $0.29 [9] - For the next fiscal year, two estimates have moved up, while one has been revised downward [9] Group 5: Conclusion - Given the positive momentum indicators and earnings outlook, MLCO is positioned as a strong buy candidate for investors seeking short-term opportunities [11]