新濠国际发展(00200) - 2025 - 中期业绩

Financial Summary For the six months ended June 30, 2025, Melco International Development Limited achieved significant growth in net revenue, adjusted EBITDA, and profit attributable to owners of the Company, successfully turning losses into profits, with basic earnings per share turning positive and net asset value per share significantly increasing, though no interim dividend was recommended | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 19,964,591 | 17,765,628 | 12.4% | | Adjusted EBITDA | 5,370,000 | 4,490,000 | 19.6% | | Profit / (Loss) Attributable to Owners of the Company | 350,800 | (253,200) | 238.5% | | Basic Earnings / (Loss) Per Share Attributable to Owners of the Company | HKD 0.18 | (HKD 0.13) | 238.5% | | Net Asset Value Per Share Attributable to Owners of the Company (at period end) | HKD 0.4 | HKD 0.02 (as at December 31, 2024) | 2022.1% | - The Board recommended no interim dividend for the six months ended June 30, 2025[2] Condensed Consolidated Financial Statements This chapter presents the unaudited condensed consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2025, and the condensed consolidated statements of financial position as of that date, providing detailed data on the Group's financial performance and asset and liability structure during the reporting period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's net revenue grew by 12.4% to HKD 19.96 billion, operating income significantly increased, and profit for the period reached HKD 525 million, successfully reversing the loss of the same period last year, with profit attributable to owners of the Company at HKD 350.8 million and basic earnings per share at HKD 0.18 | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Revenue | 19,964,591 | 17,765,628 | | Operating Income | 2,584,861 | 1,820,192 | | Profit / (Loss) Before Income Tax | 648,318 | (351,618) | | Profit / (Loss) for the Period | 525,093 | (443,629) | | Profit / (Loss) Attributable to Owners of the Company | 350,816 | (253,216) | | Profit / (Loss) Attributable to Non-controlling Interests | 174,277 | (190,413) | | Basic Earnings / (Loss) Per Share Attributable to Owners of the Company | HKD 0.18 | (HKD 0.13) | - Total operating costs and expenses net increased from HKD 15.945 billion in 2024 to HKD 17.380 billion in 2025, primarily due to increased gaming taxes and license fees, and employee benefit expenses[3] - Other comprehensive loss for the period was HKD 234.6 million, mainly from exchange differences on translation of overseas operations and fair value losses on interest rate swaps[5] Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets slightly decreased to HKD 84.72 billion, and total liabilities slightly increased to HKD 76.63 billion, with equity attributable to owners of the Company significantly growing to HKD 974.7 million mainly due to the rights issue and profit for the period, and net current liabilities expanding, though the Group maintains sufficient cash and unutilized borrowing capacity | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 73,469,612 | 73,466,646 | | Total Current Assets | 11,251,237 | 11,282,857 | | Total Current Liabilities | 19,427,443 | 18,646,563 | | Net Current Liabilities | (8,176,206) | (7,363,706) | | Net Assets | 8,087,794 | 8,206,521 | | Equity Attributable to Owners of the Company | 974,672 | 45,930 | | Non-controlling Interests | 7,113,122 | 8,160,591 | - Despite recording net current liabilities of HKD 8.176 billion, the Group held cash and bank balances of HKD 9.055 billion and unutilized borrowing capacity of HKD 8.974 billion, of which HKD 8.366 billion was available for drawdown[11] - Equity attributable to owners of the Company significantly grew by 2022.1%, primarily driven by the rights issue and profit for the period[7] Notes This chapter details the Group's organizational structure, business operations development, financial statement preparation basis, changes in accounting policies, segment information, composition of various revenues and expenses, tax implications, changes in share capital, related party transactions, changes in ownership interests in subsidiaries, commitments and contingencies, and significant events after the reporting period 1. Organization and Business Melco International Development Limited, as an investment holding company, primarily develops, owns, and operates integrated resort facilities in Asia and Europe through its subsidiary Melco Resorts & Entertainment, including gaming operations in Macau, the Philippines, and Cyprus, with recent business developments affected by geopolitical conflicts, but the Group maintains sufficient liquidity and prepares financial information on a going concern basis - The Group is a developer, owner, and operator of integrated resort facilities in Asia and Europe, primarily operating gaming businesses through Melco Resorts & Entertainment[9] - In Macau, Melco Resorts & Entertainment operates City of Dreams and Altira Macau, and will cease operations of Grand Dragon Casino and three Mocha Clubs by the end of 2025[9] - City of Dreams Mediterranean operations are affected by ongoing military conflicts in Israel-Hamas and Russia-Ukraine, but the Group believes it can support going concern for at least the next twelve months[11][12] 1(a) Corporate and Group Information Melco International is a Hong Kong-registered investment holding company, with its gaming operations primarily managed by Melco Resorts & Entertainment, covering Macau (City of Dreams, Altira Macau, Studio City), the Philippines (City of Dreams Manila), and Cyprus (City of Dreams Mediterranean and satellite casinos), and has obtained a casino license in Sri Lanka - Melco International Development Limited is a public limited company incorporated in Hong Kong, acting as an investment holding company[8] - The Group operates its gaming businesses through Melco Resorts & Entertainment, including City of Dreams, Altira Macau, and Studio City in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean and satellite casinos in Cyprus[9] - A subsidiary of Melco Resorts & Entertainment holds a casino license granted by the Sri Lankan government for a period of 20 years from April 1, 2024, and will operate under the 'City of Dreams Sri Lanka' brand[9] 1(b) Recent Developments in Business Operations City of Dreams Mediterranean's operations in Cyprus continue to be affected by military conflicts in the Middle East, while the Group has signed a management agreement for the 'Nuwa' hotel at City of Dreams Sri Lanka, and despite net current liabilities, the Group has sufficient cash and unutilized borrowing capacity and expects to support going concern for the next 12 months - City of Dreams Mediterranean operations are affected by the ongoing military conflicts in Israel-Hamas and Russia-Ukraine, as well as the Iran-Israel military conflict[11] - A subsidiary of Melco Resorts & Entertainment entered into a management agreement with a John Keells subsidiary to provide management services for the 'Nuwa' hotel on the top five floors of the City of Dreams Sri Lanka hotel tower, which opened on July 15, 2025[11] - As of June 30, 2025, the Group recorded net current liabilities of HKD 8.176 billion, but held cash and bank balances of HKD 9.055 billion and unutilized borrowing capacity of HKD 8.974 billion[11] 2.1 Basis of Preparation This interim financial information is prepared on a historical cost basis, with interest rate swaps measured at fair value and assets classified as held for sale stated at the lower of their carrying amount and fair value less costs to sell, complying with HKAS 34 and HKEX Listing Rules, and certain comparative figures have been reclassified to conform to the current period's presentation - This unaudited condensed consolidated interim financial information is prepared on a historical cost basis, except for interest rate swaps measured at fair value and assets classified as held for sale stated at the lower of their carrying amount and fair value less costs to sell[14] - This information is prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[14] - Certain comparative figures have been reclassified to conform to the current period's presentation, as the Directors of the Company believe the new presentation is more appropriate and relevant for the unaudited condensed consolidated interim financial information[15] 2.2 Changes in Accounting Policies and Disclosures This period saw the first-time adoption of revised HKFRS accounting standards and hedge accounting policies for interest rate swaps, with the adoption of revised HKAS 21 having no significant impact on the financial information, and the Group designating interest rate swaps as hedging instruments for cash flow hedges, with the effective portion of fair value changes recognized in other comprehensive income - The accounting policies adopted in the preparation of this interim financial information are consistent with those applied in the audited consolidated financial statements for the year ended December 31, 2024, except for the first-time adoption of revised HKFRS accounting standards and hedge accounting policies for interest rate swaps[16] - The adoption of revised HKAS 21 'Lack of Exchangeability' had no significant impact on the unaudited condensed consolidated interim financial information[17] - The Group designates interest rate swaps as hedging instruments for cash flow hedges, with the effective portion of fair value changes recognized in other comprehensive income[18][19] 2.3 HKFRSs Issued But Not Yet Effective For the six months ended June 30, 2025, the Group has not early adopted any new or revised HKFRSs that have been issued but are not yet effective - The Group has not early adopted any new or revised HKFRSs that have been issued but are not yet effective in the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[20] 3. Segment Information The Group is divided into 'Casino and Hotel' and 'Others' operating and reportable segments based on products and services, with adjusted EBITDA used to assess segment performance, and during the reporting period, both net revenue and adjusted EBITDA for the 'Casino and Hotel' segment significantly increased, with geographical information showing Macau remains the primary revenue source, with contributions also from the Philippines and Cyprus - The Group's principal businesses are divided into two operating and reportable segments: (i) Casino and Hotel segment; and (ii) Other segment[10][22] - Segment performance is assessed based on adjusted EBITDA, which is the method reported to the chief operating decision-makers for resource allocation and performance assessment[23] Segment Net Revenue and Adjusted EBITDA (HKD thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Casino and Hotel Segment Net Revenue | 19,964,591 | 17,765,628 | | Casino and Hotel Segment Adjusted EBITDA | 5,370,143 | 4,500,216 | | Other Segment Adjusted EBITDA | (4,415) | (10,957) | | Total Adjusted EBITDA | 5,365,728 | 4,489,259 | 3(a) Operating Segments The Group has two operating segments: 'Casino and Hotel', covering gaming and hotel services, and 'Others', including investments in joint ventures and associates, with management assessing segment performance using adjusted EBITDA, which excludes interest, taxes, depreciation, amortization, and other non-operating items - The Group is divided into different business units based on the products and services involved, with the following two operating and reportable segments: (a) 'Casino and Hotel' segment; and (b) 'Other' segment[21][22] - Segment performance is assessed based on adjusted EBITDA, which is a non-HKFRS financial measure used for resource allocation and performance evaluation[23] Segment Net Revenue and Results For the six months ended June 30, 2025, the Casino and Hotel segment's net revenue was HKD 19.96 billion, and adjusted EBITDA was HKD 5.37 billion, a significant increase from the same period last year, while the Other segment's adjusted EBITDA was negative, but the loss narrowed Segment Net Revenue and Adjusted EBITDA (HKD thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Casino and Hotel Segment Net Revenue | 19,964,591 | 17,765,628 | | Casino and Hotel Segment Adjusted EBITDA | 5,370,143 | 4,500,216 | | Other Segment Adjusted EBITDA | (4,415) | (10,957) | | Total Adjusted EBITDA | 5,365,728 | 4,489,259 | - Gaming taxes and license fees, employee benefit expenses, and other operating expenses for the Casino and Hotel segment all increased[26] Segment Assets and Liabilities As of June 30, 2025, the Casino and Hotel segment's total assets were HKD 84.37 billion, and total liabilities were HKD 71.86 billion, with both segment assets and liabilities remaining relatively stable compared to December 31, 2024 Segment Assets and Liabilities (HKD thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Casino and Hotel Segment Assets | 84,289,521 | 84,478,079 | | Other Segment Assets | 83,604 | 151,801 | | Total Assets | 84,720,849 | 84,749,503 | | Casino and Hotel Segment Liabilities | 71,864,722 | 71,359,354 | | Other Segment Liabilities | 2,098 | 2,217 | | Total Liabilities | 76,633,055 | 76,542,982 | Geographical Information The Group's operations are primarily located in Macau, the Philippines, and Cyprus, with Macau contributing HKD 17.38 billion in net revenue for the six months ended June 30, 2025, and the Philippines and Cyprus contributing HKD 1.56 billion and HKD 1.02 billion, respectively, while Macau accounted for the largest proportion of non-current segment assets Net Revenue from External Customers (HKD thousands) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Macau | 17,382,673 | 15,172,173 | | Philippines | 1,560,823 | 1,717,577 | | Cyprus | 1,021,095 | 875,878 | | Total | 19,964,591 | 17,765,628 | Non-current Segment Assets (HKD thousands) | Region | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Macau | 64,735,613 | 65,675,996 | | Cyprus | 5,217,528 | 4,720,298 | | Philippines | 928,222 | 869,969 | | Other | 1,517,774 | 1,117,971 | | Total | 72,399,137 | 72,384,234 | 4. Net Revenue For the six months ended June 30, 2025, the Group's total net revenue was HKD 19.96 billion, an increase of 12.4% from the same period last year, with casino revenue being the primary contributor at HKD 16.537 billion, and entertainment and resort facilities (rooms, food and beverage, entertainment retail) also showing steady growth | Revenue Category | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Casino Revenue | 16,537,013 | 14,516,622 | | Rooms | 1,669,608 | 1,581,419 | | Food and Beverage | 1,142,463 | 1,076,672 | | Entertainment, Retail and Other | 615,507 | 590,915 | | Total Sales to External Customers | 19,964,591 | 17,765,628 | - Within entertainment, retail, and other revenue, rental income was HKD 198.5 million, a decrease from HKD 222.5 million in the same period last year[34] - Revenue from contracts with customers was HKD 19.766 billion, an increase from HKD 17.543 billion in the same period last year[35] 5. Profit / (Loss) Before Income Tax For the six months ended June 30, 2025, the Group's profit before income tax was HKD 648.3 million, successfully reversing the loss of the same period last year, with an impairment of HKD 4.999 million for Altira Macau and HKD 27.285 million for Mocha Clubs trademarks recognized during this period, reflecting underperforming assets and business strategy adjustments Key Deductions / (Additions) to Profit / (Loss) Before Income Tax (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation and Amortization | 2,149,608 | 2,250,395 | | Advertising and Promotion | 866,974 | 831,561 | | Repairs and Maintenance | 486,551 | 415,201 | | Net Impairment of Non-current Non-financial Assets | 32,284 | 12,178 | | Net Provision for / (Reversal of Provision for) Credit Losses | 29,653 | (7,954) | | Impairment of Investment in a Joint Venture | – | 104,171 | - The Group recognized an impairment of HKD 4.999 million for Altira Macau, primarily due to its lack of performance improvement[37] - The Group recognized an impairment of HKD 27.285 million for Mocha Clubs trademarks, due to the cessation of operations of three Mocha Clubs by the end of 2025 and a change in the estimated useful life of the trademarks from indefinite to finite[38] 6. Income Tax Expense For the six months ended June 30, 2025, income tax expense increased to HKD 123.2 million, primarily due to the first-time recognition of income tax under Pillar Two of HKD 48.607 million, with Macau Complementary Income Tax and Philippine dividend withholding tax also increasing, and the corporate income tax rate for the Sri Lankan subsidiary set to increase to 45% | Tax Category | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Income Tax under Pillar Two | 48,607 | – | | Macau Complementary Income Tax | 39,611 | 33,801 | | Payment of Macau Complementary Income Tax in lieu of Dividends | 30,874 | 27,379 | | Philippine Dividend Withholding Tax | 16,570 | 11,539 | | Hong Kong Profits Tax | 2,909 | 5,622 | | Total | 123,225 | 92,011 | - The Group has provided for top-up tax in one of its jurisdictions during this interim period and recognized a current tax expense of HKD 48.607 million related to Pillar Two rules[40][41] - A subsidiary incorporated in Sri Lanka is subject to Sri Lankan corporate income tax at 40%, and the tax rate on profits from gaming activities will increase to 45% from April 1, 2025[41] 7. Dividends The Board recommended no interim dividend for the six months ended June 30, 2025, and 2024 - The Board recommended no interim dividend for the six months ended June 30, 2025, and 2024[42] 8. Earnings / (Loss) Per Share Attributable to Owners of the Company For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was HKD 0.18, a significant improvement from the restated loss per share of HKD 0.13 in the same period last year, with diluted earnings per share at HKD 0.17, and the weighted average number of shares adjusted for the rights issue completed in June 2025 | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit / (Loss) Attributable to Owners of the Company for Basic Earnings / (Loss) Per Share Calculation | 350,816 | (253,216) | | Profit / (Loss) Attributable to Owners of the Company for Diluted Earnings / (Loss) Per Share Calculation | 350,457 | (253,684) | | Metric | 2025 (thousands of shares) | 2024 (thousands of shares) | | :--- | :--- | :--- | | Weighted Average Number of Ordinary Shares for Basic Earnings / (Loss) Per Share Calculation | 1,992,627 | 1,950,345 | | Weighted Average Number of Ordinary Shares for Diluted Earnings / (Loss) Per Share Calculation | 2,011,350 | 1,950,345 | - The weighted average number of shares used for calculating basic and diluted earnings / (loss) per share attributable to owners of the Company for the six months ended June 30, 2025, has been adjusted, and for the six months ended June 30, 2024, has been restated to reflect the bonus element of the rights issue completed on June 17, 2025[45] 9. Trade Receivables As of June 30, 2025, total trade receivables were HKD 1.015 billion, a decrease from HKD 1.120 billion as of December 31, 2024, with provision for credit losses decreasing, and receivables overdue for more than six months still accounting for a larger proportion | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Current | 382,410 | 339,455 | | Overdue within one month | 153,499 | 508,621 | | Overdue over six months | 1,082,465 | 1,112,464 | | Provision for Credit Losses | (874,522) | (981,677) | | Total | 1,015,250 | 1,119,583 | - Total trade receivables decreased by HKD 104.33 million, and provision for credit losses decreased by HKD 107.15 million[47] 10. Assets Classified as Held for Sale As of June 30, 2025, the Group's management sought to dispose of its 86.68% equity interest in Aberdeen Restaurant Enterprises Limited, with related assets and liabilities classified as held for sale, and the transaction expected to be completed on or before September 30, 2025 - Management sought to dispose of its entire 86.68% equity interest in Aberdeen Restaurant Enterprises Limited[48] - On July 4, 2025, the Group entered into a sale and purchase agreement to dispose of its entire 86.68% equity interest in Aberdeen Restaurant Enterprises Limited to an independent third party, with the transaction expected to be completed on or before September 30, 2025[48] Assets and Liabilities of Aberdeen Restaurant Group Classified as Held for Sale (HKD thousands) | Item | June 30, 2025 (Unaudited) | | :--- | :--- | | Assets: Cash and Bank Balances | 28,312 | | Assets: Prepayments, Deposits and Other Receivables | 531 | | Total Assets | 28,843 | | Liabilities: Other Payables, Accruals and Deposits Received | 2,098 | 11. Trade Payables As of June 30, 2025, total trade payables were HKD 132.8 million, a decrease from HKD 192.5 million as of December 31, 2024, with payables due within one month accounting for the largest proportion, but overall payables decreasing | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one month | 92,903 | 135,596 | | Over one month but within three months | 26,293 | 39,399 | | Over three months but within six months | 2,242 | 4,981 | | Over six months | 11,368 | 12,509 | | Total | 132,806 | 192,485 | - Total trade payables decreased by HKD 59.68 million, primarily due to a reduction in amounts due within one month[50] 12. Other Payables, Accruals and Deposits Received As of June 30, 2025, total current and non-current other payables, accruals, and deposits received amounted to HKD 10.548 billion, with this period seeing the addition of interest rate swap liabilities of HKD 23.18 million, reflecting the Group's floating-to-fixed interest rate swap arrangements to manage interest rate risk | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total Current Liabilities | 8,185,772 | 8,250,163 | | Total Non-current Liabilities | 2,362,386 | 2,458,289 | | Interest Rate Swap Liabilities (Current) | 17,956 | – | | Interest Rate Swap Liabilities (Non-current) | 5,224 | – | - A subsidiary of the Company entered into four floating-to-fixed interest rate swap arrangements to manage its interest rate risk arising from loans drawn under the 2020 Credit Facilities, with a total notional amount of HKD 5.88 billion for outstanding interest rate swaps[51] - Changes in the fair value of interest rate swaps are recognized as assets or liabilities in the Group's condensed consolidated statement of financial position, and adjustments to other comprehensive income are accumulated under other revaluation reserves in equity[52] 13. Interest-bearing Borrowings As of June 30, 2025, the Group's total interest-bearing borrowings were HKD 60.901 billion, a slight increase from HKD 60.688 billion as of December 31, 2024, with unsecured senior notes decreasing while unsecured bank loans significantly increased, and the Group actively manages its debt, including repaying maturing notes, revising credit facility terms, and entering into interest rate swaps to hedge risks | Borrowing Category | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total Senior Notes | 47,126,766 | 54,350,307 | | Total Bank Loans | 13,774,309 | 6,337,391 | | Total Interest-bearing Borrowings | 60,901,075 | 60,687,698 | | Fixed Rate Borrowings | 47,126,766 | 54,350,307 | | Floating Rate Borrowings | 13,774,309 | 6,337,391 | - Unsecured senior notes with a principal amount of USD 1 billion bearing 4.875% interest were fully repaid on June 6, 2025, primarily utilizing drawdowns from the 2020 Credit Facilities[57] - The maturity date of the 2021 Credit Facilities was extended by two years to June 5, 2028, after the reporting period, and certain financial covenants were revised[60][74] 14. Share Capital As of June 30, 2025, the Company's issued and fully paid share capital increased to HKD 6.4739 billion, and the number of ordinary shares increased to 2.275 billion, primarily due to the rights issue completed in June 2025, with net proceeds from the rights issue of approximately HKD 380.6 million partly used to repay the 2021 Credit Facilities | Item | Number of Ordinary Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | As at January 1, 2024 and December 31, 2024 | 1,516,683,755 | 5,701,853 | | Shares Issued under Rights Issue | 758,341,877 | 780,030 | | Transaction Costs Arising from Rights Issue | – | (8,026) | | As at June 30, 2025 | 2,275,025,632 | 6,473,857 | - The rights issue was completed on June 17, 2025, with 758,341,877 rights shares allotted and issued at HKD 1.0286 per rights share, raising gross proceeds of approximately HKD 780.0 million[64] - Net proceeds from the rights issue (after deducting expenses) were approximately HKD 380.6 million, part of which was used to repay outstanding amounts under the 2021 Credit Facilities[64][65] 15. Related Party Transactions The Group entered into two shareholder loan facilities with Mr. Lawrence Ho, Chairman and Chief Executive Officer, and his associates, with the first shareholder loan facility fully repaid in June 2025, and the second shareholder loan facility, used to repay part of the 2021 Credit Facilities and offset against rights issue subscription payments, terminated on June 30, 2025 - The Company entered into two shareholder loan facilities ('First Shareholder Loan Facility') totaling USD 25 million with Mr. Lawrence Ho and a company controlled by him, which were fully prepaid on June 18, 2025[67] - The Company entered into the 'Second Shareholder Loan Facility' with an associate of Mr. Ho, for a maximum aggregate amount of HKD 451.8 million, including arrangements to offset rights issue subscription payments[68] - Approximately HKD 389.9 million under the Second Shareholder Loan Facility was used to offset rights issue subscription payments due from Mr. Ho's associates and was terminated on June 30, 2025[69] 16. Changes in Ownership Interests in Certain Subsidiaries For the six months ended June 30, 2025, Melco Resorts & Entertainment repurchased American Depositary Shares from the open market, resulting in the Group's ownership interest in Melco Resorts & Entertainment increasing from 54.59% to 58.69% - Melco Resorts & Entertainment repurchased 32,345,223 American Depositary Shares from the open market for a total consideration of approximately USD 166.0 million, leading to an increase in the Group's ownership interest in Melco Resorts & Entertainment[70] - The Group's ownership interest in Melco Resorts & Entertainment increased from 54.59% as of January 1, 2025, to 58.69% as of June 30, 2025[70] 17. Commitments and Contingencies The Group has fulfilled its USD 100 million investment commitment for establishing an entertainment center at City of Dreams Sri Lanka, and its subsidiary ICRD is facing arbitration for additional construction costs for City of Dreams Mediterranean and has filed substantial counterclaims, with the outcome currently uncertain - The Group has fulfilled its commitment to invest USD 100 million in establishing and operating an entertainment center at City of Dreams Sri Lanka[71] - ICR Cyprus Resort Development Co Limited, a subsidiary of the Company, is facing arbitration for additional construction costs for City of Dreams Mediterranean and has filed substantial counterclaims against the claimant[72] - ICRD believes that, based on the arbitration progress to date, the outcome of the arbitration cannot be determined at present, nor can the range of possible loss be reasonably estimated[72] 18. Events After the Reporting Period After the reporting period, the Group fully repaid the 2025 Senior Notes in July 2025 using revolving credit facilities and cash on hand, the maturity date of the 2021 Credit Facilities was extended by two years to June 5, 2028, with revised financial covenants, and the Group repaid part of the outstanding principal amount under the 2020 Credit Facilities in August 2025 - On July 15, 2025, the Group fully repaid the outstanding principal amount of USD 221.6 million (approximately HKD 1.74 billion) of the 2025 Senior Notes[73] - On July 31, 2025, the Group entered into a second amendment and restatement agreement with the facility agent of the 2021 Credit Facilities, extending the maturity date by two years to June 5, 2028, and revising certain financial covenant terms[74] - On August 29, 2025, the Group repaid an outstanding principal amount of HKD 447 million under the 2020 Credit Facilities, together with accrued interest[74] Management Discussion and Analysis This section provides an overview of the Group's strong performance in the first half of 2025, highlighting its resilience and growth across integrated resorts in Macau, the Philippines, and Cyprus, with the Group committed to optimizing operations, investing in property upgrades, enriching entertainment experiences, and actively expanding its global business, while also detailing its achievements and commitments in corporate governance, business operations, talent development, corporate social responsibility, and environmental sustainability Significant Events and Developments In the first half of 2025, the Group's integrated resorts demonstrated strong resilience, focusing on optimizing operating expenses, investing in property upgrades, and creating premium guest experiences, with the revamped 'The House of Dancing Water' in Macau significantly boosting non-gaming revenue, cost optimization measures implemented in the Philippines, and Cyprus operations remaining stable despite Middle East conflicts - In the first half of 2025, the Group's integrated resorts demonstrated strong resilience, focusing on optimizing operating expenses and strategically investing in property upgrades and creating premium guest experiences[75] - Macau's 'The House of Dancing Water' returned in May 2025 with overwhelming attendance, significantly boosting non-gaming revenue and driving visitor growth in Macau[75] - In Cyprus, despite continuous incidents in the Middle East in June 2025, City of Dreams Mediterranean and its satellite casinos demonstrated significant resilience and stable performance[75] Business Review The Group operates multiple integrated resorts in Macau, the Philippines, and Cyprus through Melco Resorts & Entertainment, with net revenue growing by 12.4% to HKD 19.96 billion in the first half of 2025 and achieving profitability, as properties actively undergo upgrades and launch new entertainment to enhance competitiveness and attract a broader customer base, while the Group also adjusts the operating strategy for some Macau casinos - Melco International operates gaming businesses through its subsidiary Melco Resorts & Entertainment Limited, holding approximately 53.85% of Melco Resorts & Entertainment's total issued shares as of June 30, 2025[76] - For the six months ended June 30, 2025, the Group's total net revenue was HKD 19.96 billion, an increase of 12.4% from the same period in 2024, and recorded a profit attributable to owners of the Company of HKD 350.8 million[77] - The Group will cease operations of Grand Dragon Casino and three Mocha Clubs by the end of 2025 and is applying for continued operation of the remaining three Mocha Clubs until the expiry of the Macau concession[83] Overview of Integrated Gaming and Entertainment Resorts Melco International operates integrated resorts in Asia and Europe through Melco Resorts & Entertainment, including City of Dreams, Altira Macau, Studio City in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus, with the Group's net revenue growing by 12.4% to HKD 19.96 billion in the first half of 2025 and achieving profitability - Melco International operates gaming businesses through its subsidiary Melco Resorts & Entertainment Limited, holding approximately 53.85% of Melco Resorts & Entertainment's total issued shares as of June 30, 2025[76] - Melco Resorts & Entertainment currently operates City of Dreams, Altira Macau, and Studio City in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean and satellite casinos in Cyprus[76][77] - For the six months ended June 30, 2025, the Group's total net revenue was HKD 19.96 billion, an increase of 12.4% from the same period in 2024, and recorded a profit attributable to owners of the Company of HKD 350.8 million[77] City of Dreams Macau City of Dreams, as the flagship integrated resort, operated an average of 434 gaming tables and 622 gaming machines in the first half of 2025, with its revamped 'The House of Dancing Water' significantly boosting non-gaming revenue and visitor numbers, and plans for main entrance and Nüwa hotel renovations expected to be completed in 2026 - City of Dreams operated an average of approximately 434 gaming tables and 622 gaming machines in the first half of 2025[78] - 'The House of Dancing Water' returned in May 2025 with a new storyline and cutting-edge technology, receiving excellent feedback, significantly boosting non-gaming revenue and driving visitor growth in Macau[78] - Renovation work for the main entrance of City of Dreams has commenced, and a comprehensive upgrade plan for the Nüwa hotel is imminent, expected to be completed in 2026[78] Studio City Studio City operated an average of 253 gaming tables and 760 gaming machines in the first half of 2025, launching Macau's first indoor skate park and hosting international skateboarding competitions to enrich tourist attractions, and also holding 'Toy Story' themed events and celebrity concerts to attract family tourists and boost the local economy - Studio City operated an average of approximately 253 gaming tables and 760 gaming machines in the first half of 2025[79] - Studio City launched Macau's first indoor skate park, Studio City Skate Park, and hosted the inaugural 'Studio City Skate Festival' and the first international skateboarding competition in the Guangdong-Hong Kong-Macao Greater Bay Area[80] - Other exciting events included the popular 'Toy Story' 30th-anniversary themed activities for family tourists and celebrity concerts[80] Altira Macau Altira Macau offers casino and hotel experiences specifically for the premium mass and mass market segments, operating an average of 33 gaming tables and 133 gaming machines in the first half of 2025, and received a Forbes Travel Guide Five-Star rating for the 16th consecutive year, attracting travelers with its attentive service and captivating views - Altira Macau is an integrated resort designed to provide casino and hotel experiences specifically for the premium mass and mass market segments[81] - Altira Macau received a Forbes Travel Guide Five-Star rating for the 16th consecutive year in 2025[81] - Altira Macau operated an average of approximately 33 gaming tables and 133 gaming machines in the first half of 2025[81] Mocha Clubs and Others Mocha Clubs, Macau's largest non-casino electronic gaming machine business, operated an average of 845 gaming machines in the first half of 2025, with the Group set to cease operations of Grand Dragon Casino and three Mocha Clubs by the end of 2025, and applying for continued operation of the remaining three Mocha Clubs until the expiry of the Macau concession - Mocha Clubs, Macau's largest non-casino electronic gaming machine business, operated an average of approximately 845 gaming machines in the first half of 2025[82] - The Group will cease operations of Grand Dragon Casino and three Mocha Clubs (namely Mocha Grand Dragon, Mocha Guangfa, and Mocha Grandview) by the end of 2025[83] - The Group is currently applying to the Macau government for relevant authorizations and approvals for the remaining three Mocha Clubs (namely Mocha Inner Harbour, Mocha Sintra, and Mocha Golden Dragon) to continue operations after December 2025 until the expiry of the Macau concession[83] City of Dreams Manila City of Dreams Manila, located at the entrance of Entertainment City in Manila, offers diverse gaming and accommodation experiences, operating an average of 266 gaming tables and 2,266 gaming machines in the first half of 2025, demonstrating the Group's ability to deliver on its international vision - City of Dreams Manila, located at the entrance of Entertainment City in Manila, offers unparalleled entertainment and accommodation experiences for the Southeast Asian market[84] - City of Dreams Manila operated an average of approximately 266 gaming tables and 2,266 gaming machines in the first half of 2025[84] City of Dreams Mediterranean and Others City of Dreams Mediterranean, Europe's first and largest integrated resort, offers 500 hotel rooms, a casino, and conference facilities, operating an average of 102 gaming tables and 723 gaming machines in the first half of 2025, with the Group also operating three satellite casinos in Cyprus - City of Dreams Mediterranean, Europe's first and largest integrated resort, aims to establish Cyprus as a year-round premier destination for tourism and business[85] - In addition to City of Dreams Mediterranean, the Group continues to operate three satellite casinos in Cyprus located in Nicosia, Ayia Napa, and Paphos[85] - In the first half of 2025, City of Dreams Mediterranean operated an average of approximately 102 gaming tables and 723 gaming machines, while the satellite casinos operated an average of approximately 4 gaming tables and 162 gaming machines[85] Outlook The Group is optimistic about market recovery and will focus on delivering world-class entertainment and hospitality experiences for sustained growth, with strong tourism growth in Macau, government support, and non-gaming development enhancing its appeal, and the Group continuing to optimize Macau properties and expand global operations with an asset-light development strategy, such as City of Dreams Sri Lanka, while also exploring strategic options for City of Dreams Manila to strengthen the balance sheet - Macau's tourism industry continued to record strong growth, with total visitor arrivals increasing by 14.9% year-on-year to 19.2 million in the first half of 2025[86] - The Group is fully renovating the Nüwa hotel, expected to be completed in 2026, which will relaunch under a new brand, offering approximately 150 high-end luxury rooms[86] - City of Dreams Sri Lanka officially opened in August 2025, marking another significant milestone in the Group's global business expansion and demonstrating an asset-light development strategy[87] - The Group is exploring various strategic options for City of Dreams Manila, aiming to strengthen the Group's balance sheet and unlock capital to support new opportunities[88] Achievements and Awards In 2025, the Group received numerous international accolades, highlighting its leadership in corporate governance, operational excellence, talent development, corporate social responsibility, and environmental sustainability, including 'Best Investor Relations Company' and 'Best CEO in Asia' from Corporate Governance Asia magazine, 107 stars and 19 Five-Star honors from Forbes Travel Guide, eight Michelin stars from MICHELIN Guide Hong Kong Macau, and multiple sustainability awards - In 2025, the Company was awarded 'Best Investor Relations Company' for the 14th consecutive year at the Asian Excellence Awards hosted by Corporate Governance Asia magazine, and Chairman and CEO Mr. Lawrence Ho was also named 'Asia's Best CEO' for the 14th consecutive year[90] - In 2025, the Group received a total of 107 stars in the Forbes Travel Guide 2025, with its hotels, restaurants, and spa facilities earning a record 19 Five-Star honors[92] - The Group was once again awarded 'Best Environmental Responsibility' and 'Asia Sustainability Award' at the 2025 Asian Excellence Awards and was included in the 2025 S&P Global Sustainability Yearbook[97] Corporate Governance Melco International received widespread recognition for its corporate governance, winning 'Best Investor Relations Company' for the 14th consecutive year from Corporate Governance Asia magazine, and Chairman and CEO Mr. Lawrence Ho was also named 'Asia's Best CEO' for the 14th consecutive year, reflecting the company's commitment to transparency, accountability, and sustainable growth - In 2025, the Company was awarded 'Best Investor Relations Company' for the 14th consecutive year at the Asian Excellence Awards hosted by Corporate Governance Asia magazine[90] - Chairman and CEO Mr. Lawrence Ho was also named 'Asia's Best CEO' for the 14th consecutive year[90] Business Operations The Group demonstrated excellence in dining, hotel, and entertainment services, receiving 107 stars and 19 Five-Star honors in the Forbes Travel Guide 2025, and earning eight Michelin stars in the MICHELIN Guide Hong Kong Macau 2025, with its establishments like Jade Dragon, Alain Ducasse at Morpheus, and Pearl Dragon receiving numerous accolades, showcasing their world-class quality and innovation - In 2025, the Group received a total of 107 stars in the Forbes Travel Guide 2025, with its hotels, restaurants, and spa facilities earning a record 19 Five-Star honors[92] - The Group was once again recognized by the MICHELIN Guide Hong Kong Macau 2025 in the culinary field, with five of its establishments collectively earning eight Michelin stars[92] - Jade Dragon, a high-end Cantonese restaurant at City of Dreams, received a Forbes Travel Guide Five-Star rating for the 12th consecutive year and a Michelin Three-Star honor for the seventh consecutive year[92] Talent The Group is committed to nurturing local talent in entertainment and creative fields, providing practical opportunities through world-class productions like 'The House of Dancing Water' and co-hosting the 'Melco Macau Star – Youth Talent Competition' with the Association for National Conditions Education (Macau), and additionally sponsoring the 'Inclusive Conference and Carnival' and 'Macau Charity Golf Masters' to promote social diversity and inclusion - The Group is committed to nurturing and training talent in the entertainment and creative fields, providing valuable opportunities for local talent to participate in world-class productions through 'The House of Dancing Water'[94] - The Group continued to co-host the 'Melco Macau Star – Youth Talent Competition' with the Association for National Conditions Education (Macau), attracting nearly 1,300 young participants[94] - The Group once again sponsored the 'Inclusive Conference and Carnival' and 'Macau Charity Golf Masters' in 2025, two internationally renowned events promoting social diversity and inclusion[94] Corporate Social Responsibility The Group's corporate social responsibility is reflected in volunteer services, responsible gaming, and supporting local SMEs, with the Group hosting the 'Melco Volunteer Recognition Ceremony 2025' to honor over 2,000 volunteers, exceeding regulatory requirements in responsible gaming and receiving the 'Best Responsible Gaming Program' award, and supporting local SMEs through roadshows and business matching events - The Group hosted the 'Melco Volunteer Recognition Ceremony 2025' to recognize over 2,000 colleagues and their children who participated in volunteer services from 2023 to 2024[95] - Responsible gaming is a fundamental philosophy of the Group's operations, with the Group exceeding regulatory requirements in all jurisdictions and receiving the 'Best Responsible Gaming Program' award at the Asian Gaming Awards[95] - The Group prioritizes supporting local SMEs through iconic back-of-house staff heartland roadshows and business matching events in collaboration with the Macau Youth Entrepreneurship Incubation Centre[96] Environmental Sustainability The Group's 'Beyond Boundaries' commitment is reflected in sustainable sourcing, green transportation, and renewable energy utilization, having achieved its goal of sourcing 100% cage-free eggs globally by 2025, with electric and hybrid buses accounting for 55% of its fleet, and its properties equipped with over 25,000 solar photovoltaic panels, earning it multiple environmental sustainability awards and inclusion in the 2025 S&P Global Sustainability Yearbook - The Group has achieved its goal of sourcing 100% cage-free eggs across its global properties by 2025[97] - The Group's electric and hybrid buses and cars account for 55% of its fleet, and its properties are equipped with over 25,000 solar photovoltaic panels, generating nearly 10,000 MWh of electricity annually[97] - The Group was once again awarded 'Best Environmental Responsibility' and 'Asia Sustainability Award' at the 2025 Asian Excellence Awards and was included in the 2025 S&P Global Sustainability Yearbook[97] Financial Review This chapter provides a detailed review of the Group's financial results and financial position for the six months ended June 30, 2025, including significant growth in net revenue, adjusted EBITDA, profit attributable to owners of the Company, and earnings per share, and also analyzes the operating revenue, adjusted property EBITDA, and gaming and non-gaming operational performance of its key subsidiary Melco Resorts & Entertainment and its properties (City of Dreams, Studio City, Altira Macau, Mocha Clubs, City of Dreams Manila, and City of Dreams Mediterranean) Results for the Six Months Ended June 30 For the six months ended June 30, 2025, the Group's net revenue grew by 12.4% to HKD 19.96 billion, and adjusted EBITDA increased by 19.5% to HKD 5.366 billion, with profit attributable to owners of the Company turning from a loss to a profit of HKD 350.8 million, and basic earnings per share at HKD 0.18 | HKD millions | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 19,964.6 | 17,765.6 | 12.4% | | Adjusted EBITDA | 5,365.7 | 4,489.3 | 19.5% | | Profit / (Loss) Attributable to Owners of the Company | 350.8 | (253.2) | 238.5% | | Basic Earnings / (Loss) Per Share Attributable to Owners of the Company (HKD) | 0.18 | (0.13) | 235.6% | Financial Position As of June 30, 2025, the Group's total assets were HKD 84.72 billion, and total liabilities were HKD 76.63 billion, with equity attributable to owners of the Company significantly growing by 2022.1% to HKD 974.7 million, net asset value per share at HKD 0.4, and the gearing ratio slightly increasing to 71.9% | HKD millions | June 30, 2025 | December 31, 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 84,720.8 | 84,749.5 | –0.0% | | Total Liabilities | 76,633.1 | 76,543.0 | 0.1% | | Equity Attributable to Owners of the Company | 974.7 | 45.9 | 2,022.1% | | Net Asset Value Per Share Attributable to Owners of the Company (HKD) | 0.4 | 0.02 | 2,022.1% | | Gearing Ratio (%) | 71.9% | 71.6% | Not applicable | Net Revenue For the six months ended June 30, 2025, the Group's net revenue grew by 12.4% to HKD 19.96 billion, primarily driven by improved performance across both gaming and non-gaming operations, with casino revenue increasing by 13.9%, and rooms, food and beverage, entertainment retail, and other revenues also showing growth - The Group's net revenue increased by 12.4% from HKD 17.77 billion for the six months ended June 30, 2024, to HKD 19.96 billion for the six months ended June 30, 2025[100] - The increase in net revenue was primarily due to improved performance across both gaming and non-gaming operations[100] | HKD millions | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Casino Revenue | 16,537.0 | 14,516.6 | 13.9% | | Rooms | 1,669.6 | 1,581.4 | 5.6% | | Food and Beverage | 1,142.5 | 1,076.7 | 6.1% | | Entertainment, Retail and Other | 615.5 | 590.9 | 4.2% | | Total | 19,964.6 | 17,765.6 | 12.4% | Adjusted EBITDA For the six months ended June 30, 2025, the Company recorded adjusted EBITDA of HKD 5.37 billion, an increase of 19.5% from HKD 4.49 billion in the same period last year, with the increase primarily attributable to improved performance of casino and hotel operations, partially offset by higher operating costs due to increased business activities - The Company recorded adjusted EBITDA of HKD 5.37 billion for the six months ended June 30, 2025, compared to HKD 4.49 billion for the six months ended June 30, 2024[102] - The change in adjusted EBITDA was primarily attributable to improved performance of casino and hotel operations for the six months ended June 30, 2025, partially offset by higher operating costs due to increased business activities[102] Profit / (Loss) Attributable to Owners of the Company For the six months ended June 30, 2025, profit attributable to owners of the Company was HKD 350.8 million, successfully reversing the loss of HKD 253.2 million in the same period last year, with this change primarily due to improved performance of casino and hotel operations, partially offset by higher operating costs, and impairments of HKD 27.3 million for Mocha Clubs trademarks and HKD 5 million for Altira Macau recognized during this period - Profit attributable to owners of the Company for the six months ended June 30, 2025, was HKD 350.8 million, compared to a loss attributable to owners of the Company of HKD 253.2 million for the six months ended June 30, 2024[103] - This change was primarily attributable to improved performance of casino and hotel operations for the six months ended June 30, 2025, partially offset by higher operating costs due to increased business activities[103] - For the six months ended June 30, 2025, the Group recognized an impairment of HKD 27.3 million for Mocha Clubs trademarks and HKD 5 million for Altira Macau[103] Basic Earnings / (Loss) Per Share Attributable to Owners of the Company For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was HKD 0.18, a significant improvement from the restated basic loss per share of HKD 0.13 in the same period last year - For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was HKD 0.18, compared to a restated basic loss per share of HKD 0.13 for the six months ended June 30, 2024[106] Financial and Operating Performance Melco Resorts & Entertainment, as the Group's primary subsidiary, contributed significantly to financial results, with increases in both total operating revenue and adjusted property EBITDA, while gaming and non-gaming operational performance varied across properties (City of Dreams, Studio City, Altira Macau, Mocha Clubs, City of Dreams Manila, City of Dreams Mediterranean), with City of Dreams and Studio City performing strongly, and City of Dreams Manila facing challenges - Melco Resorts & Entertainment recorded total operating revenue of USD 2.56 billion for the six months ended June 30, 2025, an increase of 12.8% from the same period last year[108] - Melco Resorts & Entertainment recorded adjusted property EBITDA of USD 718.7 million for the six months ended June 30, 2025, an increase of 19.5% from the same period last year[108] - City of Dreams Manila's total operating revenue and adjusted property EBITDA both decreased, with gaming operational performance (VIP rolling chip volume, mass market table games drop, gaming machine handle) all showing negative growth[119][120] Melco Resorts & Entertainment Melco Resorts & Entertainment, as the Group's majority-owned subsidiary, contributes the vast majority of the Group's financial results, with its total operating revenue at USD 2.56 billion, adjusted property EBITDA at USD 718.7 million, and net income attributable to Melco Resorts & Entertainment at USD 49.7 million for the six months ended June 30, 2025, all showing growth compared to the same period last year - Melco Resorts & Entertainment recorded total operating revenue of USD 2.56 billion for the six months ended June 30, 2025, compared to USD 2.27 billion for the six months ended June 30, 2024[108] - Melco Resorts & Entertainment recorded adjusted property EBITDA of USD 718.7 million for the six months ended June 30, 2025, compared to USD 601.6 million for the same period in 2024[108] - Net income attributable to Melco Resorts & Entertainment for the six months ended June 30, 2025, was USD 49.7 million, compared to USD 36.6 million for the same period in 2024[108] City of Dreams For the six months ended June 30, 2025, City of Dreams' total operating revenue was USD 1.37 billion, and adjusted property EBITDA was USD 421.5 million, both showing significant growth compared to the same period last year, with VIP rolling chip volume increasing by 9.7%, mass market table games drop increasing by 13.8%, and non-gaming revenue also growing steadily - For the six months ended June 30, 2025, City of Dreams' total operating revenue was USD 1.37 billion, compared to USD 1.13 billion for the same period in 2024[110] - City of Dreams recorded adjusted property EBITDA of USD 421.5 million for the six months ended June 30, 2025, compared to USD 318.7 million for the same period in 2024[110] City of Dreams Gaming Operations Performance (USD millions) | Metric | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | VIP Rolling Chip Volume | 11,540.3 | 10,518.7 | 9.7% | | Mass Market Table Games Drop | 3,342.6 | 2,938.5 | 13.8% | | Gaming Machine Handle | 1,856.3 | 1,792.3 | 3.6% | Studio City For the six months ended June 30, 2025, Studio City's total operating revenue was USD 742.7 million, and adjusted property EBITDA was USD 202.5 million, both showing growth compared to the same period last year, with mass market table games drop slightly increasing by 0.2%, gaming machine handle increasing by 7.3%, and Studio City strategically repositioned to focus on premium mass and mass market businesses - For the six months ended June 30, 2025, Studio City's total operating revenue was USD 742.7 million, compared to USD 683.6 million for the same period in 2024[112] - Studio City recorded adjusted property EBITDA of USD 202.5 million for the six months ended June 30, 2025, compared to USD 167.2 million for the same period in 2024[112] Studio City Gaming Operations Performance (USD millions) | Metric | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Mass Market Table Games Drop | 1,882.1 | 1,878.8 | 0.2% | | Gaming Machine Handle | 1,787.5 | 1,666.7 | 7.3% | - Studio City has been strategically repositioned to focus on premium mas