2026-03-31 14:12Financial Performance - For the year ending December 31, 2025, net revenue was HKD 40.24 billion, an increase of HKD 4.07 billion or 11.2% compared to HKD 36.17 billion for the year ending December 31, 2024[2] - Adjusted EBITDA for the year ending December 31, 2025, was HKD 10.62 billion, up from HKD 9.03 billion for the year ending December 31, 2024[2] - The profit attributable to owners of the company for the year ending December 31, 2025, was HKD 1.06 billion, a turnaround from a loss of HKD 780 million for the year ending December 31, 2024[2] - Basic earnings per share attributable to owners of the company for the year ending December 31, 2025, was HKD 0.50, compared to a loss per share of HKD 0.40 for the year ending December 31, 2024[2] - The company recorded a total comprehensive income of HKD 1.74 billion for the year ending December 31, 2025, compared to a loss of HKD 1.51 billion for the year ending December 31, 2024[4] - The profit attributable to the company's owners for the year was HKD 1,058,309,000, compared to a loss of HKD 784,603,000 in the previous year[42] - The company's net revenue increased by 11.2% from HKD 36,173 million in 2024 to HKD 40,240 million in 2025[112] - Adjusted EBITDA rose by 17.6% from HKD 9,030 million in 2024 to HKD 10,620 million in 2025[112] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 82,698,786,000, a decrease from HKD 84,749,503,000 in 2024[25][27] - Total liabilities as of December 31, 2025, were HKD 72,987,076,000, compared to HKD 76,542,982,000 in 2024, indicating a reduction in liabilities[25][27] - The total equity increased to HKD 9.71 billion as of December 31, 2025, compared to HKD 8.21 billion as of December 31, 2024[6] - The total borrowings secured by the company's assets amounted to HKD 8,005,200,000 as of December 31, 2025, compared to HKD 7,832,300,000 in 2024[148] Operational Highlights - The group operates integrated resort facilities in Asia and Europe, primarily through its subsidiary Melco Resorts & Entertainment, which holds a ten-year gaming license in Macau from January 1, 2023, to December 31, 2032[8] - The City of Dreams Mediterranean in Cyprus is currently affected by ongoing military conflicts in the Middle East and restrictions on certain Russian clients, which may significantly impact the group's business in Cyprus[10] - The group has strategically diversified its property portfolio and expanded its global business presence, enhancing its position as a leader in high-end integrated resorts[85] - The average operation of City of Dreams Manila included approximately 439 gaming tables and 635 gaming machines in 2025[89] - The average operation of City of Dreams Mediterranean in 2025 is projected to include approximately 102 gaming tables and 729 slot machines, while satellite casinos will average about 4 gaming tables and 161 slot machines[95] Cost Management and Expenses - The total operating costs and expenses for the year ending December 31, 2025, were HKD 34.73 billion, compared to HKD 33.53 billion for the year ending December 31, 2024[3] - Employee benefits expenses for the fiscal year ending December 31, 2025, were HKD 7,260,004, highlighting the company's commitment to workforce compensation[23] - Other operating expenses totaled HKD 6,941,865,000, a decrease from HKD 7,890,212,000 in 2024, showing improved operational efficiency[32] Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with no significant impact from the newly adopted standards for the current and prior years[11][13] - The auditors have issued reports on the consolidated financial statements for the two years without any reservations, indicating a clean audit opinion[12] - The company has adhered to its corporate governance code and the principles set forth in the Hong Kong Stock Exchange's corporate governance code for the year ending December 31, 2025[162] - The audit committee, consisting of three independent non-executive directors, held four meetings during the year to review the financial reporting process and risk management[165] Future Outlook and Strategic Initiatives - The company plans to continue maintaining, enhancing, and developing its existing properties while seeking potential growth opportunities in existing and new jurisdictions, which may lead to significant capital expenditures in the future[154] - The company is set to open a new luxury hotel project, REM, in the second half of 2026[83] - The group is enhancing its hotel and entertainment portfolio to align with Macau's economic diversification strategy, including upgrades to retail and dining facilities[98] Community Engagement and Social Responsibility - The group mobilized nearly 100 volunteers to assist in community recovery efforts following Typhoon Haikui, demonstrating its commitment to corporate social responsibility[108] - The group donated HKD 3 million to support the construction and relocation of a health clinic in Jiangxi Province, aligning with national rural revitalization policies[108] - The group won the "Best Responsible Gaming Program" award for the third consecutive year at the 2025 Asia Gaming Awards, reflecting its commitment to responsible gaming practices[109]