Core Viewpoint - Melco Resorts & Entertainment Limited reported significant growth in its financial performance for the fourth quarter and full year of 2025, driven by improved gaming revenues and disciplined cost management. Financial Performance - Total operating revenues for Q4 2025 were US$1.29 billion, a 9% increase from US$1.19 billion in Q4 2024 [2] - Operating income for Q4 2025 was US$146.4 million, up from US$97.0 million in Q4 2024 [2] - Adjusted Property EBITDA for Q4 2025 was US$331.3 million, compared to US$295.2 million in Q4 2024 [3] - Net income attributable to Melco Resorts for Q4 2025 was US$60.6 million, or US$0.16 per ADS, compared to a net loss of US$20.3 million, or US$0.05 per ADS, in Q4 2024 [4] Yearly Overview - For the full year 2025, total operating revenues reached US$5.16 billion, up from US$4.64 billion in 2024 [38] - Operating income for 2025 was US$600.4 million, compared to US$484.6 million in 2024 [39] - Adjusted Property EBITDA for the full year was US$1.43 billion, compared to US$1.22 billion in 2024 [39] - Net income attributable to Melco Resorts for 2025 was US$185.0 million, or US$0.46 per ADS, compared to US$43.5 million, or US$0.10 per ADS, in 2024 [40] Segment Performance - In Macau, Property EBITDA grew by 25% year-over-year to US$1.23 billion for 2025, driven by stronger gaming revenue [5] - City of Dreams in Q4 2025 had total operating revenues of US$695.7 million, up from US$591.1 million in Q4 2024 [6] - Studio City reported total operating revenues of US$360.4 million in Q4 2025, compared to US$342.0 million in Q4 2024 [10] - City of Dreams Manila's total operating revenues decreased to US$100.2 million in Q4 2025 from US$133.8 million in Q4 2024 [22] Gaming Operations - Rolling chip volume increased to US$6.28 billion in Q4 2025, with a win rate of 3.18%, up from 2.35% in Q4 2024 [7] - Mass market table games drop increased to US$1.74 billion in Q4 2025, with a hold percentage of 31.0% [8] - Total non-gaming revenue at City of Dreams in Q4 2025 was US$98.8 million, compared to US$85.6 million in Q4 2024 [9] Financial Position - Total cash and bank balances as of December 31, 2025, were US$1.15 billion, including US$125.2 million of restricted cash [34] - Total debt at the end of Q4 2025 was US$6.75 billion [34] - Available liquidity, including cash and undrawn revolving credit facilities, was approximately US$2.38 billion as of December 31, 2025 [36]

Financial Performance - Total Operating Revenues increased by 8.9% to $1.191 billion for the three months ended December 2024, and increased by 22.9% to $4.638 billion for the twelve months ended December 2024[26] - Gaming revenue increased by 8.3% to $972 million for the three months ended December 2024, and increased by 22.6% to $3.773 billion for the twelve months ended December 2024[26] - Non-Gaming revenue increased by 11.8% to $219 million for the three months ended December 2024, and increased by 24.0% to $866 million for the twelve months ended December 2024[26] - Net Loss decreased by 82.4% to $40 million for the three months ended December 2024, and decreased by 93.3% to $28 million for the twelve months ended December 2024[26] - Adjusted Property EBITDA decreased by 2.6% to $295 million for the three months ended December 2024, and increased by 17.0% to $1.220 billion for the twelve months ended December 2024[26] Operational Highlights - City of Dreams Macau's Adjusted EBITDA was $140 million in 4Q'24[29] - Studio City's Adjusted EBITDA was $81 million in 4Q'24, with VIP operations ceasing in late October 2024[33, 36] - Altira recorded negative Adjusted EBITDA of $0.3 million in 4Q'24[37] - City of Dreams Manila's Adjusted EBITDA was $57 million in 4Q'24[41] - City of Dreams Mediterranean and Other recorded Adjusted EBITDA of $12 million in 4Q'24[45] Capital Allocation - Approximately $3.908 billion has been returned to shareholders from 2016 to 2024 through special dividends of $1 billion, regular dividends of $883 million and share repurchases of $2.024 billion[54] - For the year ended December 31, 2024, Melco repurchased approximately 20.7 million ADSs at an aggregate purchase price of approximately $112 million[54] - From January 1, 2025 to February 26, 2025, Melco repurchased 3.7 million ADSs at an aggregate purchase price of approximately $20 million[54]