Group 1 - Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026, ranking in the 96th percentile within the Casinos and Gaming Industry, an improvement from the 92nd percentile the previous year [1] - The Yearbook recognizes companies that score within the top 15% of their industry based on the S&P Global 2025 Corporate Sustainability Assessment, with only about 800 out of over 9,200 assessed companies making the list [2] - Melco has consistently achieved a B score for CDP Climate 2025 and improved its CDP Water score from B to A-, while also holding an A rating from MSCI, reflecting its commitment to sustainability [3] Group 2 - Melco Resorts & Entertainment operates integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus [4] - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as the Chairman, Executive Director, and CEO of Melco [5]

Core Insights - Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026, ranking in the 96th percentile within its industry group, an improvement from the 92nd percentile the previous year [1][2] Group 1: Sustainability Recognition - The inclusion in the Yearbook is based on the S&P Global 2025 Corporate Sustainability Assessment, where only the top 15% of companies in each industry are selected [2] - Over 9,200 companies were assessed for the 2025 CSA, with only around 800 companies across 59 industries making it to the Yearbook [2] Group 2: Company Performance - Melco has consistently achieved a B score for CDP Climate 2025 and improved its CDP Water score from B to A- [3] - The company holds an A rating from MSCI, reflecting its commitment to sustainability [3] Group 3: Leadership Statement - Mr. Lawrence Ho, Chairman & CEO, emphasized the company's commitment to sustainability and the importance of the CSA assessment as a benchmark for evaluating their impact [3] Group 4: Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau [4] - The company operates various integrated resorts and gaming facilities in multiple regions, including the Philippines and Cyprus [4]

Core Insights - Melco Resorts reported $1.29 billion in revenue for Q4 2025, an 8.6% year-over-year increase, with an EPS of $0.14 compared to -$0.01 a year ago [1] - The revenue was a slight miss of 1.2% against the Zacks Consensus Estimate of $1.31 billion, while the EPS exceeded the consensus estimate of $0.12 by 21.74% [1] Financial Performance Metrics - Adjusted EBITDA for Mocha and Other was $4.39 million, surpassing the average estimate of $3.71 million [4] - Adjusted EBITDA for Altira Macau was reported at -$3.5 million, worse than the average estimate of -$0.79 million [4] - Adjusted EBITDA for City of Dreams was $193.71 million, slightly above the estimated $193.24 million [4] - Adjusted EBITDA for City of Dreams Mediterranean and Other was $21.03 million, exceeding the estimate of $17.98 million [4] - Adjusted EBITDA for City of Dreams Manila was $33.06 million, below the average estimate of $35.68 million [4] - Adjusted EBITDA for Corporate and Other was -$31.55 million, worse than the average estimate of -$27.9 million [4] - Adjusted EBITDA for Studio City was $86.6 million, slightly below the average estimate of $87.63 million [4] Stock Performance - Melco's shares have returned -7.8% over the past month, compared to a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

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]

Core Insights - Melco Resorts & Entertainment has achieved a historic leadership position in the 2026 Forbes Travel Guide by receiving 19 Five-Star Awards, making it the world's integrated resort operator with the most FTG Five-Star Awards [1][2] - The company has a total of 107 FTG Stars across its Hotel, Restaurant, and Spa categories, showcasing its commitment to luxury hospitality [1][2] Group 1: Awards and Recognition - Melco's properties, including City of Dreams, Studio City, Altira Macau, and City of Dreams Manila, have been recognized with multiple Five-Star Awards in various categories [1][2] - The specific awards include Five-Star ratings for hotels such as Morpheus and Nüwa, restaurants like Alain Ducasse at Morpheus and Jade Dragon, and spas including Morpheus Spa and Nüwa Spa [2] Group 2: Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with properties in Macau, the Philippines, and Cyprus [4] - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as Chairman and CEO [5]

Core Insights - Melco Resorts & Entertainment has achieved a historic leadership position in the 2026 Forbes Travel Guide by receiving 19 Five-Star Awards, making it the world's integrated resort operator with the most FTG Five-Star Awards [1][2] - The company has attained a total of 107 FTG Stars across its Hotel, Restaurant, and Spa categories, reinforcing its status as a premier luxury hospitality provider in the region [1][2] Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with properties including City of Dreams and Altira Macau in Macau, Studio City in Cotai, and City of Dreams Manila in the Philippines [4] - The company also operates City of Dreams Mediterranean in Cyprus and manages the Nüwa hotel at City of Dreams Sri Lanka [4] Awards and Recognition - The 19 Five-Star awards received by Melco properties include accolades for hotels such as Morpheus and Nüwa, restaurants like Alain Ducasse at Morpheus and Jade Dragon, and spas including Morpheus Spa and Altira Spa [2][3] - This recognition highlights the company's commitment to excellence in design and guest experiences [2] Leadership - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as the Chairman, Executive Director, and CEO [5]

Company Overview - Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is a developer, owner, and operator of casino gaming and resort facilities in Europe and Asia, including the City of Dreams and various leisure facilities [4] Investment Ratings and Price Targets - Texas Capital initiated coverage of Melco Resorts with a Buy rating and a price target of $11.5, citing the company's unique non-gaming offerings as a growth driver, with Macau's gross gaming revenue nearing 2019 levels [1] - JPMorgan downgraded the stock from Overweight to Hold on January 15, lowering the price target from $11 to $7.7, indicating a potential upside of 25.61% from current levels, while expressing concerns over downside risks to consensus estimates and lack of dividend support [2] - Bank of America analyst Karl Choi reduced the price target from $9.5 to $7.9 on January 13, maintaining a Hold rating, with the new target suggesting a 28.87% upside, reflecting a selective view on Macau gaming stocks ahead of a projected slowdown in gross gaming revenue growth in 2026 [3] Market Context - Analysts are taking a more selective approach to Macau gaming stocks, indicating a cautious outlook for the sector [2][3] - The company's margins show clear and sustained improvement, but it remains in 'show-me' territory for investors, suggesting that further validation of its growth story is needed [2]

Group 1 - Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been downgraded by J.P. Morgan from Buy to Hold, with a price target reduced from $11 to $7.7 [1] - Bank of America Securities reiterated a Hold rating on the stock, lowering the price target from $9.5 to $7.9 [1][2] - Analysts at BofA express a cautious outlook on the Macau gaming sector, expecting gross gaming revenue to slow down in 2026 [2] Group 2 - J.P. Morgan analysts are also adopting a selective approach in the gaming sector, citing risks regarding consensus estimates for Melco Resorts [3] - Melco operates three casinos in Macau: City of Dreams, Studio City, and Altira Macau [3]

Core Insights - Melco Resorts reported revenue of $1.31 billion for the quarter ended September 2025, reflecting an 11.4% increase year-over-year and a surprise of +1.91% over the Zacks Consensus Estimate of $1.29 billion [1] - The company's EPS was $0.21, significantly higher than the $0.08 reported in the same quarter last year, resulting in a surprise of +90.91% compared to the consensus EPS estimate of $0.11 [1] Financial Performance - Total segment operating revenues for Mocha and Other were $28.6 million, exceeding the estimated $26.26 million but showing a -6.5% change year-over-year [4] - Altira Macau reported total segment operating revenues of $25.6 million, below the estimated $28.67 million, with a -16.1% change compared to the previous year [4] - City of Dreams generated $672.6 million in total segment operating revenues, slightly below the estimated $681.54 million, but showing a +19.3% year-over-year increase [4] - Studio City reported total segment operating revenues of $375.3 million, slightly below the estimated $387.7 million, with a +2.9% change year-over-year [4] - City of Dreams Manila had total segment operating revenues of $110.7 million, exceeding the estimated $105.64 million, but reflecting a -6.9% change year-over-year [4] - City of Dreams Mediterranean and Other reported total segment operating revenues of $85.8 million, surpassing the estimated $74.74 million, with a +33.2% year-over-year increase [4] Adjusted EBITDA - Adjusted EBITDA for Mocha and Other was $5.77 million, exceeding the average estimate of $4.92 million [4] - Studio City reported adjusted EBITDA of $104.67 million, slightly below the average estimate of $104.97 million [4] - City of Dreams Manila's adjusted EBITDA was $41.26 million, surpassing the average estimate of $32.24 million [4] - City of Dreams reported adjusted EBITDA of $206.88 million, exceeding the average estimate of $200.11 million [4] - City of Dreams Mediterranean and Other had adjusted EBITDA of $23.17 million, significantly above the average estimate of $12.94 million [4] - Corporate and Other reported adjusted EBITDA of -$28.46 million, slightly worse than the estimated -$28.5 million [4] Stock Performance - Melco's shares have returned -3.3% over the past month, contrasting with the Zacks S&P 500 composite's +1.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Melco Resorts & Entertainment Limited reported a total operating revenue of US$1.31 billion for Q3 2025, marking an 11% increase from US$1.18 billion in Q3 2024, driven by improved gaming and non-gaming performance [2][4] - The company's operating income rose to US$184.5 million in Q3 2025 from US$138.6 million in Q3 2024, indicating strong operational efficiency [2][4] - Adjusted Property EBITDA increased to US$380.4 million in Q3 2025, up from US$322.6 million in the same quarter of the previous year, reflecting enhanced profitability [3] Financial Performance - Net income attributable to Melco for Q3 2025 was US$74.7 million, or US$0.19 per ADS, compared to US$27.3 million, or US$0.06 per ADS, in Q3 2024 [4] - The company reported a net loss attributable to noncontrolling interests of US$12.6 million in Q3 2025, down from US$14.6 million in Q3 2024 [4] - Total cash and bank balances as of September 30, 2025, were US$1.61 billion, including US$125.2 million of restricted cash [32] Gaming Operations - Rolling chip volume increased to US$5.58 billion in Q3 2025 from US$3.30 billion in Q3 2024, with a win rate of 3.68% compared to 3.97% in the previous year [7] - Mass market table games drop rose to US$1.66 billion in Q3 2025 from US$1.40 billion in Q3 2024, with a hold percentage of 29.8% [8] - Gaming machine handle for Q3 2025 was US$1.04 billion, up from US$0.94 billion in Q3 2024, maintaining a win rate of 3.2% [8] Non-Gaming Revenue - Total non-gaming revenue at City of Dreams was US$94.8 million in Q3 2025, compared to US$78.7 million in Q3 2024 [9] - Non-gaming revenue at Studio City was US$85.9 million in Q3 2025, slightly down from US$89.3 million in Q3 2024 [12] - Non-gaming revenue at City of Dreams Mediterranean and Other increased to US$30.4 million in Q3 2025 from US$25.0 million in Q3 2024 [28] Regional Performance - In the Philippines, Property EBITDA grew 45% quarter-over-quarter, while in Cyprus, City of Dreams Mediterranean and satellite casinos achieved a 53% year-over-year increase in Property EBITDA [6] - City of Dreams Manila reported total operating revenues of US$110.7 million in Q3 2025, down from US$118.9 million in Q3 2024, with a decrease in both gaming machine and non-gaming operations [20][23] - Studio City saw total operating revenues of US$375.3 million in Q3 2025, compared to US$364.7 million in Q3 2024, with Adjusted EBITDA rising to US$104.7 million [10] Capital Expenditures and Debt Management - Capital expenditures for Q3 2025 were US$67.6 million, focusing on enhancement projects at City of Dreams and Studio City [37] - Total debt at the end of Q3 2025 was US$7.35 billion, with significant repayments made during the quarter [32][34] - Available liquidity, including cash and undrawn revolving credit facilities, was approximately US$2.60 billion as of September 30, 2025 [36]