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 June 30, 2025, Melco Resorts reported total revenue of $2.561 billion, representing a year-over-year growth of 12.7% [1]. - The company's net profit attributable to shareholders reached $49.724 million, marking a substantial increase of 36.01% compared to the previous year [1]. Stock Performance - On August 20, the stock price of Melco Resorts increased by 2.1%, closing at $8.77 per share, with a trading volume of $5.1779 million and a total market capitalization of $3.424 billion [1]. Analyst Ratings - On August 1, Melco Resorts received a target price upgrade from Citigroup to $11.5, with a current rating of "Buy" [2]. 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 City of Dreams in Cyprus, which is expected to become the largest integrated resort in Europe, alongside operating a temporary casino and four satellite casinos [2].

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 June 30, 2025, Melco Resorts reported total revenue of $2.561 billion, representing a year-on-year growth of 12.7% [1]. - The company's net profit attributable to shareholders reached $49.724 million, marking a substantial increase of 36.01% compared to the previous year [1]. Stock Performance - On August 12, MLCO's stock price increased by 2.08%, reaching $8.82 per share, with a trading volume of $2.9661 million and a total market capitalization of $3.443 billion [1]. Analyst Ratings - On August 1, Melco Resorts received a target price upgrade from Citigroup to $11.5, with a current rating of Buy [2]. 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, alongside operating a temporary casino and four satellite casinos [2].

Group 1 - The core viewpoint of the news is that Melco Resorts & Entertainment (MLCO) has shown positive financial performance, with a significant increase in revenue and net profit, indicating potential growth opportunities for investors [1][3] - As of August 1, MLCO's stock opened at $8.87 per share, reflecting a 2.54% increase, with a total market capitalization of $3.463 billion [1] - Financial data reveals 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 the net profit attributable to shareholders was $32.532 million, marking a substantial 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]

Core Insights - Melco Resorts reported revenue of $1.33 billion for Q2 2025, a 14.5% year-over-year increase, with an EPS of $0.23 compared to $0.06 a year ago, indicating strong financial performance [1] - The revenue exceeded the Zacks Consensus Estimate of $1.25 billion by 6.01%, and the EPS surpassed the consensus estimate of $0.09 by 155.56% [1] Financial Performance Metrics - Average Daily Rate for City of Dreams Manila was $164.00, slightly above the estimated $163.50 [4] - Revenue Per Available Room for City of Dreams Manila was $156.00, below the estimated $158.53 [4] - Occupancy Rate for City of Dreams Manila was 95%, lower than the average estimate of 97% [4] - Total segment operating revenues for Mocha and Other were $27.9 million, below the estimate of $28.77 million, representing a year-over-year decline of 9.1% [4] - Total segment operating revenues for Altira Macau were $28.3 million, exceeding the estimate of $27.72 million, but down 3.4% year-over-year [4] - Total segment operating revenues for City of Dreams were $710.5 million, surpassing the estimate of $672.72 million, reflecting a 23.3% year-over-year increase [4] - Total segment operating revenues for Studio City were $388.2 million, above the estimate of $372.61 million, marking a 10.2% year-over-year increase [4] - Total segment operating revenues for City of Dreams Manila were $98.5 million, slightly below the estimate of $98.89 million, with a year-over-year decline of 9.6% [4] - Total segment operating revenues for Cyprus Operations were $72.3 million, exceeding the estimate of $61.72 million, showing a 23.2% year-over-year increase [4] - Adjusted EBITDA for Mocha and Other was $5.21 million, below the average estimate of $6.21 million [4] - Adjusted EBITDA for Altira Macau was $0.84 million, significantly better than the estimated -$0.31 million [4] - Adjusted EBITDA for City of Dreams was $225.64 million, exceeding the estimate of $188.99 million [4] Stock Performance - Melco's shares returned +1.8% over the past month, compared to the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

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]

Core Viewpoint - Melco Resorts & Entertainment Limited reported a strong financial performance for the second quarter of 2025, with total operating revenues increasing by approximately 15% year-over-year, driven by improved gaming and non-gaming operations. Financial Performance - Total operating revenues for Q2 2025 were US$1.33 billion, up from US$1.16 billion in Q2 2024 [2] - Operating income for Q2 2025 was US$124.7 million, slightly higher than US$123.7 million in Q2 2024 [2] - Adjusted Property EBITDA reached US$377.7 million in Q2 2025, compared to US$302.8 million in Q2 2024 [3] Net Income - Net income attributable to Melco for Q2 2025 was US$17.2 million, or US$0.04 per ADS, down from US$21.4 million, or US$0.05 per ADS, in Q2 2024 [4] - The net loss attributable to noncontrolling interests was US$7.8 million in Q2 2025, compared to US$22.7 million in Q2 2024 [4] Gaming Operations - Rolling chip volume increased to US$5.49 billion in Q2 2025 from US$4.83 billion in Q2 2024, with a win rate of 3.93% compared to 2.99% [8] - Mass market table games drop rose to US$1.75 billion in Q2 2025 from US$1.46 billion in Q2 2024, with a hold percentage of 30.5% [9] - Gaming machine handle was US$945.3 million in Q2 2025, up from US$902.3 million in Q2 2024, with a win rate of 3.0% [9] Non-Gaming Revenue - Total non-gaming revenue at City of Dreams was US$88.1 million in Q2 2025, compared to US$80.4 million in Q2 2024 [10] - Non-gaming revenue at Studio City was US$83.8 million in Q2 2025, up from US$80.4 million in Q2 2024 [14] Regional Performance - In the Philippines, competitive pressures continue to affect performance, but initiatives are being implemented to improve results [6] - City of Dreams Mediterranean and satellite casinos showed solid results despite regional challenges, with total operating revenues of US$72.3 million in Q2 2025, up from US$58.7 million in Q2 2024 [25] Capital Expenditures and Financial Position - Capital expenditures for Q2 2025 were US$95.9 million, focusing on enhancement projects and the new City of Dreams Sri Lanka [35] - Total cash and bank balances as of June 30, 2025, were US$1.24 billion, with total debt of US$7.16 billion [33]

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].

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]