Melco Resorts reported second-quarter results with adjusted net income down 75% to $23.2 million, dragged by weak performance at City of Dreams Macau and declines across gaming and non-gaming segments. GAAP net income rose 32% to $22.7 million, but the comparison reflects heavy property launch costs a year earlier.
City of Dreams Macau recorded an 11% revenue drop to $632.2 million and EBITDA fell 34.5% to $147.8 million. Rolling chip turnover slipped 6% to $5.16 billion while win rate compressed from 3.93% to 2.71%, below the expected 2.85–3.15% range. Mass-market drop held flat at $1.75 billion but hold declined from 30.5% to 29.8%. Studio City also posted declines: revenue $371.5 million (down 4%) and EBITDA $95.5 million (down 9%).
Altira Macau grew 20% in revenue to $33.9 million on mass table strength. Mocha saw revenue fall 46% to $15.1 million, largely due to the closure of Grand Dragon Casino in September 2025; Melco now operates three Mocha clubs following regulatory enforcement. City of Dreams Manila remained stable at $97.3 million, while City of Dreams Mediterranean in Cyprus posted 13% revenue growth to $82 million and EBITDA jumped 60% to $19.9 million as tourist flows recovered.
Melco chairman Lawrence Ho acknowledged near-term challenges but maintained a positive outlook for Macau. The company is opening the REM hotel at City of Dreams Macau in phases starting in the third quarter of 2026.
