Melco Resorts & Entertainment Q1 2025 Earnings Call Transcript

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May 8, 2025
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Operator

Today's conference is being recorded.

Operator

I would now like to turn the call over to Ms. Jeannie Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited.

Jeanny Kim
Jeanny Kim
Senior VP & Group Treasurer at Melco Resorts & Entertainment

Thank you, operator, and thank you all for joining us today for our first quarter twenty twenty five earnings call. On the call are Lawrence Ho, Jeff Davis, Evan Winkler and our Property Presidents in Macau, Manila and Cypress. Before we get started, please note that today's discussion may contain forward looking statements made under the Safe Harbor provision of federal securities laws. Our actual results could differ from our anticipated results. In addition, we may discuss non GAAP measures.

Jeanny Kim
Jeanny Kim
Senior VP & Group Treasurer at Melco Resorts & Entertainment

A definition and reconciliation of each of these measures to the most comparable GAAP financial measures are included in the earnings release. Finally, please note that our supplementary earnings slides are posted on our Investor Relations website. With that, I'll now turn the call over to Mr. Lawrence Ho.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Thank you, Jeanie, and thank you all for joining us today. We have achieved a solid set of results for the first quarter of twenty twenty five that demonstrates our strength and our growth prospects in Macao. Massdrop grew each month during the quarter and reached record highs at both City of Dreams and Studio City. Our market share grew from 14.7% in 4Q twenty twenty four to 15.7% in 1Q twenty twenty five and remained stable at this level in April despite new supply in the market. Property visitation grew by 30% year on year during May Golden Week.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Mass drop was stronger than twenty four twenty twenty four with City of Dreams growing by more than 20%. Rated CO win was also strong across our properties in Macau and across a broad range of customers, increasing by 12% year on year. House of Dancing Water premiered last night, and the event was a resounding success. We're excited to have relaunched this one of a kind show, which will help drive visitation to City Of Dreams. We're continuing work on a number of other initiatives to drive traffic, including a revamp of our retail area and renovation of the main entrance to City Of Dreams.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Studio City property EBITDA increased 20% quarter to quarter. Studio City experienced some disruption in 4Q twenty twenty four because of the renovations of the hotel lobbies as well as the high limit areas. Most of these renovations were completed in January, and Studio City's main entrance area has seen a transformation with new lobbies for the star and celebrity towers as well as the completion of the renovations at the high limit areas on the main casino floor and Epic Tower. The sequential growth in Studio City's property EBITDA demonstrates the impact of these initiatives. We're firing on all cylinders in Macau.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts and contributions of our teams. We're focused on continuing to drive this momentum forward with the highest quality product offerings in a strategic marketing and sales framework. In The Philippines, the heightened competitive environment has had an impact on performances in 1Q twenty twenty five. We're adjusting our cost structure and reviewing our marketing programs to enhance EBITDA contribution from the business. City of Dreams Mediterranean and Cypress achieved 10% year over year growth in property EBITDA for 1Q twenty twenty five despite the continued noise in the region.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

The property is starting to ramp up and with forward bookings for the upcoming summer period materially higher than where than what we had this time last year. We are optimistic about the results that Cypress can deliver over the rest of the year. With that, I turn the call over to Jeff. Thanks, Laurence.

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

Our group wide adjusted property EBITDA for the first quarter of twenty twenty five was approximately $341,000,000 Adjusted for VIP hold, our property EBITDA was approximately $313,000,000 We have been highly disciplined in managing our cost base. We brought OpEx down to $3,100,000 per day for the first quarter of twenty twenty five compared to $3,200,000 in the fourth quarter of twenty twenty four. We are continuing to refine our cost base to identify areas to increase efficiency and flow through. And as we had previously indicated, we target to exit the second quarter of twenty twenty five with OpEx of $3,000,000 per day. This excludes costs related to House of Water and Studio City's residency concerts.

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

Turning to our balance sheet. Our liquidity position remains robust. We had available liquidity of $3,300,000,000 with consolidated cash on hand of approximately $1,200,000,000 as of the end of the first quarter of '20 '20 '5. Melco, excluding its operations at Studio City, The Philippines and Cyprus, accounted for approximately $662,000,000 of the consolidated cash on hand. We have two bond maturities coming up this year, one in June at Melco and the other in July at Studio City.

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

Both maturities are already covered and will be refinanced with the drawdown with drawdowns under the respective credit facilities and free cash on hand. We have repurchased approximately 165,000,000 in MLCO ADSs in 2025 as of May 7. The dislocation in the equity markets has created a unique opportunity for us to repurchase shares at extremely low valuations. We will continue to review our capital allocation strategy based on our cash availability and market conditions and look to strike a balance between returning capital via buybacks and reducing debt. Our consolidated leverage has improved with the growth in EBITDA and we intend to continue to work on reducing our leverage through EBITDA growth and repayment of debt.

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

As we normally do, we'll give you some guidance on non operating line items for the upcoming second quarter of twenty twenty five. Total depreciation and amortization expense is expected to be approximately 135,000,000 to 140,000,000 Corporate expense is expected to come in at approximately 25,000,000 to $30,000,000 and consolidated net interest expense is expected to be approximately 100,000,000 to $125,000,000 This includes finance liability interest of around $7,000,000 relating to fees payable in relation to the Macau gaming concession and the Cypress gaming license and finance lease interest of approximately $5,000,000 relating to City of Dreams Manila. This concludes our prepared remarks. Operator, back to you for the Q and A.

Operator

Thank you. Your first question comes from George Choi with Citi. Please go ahead.

George Choi
George Choi
Analyst at Citigroup

Thanks, guys. Congratulations on a very solid set of results. I have a couple of questions, if I May. Firstly, I guess this is for Laurence. Ever since London Legrand open fully open in May, do you guys feel any impact in as to their dreams?

George Choi
George Choi
Analyst at Citigroup

And do you feel any change in terms of competition intensity amongst the the six operators?

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Hey, George. So maybe I'll I'll I'll I'll start, and maybe Evan and others can can supplement. But I think your question is, like, ever since London or Grand opened in April, have we seen any increased competition?

George Choi
George Choi
Analyst at Citigroup

Yep.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

No. Look. I we're very happy with q one. And as I mentioned in the prepared remarks, we've maintained our market share in April. And during Golden Week, mass drop at COD was up 20%.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

So if anything, I think our product have held up very well. And, you know, I think with all the hard work between the teams at, you know, both City of Dreams and Studio City, Studio City successfully repositioning, you know, during and post COVID, and City of Dreams now reopening House of Dancing Water. I think we found our, you know, we found our groove again and, rediscovered our our our identity. And, so I I I don't think there has been any cannibalization, but I don't know. Maybe Evan can supplement?

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

No. I I think Lauren said it well. I think we're feeling good in our own business. And at least as of today, I don't think that we felt that there's been a material impact in terms of that opening and new supply cannibalizing any of the business at City of Dreams. We've had fairly good momentum since that period.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

So at least right now, it doesn't appear to have an impact.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

And I think George as well, think so far in the market, reinvestment has, as we mentioned on the past call, and we hope this continues to hold, is more rational. You know, everybody's all the operators within Macau are more rational now than they were a year ago. And I think that's why, you know, and together with our cost discipline, I think we over exceeded what we had guided last quarter in terms of, you know, operating costs. And as long as I think the whole market, you know, everybody is is, you know, behaving, I think we we can continue to, you know, strive for, you know, a newer goal as well. And, you know, I think post COVID, you know, we started slow, and then last year at a certain time, I think even we were we've gone overboard with regards to the reinvestment.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

I think now that we've rediscover our identity and, you know, we offer a premium product, and so we should never be the most competitive and most aggressive in terms of marketing schemes and because at the end of the day, we have, you know, probably the two best hotels in Macau at City of Dreams and, you know, Epic at at Studio City is also an amazing new product. And so having these great products, having House of Dancing Water, having the family water park, and other non gaming attractions at Studio City, those are, in our opinion, enough to attract a very broad customer base. So I think, you know, hopefully, everybody will be disciplined, and we'll continue to, you know, focus on on on improving our margin.

George Choi
George Choi
Analyst at Citigroup

Thanks for thanks a lot for for the color. I guess switching gear over to Manila. Could you please provide us with any update on the strategic review on City of Greens Manila?

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

Sure, George. So we continue to run the process with the advisers. Potential buyers are signing NDAs in the virtual data room and are working through a series of questions. And over time, we will whittle down that group to a shortlist for the bidding process. But we remain in close dialogue with our advisers, and we'll come back when there's something to announce.

George Choi
George Choi
Analyst at Citigroup

Thank you very much. I'll jump back to the queue.

Operator

Thank you. Your next question comes from Ricardo Chinchilla with Deutsche Bank. Please go ahead.

Ricardo Chinchilla
Ricardo Chinchilla
Analyst at Deutsche Bank

Hey, guys. Thank you so much for taking the question. Congrats on the solid results. I was hoping if you could give us a little bit of color on, you know, what are you seeing very recently on the gaming floor. Are you guys, seeing any sign of weakness from, you know, any of the sets of your database or anything that would point out to other than, you know, something changing from the strong results that you guys, commented on April?

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Ricardo, did you the last part, did you say the Trump? What what was the Trump thing you said?

Ricardo Chinchilla
Ricardo Chinchilla
Analyst at Deutsche Bank

No. I was not mentioning on Trump. I was mentioning that if you this might be my phone. I apologize. That if you have seen any any sort of weakness in the last couple of weeks or anything more recent given the macro concerns with regards to spending in your casino floors or any other, you know, indications in your booking patterns, anything that would point out to something changing from the strong results that you saw during the golden week in April?

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Oh, so sorry. My my bad. No. So as as we said, you know, April, you know, I think post the trade war and all of the stuff, April was very strong for us, and we were happy with the result. And as we mentioned, Golden Week, City of Dreams was up 20%.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

But I think furthermore, what I didn't mention is tail the tail was longer this year than previous year during Golden Week, and so we're we're we're happy about that. And, you know, I right before this call, like, ten minutes ago, I just walked our gaming floor, City Of Dreams, and for a Thursday night is really, really full. So I don't know, you know, I think how much of it is an impact from the opening of House of Dancing Water, but I'm sure when we get house of dancing water up and running, you know, that's two shows a day, 2,000 people per show. That's, you know, 4,000 additional heads driving into the Fox. So I think all in all, we're quite happy with it.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

And, you know, even post the whole trade war thing in in April, April held up, you know, stronger than we had expected. And, you know, as we've always said, Chinese policy is the most important thing to us, even more important than the Chinese economy. And, you know, Chinese policy right now has been super supportive and is now focusing on increasing domestic consumption, discretionary spending, and domestic travel. So these are all key criterias for us. So if anything, we're quite, happy with, with what we're seeing in the, you know, in the past, you know, in addition to q one and and so far in q two.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

I don't know if there is anything anybody wanted to add.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

No. I think Lauren said it well. We were pleasantly surprised. I think there was a question mark in terms of what would happen during, Golden Week, and there were, certainly rumors in the marketplace that some of the larger players where we might see some reduction in terms of volume. We didn't see that.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

We had a very solid Golden Week. And as we move into the post Golden Week period, as Lawrence articulated, we can't specifically say what it is. But we're certainly not seeing that sort of pullback or kind of hangover effect that you get right after the holiday period. We've actually continued to have pretty strong drops here in the following days. So I think we're feeling pretty good right now about the market.

Ricardo Chinchilla
Ricardo Chinchilla
Analyst at Deutsche Bank

Perfect. Thank you so much. For my follow-up, could you please give us some guidance on CapEx for the balance of the year? Or any projects that we should be aware of with regards to CapEx for 2026?

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

So for 2025, full year CapEx guidance remains unchanged at $415,000,000 And as far as major projects, the only one I'd highlight would be the completion of Sri Lanka.

Operator

Your

Operator

next question comes from Joe Storff with Susquehanna.

Joseph Stauff
Senior Equity Research Analyst at Susquehanna International Group

Good morning. Good evening. I wanted to ask on just to follow-up on the daily OpEx in Macau. I heard your comments obviously that exiting the second quarter, you think you'll be around $3,000,000 And I just wanted to confirm that that would include, say, incremental OpEx from House Dancing Water and any residual from residencies that you would have? And then essentially within so largely that obviously would be a third quarter number.

Joseph Stauff
Senior Equity Research Analyst at Susquehanna International Group

But for the second quarter, are we still expecting approximately 3.2? Or is that going to be announced is that going to be maybe a touch higher?

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

So let me take the first part of that. OpEx guidance that we gave excludes both House of Dancing Water and the residency. So those costs would be incremental to the one that we gave and the one that was reported. We had brought down OpEx to 3.1 per day, excluding those two items in this first quarter. And the guidance that we've given and reiterated is to bring that down to three point zero, not 3.2 in the second quarter, and that's still where we're looking to take it.

Joseph Stauff
Senior Equity Research Analyst at Susquehanna International Group

Got it. Thank you for clarifying that. And I wanted to ask essentially, maybe quarter to date, you're seeing strength. And wondering, you know, if if that does include maybe a, you know, any notable improvement in base mass, you know, that that you've seen, whether it be, you know, in Studio City or elsewhere.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

So I think just across the board, we're getting as was articulated earlier, we're getting increasing drop numbers across the system. And so we're seeing some general strength. I mean, if there are some pockets in week to week, you have different sort of ups and downs within player categories within the database. We tend to get a lot of our our big players here, obviously, during holiday periods. And then in some of the other periods, it's reverting to more of sort of that middle tier or mass mass.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

But we're seeing general sort of solid results across in the market right now or across both properties.

Joseph Stauff
Senior Equity Research Analyst at Susquehanna International Group

Got it. Thanks very much. Nice quarter.

Operator

Thank you.

Ricardo Chinchilla
Ricardo Chinchilla
Analyst at Deutsche Bank

Thank you.

Operator

Your next question comes from Praveen Chaudhary with MS. Please go ahead.

Praveen Choudhary
Praveen Choudhary
Analyst at Morgan Stanley

Thank you. Congratulations, Laurence, Jeff and everybody in the team. Amazing inaugural show of House of Dancing Waters and also very strong first quarter results. I have two quick questions. The first one is, if if we think about the market share and the strength that you have talked about in April and May, and Golden Week has been strong, and and you're also working on sequentially taking down the cost, would it mean that, you know, hold adjusted EBITDA should be sequentially growing in q two, assuming it doesn't fall off the cliff?

Praveen Choudhary
Praveen Choudhary
Analyst at Morgan Stanley

Is that is that a fair assumption? That's the first question. And the second question is on Sri Lanka. Just wanted to understand when do we expect potential implication to our P and L, assuming it's opening sometime in third quarter? You.

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

Well, maybe the second question first. So we do see some impact to the P and L through preopening expense for Sri Lanka. But above the line, we'd anticipate seeing that starting in August of this year. And as far as your first

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

question, yes. I mean, obviously, that's our intention. We're trying to be fairly disciplined in terms of our expense and reinvestment levels. And assuming we can continue to keep the momentum that, that would then translate into incrementally improved EBITDA.

Praveen Choudhary
Praveen Choudhary
Analyst at Morgan Stanley

Great. I mean, I have a follow-up on one other point that you mentioned? $165,000,000, that's a lot of money that you used on buyback. Obviously, we are hoping that deleveraging helps the stock price and equity value. Just to understand how and when you're gonna use a buyback versus versus deleveraging or paying up debt, how should we think about it, please?

Praveen Choudhary
Praveen Choudhary
Analyst at Morgan Stanley

Thank you.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Hey, Praveen. Maybe I'll I'll start, and then Jeff can supplement. But, you know, our as we've stated, our main focus in the last couple of years has been on taking down debt and bringing down debt. But at these ridiculous share price levels, it's just kind of a once in a lifetime opportunity. We don't think we'll have this chance ever again to get to buy shares at these prices.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

So, you know, I think for us, you know, we're always thinking about how to maximize shareholder value. So I think at at the current five, it's, you know, and and, you know, it was even in the fours earlier for MLCO. But, you know, I think we're hoping that now that the the market has has turned a corner and and hopefully, people have more confidence in in gaming stocks, in general. So I don't know, Jeff, you want any

Geoffrey Davis
Geoffrey Davis
Executive VP & CFO at Melco Resorts & Entertainment

So yes, the debt reduction is still the key priority, but we make specific capital allocation decisions based on a dynamic and changing environment. And right now, we've had, as Lauren said, a tremendous opportunity to buy the shares and create shareholder value through share repurchase, and we'll continue to monitor that going forward. But we still do have a strong inclination to continue to pay down debt over time.

Praveen Choudhary
Praveen Choudhary
Analyst at Morgan Stanley

Got it. Very clear. So good result. Great opening of House of Dancing Water and buyback. Everything going in right direction.

Praveen Choudhary
Praveen Choudhary
Analyst at Morgan Stanley

Congratulations, and thank you.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Thank you, Praveen.

Operator

Thank you. Your next question comes from John DeCree with CBRE. Please go ahead.

John Decree
John Decree
Director - Equity Research at CBRE Group

Hey, everyone. I wanted to circle back to Golden Week. And for us, it was a surprise, I think, the visitation numbers that we've seen to the upside, obviously. So my first question is, curious, you have certainly more visibility than we do, but if it was better than expected in terms of visitation to Macau more broadly. And then the follow-up, you've mentioned the table drop at COD, the mass market table drop was quite strong.

John Decree
John Decree
Director - Equity Research at CBRE Group

Curious if you could offer any insights during Golden Week into non gaming spends, retail and some other things that we kind of look at to gauge the health of the the consumer as well. So, any additional color would be helpful. Thanks, guys.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Yeah. Hey, John. So, you know, Golden Week was, visitation was strong. You know, it was up 40% year over year. You know?

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

But I think fundamentally, the, you know, the the market has changed somewhat. And and so I think that's why the attractions like, people in China nowadays are very much into experiences and, you know, in terms of, you know, whether it's Little Red Book or, you know, having those, you know, memories and moments captured. So I think House of Dancing Water together with the Studio City attractions makes a huge difference. And if anything, we're very happy with, the fact that I think today we're dominating, in Little Red Book from all the House of Dancing Water opening, premier, and all of that stuff. I think retail has kind of fundamentally changed in all part of the world, whether it's Hainan, Hong Kong, or or Macau.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

And so that's probably less compelling now. But but at the same time, you know, I think, you know, with all the non gaming attractions that we have built years in advance, I think that will that will be great for us going forward.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

I I think that's right. We look, the properties were very active during Golden Week across the board. So in terms of activity within, the mall and with F and B, strong. As Lawrence, has already said, I think on a relative basis, Studio City from a retail standpoint fares better in this environment just because the retail mix in that property, which is mass focused and pretty affordable, more consumable type items. In terms of COD, where it's really targeted at high end luxury retail, that category continues to struggle.

Evan Winkler
Evan Winkler
President & Director at Melco Resorts & Entertainment

I don't think that we're struggling more than other operators, but I think across the board, that area continues to be challenged this year, as Lawrence said.

John Decree
John Decree
Director - Equity Research at CBRE Group

Great. Thanks, guys. I appreciate all that.

Operator

Thank you.

Lawrence Ho Yau Lung
Lawrence Ho Yau Lung
Chairman, Director and CEO at Melco Resorts & Entertainment

Thank you.

Operator

There are no further questions at this time. I'll now hand back to Jeannie Kim for closing remarks.

Jeanny Kim
Jeanny Kim
Senior VP & Group Treasurer at Melco Resorts & Entertainment

That concludes our conference call today. We look forward to speaking to you next quarter. Thank you.

Executives
    • Jeanny Kim
      Jeanny Kim
      Senior VP & Group Treasurer
    • Lawrence Ho Yau Lung
      Lawrence Ho Yau Lung
      Chairman, Director and CEO
    • Geoffrey Davis
      Geoffrey Davis
      Executive VP & CFO
    • Evan Winkler
      Evan Winkler
      President & Director
Analysts
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Key Takeaways

  • Strong Macao momentum: Mass market table drop grew each month in Q1, market share rose from 14.7% to 15.7%, and property visitation jumped 30% during May Golden Week with a 12% year-on-year increase in rated drop.
  • House of Dancing Water relaunch: The premiere of the one-of-a-kind show at City of Dreams attracted 4,000 attendees per day and is expected to boost visitation alongside planned retail and entrance renovations.
  • Studio City makeover pays off: Completion of lobby and high-limit area renovations drove a 20% quarter-to-quarter increase in property EBITDA, demonstrating the impact of these capital improvements.
  • Disciplined cost and balance sheet management: OpEx was trimmed to $3.1 million per day (targeting $3.0 million by Q2), liquidity stands at $3.3 billion, upcoming bond maturities are covered, and $165 million of ADSs have been repurchased.
  • Strategic actions in other markets: City of Dreams Manila is under active review with potential buyers, while City of Dreams Mediterranean and Cyprus delivered 10% year-over-year EBITDA growth despite regional noise.
AI Generated. May Contain Errors.
Earnings Conference Call
Melco Resorts & Entertainment Q1 2025
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