Melco Resorts & Entertainment reported stronger first-quarter outcomes for 2026, with revenue greater than doubling as its Macau operations continued to drive group efficiency and abroad properties delivered combined outcomes.
For the three months ended March 31, the on line casino operator recorded complete working income of practically US$1.37 billion, up 10.9 % from the prior-year interval. Operating earnings elevated to US$179.0 million from US$144.9 million a 12 months earlier, whereas web revenue rose 136.2 % to US$76.8 million.
Adjusted property EBITDA reached just below US$381.0 million, a rise of 11.7 % year-on-year. The firm attributed the development primarily to stronger working leverage, supported by development throughout its core Macau properties.
“We delivered a strong first quarter with both group property EBITDA and Macau property EBITDA growing by 12% year-over-year,” founder, chairman and CEO Lawrence Ho mentioned in an earnings name. “We saw solid growth across all segments.”
Macau Properties Lead Q1 Performance
Macau remained the principle contributor to Melco’s quarterly development. City of Dreams Macau generated US$734.6 million in income through the quarter, with adjusted EBITDA rising to US$214.4 million from US$195.9 million in the identical interval final 12 months.
The enchancment mirrored stronger mass-market desk video games and non-gaming exercise. Gross gaming income on the property rose 11 % year-on-year to US$813 million. Mass gaming elevated, slot efficiency improved sharply, and VIP exercise remained broadly secure in contrast with final 12 months whereas rising sequentially from the earlier quarter.
Studio City additionally posted positive factors, with income reaching US$392.0 million and adjusted EBITDA climbing to US$111.7 million. Its gross gaming income rose 11 % to US$373 million, helped by mass-market energy and a mass maintain fee of 36.9 %. Slot GGR additionally rose 24 % to US$41 million.
Altira Macau returned to optimistic adjusted EBITDA of US$4.1 million. The property recorded income of US$38.1 million, whereas gross gaming income elevated 47 % year-on-year to US$41 million.
Across Macau, property EBITDA rose roughly 12 % year-on-year to US$334 million, whereas the property EBITDA margin improved to round 28 %.
“In Macau, property EBITDA grew by approximately 12 percent year-over-year to US$334 million and property EBITDA margin improved to approximately 28 percent,” Ho mentioned.
Manila Recovers While Cyprus Faces Pressure
Outside Macau, City of Dreams Manila delivered a stronger quarter regardless of competitors and broader business challenges. The property reported adjusted EBITDA of US$37.4 million, up 24.3 % year-on-year.
The firm mentioned the rise was primarily because of improved rolling chip operations. Rolling chip quantity at City of Dreams Manila reached US$460.1 million, in contrast with US$351.9 million within the first quarter of 2025. The win fee additionally elevated to five.18 % from 2.98 % a 12 months earlier.
Gross gaming income on the Manila property rose 9 % to US$119 million, supported by a 128 % improve in VIP gaming income to US$24 million. Mass GGR declined year-on-year however improved from the earlier quarter.
“In the Philippines, City of Dreams Manila exhibited solid performance despite heightened competition and continued industry headwinds that continued into 2026, with property EBITDA rising by 24 percent year-over-year,” Ho said.
Cyprus delivered income development however decrease earnings. City of Dreams Mediterranean and its satellite tv for pc casinos generated US$65.3 million in working income, up 11.6 % year-on-year. Adjusted EBITDA fell to US$9.0 million from US$11.6 million.
Ho mentioned the battle within the Middle East, which started in late February, affected tourism arrivals. “We are closely monitoring developments and will remain operationally flexible as we position the business for a recovery in travel demand,” he added, as reported by GGRAsia.
The group additionally generated income from its Sri Lanka operations, the place City of Dreams Sri Lanka opened in August final 12 months. That phase produced US$14.3 million in income and round US$300,000 in adjusted EBITDA.
Buyback Programme Added After Stronger Quarter
Melco’s income development outweighed greater working prices, which rose 9 % to US$1.19 billion. Pre-tax revenue reached US$78.0 million, up 141 %, and web revenue after tax got here in at US$70.9 million earlier than accounting for non-controlling pursuits.
Casino operations accounted for US$1.15 billion of income. Rooms contributed US$108.5 million, meals and beverage generated US$65.8 million, whereas leisure, retail and different segments introduced in US$42.1 million.
As of March 31, Melco held money and financial institution balances of US$1.07 billion, whereas complete debt stood at US$6.67 billion. Available liquidity was roughly US$2.36 billion. Capital expenditure for the quarter totaled US$73.6 million, primarily tied to enhancement initiatives in Macau.
The firm additionally introduced a brand new US$500 million share repurchase programme. This comes along with an present buyback plan, below which Melco nonetheless has authority to repurchase roughly US$210 million of strange shares.
Looking forward, Melco didn’t present formal full-year steering, however administration pointed to secure prices and early indicators of enchancment heading into the second quarter, together with stronger occupancy and participant high quality across the May vacation interval.
