olivLaw · US equity research
Melco Resorts & Entertainment Limited MLCO
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Melco Resorts & Entertainment is a developer and operator of integrated resort facilities in Asia and Europe, with most of its revenue generated in Macau. Total operating revenues rose 11.3% in 2025, suggesting the gaming and hospitality business regained momentum after a weaker period. The topic matters because heavy exposure to Macau and to Chinese regulation means results depend on factors that are hard to control.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Melco Resorts & Entertainment Limited (MLCO) stock was 4.71 USD (+12.14% on the day), with market capitalisation 5.7 bn USD, P/E 30.6 on diluted EPS of 0.15 USD over the last 12 months, dividend yield 0.00%, beta 0.94, 52-week range 3.73–9.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.4
- strong (55–70)
- Bollinger (20, 2)
- 3.63 – 4.54
- above the upper band · %B 1.18 · band width 22.5%
- SMA 50 / 200
- 4.50 / 5.36
- mixed trend
- MACD (12, 26, 9)
- -0.09 / -0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.3% | −1.1% | +12.4 pp | — |
| 3 months | −16.6% | −0.5% | −16.2 pp | — |
| 6 months | −13.7% | +4.4% | −18.1 pp | — |
| Year to date | −37.8% | +12.3% | −50.1 pp | — |
| 1 year | −41.7% | +13.5% | −55.3 pp | +9.5% |
| 3 years | −45.0% | +76.4% | −121.5 pp | +9.3% |
| 5 years | −58.9% | +63.7% | −122.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 6-quarter history (min 49.2, median 110.0, max 170.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.2 bn | 5.7 bn | 1.7 bn | 2.0 bn | 1.3 bn | 3.8 bn | 4.6 bn | 5.2 bn |
| Revenue YoY | −1.8% | +10.6% | −69.9% | +16.5% | −32.9% | +179.7% | +22.9% | +11.3% |
| Net income | 340.3 m | 373.2 m | -1.3 bn | -811.8 m | -930.5 m | -326.9 m | 43.5 m | 185.0 m |
| Net income YoY | −1.3% | +9.7% | −438.6% | unavailable | unavailable | unavailable | unavailable | +325.0% |
| Diluted EPS | 0.22 | 0.26 | -0.88 | -0.57 | -0.67 | -0.25 | 0.03 | 0.15 |
| Diluted EPS YoY | −2.6% | +15.2% | −442.6% | unavailable | unavailable | unavailable | unavailable | +352.9% |
| net % | 6.6% | 6.5% | -73.1% | -40.3% | -68.9% | -8.7% | 0.9% | 3.6% |
| Free cash flow | unavailable | 827.5 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 6.7 bn USD
- Net debt
- 5.7 bn USD
- Equity
- -903.6 m USD
- Total assets
- 7.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.07x
- ROE
- unavailable
- ROA
- 2.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.0 bn | 1.3 bn | 3.8 bn | 4.6 bn | 5.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| SG&A | 424.4 m | 426.4 m | 423.2 m | 488.1 m | 568.7 m | 657.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | -940.6 m | -577.5 m | -743.1 m | 65.0 m | 484.6 m | 600.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 526.3 m | 487.1 m | 454.2 m | 482.6 m | 487.3 m | 486.5 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | -414.3 m ≈ | -90.3 m ≈ | -288.9 m ≈ | 547.5 m ≈ | 972.0 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 340.8 m | 350.5 m | 376.7 m | 492.4 m | 486.7 m | 464.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | -1.5 bn | -953.6 m | -1.1 bn | -401.9 m | -6.3 m | 148.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | -2.9 m | 2.9 m | 5.2 m | 13.4 m | 21.6 m | 2.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -1.3 bn | -811.8 m | -930.5 m | -326.9 m | 43.5 m | 185.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | -0.88 | -0.57 | -0.67 | -0.25 | 0.03 | 0.15 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 1.4 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 13 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 1.7 bn | 1.8 bn | 1.3 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 129.6 m | 54.5 m | 56.0 m | 91.6 m | 144.2 m | 126.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 37.3 m | 29.6 m | 26.4 m | 29.4 m | 32.5 m | 36.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 2.0 bn | 1.9 bn | 2.1 bn | 1.5 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 5.7 bn | 5.9 bn | 5.9 bn | 5.5 bn | 5.3 bn | 5.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | 82.2 m | 81.7 m | 81.6 m | 81.6 m | 82.1 m | 23.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 58.8 m | 51.5 m | 43.6 m | 304.7 m | 288.7 m | 270.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 9.0 bn | 8.9 bn | 9.3 bn | 8.3 bn | 8.0 bn | 7.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 9.5 m | 6.0 m | 6.7 m | 11.8 m | 24.8 m | 25.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 0 | 128.0 k | 322.5 m | 0 | 21.6 m | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 5.6 bn | 6.6 bn | 8.1 bn | 7.5 bn | 7.1 bn | 6.7 bn | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 1.1 bn | 1.0 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 7.2 bn | 8.1 bn | 9.6 bn | 9.2 bn | 8.9 bn | 8.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 1.8 bn | 819.9 m | -314.4 m | -840.1 m | -940.0 m | -903.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Shares outstanding at year end | 1.5 bn | 1.5 bn | 1.4 bn | 1.3 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 13 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -861.0 m | -268.8 m | -619.4 m | 622.7 m | 626.7 m | 818.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Investing cash flow | -53.3 m | -674.6 m | -806.1 m | -48.5 m | -300.8 m | -341.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | 1.3 bn | 821.7 m | 1.8 bn | -1.1 bn | -478.3 m | -603.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 79.1 m | 0 | 196.0 k | 314.0 k | 344.0 k | 78.0 k | SEC (XBRL)· 13 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet20
- Growth100
- Quality36
- Returns0
- Valuation52
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.72 – 9.96 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA0.72 – 9.96 (Mid 5.01)14 companies used · median multiple 10.9x · quartiles 6.1x – 16.4xBYD, CHH, CNTY, CZR, FLL, HLT, IHG, LVS, MGM, PK, TNL, WH, WYNN, XHR
- Peers: P/E2.83 – 6.29 (Mid 4.30)14 companies used · median multiple 27.9x · quartiles 18.4x – 40.8xATAT, BYD, CHH, HLT, IHG, LVS, MAR, MCRI, MGM, RRR, SHO, TNL, WH, WYNN
- Dividend discount (DDM)outside the aggregate0.00 – 0.00 (Mid 0.00)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.6% | 36 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 56.4% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.3x | 32 (vs peers) | 17% |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 30.6x | 47 (vs peers) | 17% |
| EV/EBITDA · Valuation | 10.6x | 56 (vs peers) | 17% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial36/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MELCO RESORTS & ENTERTAINMENT LIMITED (MLCO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.2 bn USD in 2025; YoY growth 11.3%; net margin 3.6%; net debt/EBITDA 5.3x.
The estimated value range is 1.77–8.12 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 4.65 USD, the price of 4.71 USD leaves a potential of -1.2% (value / price − 1) and a margin of safety of -1.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, quality, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 56.4%
What contradicts it
- Interest coverage: 1.3x
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −42% / −45% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MSCStudio City International Holdings Limited | — | — | -10.5% | -8.5% | +8.7% | −75% / −83% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for MLCO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.03 Total return -36% · Per year -36% | 5.33 Total return 13% · Per year 13% | 8.00 Total return 70% · Per year 70% |
| 3 years | 3.59 Total return -24% · Per year -9% | 7.05 Total return 50% · Per year 14% | 11.52 Total return 145% · Per year 35% |
| 5 years | 4.26 Total return -9% · Per year -2% | 9.33 Total return 98% · Per year 15% | 16.59 Total return 252% · Per year 29% |
- Exit P/E± 1.76
- Net margin± 1.23
- Annual revenue growth± 0.92
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (23 Oct 2026), 6-K (23 Sept 2026), 6-K (28 Aug 2026), 6-K (24 Aug 2026), 6-K (14 Aug 2026).
In brief
Melco Resorts & Entertainment is a developer and operator of integrated resort facilities in Asia and Europe, with most of its revenue generated in Macau. Total operating revenues rose 11.3% in 2025 1, suggesting the gaming and hospitality business regained momentum after a weaker period. The topic matters because heavy exposure to Macau and to Chinese regulation means results depend on factors that are hard to control.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on Macauhigh
Most revenue comes from Macau, so any change in local regulation could directly affect results 1.
- Chinese regulationhigh
Measures by the Chinese and Macau governments could restrict travel, currency transfers or gaming marketing with material effects on operations 1.
- Indebtednessmedium
The company has debt and credit facilities with restrictive covenants, and failure to generate enough cash could pressure debt service 1.
- Intense competitionmedium
Competition in Macau and other markets could affect market share and pricing, especially in the premium segment 1.
- Project and construction risklow
Projects in various development phases face construction risks that could affect timelines and costs 1.
Investment thesis
What would need to be true (bull case)
- If the 2025 revenue growth and rising net income continue, the company could show a stronger ability to support operations and debt 1.
- Geographic diversification through Cyprus and Sri Lanka could reduce long-term dependence on Macau 1.
- International recognition of hotels and restaurants could support demand in the premium segment 1.
What would break the thesis
- If policies in China become more restrictive, the company could see fewer visitors from its most important client source 1.
- Concentration in Macau means any regional shock could have an amplified effect on total revenue 1.
- Debt and covenants in credit facilities could limit dividends and investment flexibility if cash flows decline 1.
What to watch
- Macau revenue trend and City of Dreams share of revenueQ1 2027
- Effects of Chinese and Macau regulation on travel and gaming marketing2027
- Operating results of the Cyprus and Sri Lanka operations2027
- Refinancing timetable and evolution of indebtednessnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (23 Oct 2026), 6-K (23 Sept 2026), 6-K (28 Aug 2026), 6-K (24 Aug 2026), 6-K (14 Aug 2026).
The business
The company develops, owns and operates integrated resort facilities in Asia and Europe, with three major casino operations in Macau (City of Dreams, Studio City and Altira Macau), non-casino Mocha Clubs and a casino in the Philippines, City of Dreams Manila 1. After acquiring 75% of ICR Cyprus in 2019 it expanded into Cyprus, and the Sri Lanka casino opened in 2025 1. It targets a broad range of patrons, from high-stakes rolling chip players to those seeking a wider entertainment experience 1.
Revenue is organised by property and geography: City of Dreams generated 53.0% of total operating revenues in 2025 1 and Studio City 28.6% 1. The rest comes from Cyprus, the Philippines, Altira Macau, Mocha Clubs and other operations 1. The company is a Cayman Islands holding company with principal executive offices in Singapore and Hong Kong 1.
Cash moves between operating subsidiaries through intercompany loans and equity contributions, and Melco Resorts Macau faces notification duties and legal limits on profit distributions 1. Dividend payments depend on financial results, market conditions and the covenants of existing credit facilities, and the company cannot assure future payments 1.
Segments
City of Dreams
City of Dreams is a premium-focused integrated resort in Cotai, Macau, targeting high-end customers and rolling chip patrons from the region 1. The segment generated US$2,736.8 million in 2025 1, or 53.0% of total revenues 1.
Studio City
Studio City is a cinematically-themed integrated resort focused on the mass market, with luxury hotels, a water park and a live performance arena 1. It generated US$1,478.4 million in 2025, or 28.6% of revenue 1. The company owned about 54.9% of SCI, whose ADSs are listed on the New York Stock Exchange 1.
Cyprus and Philippines
Cyprus operations, including City of Dreams Mediterranean and three satellite casinos, generated US$300.2 million in 2025 1, while City of Dreams Manila brought in US$411.1 million 1. The two markets complete the geographic footprint, though Philippines revenue fell from US$472.3 million in 2024 1.
Market context
The company operates mainly in the Macau gaming market, which provides most of its revenue 1. Competition is intense and demand depends heavily on visitors from mainland China, whose behaviour is shaped by policies of the Chinese and Macau governments 1. Expansion in Asia and Europe partly diversifies that dependence.
The Macau gaming market is regulated through concessions and an amended gaming law, and changes in interpretation or enforcement can alter operating conditions 1. The company closed several Mocha Clubs in 2025 in line with local law, showing how sensitive the business model is to regulatory decisions 1.
Trends
- Revenue recoverytailwind
Total revenues grew in 2025 and net income attributable to the company reached US$185.0 million, up from US$43.5 million in 2024, mainly due to better gaming and non-gaming performance 1. If this trend holds, margins could benefit from spreading fixed costs, although higher business activity also brought higher operating costs 1.
- Chinese and Macau regulationheadwind
The company notes that policies and measures of the Chinese and Macau governments could restrict travel or gaming marketing, and greater control over foreign investment could affect operations 1. This regulatory pressure could limit the flow of visitors.
- Expansion in Asia and Europemixed
The Sri Lanka casino opening in 2025 and the Cyprus development extend the geographic base, and City of Dreams Mediterranean opened in 2023 1. Expansion can diversify income but also brings execution and local regulatory risks 1.
Competitive position
The company competes with other casino operators in Macau and the wider region, and the source flags intensity of competition as a major risk to its operations 1. Each property's positioning, from premium to mass market, determines how far it overlaps with rivals.
Outside Asia, competition comes from local operators and from groups already present in Europe, and advantages depend on licences, partnerships and the quality of non-gaming offerings 1. The company aims to attract visitors from across Asia, especially China 1.
- Sands China
Casino operator in Macau, cited as a competing market participant in the source; US ticker not confirmed by the source.
- Wynn Macau
Casino operator in Macau, relevant to the premium segment; US ticker not confirmed by the source.
- MGM China
Casino operator in Macau active in the same market; US ticker not confirmed by the source.
- Local operators in Cyprus
Local casinos competing for clients in Cyprus, in the European market where the company operates.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)09 Jun 2026
- Current report (foreign issuer)29 May 2026
- Current report (foreign issuer)04 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Melco Resorts & Entertainment Limited · 13 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.