Melco Int'l Dev Swings to HK$1.06 B Profit in 2025 on 11.2% Revenue Growth; Board Skips Final Dividend

Melco International Development Limited (MELCO INT'L DEV, 00200) reported a sharp turnaround for FY2025, posting profit attributable to owners of HK$1.06 billion against a HK$0.78 billion loss in 2024, supported by a 11.2% jump in net revenues to HK$40.24 billion.

Adjusted EBITDA climbed 17.6% to HK$10.62 billion, reflecting improved casino and hospitality performance across Macau, the Philippines, and Cyprus.

Earnings per share rebounded to HK$0.50 from a restated loss per share of HK$0.40 a year earlier. Net asset value per share surged to HK$0.80 (2024: HK$0.02) following a June 2025 rights issue that raised HK$0.78 billion.

Despite the profit recovery, the Board recommended no final dividend for 2025.

Operating income more than doubled to HK$5.51 billion, buoyed by stronger gaming revenue of HK$33.12 billion (+12.5% YoY). Room revenue rose 5.0% to HK$3.46 billion, food & beverage 1.6% to HK$2.27 billion, while entertainment, retail and other income grew 15.2% to HK$1.40 billion.

Total assets dipped 2.4% to HK$82.70 billion, while total liabilities fell 4.6% to HK$72.99 billion, trimming the gearing ratio to 69.1% (2024: 71.6%). Cash and bank balances stood at HK$8.12 billion; unused borrowing capacity totalled HK$10.66 billion. Interest-bearing borrowings declined to HK$57.14 billion from HK$60.69 billion, aided by refinancing, note redemptions and new credit facilities.

Segmentally, the flagship City of Dreams Macau delivered US$822.1 million Adjusted Property EBITDA (+32.3%), while Studio City contributed US$393.8 million (+15.4%). City of Dreams Manila’s Adjusted Property EBITDA eased to US$132.8 million amid intensified competition, and City of Dreams Mediterranean generated US$68.2 million in its first full year. The Group’s capital-light expansion continued with the initial opening of City of Dreams Sri Lanka in August 2025.

Operating costs rose in tandem with activity: gaming tax and licence fees increased 9.9% to HK$15.60 billion, and employee expenses were up 11.5% to HK$7.77 billion.

Looking ahead, management highlighted ongoing investments, including the REM luxury hotel at City of Dreams (target opening 2H26) and retail revamps, while reaffirming confidence in Macau’s tourism growth and the contribution potential of overseas resorts.

The annual general meeting is scheduled for 8 June 2026; the register of members will be closed from 3–8 June 2026 for voting eligibility.