Melco Resorts posts Q1 2026 revenue of US$1.37 billion, net income more than doubles; parent Melco Int'l Dev discloses results

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Melco International Development Limited (00200.HK) released the unaudited first-quarter 2026 results of its Nasdaq-listed subsidiary, Melco Resorts & Entertainment Limited (“Melco Resorts”), on 30 April 2026.

Operating highlights • Total operating revenue rose 11.0% year on year to US$1.37 billion, driven mainly by stronger mass-market gaming. • Operating income increased 23.5% to US$179.00 million. • Adjusted Property EBITDA grew 11.8% to US$381.00 million; margin at Macau properties improved to about 28%. • Net income attributable to Melco Resorts shareholders surged to US$76.83 million (US$0.20 per ADS) from US$32.53 million a year earlier.

Segment performance (Q1 2026 vs Q1 2025) • City of Dreams Macau: Revenue US$734.60 million (+11.6%); Adjusted EBITDA US$214.40 million (+9.4%). Mass-market table drop advanced to US$1.71 billion, while non-gaming revenue climbed 15.8% to US$97.40 million. • Studio City Macau: Revenue US$392.00 million (+10.6%); Adjusted EBITDA US$111.70 million (+14.8%). • Altira Macau returned to profitability with Adjusted EBITDA of US$4.10 million (versus a loss of US$0.70 million). • City of Dreams Manila: Adjusted EBITDA improved 24.2% to US$37.40 million, supported by a rolling-chip win rate of 5.18%. • Cyprus operations: Adjusted EBITDA declined to US$9.00 million (-22.4%) amid Middle East travel disruptions. • Mocha Clubs: Revenue US$15.20 million (-50.3%) following earlier venue closures; Adjusted EBITDA US$4.20 million. • Other Operations (Sri Lanka): First-time quarterly revenue of US$14.30 million and Adjusted EBITDA of US$0.30 million.

Balance sheet and liquidity • Cash and bank balances stood at US$1.07 billion; total debt (net) was US$6.67 billion. • Undrawn facilities lifted available liquidity to approximately US$2.36 billion. • Capital expenditure in the quarter totaled US$73.60 million, mainly for enhancements at City of Dreams Macau.

Capital management • Under the 2024 US$500 million buyback plan, 2.50 million ADSs were repurchased for US$13.80 million, leaving US$210 million of remaining authority. • A new three-year US$500 million repurchase program was approved effective 30 April 2026.

Strategic transaction Melco Resorts agreed to acquire intellectual-property assets, including licensed trademarks, from Melco International for US$375.00 million, with US$300.00 million payable at signing and the balance at closing. The deal received unanimous approval from the subsidiary’s Audit and Risk Committee after an independent valuation.

Key ratios (three months ended 31 March 2026) • Adjusted EBITDA/Revenue: 25.1% (Q1 2025: 25.4%) • Net debt/Adjusted EBITDA (annualised): 4.4 x

Conference call Management will host a results call on 30 April 2026 at 08:30 ET; registration details are provided in the company’s release.

All figures are presented in U.S. dollars and are derived directly from the company’s announcement.

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