Casino operator Melco Resorts & Entertainment Ltd reported net profit of US$76.8 million for the first quarter of 2026, up 136.2 percent year-on-year, from US$32.5 million in the prior-year period, the firm said in a Thursday filing.
Total operating revenue rose 10.9 percent year-on-year to nearly US$1.37 billion for the three months to March 31, while operating income for the period increased to US$179.0 million, from US$144.9 million a year earlier.
Melco Resorts’ adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) reached just under US$381.0 million in the January to March period, 11.7-percent higher than in the prior-year period.
Melco Resorts runs casinos in Macau, one in the Philippine capital Manila, and several in the Republic of Cyprus. In the third quarter last year, it launched a new casino in the Sri Lankan capital, Colombo
Thursday’s results update quoted Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, saying the group’s results were driven by improved operating leverage.
“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,” Mr Ho noted.
“Our efforts continue to centre on increasing flow through and profitability while enhancing our competitive positioning with key growth initiatives,” he added.
“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,” the CEO stated.
“In Cyprus, results at City of Dreams Mediterranean and our satellite casinos were impacted by the conflicts in the Middle East that began in late February, which adversely affected tourism arrivals,” he added. “We are closely monitoring developments and will remain operationally flexible as we position the business for a recovery in travel demand.”
At City of Dreams Macau (pictured), first-quarter revenue reached US$734.6 million, while adjusted EBITDA increased to US$214.4 million, compared with US$195.9 million a year earlier. The improvement was supported by stronger mass-market table games and non-gaming business, the firm said.
Studio City also recorded growth, with revenue of US$392.0 million and adjusted EBITDA of US$111.7 million, while the Altira Macau property returned to positive EBITDA of US$4.1 million.
Outside Macau, City of Dreams Manila posted quarterly adjusted EBITDA of US$37.4 million, up 24.3 percent year-on-year. The company said the year-over-year increase in adjusted EBITDA “was primarily a result of better performance in the rolling chip operations”.
Rolling chip volume at City of Dreams Manila was US$460.1 million in the opening quarter of 2026, compared with US$351.9 million a year ago; and the win rate was 5.18 percent in the reporting period, compared with 2.98 percent in the first quarter of 2025.
In Cyprus, first-quarter EBITDA at City of Dreams Mediterranean and associated satellite casinos fell to US$9.0 million from US$11.6 million a year earlier. Total operating revenues at its Cyprus operations rose 11.6 percent year-on-year, to US$65.3 million.
Melco Resorts said it had cash and bank balances of US$1.07 billion as of March 31, against total debt of US$6.67 billion. The company said it had available liquidity of about US$2.36 billion and capital expenditure of US$73.6 million during the quarter, mainly tied to enhancement projects in Macau.
The casino firm also announced on a Thursday a new US$500-million share repurchase programme, in addition to an existing buyback scheme. The company has remaining authority to repurchase up to approximately US$210 million of ordinary shares under previous share repurchase programme.
