US$1.17bn Revenue, US$96.7m Cyprus Record: Melco Resorts Q3 2026 Results Under Lawrence Ho, Geoffrey Davis
Melco Resorts & Entertainment Limited reported unaudited third quarter 2026 results on 4 November 2026, showing total operating revenues of US$1.17 billion, compared with US$1.31 billion in the comparable period a year earlier, a decrease of approximately 10%. The company said the change was primarily attributable to softer performance in rolling chip and mass market table games, as well as overall non-gaming operations.
The results carry a clear regional split. While the core Macau business cooled, Melco’s operations in Cyprus delivered their strongest quarter yet, a divergence that speaks directly to how the operator is balancing its portfolio across regions.
Melco Resorts Q3 2026 operating income falls to US$100.2 million
Operating income for the quarter was US$100.2 million, compared with US$184.5 million in the third quarter of 2025. Adjusted Property EBITDA was US$287.6 million, compared with US$380.4 million a year earlier.
Net income attributable to Melco Resorts & Entertainment Limited was US$34 thousand, or US$0.00009 per American depositary share, compared with US$74.7 million, or US$0.19124 per ADS, in the third quarter of 2025.
The net loss attributable to noncontrolling interests was US$9.1 million, the majority of which the company attributed to Studio City and City of Dreams Mediterranean and Other. These figures reflect lower gaming revenue alongside the company’s interest and depreciation costs, both detailed in the release.
City of Dreams Macau revenue of US$566.2 million leads the Macau decline
City of Dreams reported total operating revenues of US$566.2 million, compared with US$672.6 million, with Adjusted EBITDA of US$130.3 million against US$206.9 million a year earlier. The company attributed the year-over-year decrease primarily to softer rolling chip and mass market table games performance.
Studio City posted total operating revenues of US$346.2 million, compared with US$375.3 million, and Adjusted EBITDA of US$90.6 million, compared with US$104.7 million, which the company linked primarily to softer mass market performance.
City of Dreams Mediterranean revenue rises to US$96.7 million for a record quarter
Total operating revenues at City of Dreams Mediterranean and Other rose to US$96.7 million from US$85.8 million, with Adjusted EBITDA increasing to US$25.7 million from US$23.2 million, which the company said was driven primarily by stronger mass market performance.
Chairman and Chief Executive Officer Lawrence Ho addressed the regional picture directly.
Lawrence Ho, Chairman and Chief Executive Officer, Melco Resorts & Entertainment Limited
“In the Philippines and Cyprus, our properties continued to demonstrate resilience despite the ongoing headwinds in those countries and regions. In particular, City of Dreams Mediterranean and our satellite casinos delivered its highest quarterly EBITDA on record.”
City of Dreams Manila delivers US$99.0 million in third quarter revenue
In the Philippines, City of Dreams Manila reported total operating revenues of US$99.0 million, compared with US$110.7 million in the third quarter of 2025, with Adjusted EBITDA of US$32.9 million, compared with US$41.3 million. The company attributed the year-over-year decrease primarily to softer performance across all gaming operations at the property.
Melco Resorts repurchases US$160.0 million in ADSs and renews Studio City land concession
Between 1 July and 3 November 2026, the company repurchased approximately 33.1 million ADSs for an aggregate purchase price of approximately US$160.0 million, and retained authority to repurchase up to roughly US$487.0 million more of its equity.
The company also confirmed that the land concession for Studio City was renewed for a ten-year term running from 17 October 2026 to 16 October 2036, following a special contribution of MOP85.7 million, equivalent to US$10.6 million. Total cash and bank balances stood at US$886.6 million, with available liquidity of approximately US$1.95 billion and total debt, net, of US$6.98 billion
What Melco Resorts Q3 2026 results signal for Macau-exposed operators
Melco’s quarter shows that Macau’s recovery remains uneven, with the high-margin rolling chip and mass table segments under pressure and group profitability narrowing as a result. At the same time, the record European quarter indicates the company’s diversification across regions is beginning to carry real weight.
On the outlook, Lawrence Ho pointed to the opening of the company’s newly branded hotel REM and the renovation of its retail space at City of Dreams in Macau. He said the company believes it is well positioned to capture the demands of its evolving customer base and support long-term growth.
For operators watching the sector, the signal is less about one soft quarter in Macau and more about where resilience is now coming from. A continued buyback, a fresh ten-year land concession and a record Cyprus result together point to a company managing a near-term slowdown while positioning for the longer term. Whether Europe can keep offsetting Macau softness is the question the next few quarters will answer.
