Melco publishes second quarter results, schedules phased opening of REM this quarter

Melco Resorts & Entertainment released second quarter numbers last night with adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), sliding 19.6 percent to US$303.8 million from US$377.7 million over the corresponding three-month period last year.

Operating income rose 2.5 percent to US$127.8 million from US$124.7 million, helped in part by a 6.6 percent drop in operating costs and expenses.

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The group’s Macao operations underperformed its operations outside the city. Adjusted EBITDA at City of Dreams Macau tumbled 34.5 percent to US$147.8 million while Studio City’s dropped 9.2 percent to US$95.5 million. Both properties reported softer mass market table game performance.

Adjusted EBITDA at City of Dreams Manila rose 8.9 percent to US$30.9 million from US$28.4 million in the comparable period of 2025, with EBITDA margins rising 31.8 percent from 28.8 percent.

Earlier plans to resume dividends at the end of this year were pushed back to 2027, Melco said.

Melco’s management indicated that it has bought back US$134 million of its shares over the first two quarters compared to US$165 million spent in the entirety of 2025.

Melco: New Attractions

The 149-suite REM at City of Dreams Macau is set to begin a phased opening this quarter. Previously known as the Countdown Hotel, and offering 330 standard rooms, the new luxury accommodation has undergone several rebranding exercises. Melco originally opened it as the Hard Rock Hotel, and it was renamed the Countdown Hotel in 2017 before closing in 2021.

[See more: Studio City Macau opens new 4D flying attraction Stardust]

The results come the day after Studio City Macau opened a new 4D immersive flying attraction called Studio City Stardust, which had taken over the venue that previously housed Studio City’s Batman-themed flying theatre.