Melco International Development Ltd, the Hong Kong-listed parent of Melco Resorts, delivered a standout financial recovery in the first half of 2025. The company posted a profit of HK$350.8 million (US$45 million), reversing its prior-year loss of HK$253.2 million (US$32.5 million). This rebound reflects significant improvements across the group's gaming and non-gaming operations.

Key Financial Highlights

• Net revenues surged 12.4% year-over-year to HK$19.96 billion (US$2.56 billion).

• Adjusted EBITDA climbed 19.6%, reaching HK$5.37 billion (US$689 million).

• Despite the positive results, the company chose not to resume interim dividend payouts.

Insights from Lawrence Ho

Lawrence Ho, Group Chairman and CEO, emphasized the group’s balanced and resilient execution:

“During the first half of 2025, the Group demonstrated resilient performance across its integrated resort portfolio. We delivered balanced growth by optimizing operational expenditures and investing in property upgrades and premium customer experiences. Our adaptability to market dynamics strengthened the foundation for sustainable growth across our diversified portfolio.”

Ho also highlighted performance across different regions:

• Macau: Revitalized through strategic property enhancements and the successful relaunch of The House of Dancing Water in May 2025—an initiative that delivered a powerful boost to the group’s non-gaming revenue. 

• Philippines: City of Dreams Manila responded to rising competition with prudent cost-optimization measures, preserving operational stability. 

• Cyprus: Despite geopolitical pressures affecting the region, City of Dreams Mediterranean and satellite casinos continued to show solid performance. 

• Sri Lanka Expansion: August 2025 witnessed the opening of City of Dreams Sri Lanka, the first integrated resort in South Asia—a capital-light venture aligning with Melco’s growth strategy in emerging markets. 

Ho concluded with an optimistic tone:

“Looking ahead, the Group is optimistic about the long-term prospects of its diversified portfolio. Through an unwavering commitment to excellence and innovation, we will continue to enhance our offerings while strategically pursuing emerging opportunities. This approach solidifies our market leadership and drives sustained growth and success.”

Broader Context: Building on Strong Momentum

Melco’s resurgence this quarter builds on its 2024 recovery trajectory:

• In 2024, the company reduced its annual loss by 55%, fueled by strong demand and fresh resort expansions including Studio City Phase 2 and City of Dreams Mediterranean.

• As of Q2 2025, Melco continues to post robust operating results:

  • Macau properties such as City of Dreams Macau and Studio City achieved record mass-market table revenue and significantly improved EBITDA. 

  • Performance outside Macau remained mixed, with Manila facing headwinds and Cyprus showing resilience despite cost pressure.

• Melco’s strategy of expanding into asset-light international markets, typified by Sri Lanka’s launch, underscores its commitment to measured, diversified growth.