Melco International Development Limited, parent of Melco Resorts & Entertainment, has returned to profitability for the first time since COVID — marking a significant milestone in Macau’s recovery.

Financial Recovery Turns Real

The group reported a profit attributable to owners of HK$1.06 billion, reversing a HK$780 million loss in 2024, alongside an 11.2% increase in net revenues to HK$40.24 billion and Adjusted EBITDA of HK$10.62 billion. This performance shows that recovery is no longer just about returning demand, but about restoring sustainable earnings.

Leadership Focus: Experience and Discipline

Chairman and CEO Lawrence Ho described 2025 as a pivotal year of recovery and expansion, driven by disciplined cost management and operational excellence. He highlighted Melco’s continued focus on enhancing guest experiences in Macau, led by the return of the House of Dancing Water and ongoing upgrades across City of Dreams Macau and Studio City Macau.

Expanding Beyond Macau

At the same time, the group is strengthening its global footprint through a capital-light strategy. Projects such as City of Dreams Sri Lanka and stable operations in the Philippines and Cyprus reflect a more diversified growth approach. Looking ahead, the upcoming REM luxury hotel launch in 2026 will further reinforce its premium positioning.

Strategic Shift: A New Operating Model

What stands out is that Melco’s recovery is not purely cyclical. It reflects a structural shift toward premium experiences, diversified revenue streams, and disciplined execution. This mirrors Macau’s broader evolution into a more balanced, experience-led tourism market.

Final Take

Melco’s return to profit is more than a financial milestone — it is a signal of a more mature and sustainable phase of growth for both the company and Macau.

In the next phase, success will depend less on volume and more on the ability to deliver high-quality, differentiated experiences at scale.