Melco Profit Nearly Vanishes as Macau Q3 Results Split

Melco Resorts & Entertainment's third-quarter profit nearly vanished amid sharply divided results across Macau's casino operators. Net income attributable to Melco fell to US$34,000 from US$74.7 million a year earlier. Wynn's Macau operations and SJM Holdings also posted weaker numbers.

MGM China and Sands China, however, grew revenue in a softer market. Macau's gross gaming revenue (GGR) fell 3.8% year over year to MOP60.22 billion (US$7.46 billion) in Q3, according to the Gaming Inspection and Coordination Bureau (DICJ). Mass baccarat, the city's largest revenue line, led the decline, falling 7.9% to MOP33.61 billion (US$4.16 billion). In October, analysts had warned of a sector-wide drop in Q3 EBITDA.

Melco Revenue Falls 10% on Weak Tables and Low VIP Hold

Melco's total operating revenues fell about 10% to US$1.17 billion. Adjusted property EBITDA dropped about 24% to US$287.6 million from US$380.4 million. These figures also cover Melco's operations outside Macau. The company blamed softer performance in rolling-chip and mass-market table games. Weaker non-gaming operations also weighed on results.

A low VIP hold rate added pressure at City of Dreams Macau. The property's rolling-chip win rate was 2.49%, below the expected range of 2.85% to 3.15%. Its rolling-chip volume fell about 17% to US$4.63 billion from US$5.58 billion.

Chairman and CEO Lawrence Ho remained upbeat. "We continue to be confident in the long-term prospects of our businesses in Macau," he said.

Wynn's Macau Revenue Slides and SJM Swings to a Loss

Wynn Resorts' Macau operations generated US$919.2 million in Q3 operating revenue, down 8.2% year over year. At Wynn Palace, revenue fell to US$583.8 million from US$635.5 million. Its mass-market table games win rate, however, rose to 25.8% from 22.6%. Revenue at Wynn Macau, on the Macau Peninsula, dropped to US$335.4 million from US$365.5 million. Combined adjusted property EBITDAR fell about 17% to US$255.3 million.

SJM Holdings swung to a Q3 loss of HK$397 million (US$51 million). That compares with a HK$9 million profit in Q3 2025. Adjusted EBITDA dropped 20% to HK$705 million from HK$881 million. SJM's GGR fell 23.9% to HK$5.44 billion after it closed its satellite casinos. Excluding last year's satellite revenue, GGR rose about 13.5%.

MGM China Sets Records; Sands Grows Revenue but Earns Less

Not every operator struggled. MGM China posted record third-quarter revenue and adjusted EBITDA. Revenue rose 5% to about HK$8.9 billion. Its share of Macau's gaming market hit a record 17.1%. Daily visitation at its properties rose 10%.

"The higher-end market segment continues to drive growth," said MGM China CEO Kenneth Feng.

Sands China's net revenue, meanwhile, grew 1.4% to US$1.93 billion. Still, its net income fell 29.8% to US$191 million. Adjusted property EBITDA from Sands' Macau operations dropped about 12% to US$529 million from US$601 million. The EBITDA margin narrowed to 27.3% from 31.5%.

Early Q4 data offers little relief, as Macau's GGR fell 10% year over year to MOP21.68 billion (US$2.69 billion) in October, its fifth straight monthly decline, despite the Golden Week holiday.