Impressive Macau Momentum
Melco Resorts’ Macau operations drove Q1 2025 success, with property EBITDA surging 32% quarter-on-quarter. Chairman and CEO Lawrence Ho highlighted sustained mass market strength, noting, “Mass drop increased each month during the quarter, and we recorded our highest daily mass drop ever.”
At City of Dreams Macau, operating revenues jumped 19.5% year-on-year to $658.1 million, fueled by $6.05 billion in rolling chip volume and a 3.74% win rate. Mass table games drop rose 7.4% to $1.59 billion, reinforcing sector resilience. Adjusted EBITDA for the property climbed 27.5% to $195.9 million compared to Q1 2024, while slot gross gaming revenue grew 3% annually.
Studio City Gains, Altira Declines
Studio City posted a 6% year-on-year revenue increase to $336 million in Q1 2025. It was powered by an 11% surge in mass gaming GGR to $303 million and a 23% jump in slot revenue to $33 million. The property’s adjusted EBITDA rose 11% to $97 million, signaling sustained recovery.
Altira Macau, however, did not reflect similar beaming results. The resort saw operating revenues plummet 24% to $28 million with a negative adjusted EDIBTA of $0.7 million. The downturn stemmed from weaker mass table performance as game volume fell 22.6% to $108.8 million from $140.7 million in Q1 2024.
Regional Performance Contrast
Melco’s global portfolio showed uneven results beyond Macau. City of Dreams Manila saw operating revenues fall 13% year-on-year to $101.6 million. Adjusted EBITDA was down 21% to 30.1 million amid heightened competition and a 17% mass table revenue decline.
This contrasted with Cyprus operations, where gross gaming revenue rose 10% to $58.5 million and non-gaming revenue surged 59% to $18.8 million. Mass market table drop rose 34% to $145 million, driving a 10% EBITDA increase to $12 million, balancing Asian market pressures.
