Melco Resorts reported US$34,000 in 3Q net income on Wednesday, down from US$74.7 million a year earlier. The drop spans Macau, Manila and Cyprus as rolling chip and mass-market table games softened.
Melco Resorts 3Q net income fell to US$34,000, from US$74.7 million in 3Q25. Operating revenues dropped 10.4% to about US$1.17 billion. Adjusted property EBITDA fell 24.4% to US$287.6 million. City of Dreams Manila revenue was US$99.0 million, down 10.6% year on year.
- Melco Resorts: The Q3 Numbers
- City of Dreams Macau Slides
- Melco Resorts Debt and Studio City Renewal
Melco Resorts 3Q net income was US$34,000, the lowest quarterly figure in the comparison period. That is a US$40.7 million decline from approximately US$74.7 million a year earlier, and it is also far below the US$22.7 million the operator recorded in 2Q26.
The decline was driven by softer rolling chip and mass-market table games across the group, as well as weaker non-gaming operations. Adjusted property EBITDA contracted 24.4% to roughly US$287.6 million for the quarter.
Melco Resorts: The 3Q26 Numbers
Operating revenues across Melco Resorts fell 10.4% year on year to around US$1.17 billion for the three months ended September 30. Casino business revenues fell 11.5%, to nearly US$939.2 million. Total operating expenses dropped 4.6% to about US$1.07 billion, so the revenue decline outweighed the expense savings.
The portfolio spans Macau, Manila, several sites in Cyprus and a newly launched casino in Colombo, Sri Lanka. 2Q26 was a US$5.7 million increase on 1Q26, which was itself a sharp fall from 4Q25. The pattern across the year points to an Arden Consult group where the two flagship properties are absorbing the drag.
City of Dreams Macau Slides as Rolling Chip Weakens
City of Dreams Macau generated US$566.2 million in operating revenues during 3Q26, against US$672.6 million in 3Q25. The decline was 16% year on year. Adjusted property EBITDA fell to US$130.3 million from US$206.9 million, a 37% drop, which the firm attributed to weaker rolling chip and mass-market table games.
Rolling chip volume fell to US$4.63 billion in 3Q26, from US$5.58 billion a year earlier, a 17% reduction. The hotel brand REM began phased opening at the flagship during the quarter. Cash and bank balances stood at US$886.6 million, including US$124.2 million of restricted cash.
Chairman and chief executive Lawrence Ho Yau Lung said the group is focused on disciplined execution to drive strong returns. He pointed to the REM launch and the retail renovation at City of Dreams as support for capturing demand from an evolving customer base.
Melco Resorts Debt and Studio City Land Renewal
Melco Resorts closed the quarter with US$6.98 billion of debt net of unamortised deferred financing costs and original issue premiums. In August, the company announced a US$900 million note pricing, and shares have been under pressure since a People Inc acquisition bid was withdrawn.
The Studio City land concession was renewed for ten years to October 16, 2036, after the group paid a special contribution of MOP85.7 million, roughly US$10.6 million. Melco Resorts also repurchased about 99.2 million ordinary shares worth US$160 million between July 1 and November 3 this year.
Frequently Asked Questions
What was Melco Resorts’ 3Q26 net income?
Melco Resorts recorded US$34,000 of net income for the three months ended September 30, down from about US$74.7 million in 3Q25 and lower than the US$22.7 million reported in 2Q26.
Why did Melco Resorts 3Q operating revenues fall?
Operating revenues fell 10.4% to around US$1.17 billion because rolling chip and mass-market table games softened in Macau, and non-gaming operations were weak. Casino business revenues declined 11.5% to nearly US$939.2 million.
How did City of Dreams Macau perform in 3Q26?
Operating revenues fell 16% to US$566.2 million from US$672.6 million. Adjusted property EBITDA dropped to US$130.3 million from US$206.9 million. Rolling chip volume fell 17% to US$4.63 billion, while the hotel brand REM began phased opening.
What happened at City of Dreams Manila in the third quarter?
City of Dreams Manila operating revenues fell 10.6% year on year to US$99.0 million. Adjusted property EBITDA dropped 20.3% to US$32.9 million, so the Philippine property also recorded a revenue decline.
How much debt does Melco Resorts have?
Total debt was US$6.98 billion at September 30, net of unamortised deferred financing costs and original issue premiums. Cash and bank balances stood at US$886.6 million, including US$124.2 million of restricted cash.
What does the Melco Resorts Studio City concession renewal mean?
The Studio City land concession was renewed for ten years to October 16, 2036. The group paid a special contribution of MOP85.7 million, equivalent to about US$10.6 million, as part of the extension.
This article has been thoroughly researched and reviewed by the CasinoBait editorial team to ensure accuracy and relevance for Asian casino players.
