Melco Resorts reports Q2 2026 adjusted property EBITDA of about $304 million

Melco Resorts and Enter (NASDAQ: MLCO ) released second-quarter financial results and hosted an earnings call on Thursday.

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The full earnings call is available at Summary Melco Resorts and Enter reported group-wide adjusted property EBITDA of approximately $304 million for Q2 2026, with a notable impact from a lower VIP win rate at City of Dreams Macau.

The company opened a new gaming area at City of Dreams and plans a retail revamp to enhance customer experience, aiming to position itself as a leading luxury destination in Macau.

In the Philippines, City of Dreams Manila posted a 9% YoY growth in EBITDA, while Cyprus saw a 60% increase despite regional disruptions, showcasing the resilience of Melco's diversified portfolio.

Melco extended its revolving credit facilities to June 2031, enhancing financial flexibility, and expects to recommence dividends in 2027 after significant share repurchases in 2026.

Management remains focused on debt reduction, operational efficiency, and leveraging new product offerings like the REM experience to drive future growth.

Full Transcript OPERATOR Ladies and gentlemen, thank you for participating in the second quarter 2026 earnings conference call of Melco Resorts and Enter.

At this time, all participants are in a listen-only mode.

After the call, we will conduct a question-and-answer session.

Today's conference is being recorded.

I would now like to turn the call over to Ms.

Jeannie Kim, Senior Vice President and Group Treasurer of Melco Resorts and Enter.

Jeannie Kim, Senior Vice President and Group Treasurer Thank you, operator.

Thank you, everybody, for joining us today for our second quarter 2026 earnings call.

On the call are Lawrence Ho, Jeff Davis, Evan Winkler, and our property presidents in Macau, Manila, and Cyprus.

Before we get started, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of federal securities laws.

Our actual results could differ from our anticipated results.

In addition, we may discuss non-GAAP measures.

Definitions and reconciliations of each of these measures to the most comparable GAAP financial measures are included in the earnings release.

Finally, please note that our supplementary earnings slides are posted on our investor relations website.

With that, I'll now turn the call over to Mr.

Lawrence Ho.

Lawrence Ho (CEO) Thank you, Jeanne, and thank you all for joining us today.

We're confident in the long-term strength of our business and our outlook for the remainder of 2026 in Macau.

Despite near-term headwinds that are reflected in our second-quarter results, our priorities remain unchanged: to deepen customer engagement, attract high-quality visitation, and continue investing in our properties to anticipate the changing needs and preferences of our guests.

The opening of REM marks an important milestone in the continued evolution of City of Dreams, delivering a distinctive new experience for our guests which we believe is not available anywhere else in Macau.

We continue to take steps to operate more efficiently and strengthen our business.

Together with the phased opening of REM, these initiatives position us well to capture the growth in demand.

We continue to enhance the gaming experience across our portfolio.

We opened a new gaming area with 18 tables at City of Dreams near the southwest entrance at the end of July.

Its convenient location along the main Cotai Strip with easy accessibility is expected to attract incremental visitation, particularly from walk-in patrons.

The benefits of the convenient access to games has been a proven success with our 15-table gaming area near the Grand Hyatt entrance, which we opened in October 2025.

We're also commencing a revamp of the retail areas at City of Dreams in Macau.