Melco Resorts & Entertainment Ltd ( MLCO ). released its third-quarter financial report on Thursday, beating Wall Street estimates.

The company operates integrated resort brands like City of Dreams (in Macau, Manila, and Mediterranean), Studio City, and Altira Macau.

The company reported quarterly earnings of 21 cents per share, surpassing the analyst consensus estimate of 12 cents, an increase from earnings of 8 cents per share in the same period a year earlier.

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Quarterly operating revenue reached $1.31 billion, exceeding estimates of $1.28 billion, an increase from $1.18 billion in the prior-year quarter.

The company reported adjusted EBITDA of $351.96 million for the quarter, compared to $302.59 million in the same period last year.

Melco’s adjusted property EBITDA rose to $380.42 million in the third quarter of 2025, up from $322.56 million in the same period last year.

Operating income was $184.51 million, up from $138.59 million reported in the year-ago period.

Melco Resorts had cash and cash equivalents of $1.48 billion at the end of the quarter.

Segment Performance

City of Dreams reported strong results, with total operating revenue of $672.6 million and adjusted EBITDA increasing to $206.9 million from $162.8 million.

Studio City posted a modest revenue increase to $375.3 million from $364.7 million, with adjusted EBITDA improving to $104.7 million from $92.8 million, supported by stronger mass market play.

Altira Macau saw revenues decline to $25.6 million from $30.5 million, though adjusted EBITDA losses narrowed to $0.7 million from $1.1 million. Both mass table drop and gaming machine handle declined, reflecting continued softness in the segment.

Mocha and Other reported total revenues of $28.6 million, down from $30.6 million a year earlier, with adjusted EBITDA of $5.8 million versus $6.9 million. The segment was affected by the closure of Grand Dragon Casino and one Mocha Club, part of the company’s strategic development of gaming assets.

City of Dreams Manila recorded operating revenues of $110.7 million, down from $118.9 million, and adjusted EBITDA of $41.3 million versus $45.9 million, as softer gaming machine and non-gaming operations weighed on results.

City of Dreams Mediterranean and Other delivered a strong performance, with revenues up 33% to $85.8 million and adjusted EBITDA rising to $23.2 million from $15.1 million.

Management Commentary

Mr. Lawrence Ho, Chairman and Chief Executive Officer, stated, “Our properties in Macau delivered solid growth in the third quarter of 2025 with Macau Property EBITDA improving by 21% year-over-year. Margins remained stable, underscoring the strength of our core business and focus on cost discipline.”

Price Action: MLCO shares were trading higher by 4.75% to $8.485 at last check Thursday.

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