Melco Resorts Q1 Revenues Rise 11% to US$1.37B, EBITDA Up 12%
Melco Resorts reported Q1 2026 operating revenues of US$1.37 billion, up 11% year-over-year, with operating income rising to US$179.0 million and Adjusted Property EBITDA increasing 12% to US$381.0 million. Net income attributable reached US$76.8 million, or US$0.20 per ADS, compared with US$32.5 million, or US$0.08 per ADS, a year earlier.
1. Consolidated First-Quarter 2026 Results
Total operating revenues reached US$1.37 billion in Q1 2026, up from US$1.23 billion in Q1 2025. Operating income rose to US$179.0 million from US$144.9 million, while Adjusted Property EBITDA climbed 12% to US$381.0 million. Net income attributable was US$76.8 million, or US$0.20 per ADS, versus US$32.5 million, or US$0.08 per ADS, in the prior year.
2. City of Dreams Performance
City of Dreams generated US$734.6 million in revenues, up 12% year-over-year, and delivered Adjusted EBITDA of US$214.4 million, up from US$195.9 million. Rolling chip volume rose to US$6.37 billion with a 3.50% win rate, while mass market table drop increased to US$1.71 billion with a 31.6% hold. Non-gaming revenue climbed to US$97.4 million.
3. Studio City and Altira Macau Highlights
Studio City revenues grew to US$392.0 million, with Adjusted EBITDA up to US$111.7 million on stronger mass market play. Altira Macau posted US$38.1 million in revenues and swung to US$4.1 million of Adjusted EBITDA from a US$0.7 million loss, driven by higher mass market table drop and gaming machine handle.
4. Regional Segment Insights
Macau property EBITDA margin improved to approximately 28%, while City of Dreams Manila saw a 24% year-over-year EBITDA increase despite industry headwinds. In Cyprus, tourism was impacted by Middle East conflicts, prompting operational flexibility as travel demand recovers.