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Melco Resorts & Entertainment Limited

Melco Resorts & Entertainment Limited

NASDAQ•MLCO
CEO: Mr. Yau Lung Ho
Sector: Consumer Cyclical
Industry: Gambling, Resorts & Casinos
Listing Date: 2006-12-19
Melco Resorts & Entertainment Limited develops, owns, and operates casino gaming and resort facilities in Asia and Europe. It owns and operates City of Dreams, an integrated casino resort that has gaming tables and gaming machines; suites and villas; restaurants and bars; retail outlets; a wet stage performance theater; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spas and salons and banquet and meeting facilities. The company also operates Altira Macau, a casino hotel, which has gaming tables and gaming machines; hotel rooms; dining and casual restaurants; recreation and leisure facilities; and non-gaming amenities. In addition, it operates Studio City, a cinematically themed integrated resort with gaming facilities, hotel, entertainment, retail, and food and beverage outlets in Cotai, Macau. Further, the company owns and operates Mocha Clubs with gaming machines, as well as Grand Dragon casino in Taipa Island, Macau. Additionally, it operates and manages City of Dreams Manila, an integrated resort in the Entertainment City complex in Manila; a casino in Limassol and satellite casinos in Nicosia, Ayia Napa, and Paphos in Cyprus; and develops and operates City of Dreams Mediterranean, an integrated casino resort in Cyprus. The company was formerly known as Melco Crown Entertainment Limited and changed its name to Melco Resorts & Entertainment Limited in April 2017. The company was incorporated in 2004 and is headquartered in Central, Hong Kong. Melco Resorts & Entertainment Limited is a subsidiary of Melco Leisure and Entertainment Group Limited.
Contact Information
The Centrium, 38th Floor 60 Wyndham Street, Central, Hong Kong
852-2598-3600
www.melco-resorts.com
Market Cap
$1.22B
P/E (TTM)
66.6
16.1
Dividend Yield
--
52W High
$10.15
52W Low
$4.55
52W Range
81%
3.5
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$1.31B+11.43%
4-Quarter Trend

EPS

$0.57+804.76%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Rebounds Strongly Total operating revenues reached US$4.64 B in 2024, marking a 22.9% increase driven by Macau tourism recovery.
Return to Profitability Achieved Net income attributable to shareholders was US$43.5 M in 2024, reversing the US$326.9 M net loss reported in 2023.
Macau Casino Revenue Growth Casino revenues grew 22.6% to US$3.77 B in 2024, supported by full-year operations of new resort phases.
New Property Operations Ramp City of Dreams Mediterranean opened mid-2023, contributing to improved mass market segment performance in Cyprus operations.

Risk Factors

Macau Regulatory Dependence Results heavily depend on Mainland China travel policies and Macau government regulatory actions affecting customer visitation.
Significant Leverage Remains Total long-term debt stands at US$7.18 B as of December 31, 2024, requiring substantial cash flow for debt service.
Intense Regional Competition Faces intense competition in Macau, Philippines, and Cyprus from larger, more diversified regional gaming operators.
Future Debt Maturity Profile Significant portions of long-term debt, including various senior notes, mature between 2025 and 2029, requiring refinancing.

Outlook

Sri Lanka Project Commencement City of Dreams Sri Lanka, the first integrated resort in the country, is expected to commence casino and hotel operations in Q3 2025.
Capital Expenditure Focus Significant capital expenditures planned for ongoing enhancement of Macau properties and development of Sri Lanka project.
Maintaining Liquidity Position Intends to finance future projects using operating cash flow, existing balances, and potential equity or debt financings.
Studio City VIP Repositioning VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024 to focus on mass market.

Peer Comparison

Revenue (TTM)

Melco Resorts & Entertainment LimitedMLCO
$5.06B
+11.5%
Carter's, Inc.CRI
$2.83B
-0.3%
LGI Homes, Inc.LGIH
$1.79B
-20.6%

Gross Margin (Latest Quarter)

Carter's, Inc.CRI
45.1%
-1.9 pp
Golden Entertainment, Inc.GDEN
40.7%
-16.5 pp
Melco Resorts & Entertainment LimitedMLCO
34.4%
+9.3 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MLCO$1.22B66.6-4.2%95.4%
CRI$1.18B13.010.4%27.5%
LGIH$1.13B10.75.2%43.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+3.2%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 21, 2025|
    Revenue: $4.64B+22.9%
    |
    EPS: $0.30+140.0%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 22, 2024|
    Revenue: $3.78B+179.7%
    |
    EPS: $-0.75+68.4%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 31, 2023|
    Revenue: $1.35B-32.9%
    |
    EPS: $-2.37-17.9%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 31, 2022|
    Revenue: $2.01B+16.5%
    |
    EPS: $-2.01+34.3%
    Miss

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 31, 2021|
    Revenue: $1.73B-69.9%
    |
    EPS: $-3.06-492.3%
    Miss