MACAU, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco Resorts” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the second quarter of 2026.
Total operating revenues for the second quarter of 2026 were US$1.25 billion, representing a decrease of approximately 6% from US$1.33 billion for the comparable period in 2025. The decrease in total operating revenues was primarily attributable to softer performance in rolling chip and mass market table games as well as overall non-gaming operations.
Operating income for the second quarter of 2026 was US$127.8 million, compared with US$124.7 million in the second quarter of 2025.
Melco Resorts’ Adjusted Property EBITDA(1) was US$303.8 million in the second quarter of 2026, compared with US$377.7 million in the second quarter of 2025.
Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2026 was US$22.7 million, or US$0.06 per American depositary share (“ADS”), compared with US$17.2 million, or US$0.04 per ADS, in the second quarter of 2025. The net loss attributable to noncontrolling interests was US$12.1 million and US$7.8 million during the second quarters of 2026 and 2025, respectively, the majority of which was attributable to Studio City and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “We are confident in the long-term strength of our businesses and our outlook for Macau. Despite near-term headwinds that are reflected in our second quarter results, our priorities continue to be to deepen customer engagement, attract high quality visitation, and continue investing in our properties to anticipate the changing needs of our guests. Our new hotel, REM, will commence its phased opening in the third quarter of 2026, which together with our continued efforts to operate more efficiently and strengthen our business, positions us well to capture the demand that has been gaining momentum in Macau.
“Outside of Macau, our diversified portfolio continued to demonstrate resilience and growth potential. In the Philippines, City of Dreams Manila delivered solid year-over-year growth despite the ongoing challenges in the country. In Cyprus, City of Dreams Mediterranean and our satellite casinos rebounded with considerable strength as disruptions in regional travel eased, with Property EBITDA in the second quarter of 2026 growing by 60% year-over-year.”
City of Dreams Second Quarter Results
For the quarter ended June 30, 2026, total operating revenues at City of Dreams were US$632.2 million, compared with US$710.5 million in the second quarter of 2025. City of Dreams’ Adjusted EBITDA was US$147.8 million in the second quarter of 2026, compared with US$225.6 million in the second quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer rolling chip and mass market table games performance.
Rolling chip volume decreased to US$5.16 billion during the second quarter of 2026, compared with US$5.49 billion in the second quarter of 2025. Win rate was 2.71% in the second quarter of 2026, compared with 3.93% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop was US$1.75 billion for each of the second quarters of 2026 and 2025. Hold percentage was 29.8% in the second quarter of 2026, compared with 30.5% in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$1.20 billion, compared with US$0.95 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.0% in the second quarter of 2025.
Total non-gaming revenue at City of Dreams in the second quarter of 2026 was US$89.5 million, compared with US$88.1 million in the second quarter of 2025.
Studio City Second Quarter Results
For the quarter ended June 30, 2026, total operating revenues at Studio City were US$371.5 million, compared with US$388.2 million in the second quarter of 2025. Studio City’s Adjusted EBITDA was US$95.5 million in the second quarter of 2026, compared with US$105.2 million in the second quarter of 2025. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer mass market table games performance.
Mass market table games drop was US$884.1 million in the second quarter of 2026, compared with US$958.2 million in the second quarter of 2025. Hold percentage was 36.3% in the second quarter of 2026, compared with 34.0% in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$1.04 billion, compared with US$0.92 billion in the second quarter of 2025. Win rate was 3.6% in the second quarter of 2026, compared with 3.7% in the second quarter of 2025.
Total non-gaming revenue at Studio City was US$69.2 million in the second quarter of 2026, compared with US$83.8 million in the second quarter of 2025.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2026, total operating revenues at Altira Macau were US$33.9 million, compared with US$28.3 million in the second quarter of 2025. Altira Macau’s Adjusted EBITDA was US$2.2 million in the second quarter of 2026, compared with US$0.8 million in the second quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.
Mass market table games drop was US$134.0 million in the second quarter of 2026, compared with US$119.0 million in the second quarter of 2025. Hold percentage was 22.0% in the second quarter of 2026, compared with 21.3% in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$208.4 million, compared with US$114.9 million in the second quarter of 2025. Win rate was 3.4% in the second quarter of 2026, compared with 2.5% in the second quarter of 2025.
Total non-gaming revenue at Altira Macau was US$5.3 million in the second quarter of 2026, compared with US$4.8 million in the second quarter of 2025.
Mocha Second Quarter Results
Prior to the fourth quarter of 2025, the Mocha and Other segment included the operations of Grand Dragon Casino before its closure in September 2025. This segment has been renamed to the Mocha segment from the fourth quarter of 2025 onwards.
Following the government mandated closures in 2025, the Mocha segment now includes results for three Mocha Clubs, namely Mocha Inner Harbour, Mocha Golden Dragon and Mocha Hotel Sintra.
Total operating revenues from Mocha were US$15.1 million in the second quarter of 2026, compared with US$27.9 million from Mocha and Other in the second quarter of 2025. Mocha’s Adjusted EBITDA was US$4.0 million in the second quarter of 2026, compared with US$5.2 million for Mocha and Other in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$377.0 million, compared with US$496.4 million in the second quarter of 2025. Win rate was 4.0% in the second quarter of 2026, compared with 4.1% in the second quarter of 2025.
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2026, total operating revenues at City of Dreams Manila were US$97.3 million, compared with US$98.5 million in the second quarter of 2025. City of Dreams Manila’s Adjusted EBITDA was US$30.9 million in the second quarter of 2026, compared with US$28.4 million in the comparable period of 2025.
City of Dreams Manila’s rolling chip volume was US$342.6 million in the second quarter of 2026, compared with US$694.4 million in the second quarter of 2025. Win rate was 3.67% in the second quarter of 2026, compared with 2.05% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop decreased to US$131.9 million in the second quarter of 2026, compared with US$147.9 million in the second quarter of 2025. Hold percentage was 35.4% in the second quarter of 2026, compared with 34.8% in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$0.95 billion, compared with US$1.00 billion in the second quarter of 2025. Win rate was 5.0% in the second quarter of 2026, compared with 4.6% in the second quarter of 2025.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2026 was US$23.3 million, compared with US$27.0 million in the second quarter of 2025.
City of Dreams Mediterranean and Other Second Quarter Results
The Company operates City of Dreams Mediterranean in conjunction with three satellite casinos in Cyprus.
Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2026 were US$82.0 million, compared with US$72.3 million in the second quarter of 2025. City of Dreams Mediterranean and Other’s Adjusted EBITDA was US$19.9 million in the second quarter of 2026, compared with US$12.4 million in the second quarter of 2025. The year-over-year increase in Adjusted EBITDA was primarily a result of better mass market performance.
Rolling chip volume was US$0.1 million for the second quarter of 2026, compared with US$0.7 million in the second quarter of 2025. Win rate was negative 29.66% in the second quarter of 2026, compared with 7.28% in the second quarter of 2025. The expected rolling chip win rate range is 2.85%-3.15%. The significant movement in the rolling chip win rate resulted from low gaming volumes.
Mass market table games drop was US$175.7 million in the second quarter of 2026, compared with US$161.8 million in the second quarter of 2025. Hold percentage was 22.1% in the second quarter of 2026, compared with 21.9% in the second quarter of 2025.
Gaming machine handle for the second quarter of 2026 was US$727.7 million, compared with US$668.1 million in the second quarter of 2025. Win rate was 5.1% in the second quarter of 2026, compared with 4.9% in the second quarter of 2025.
Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2026 was US$24.4 million, compared with US$25.4 million in the second quarter of 2025.
Other Operations
Other Operations include the Company’s casino operations at City of Dreams Sri Lanka, which opened on August 1, 2025, and provision of management services to the Nüwa hotel at City of Dreams Sri Lanka, which opened to the public on July 15, 2025.
Total operating revenues from Other Operations were US$16.9 million for the quarter ended June 30, 2026. Adjusted EBITDA from Other Operations was US$3.5 million in the second quarter of 2026.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2026 were US$109.5 million, which mainly included interest expense, net of amounts capitalized, of US$111.0 million.
Depreciation and amortization costs of US$135.7 million were recorded in the second quarter of 2026, of which US$5.0 million related to the amortization expense for land use rights.
Adjusted EBITDA for Studio City for the three months ended June 30, 2026 referred to above was US$28.5 million more than the Adjusted EBITDA of Studio City reported in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated August 13, 2026 (the “Studio City Earnings Release”). Adjusted EBITDA of Studio City reported in the Studio City Earnings Release includes certain intercompany charges that are not included in Adjusted EBITDA for Studio City reported in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City presented in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino.
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2026 aggregated to US$1.04 billion, including US$124.3 million of restricted cash.
Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.05 billion at the end of the second quarter of 2026.
During the quarter ended June 30, 2026, MCO Nominee One Limited drew down HK$3.27 billion (equivalent to US$416.7 million) principal amount outstanding under its revolving credit facilities (the “MN1 2020 Revolving Facilities”). On June 9, 2026, the Company announced that the maturity date of the MN1 2020 Revolving Facilities was extended from April 2027 to June 2031 and an incremental facility of HK$6.44 billion (equivalent to US$821.0 million) was established such that the total commitments under the MN1 2020 Revolving Facilities increased to HK$21.68 billion (equivalent to US$2.76 billion).
On May 15, 2026, Studio City Company Limited (“SCC”) issued US$300.0 million in aggregate principal amount of 6.125% senior secured notes due 2031 (“2031 SCC Senior Secured Notes”). The net proceeds from the issuance of the 2031 SCC Senior Secured Notes, together with a HK$118.0 million (equivalent to US$15.1 million) drawdown from SCC’s senior secured credit facility, and cash on hand, was utilized to refinance US$350.0 million in aggregate principal amount of the 7.000% senior secured notes due 2027.
Subsequent to quarter end, on July 18, 2026, Studio City Finance Limited redeemed an aggregate principal amount of US$165.0 million of its outstanding 6.500% senior notes due 2028 pursuant to the notice of partial redemption dated June 18, 2026. The redemption was funded with a HK$1.18 billion (equivalent to US$150.5 million) drawdown from SCC’s senior secured credit facility. All of the redeemed notes have been cancelled.
Available liquidity, including cash and undrawn revolving credit facilities as of June 30, 2026 was approximately US$2.80 billion.
Capital expenditures for the second quarter of 2026 were US$123.9 million, which mainly included costs related to enhancement projects at City of Dreams in Macau as well as City of Dreams Mediterranean and Other.
Share Repurchase Programs
During the period from April 1, 2026 to August 12, 2026, Melco Resorts repurchased approximately 22.4 million ADSs (representing approximately 67.1 million ordinary shares) from the open market at an aggregate purchase price of approximately US$120.6 million. As of August 12, 2026, the Company has remaining authority to repurchase up to approximately US$589.6 million of its equity.
Conference Call Information
Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2026 financial results on Thursday, August 13, 2026 at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time).
To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers, passcode and a unique Personal PIN which can be used to join the conference.
Online Registration Link: https://s1.c-conf.com/diamondpass/10055249-7qhfkc.html
An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines, the Republic of Cyprus and Sri Lanka, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
(1) “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA, which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA to measure the operating performance of our segments and to compare the operating performance of our properties with those of our competitors.The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.
Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA do not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. (2) “Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited” is net income/loss attributable to Melco Resorts & Entertainment Limited before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS”), which are non-GAAP financial measures, are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
About Melco Resorts & Entertainment Limited
The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates City of Dreams (www.cityofdreamsmacau.com) and Altira Macau (www.altiramacau.com), integrated resorts located in Cotai and Taipa, Macau, respectively. Its business also includes the Mocha Clubs (www.mochaclubs.com), the only non-casino based operation of electronic gaming machines in Macau. In addition, the Company operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, the Company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus (www.cityofdreamsmed.com.cy) and licensed satellite casinos in other cities in Cyprus (the “Cyprus Casinos”). In South Asia, the Company operates the casino and manages the Nüwa hotel at City of Dreams Sri Lanka (www.cityofdreamssrilanka.com), an integrated resort in Colombo, Sri Lanka. For more information about the Company, please visit www.melco-resorts.com.
The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.
For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: [email protected]
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: [email protected]
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)(In thousands) Three Months Ended June 30, 2026 City of
Dreams Studio
City Altira
Macau Mocha (3) City of Dreams
Manila City of Dreams
Mediterranean
and Other Other
Operations (4) Corporate
and Other Total Operating income (loss)$98,537 $38,825 $299 $2,435 $17,805 $6,364 $(1,403) $(35,080) $127,782 Payments to the Philippine Parties - - - - 6,763 - - - 6,763 Integrated resort and casino rent (5) - - - - 1,478 - 1,774 - 3,252 Pre-opening costs 1,258 27 - - - - - 17 1,302 Development costs - - - - - - - 1,406 1,406 Depreciation and amortization 50,490 56,449 971 1,006 4,622 13,461 3,111 5,560 135,670 Share-based compensation 1,623 450 114 32 250 89 26 4,733 7,317 Property charges and other (4,124) (236) 779 529 27 - - - (3,025)Adjusted EBITDA 147,784 95,515 2,163 4,002 30,945 19,914 3,508 (23,364) 280,467 Corporate and Other expenses - - - - - - - 23,364 23,364 Adjusted Property EBITDA$147,784 $95,515 $2,163 $4,002 $30,945 $19,914 $3,508 $- $303,831 Three Months Ended June 30, 2025 City of
Dreams Studio
City Altira
Macau Mocha
and Other (3) City of Dreams
Manila City of Dreams
Mediterranean
and Other Other
Operations (4) Corporate
and Other (4) Total Operating income (loss)$163,368 $47,336 $(35) $(51,468) $12,769 $(748) $(8,735) $(37,831) $124,656 Payments to the Philippine Parties - - - - 9,062 - - - 9,062 Integrated resort and casino rent (5) - - - - 1,118 - 1,788 - 2,906 Pre-opening costs (6) 19,985 314 - - - - 6,895 - 27,194 Development costs - - - - - - - 1,846 1,846 Depreciation and amortization 51,220 56,926 578 1,077 5,147 13,155 - 5,820 133,923 Share-based compensation 1,600 428 114 46 269 105 28 5,056 7,646 Property charges and other (10,536) 206 184 55,557 52 (97) - (375) 44,991 Adjusted EBITDA 225,637 105,210 841 5,212 28,417 12,415 (24) (25,484) 352,224 Corporate and Other expenses (4) - - - - - - - 25,484 25,484 Adjusted Property EBITDA$225,637 $105,210 $841 $5,212 $28,417 $12,415 $(24) $- $377,708 (3)Mocha and Other segment included the operation of the Grand Dragon Casino before its closure and was changed to Mocha segment effective on September 23, 2025.(4)Effective from August 1, 2025, the Company’s casino operations at City of Dreams Sri Lanka, which commenced business on August 1, 2025, and provision of management services to operate certain floors of the hotel tower at City of Dreams Sri Lanka which opened to the public on July 15, 2025 were previously reported under the Corporate and Other category, has been included in the Other Operations segment for the three months and six months ended June 30, 2025. City of Dreams Sri Lanka is an integrated resort in Colombo, Sri Lanka, developed by a subsidiary of John Keells Holdings PLC, an independent third party.(5)Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to a subsidiary of John Keells Holdings PLC.(6)Certain amounts of pre-opening costs are grouped and reported under the line item Integrated resort and casino rent.
Dreams Studio
City Altira
Macau Mocha (3) City of Dreams
Manila City of Dreams
Mediterranean
and Other Other
Operations (4) Corporate
and Other Total Operating income (loss)$254,217 $93,954 $1,377 $5,540 $39,201 $1,751 $(6,180) $(83,103) $306,757 Payments to the Philippine Parties - - - - 16,137 - - - 16,137 Integrated resort and casino rent (5) - - - - 3,014 - 3,566 - 6,580 Pre-opening costs 1,515 28 - - - - 33 17 1,593 Development costs - - - - - - - 2,428 2,428 Depreciation and amortization 106,948 112,443 1,741 2,057 9,402 26,933 6,319 10,891 276,734 Share-based compensation 3,168 860 228 73 505 125 49 8,875 13,883 Property charges and other (3,707) (34) 2,871 543 71 59 - - (197)Adjusted EBITDA 362,141 207,251 6,217 8,213 68,330 28,868 3,787 (60,892) 623,915 Corporate and Other expenses - - - - - - - 60,892 60,892 Adjusted Property EBITDA$362,141 $207,251 $6,217 $8,213 $68,330 $28,868 $3,787 $- $684,807 Six Months Ended June 30, 2025 City of
Dreams Studio
City Altira
Macau Mocha
and Other (3) City of Dreams
Manila City of Dreams
Mediterranean
and Other Other
Operations (4) Corporate
and Other (4) Total Operating income (loss)$300,860 $85,462 $(2,478) $(45,748) $26,293 $(1,220) $(14,184) $(79,459) $269,526 Payments to the Philippine Parties - - - - 18,301 - - - 18,301 Integrated resort and casino rent (5) - - - - 2,802 - 3,579 - 6,381 Pre-opening costs (6) 28,461 469 - - - - 10,514 - 39,444 Development costs - - - - - - - 5,270 5,270 Depreciation and amortization 100,759 113,674 1,105 2,104 10,505 25,153 - 11,046 264,346 Share-based compensation 2,897 766 212 90 485 205 38 9,743 14,436 Property charges and other (11,432) 2,161 1,313 55,557 86 (111) - (388) 47,186 Adjusted EBITDA 421,545 202,532 152 12,003 58,472 24,027 (53) (53,788) 664,890 Corporate and Other expenses (4) - - - - - - - 53,788 53,788 Adjusted Property EBITDA$421,545 $202,532 $152 $12,003 $58,472 $24,027 $(53) $- $718,678