Melco Resorts & Entertainment reported a 10% year-on-year decline in third-quarter operating revenue to $1.17 billion as weaker rolling-chip, mass-market table and non-gaming activity weighed on its Macau portfolio.
The company's unaudited results showed operating income of $100.2 million, down from $184.5 million in the same period of 2025. The decline was concentrated in the group's larger Asian properties.
Studio City revenue fell to $346.2 million from $375.3 million and adjusted EBITDA declined to $90.6 million. City of Dreams Manila revenue decreased to $99 million from $110.7 million, with adjusted EBITDA falling to $32.9 million.
The Cyprus operation moved in the other direction. City of Dreams Mediterranean and other operations generated $96.7 million of revenue, up from $85.8 million, while adjusted EBITDA rose to $25.7 million after stronger mass-market performance.
Inside Asian Gaming linked the weaker consolidated result to Macau headwinds. The property split shows that growth outside Macau was not enough to offset the decline at the group's main resorts.
