EarningsQ2 2026 Earnings Report
MX:MLCON Q2 2026 EPS Results
Actual EPS$0.99
Consensus EPS$1.05
Beat/MissMissed by -$0.05
One Year Ago EPS$0.74
MX:MLCON Q2 2026 Revenue Results
Actual Revenue$21.50B
Expected Revenue$21.68B
Beat/MissMissed by -$175.32M
YoY Revenue Growth-5.90%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:MLCON Upcoming Earnings
Melco Resorts & Entertainment's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MLCON Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced positive operational and financial strengths—notably strong liquidity ($2.8B available), meaningful regional EBITDA growth (Manila +9% YoY, Cyprus +60% YoY), property enhancements (REM soft open, new gaming areas) and disciplined capital actions ( ~$134M share buybacks and RCF upsize)—against pronounced near-term challenges, including a significant VIP win-rate decline (3.9% to 2.7%, ~$9M EBITDA headwind), lower visitation/hold pressure, World Cup-related substitution to sports betting, and construction disruption at City of Dreams. Management emphasized cost discipline and flexibility, a roadmap for ramping new assets, and intent to recommence dividends in 2027. Overall, the positives across liquidity, regional growth and strategic investments outweigh the near-term operational headwinds.Company Guidance
Group Adjusted Property EBITDA
Group-wide adjusted property EBITDA for Q2 2026 was approximately $304 million (approximately $312 million adjusted for VIP hold), indicating solid operating earnings despite near-term headwinds.
Macau OpEx Discipline
Total daily OpEx in Macau remained steady at approximately $3.4 million per day in Q2 2026 (inclusive of House of Dancing Water), and management expects similar levels (~$3.3M–$3.4M/day) while incorporating REM and other activities.
Strong Liquidity and Revolving Credit Facility Upsize
Available liquidity was approximately $2.8 billion with consolidated cash on hand of approximately $1.0 billion at quarter-end. The RCF maturity was extended from April 2027 to June 2031 and the facility was increased by approximately $821 million to a total size of $2.8 billion, improving near-term financial flexibility.
Regional Property EBITDA Growth
City of Dreams Manila delivered property EBITDA of $31 million in Q2 2026, representing 9% year-over-year growth; City of Dreams Mediterranean (Cyprus) and satellite casinos saw property EBITDA rise 60% year-over-year; Sri Lanka operations recorded positive EBITDA of $3.5 million in Q2 2026 as the ramp continues.
REM Opening and Property Enhancements
REM soft-opened with the grand opening scheduled after Golden Week in October; management expects REM to be a highly differentiated non-gaming product for City of Dreams. Additional enhancements include a new 18-table gaming area opened end of July and an ongoing retail revamp to create a curated luxury loop.
Share Repurchases and Capital Allocation
From April 1 to August 12, 2026, approximately 22.4 million ADSs were repurchased for ~$121 million; total repurchases in 2026 were ~25 million ADSs for ~$134 million. Management expects to recommence dividends in 2027 and emphasized disciplined capital allocation.
Near-Term Non-Operating Guidance and CapEx Visibility
Guidance provided for Q3 2026 non-operating items: depreciation & amortization ~$140M–$145M, corporate expense ~$20M–$25M, and consolidated net interest expense ~$115M–$120M. Remaining 2026 CapEx was ~$225 million with 2027 CapEx expected in the ~$275M–$300M range.
MX:MLCON Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed