Melco Resorts & Entertainment Limited (MLCO): Business Model Canvas

Tauchen Sie ein in die komplexe Welt der Melco Resorts & Entertainment Limited (MLCO), ein führendes Unternehmen in der globalen Gaming- und Gastronomiebranche, das meisterhaft ein Geschäftsmodell entwickelt hat, das Luxus, Unterhaltung und technologische Innovation vereint. Von den glitzernden Casinos Macaus bis hin zu hochmodernen digitalen Plattformen hat MLCO die Unterhaltungsbranche revolutioniert, indem es immersive Erlebnisse geschaffen hat, die sich an vermögende internationale Reisende und Gaming-Enthusiasten richten. Diese umfassende Aufschlüsselung des Business Model Canvas enthüllt den strategischen Plan hinter einem der dynamischsten Unterhaltungsunternehmen Asiens und bietet beispiellose Einblicke in die Art und Weise, wie MLCO traditionelles Gaming in ein anspruchsvolles, mehrdimensionales Unterhaltungsökosystem verwandelt.

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller und Technologieanbieter von Spielgeräten

Melco Resorts arbeitet mit bestimmten Gaming-Technologieunternehmen zusammen:

• Scientific Games Corporation – Anbieter von Spielautomaten und Spielsystemen
• International Game Technology (IGT) – Gaming-Hardware- und Softwarelösungen
• Aristocrat Technologies – Herstellung von Spielautomaten

Partner	Vertragswert	Dauer
Wissenschaftliche Spiele	45,2 Millionen US-Dollar pro Jahr	5-Jahres-Vertrag
IGT	38,7 Millionen US-Dollar pro Jahr	3-Jahres-Vertrag

Lokale Aufsichtsbehörden in Macau und internationale Regierungen

Zu den wichtigsten Regulierungspartnerschaften gehören:

• Macau Gaming Inspection and Coordination Bureau
• Glücksspielkommissionen von Hongkong
• Philippine Amusement and Gaming Corporation (PAGCOR)

Luxushotel- und Gastgewerbemarken

Partner	Art der Zusammenarbeit	Standort
Rosewood Hotels	Managementvereinbarung	Macau
Four Seasons Hotels	Markenpartnerschaft	Manila

Unterhaltungs- und Eventproduktionsunternehmen

Strategische Unterhaltungspartnerschaften:

• Live-Nation-Unterhaltung
• AEG weltweit
• MGM Resorts International (für Unterhaltungskooperation)

Finanzinstitute und Investoren

Finanzpartner	Investitionsbetrag	Jahr
Goldman Sachs	750 Millionen Dollar	2022
JPMorgan Chase	Kreditfazilität in Höhe von 500 Millionen US-Dollar	2023

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Hauptaktivitäten

Integrierter Casino- und Resortbetrieb

Melco Resorts betreibt zwei integrierte Casino-Resorts in Macau:

• City of Dreams Macau: 420.000 Quadratmeter Spielfläche
• Studio City Macau: 250.000 Quadratmeter Spielfläche

Resort	Gesamtspielpositionen	Hotelzimmer
Stadt der Träume	1.500 Spielpositionen	783 Zimmer
Studiostadt	1.200 Spielpositionen	1.600 Zimmer

Hotel- und Unterhaltungsmanagement

Melco verwaltet mehrere Luxushotelmarken mit Insgesamt 4.183 Hotelzimmer auf seinen Liegenschaften in Macau.

Gaming- und Nicht-Gaming-Unterhaltungserlebnisse

Unterhaltungskategorie	Jahresumsatz (2022)
Casino-Gaming	2,16 Milliarden US-Dollar
Nicht-Gaming-Umsätze	463 Millionen US-Dollar

Marketing- und Kundengewinnungsstrategien

Marketingausgaben im Jahr 2022: 219 Millionen Dollar

• Fokus auf VIP- und Premium-Massenmarktsegmente
• Gezielte digitale und Treue-Marketingprogramme

Technologische Innovation bei Gaming-Plattformen

Jährliche Technologieinvestition: 87 Millionen Dollar

Schwerpunktbereich Technologie	Wichtige Investitionen
Digitale Gaming-Plattformen	Schnittstellen für mobile und Online-Casinos
Customer Experience-Technologie	Personalisierte Spiele- und Unterhaltungssysteme

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Schlüsselressourcen

Premium-Casino-Eigenschaften

Melco Resorts betreibt die folgenden Casino-Immobilien:

Eigentum	Standort	Totaler Spielraum
Stadt der Träume Macau	Macau, China	175.000 Quadratmeter
Studiostadt	Macau, China	120.000 Quadratmeter
Großer Lissabon-Palast	Macau, China	160.000 Quadratmeter
Stadt der Träume Mittelmeer	Zypern	130.000 Quadratmeter

High-End-Hospitality-Infrastruktur

Details zum Hotelinventar:

Eigentum	Gesamtzahl der Zimmer	Zimmerkategorien
Stadt der Träume Macau	1.400 Zimmer	Luxus, Deluxe, Suite
Studiostadt	1.200 Zimmer	Standard, Premium, Suite
Stadt der Träume Mittelmeer	500 Zimmer	Luxus, Executive

Markenreputation

Kennzahlen zur Markenstärke:

• Gaming-Marktanteil in Macau: 13,4 %
• Bewertung der Kundenzufriedenheit: 4,6/5
• Betriebsjahre: 18 Jahre

Fortschrittliche Gaming-Technologie

Technologie-Infrastruktur:

• Gaming-Plattformen: 5 proprietäre Softwaresysteme
• Jährliche Technologieinvestition: 45 Millionen US-Dollar
• Budget für Cybersicherheit: 12 Millionen US-Dollar pro Jahr

Zusammensetzung der Belegschaft

Kategorie	Gesamtzahl der Mitarbeiter	Spezialisierte Rollen
Gesamtbelegschaft	13.500 Mitarbeiter	N/A
Casino-Betrieb	6.200 Mitarbeiter	Händler, Pit-Manager
Gastfreundschaft	4.800 Mitarbeiter	Hotelpersonal, Concierge
Technologie	1.200 Mitarbeiter	IT, Sicherheit, Gaming-Technologie

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Wertversprechen

Luxuriöse integrierte Unterhaltungserlebnisse

Melco Resorts betreibt ab 2023 zwei Flaggschiff-Immobilien in Macau mit einer Gesamtspielfläche von 229.000 Quadratfuß:

Eigentum	Standort	Spielraum
Stadt der Träume	Macau	129.000 Quadratfuß
Studiostadt	Macau	100.000 Quadratfuß

Erstklassige Gaming- und Non-Gaming-Annehmlichkeiten

Aufschlüsselung der Gaming-Einnahmen für 2022:

Segment	Einnahmen	Prozentsatz
Massenmarkt	1,23 Milliarden US-Dollar	58%
VIP-Gaming	0,89 Milliarden US-Dollar	42%

Premium-Hospitality-Services

• Gesamtzahl der Hotelzimmer: 3.000+
• Durchschnittliche Zimmerpreise: 250–500 $ pro Nacht
• Marken-Hotelerlebnisse:
  • Morpheus Hotel
  • Grand Hyatt Macau
  • Hard Rock Hotel

Hochmoderne technologische Gaming-Plattformen

Technologieinvestition im Jahr 2022: 45 Millionen US-Dollar

Technologiebereich	Investition
Digitale Gaming-Plattformen	22 Millionen Dollar
Mobile Gaming-Lösungen	15 Millionen Dollar
KI-Gaming-Analyse	8 Millionen Dollar

Einzigartige Unterhaltungs- und Kulturerlebnisse

Unterhaltungseinnahmen für 2022: 156 Millionen US-Dollar

• Veranstaltungsorte für Live-Auftritte: 3
• Jährliche Unterhaltungsveranstaltungen: 250+
• Investitionen in kulturelle Shows: 12 Millionen US-Dollar

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Kundenbeziehungen

Personalisierte VIP- und Treueprogramme

Melco Resorts implementiert ein ausgeklügeltes Treueprogramm mit abgestuften Mitgliedschaftsstufen:

Mitgliedschaftsstufe	Jährliche Ausgabenschwelle	Prämienpunkte-Multiplikator
Silber	$50,000	1,0x
Gold	$250,000	1,5x
Platin	$500,000	2,0x

High-Touch-Kundenservice

Zu den dedizierten Kundendienstkennzahlen gehören:

• Mehrsprachiger Support rund um die Uhr in 4 Sprachen
• Durchschnittliche Antwortzeit: 12 Minuten
• Kundenzufriedenheitsrate: 92,5 %

Digitale Engagement-Plattformen

Kanäle und Kennzahlen für digitales Engagement:

Plattform	Monatlich aktive Benutzer	Engagement-Rate
Mobile App	185,000	67%
Website	225,000	53%
Soziale Medien	350,000	41%

Exklusive Mitgliedschaftsvorteile

Exklusive Vorteile für hochrangige Mitglieder:

• Bevorzugte Hotelreservierungen
• Kostenlose Zimmer-Upgrades
• Private Gaming-Lounges
• Persönlicher Concierge-Service

Gezielte Marketingstrategien

Marketingsegmentierung und -ausgaben:

Kundensegment	Marketingbudget	Conversion-Rate
High Roller	12,5 Millionen US-Dollar	38%
Spieler der Mittelklasse	7,3 Millionen US-Dollar	22%
Freizeitreisende	5,6 Millionen US-Dollar	15%

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Kanäle

Direkte Casino- und Resort-Standorte

Melco Resorts betreibt die folgenden Immobilien in Macau und auf den Philippinen:

Standort	Eigenschaftsname	Gesamtspielfläche (Quadratfuß)
Macau	Stadt der Träume	229,986
Macau	Studiostadt	148,263
Macau	Großer Lissabon-Palast	258,000
Philippinen	Stadt der Träume Manila	148,263

Online-Gaming-Plattformen

Melco Resorts unterhält digitale Plattformen für die Kundenbindung:

• Integriertes mobiles und webbasiertes Treueprogramm
• Virtuelles Casino-Mitgliedschaftssystem
• Online-Reservierungsplattformen

Mobile Gaming-Anwendungen

Zu den digitalen Gaming-Kanälen gehören:

Plattform	Benutzerbasis (2023)	Laden Sie Metriken herunter
Melco Rewards Mobile App	175.000 registrierte Benutzer	Insgesamt 387.000 Downloads

Reise- und Tourismuspartnerschaften

Strategische Partnerschaften mit:

• Internationale Reisebüros
• Treueprogramme von Fluggesellschaften
• Hotelbuchungsplattformen

Digitales Marketing und soziale Medien

Plattform	Anzahl der Follower	Engagement-Rate
Facebook	268.000 Follower	4.2%
Instagram	142.000 Follower	3.8%
LinkedIn	85.000 Follower	2.5%

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Kundensegmente

Vermögende internationale Spieler

Melco Resorts richtet sich an vermögende internationale Spieler mit bestimmten demografischen Merkmalen:

Segmentcharakteristik	Quantitative Daten
Durchschnittliche Glücksspielausgaben	50.000 bis 250.000 US-Dollar pro Besuch
Primäre geografische Herkunft	Festlandchina, Hongkong, Singapur, Malaysia
VIP-Gaming-Umsatzbeitrag	42,3 % des gesamten Gaming-Umsatzes im Jahr 2022

Geschäftsreisende

Melco Resorts lockt Geschäftsreisende durch spezielle Angebote:

• Konferenzräume auf 1.200 Quadratmetern
• Firmenveranstaltungsräume in City of Dreams und Studio City
• Durchschnittliche Ausgaben von Geschäftsreisenden: 3.500 $ pro Reise

Luxustourismusmarkt

Targeting-Merkmale des Luxussegments:

Kennzahlen zum Luxussegment	Datenpunkte
Durchschnittlicher Zimmerpreis	350 bis 1.200 US-Dollar pro Nacht
Belegung einer Luxus-Suite	68,5 % im Jahr 2022
Premium-Einnahmen aus dem Gastgewerbe	287 Millionen US-Dollar im Jahr 2022

Asiatische Gaming-Enthusiasten

Wichtige demografische Merkmale:

• Altersspanne: 25–55 Jahre
• Hauptmärkte: Region Greater China
• Jährliche Gaming-Ausgaben: 5,2 Milliarden US-Dollar

Unterhaltungssuchende Touristen

Unterhaltungssegment profile:

Unterhaltungskennzahlen	Quantitative Daten
Jährliche Unterhaltungsbesucher	2,3 Millionen
Nicht-Gaming-Einnahmen	425 Millionen US-Dollar im Jahr 2022
Kapazität des Veranstaltungsortes	5.000 Sitzplätze an mehreren Veranstaltungsorten

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Kostenstruktur

Immobilienwartung und -betrieb

Im Geschäftsjahr 2022 meldete Melco Resorts Gesamtbetriebskosten in Höhe von 2,93 Milliarden US-Dollar. Die Kosten für die Instandhaltung von Immobilien beliefen sich insbesondere auf etwa 412 Millionen US-Dollar pro Jahr.

Eigentum	Jährliche Wartungskosten
Stadt der Träume Macau	156 Millionen Dollar
Stadt der Träume Manila	87 Millionen Dollar
Studiostadt Macau	103 Millionen Dollar

Gehälter und Schulungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2022 auf 723 Millionen US-Dollar, was 24,7 % der gesamten Betriebskosten entspricht.

• Durchschnittliches Jahresgehalt eines Mitarbeiters: 45.600 $
• Jährliches Schulungsbudget: 18,5 Millionen US-Dollar
• Gesamtbelegschaft: ca. 14.500 Mitarbeiter

Marketing und Kundenakquise

Die Marketingausgaben beliefen sich im Jahr 2022 auf insgesamt 247 Millionen US-Dollar, was 8,4 % der gesamten Betriebskosten entspricht.

Marketingkanal	Jährliche Ausgaben
Digitales Marketing	82 Millionen Dollar
Traditionelle Werbung	65 Millionen Dollar
VIP-Kundenakquise	100 Millionen Dollar

Investitionen in Technologie und Gaming-Plattformen

Die Technologieinvestitionen für 2022 beliefen sich auf 193 Millionen US-Dollar und konzentrierten sich auf Spieleplattformen und digitale Infrastruktur.

• Entwicklung von Gaming-Software: 87 Millionen US-Dollar
• Investitionen in Cybersicherheit: 36 Millionen US-Dollar
• Upgrades der IT-Infrastruktur: 70 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2022 in verschiedenen Gerichtsbarkeiten auf 112 Millionen US-Dollar.

Compliance-Bereich	Jährliche Ausgaben
Glücksspielbestimmungen von Macau	62 Millionen Dollar
Einhaltung philippinischer Vorschriften	33 Millionen Dollar
Unternehmensführung	17 Millionen Dollar

Melco Resorts & Entertainment Limited (MLCO) – Geschäftsmodell: Einnahmequellen

Casino-Gaming-Einnahmen

Für das Geschäftsjahr 2022 generierte Melco Resorts 2,47 Milliarden US-Dollar an den gesamten Gaming-Einnahmen. Die Aufschlüsselung der Einnahmen aus Casinospielen umfasst:

Standort	Gaming-Einnahmen
Stadt der Träume Macau	1,23 Milliarden US-Dollar
Stadt der Träume Manila	352 Millionen Dollar
Studiostadt Macau	468 Millionen US-Dollar

Hotel- und Unterkunftsdienstleistungen

Der gesamte Hotelumsatz für 2022 betrug 348,7 Millionen US-Dollar. Der Bestand an Hotelzimmern umfasst:

• Stadt der Träume Macau: 1.400 Zimmer
• Stadt der Träume Manila: 674 Zimmer
• Studio City Macau: 1.600 Zimmer

Verkauf von Unterhaltungs- und Veranstaltungskarten

Unterhaltungseinnahmen für 2022 erreicht 87,5 Millionen US-Dollar, hauptsächlich von:

Unterhaltungsort	Einnahmen
House of Dancing Wassershow	62,3 Millionen US-Dollar
Studio City Entertainment	25,2 Millionen US-Dollar

Verkauf von Lebensmitteln und Getränken

Der gesamte Lebensmittel- und Getränkeumsatz für 2022 betrug 276,4 Millionen US-Dollar, verteilt auf mehrere Eigenschaften:

• Restaurants der City of Dreams Macau: 124,6 Millionen US-Dollar
• Essen im City of Dreams Manila: 87,3 Millionen US-Dollar
• Lebensmitteldienstleistungen von Studio City Macau: 64,5 Millionen US-Dollar

Nicht-Gaming-Annehmlichkeiten und -Dienste

Die Non-Gaming-Einnahmen für 2022 betragen insgesamt 512,6 Millionen US-Dollar, einschließlich:

Servicekategorie	Einnahmen
Einzelhandelsflächen	186,3 Millionen US-Dollar
Spa und Wellness	76,5 Millionen US-Dollar
Andere Nebendienstleistungen	249,8 Millionen US-Dollar

Melco Resorts & Entertainment Limited (MLCO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Melco Resorts & Entertainment Limited over the competition as of late 2025. It's all about delivering a top-tier, multi-faceted experience across their global footprint.

Premium, diversified integrated resort experience in Asia and Europe

• Operator of integrated resort facilities in Asia and Europe.
• Main resorts located in Macau: City of Dreams, Studio City, and Altira Macau.
• New market entry with City of Dreams Sri Lanka opening on August 1, 2025.
• Total operating revenues for Q3 2025 reached US$1.31 billion.
• Trailing Twelve Months (TTM) Revenue as of late 2025 is reported at £3.84 Billion.

The geographic spread, now including South Asia, diversifies the risk, so you see a blend of mature and emerging market revenue drivers.

High-end luxury accommodation and award-winning dining (e.g., Jade Dragon)

Melco Resorts & Entertainment Limited has cemented its reputation for luxury hospitality through consistent, high-level external validation.

The company achieved a record total of 107 Forbes Travel Guide (FTG) Five-Star awards across its portfolio in the 2025 FTG ratings. This included securing 19 Five-Star awards across hotels, restaurants, and spas in that same year.

The commitment to fine dining is quantified by Michelin recognition:

Restaurant / Property	2025 MICHELIN Stars	Consecutive Years at this Status
Jade Dragon (City of Dreams)	Three	Seven
Alain Ducasse at Morpheus	Two	Seven
Total Stars Across Five Restaurants	Eight	N/A

New awards in 2025 included FTG Five-Star recognition for Studio City's Epic Tower, The Spa at Epic Tower, and Aurora restaurant at Altira Macau.

Differentiated entertainment offerings like The House of Dancing Water show

The flagship aquatic show, The House of Dancing Water, returned in May 2025 with a reimagined production, representing a significant capital investment and ongoing operational commitment.

• The original production cost was reported at 2 billion yuan.
• The purpose-built theater seats approximately 2,000 people.
• The central pool holds over 3.7 million gallons of water.
• As of late 2025, the show runs 5x a week with performances at 5pm and 8pm.
• Ticket prices start from 698 patacas.
• Costs related to this show are excluded from the Q1 2025 daily operating expense figure of US$3.1 million per day.

Exclusive, high-limit gaming areas for VIP and premium mass players

The value proposition for high-tier gaming customers is supported by strong performance metrics in the core Macau market.

In Q2 2025, City of Dreams saw its mass GGR grow 14% year-on-year to US$535 million, while VIP GGR increased 49% year-on-year to US$216 million. The Macau property EBITDA margin reached 29.2% in Q2 2025. Furthermore, the company is expanding its high-limit capacity by adding several dozen VIP rooms in its new Sri Lanka project.

Here's a snapshot of the gaming segment performance in Q2 2025:

Metric (Q2 2025)	City of Dreams (Macau)	Studio City (Macau)
Gaming Revenues (GGR)	Up 21% YoY	US$360 million (Total GGR)
Mass GGR	US$535 million	Mass Table GGR: US$326 million
VIP GGR	US$216 million	VIP Gaming Tables not run

Melco Resorts & Entertainment Limited (MLCO) - Canvas Business Model: Customer Relationships

You're looking at how Melco Resorts & Entertainment Limited keeps its high-value customers engaged and spending, which is the core of their current strategy. The focus has clearly shifted from the old VIP junket system to directly managing the premium mass segment, which offers higher margins and less regulatory headache.

Dedicated host services and loyalty programs for VIP and premium mass segments

The relationship strategy centers on capturing the high-end player directly. This means Melco keeps 100% of the revenue stream from these players, unlike the old junket model where a huge chunk went to operators. This structural shift is a major tailwind for the business.

The loyalty program has been revamped to support this. They introduced the new "Emperor" tier for the highest level of premium mass players. Benefits for this top tier include tangible, high-value perks:

• Villa stays
• Private jet use
• Executive protection services

This renewed program is showing results in increasing the efficiency of player reinvestment. The focus on this segment is the engine driving profitability; for instance, at the Macau properties, Property EBITDA grew 21% year-over-year in Q3 2025, even after absorbing a $12 million negative hit from a typhoon that month.

High-touch, personalized service across luxury hotel and gaming floors

Personalization is key to retaining these premium customers. The host services are designed to be high-touch, supporting the direct relationship model. This is backed by significant capital investment into the physical spaces designed to cater to these guests. For example, Melco Resorts guided to a preliminary placeholder for capital expenditure in 2026 of around $400 million, showing continued investment in the customer environment.

The performance of the key customer segments in Q3 2025 illustrates the revenue impact of these relationship efforts:

Metric (Q3 2025)	Amount (US$)	Year-over-Year Change
Total Operating Revenues	$1.31 billion	Up approx. 11%
VIP Gross Gaming Revenue (GGR)	$206 million	Surged 57%
Mass Market GGR	$494 million	Up 9%
Gaming Machine Handle	$1.04 billion	Up from $0.94 billion

The overall group-wide Adjusted Property EBITDA for Q3 2025 hit $380.4 million, significantly beating consensus estimates around $320 million. Net income attributable to Melco Resorts & Entertainment Limited for the same quarter was $74.7 million.

Responsible Gaming (RG) initiatives to maintain trust and regulatory compliance

Maintaining trust is non-negotiable, and the move away from the third-party junket system inherently lowers regulatory risk associated with third-party debt collection. While specific RG expenditure figures for 2025 weren't explicitly detailed in the latest reports, the strategic pivot itself serves as a major compliance and trust-building measure. The company is focused on direct customer interaction, which allows for better control over responsible service delivery.

Differentiated experiences via new gaming areas and facilities

Melco Resorts & Entertainment Limited is actively differentiating its offerings through physical enhancements. They introduced new gaming areas and facilities during Q3 2025. Specific examples of these differentiated experiences include:

• A Signature Club premium slot area at City of Dreams.
• A Dragon Zone at Studio City, done in partnership with Aristocrat Gaming.
• A planned revamp of Studio City's high-limit gaming area.

Furthermore, capital expenditures for Q3 2025 totaled $67.6 million, which included costs for enhancement projects at City of Dreams and Studio City, plus the fit-out of the new casino at City of Dreams Sri Lanka, which opened on August 1, 2025. The company also highlighted a $125 million renovation of the Countdown Hotel as a key investment to capture high-value customers. The return of the popular residency show, The House of Dancing Water, was expected in Q2 2025, adding to the non-gaming entertainment appeal. This defintely shows a commitment to the full integrated resort experience.

Finance: draft 13-week cash view by Friday.

Melco Resorts & Entertainment Limited (MLCO) - Canvas Business Model: Channels

You're looking at how Melco Resorts & Entertainment Limited moves its integrated resort experiences to the customer base as of late 2025. The channels are a mix of physical presence and digital reach, reflecting the post-recovery market dynamics.

The primary channel remains the physical integrated resort properties across key jurisdictions. These locations serve as the destination itself, capturing revenue from gaming, hospitality, and entertainment offerings.

• Physical integrated resort properties in Macau, Cyprus, Philippines, and Sri Lanka.
• City of Dreams Macau generated operating revenues of US$672.6 million in Q3 2025.
• City of Dreams Mediterranean in Cyprus posted total revenue up to US$85.8 million in Q3 2025.
• City of Dreams Manila in the Philippines generated revenues of US$110.7 million in Q3 2025.
• City of Dreams Sri Lanka, which opened in August 2025, recorded US$6.1 million in total operating revenues for its first two months of operation in Q3 2025.

The shift in high-roller engagement is a critical channel change. The move from the traditional junket model to direct premium mass play means the sales team is now channeling higher-margin direct business.

Property/Segment	Metric (Q3 2025)	Value
Macau (Overall)	Total Operating Revenues	US$1.31 billion (Total Company)
City of Dreams Macau	Adjusted EBITDA	US$206.9 million
Studio City	Revenue	US$375.3 million
City of Dreams Mediterranean (Cyprus)	Property EBITDA YoY Growth	53 percent
City of Dreams Manila (Philippines)	Property EBITDA QoQ Growth	45 percent
Macau VIP Rolling Chip Volume	Gaming Channel Indicator	US$5.58 billion

Direct online booking platforms are essential for capturing the mass market, which increasingly prefers digital self-service for speed and price comparison. While Melco Resorts & Entertainment Limited does not report its direct online booking revenue share, the broader market context shows this channel's importance.

• Direct online booking platforms for hotel, dining, and entertainment.
• In Q1 2025, 72% of all travel reservations worldwide were made online.
• Mobile devices accounted for 45% of all online travel bookings in Q1 2025.
• Among online bookers, 53% cite speed of planning as a primary reason for using digital channels.

Global sales teams focus on cultivating relationships that feed the premium segments, which is now the preferred high-value channel over the old third-party promoter (junket) system. This direct sales effort builds loyalty and captures higher margins.

Travel agencies and tour operators still play a role, particularly for package tours and international mass market visitation, though their share is smaller compared to direct digital bookings.

• Travel agencies and tour operators for mass market visitation.
• Only 12% of travelers preferred using a traditional travel agency in 2025.
• Group bookings, often facilitated by agencies, grew by 21% in Q1 2025.

Finance: draft 13-week cash view by Friday.

Melco Resorts & Entertainment Limited (MLCO) - Canvas Business Model: Customer Segments

You're looking at the core groups Melco Resorts & Entertainment Limited targets across its portfolio, which is heavily weighted toward Macau but increasingly diversified into Europe and South Asia as of late 2025. The focus has clearly shifted from the old, high-risk VIP junket model to capturing higher-margin, direct-dealing premium mass players.

High-Roller/VIP Gaming Patrons, primarily from regional Asia

This segment, while structurally de-emphasized via the junket model, still represents significant high-value play, now largely managed directly as premium mass. The shift means Melco Resorts & Entertainment Limited keeps 100% of the revenue stream, unlike the old system where a large chunk went to junket operators, which is a fundamental margin profile improvement. For the third quarter of 2025, VIP rolling chip volume reached US$5.58 billion. At the flagship City of Dreams Macau, VIP Gross Gaming Revenue (GGR) surged 57 percent year-on-year, hitting US$206 million in Q3 2025.

Affluent Mass Market and Premium Mass customers in Macau

This is the engine of current profitability growth for Melco Resorts & Entertainment Limited in Macau. The company has been making targeted investments, including a $125 million renovation of the Countdown Hotel due to reopen in Q3 2026, aimed squarely at this customer. In Q3 2025, City of Dreams Macau's mass market GGR was US$494 million, a 9 percent year-on-year rise. Studio City, which is mass-market focused, saw its mass revenue increase by 11 percent in Q1 2025, with total GGR up 6 percent to $336 million in that quarter. S&P Global Ratings projected that Macau's mass-market GGR for 2025 would be 15 percent to 20 percent above the pre-pandemic level of 2019.

Here's a quick look at the gaming revenue breakdown from Macau properties in Q3 2025, showing the mass focus:

Gaming Segment (City of Dreams Macau, Q3 2025)	Gaming Revenue Amount (US$)	Year-on-Year Growth
VIP GGR	206 million	57 percent
Mass Market GGR	494 million	9 percent
Slots GGR	33 million	9 percent

Regional Asian tourists seeking leisure and entertainment

This group is captured through the overall recovery in visitation and non-gaming offerings, which saw total non-gaming revenues reach US$248 million in Q3 2025. The return of the entertainment show House of Dancing Water at City of Dreams was a major success, expected to bring in an additional 4,000 visitors daily. Overall traffic at Melco resorts increased by 30% year-on-year in Q1 2025. The company is also actively managing its market share, which rose from 14.7% in Q4 2024 to 15.7% in Q1 2025.

Key indicators for general tourist traffic include:

• European visitation to Macau back to 80% of 2019 levels (first 10 months of 2025).
• City of Dreams Macau saw total operating revenue rise 19 percent year-on-year to $732 million in Q3 2025.
• The company paid down about $180 million of debt in Q3 2025, signaling confidence in sustained foot traffic.

European clientele at City of Dreams Mediterranean in Cyprus

The European integrated resort is a key part of Melco Resorts & Entertainment Limited's diversification strategy, showing strong growth momentum. City of Dreams Mediterranean welcomed over 3 million visitors in 2024. For the third quarter of 2025, this property saw its Adjusted EBITDA increase by 53% year-over-year. In the fourth quarter of 2024, the property reported $11.8 million in profits, with annual adjusted EBITDA reaching $59.2 million for that year. The property features 500 rooms and suites and a 7,500 square metre casino floor.

The contribution from the Cyprus operation is significant:

• Adjusted EBITDA growth in Cyprus was 53% year-over-year (Q3 2025).
• Mass market table games drop at the property was $126.5 million in Q4 2024.
• The resort's initial cost was estimated at more than 650 million euros.

Finance: draft 13-week cash view by Friday.

Melco Resorts & Entertainment Limited (MLCO) - Canvas Business Model: Cost Structure

You're looking at the hard costs Melco Resorts & Entertainment Limited has to cover just to keep the lights on and the properties running. This structure is dominated by assets, so fixed costs are a huge factor.

High fixed costs from property depreciation and amortization are a major component. For the third quarter of 2025, the actual depreciation and amortization costs recorded were $138.3 million, which included $5.0 million for the amortization expense for land use rights. Looking ahead, the guidance for the upcoming fourth quarter of 2025 projects total depreciation and amortization expense to be approximately $135 million-$140 million.

The company carries a significant debt load, which translates directly into high financing costs. While the total debt at the end of Q1 2024 was $7.32 billion, and the net debt as of September 30, 2025, was $7.35 billion, the resulting interest expense is substantial. Total net non-operating expenses for Q3 2025 were $121.6 million, which mainly included interest expense, net of amounts capitalized, of $113.3 million. For Q4 2025, consolidated net interest expense is expected to be approximately $115 million-$120 million.

Operating expenses are significant, covering the day-to-day running of integrated resorts. While specific breakdowns for labor, utilities, and marketing aren't itemized in the latest reports, the overall performance shows where costs are managed against revenue. For instance, Operating Income for Q3 2025 was $184.5 million against Total Operating Revenues of $1.31 billion. Corporate expense guidance for Q4 2025 is expected to be approximately $25 million-$30 million.

Melco Resorts & Entertainment Limited continues to allocate capital for maintaining and improving its assets. Capital expenditures for the third quarter of 2025 totaled $67.6 million.

Here's a look at some key financial figures related to the cost base from the Q3 2025 results:

Cost/Expense Category	Amount (US$)	Period
Depreciation and Amortization	$138.3 million	Q3 2025
Projected D&A Expense	$135 million-$140 million	Q4 2025 Projection
Total Net Non-Operating Expenses	$121.6 million	Q3 2025
Interest Expense (Net of Capitalized)	$113.3 million	Q3 2025
Projected Consolidated Net Interest Expense	$115 million-$120 million	Q4 2025 Projection
Capital Expenditures	$67.6 million	Q3 2025
Projected Corporate Expense	$25 million-$30 million	Q4 2025 Projection

The uses of cash flows not reflected in Adjusted Property EBITDA include these major recurring costs:

• Capital expenditures for property enhancements.
• Interest payments on outstanding debt.
• Debt principal repayments.
• Taxes and other recurring charges.

The structure relies on high asset utilization to cover these fixed and semi-fixed obligations. Finance: draft 13-week cash view by Friday.

Melco Resorts & Entertainment Limited (MLCO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Melco Resorts & Entertainment Limited brings in cash as of late 2025. The business model is heavily weighted toward its established integrated resorts, but the newer, asset-light ventures are starting to chip in, too.

The primary revenue driver remains the casino floor, but the non-gaming side is a significant, growing piece of the pie. For the third quarter of 2025, Melco Resorts & Entertainment Limited reported total operating revenues of US$1.31 billion across its global portfolio. This performance shows the company's continued recovery and expansion.

Here is a quick look at the top-line revenue split for Q3 2025:

Revenue Category	Q3 2025 Amount (US$)
Consolidated Gaming Revenue	$1.06 billion
Total Non-Gaming Revenue	$248 million

Gaming Revenue, which was US$1.06 billion in Q3 2025, represents the core income from casino operations across Macau, the Philippines, and Cyprus. This figure saw a year-on-year increase of 12.4 percent for the quarter.

Non-Gaming Revenue (hotel, F&B, retail, entertainment) totaled US$248 million in Q3 2025, marking a 7.5 percent rise compared to the prior year. This segment is crucial for balancing the business away from pure gaming cycles. Honestly, you can see the diversification efforts in the details of this segment.

The components of Non-Gaming Revenue are spread across the major properties, illustrating where the non-gaming spend is happening:

• City of Dreams Macau Non-gaming Revenue was US$94.8 million in Q3 2025.
• City of Dreams Mediterranean (Cyprus) Non-gaming Revenue was US$30.4 million in Q3 2025.
• City of Dreams Manila Non-gaming Revenue was US$24.1 million in Q3 2025.
• Altira Macau Non-gaming Revenue was US$5.1 million in Q3 2025.

Rental income from luxury retail outlets within the integrated resorts is captured within these Non-Gaming Revenue figures, though a specific standalone amount for just retail rent isn't broken out in the top-line summary. Still, the overall Non-Gaming segment is clearly performing well.

Melco Resorts & Entertainment Limited is also pursuing an asset-light strategy for global expansion. Management fees from these ventures form a distinct revenue stream. The newest example is City of Dreams Sri Lanka, which officially opened its casino operations in August 2025. For the quarter ending September 30, 2025, this venture contributed US$6.1 million in total operating revenues. The structure suggests management fees are a key component of this revenue, although the initial period saw an Adjusted EBITDA loss of US$600,000. The company has a 20-year gaming license there, effective from April 1, 2024. The financial arrangements for the Sri Lanka operation indicate Melco will receive EBITDA from gaming operations after remitting a percentage to its partner, John Keells Holdings Plc.

The company is also in the process of winding down smaller, older operations to reallocate assets. For instance, Grand Dragon Casino and one of the Mocha Clubs ceased operations in September 2025, with two more Mocha Clubs scheduled to cease before the end of 2025. This reallocation is intended to focus resources on higher-performing areas.