Melco Resorts & Entertainment Limited (MLCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Melco Resorts & Entertainment Limited (MLCO), una potencia en el panorama mundial de juegos y hospitalidad que ha creado magistralmente un modelo de negocio que combina lujo, entretenimiento e innovación tecnológica. Desde los brillantes casinos de Macao hasta las plataformas digitales de vanguardia, MLCO ha revolucionado la industria del entretenimiento al crear experiencias inmersivas que atienden a viajeros internacionales y entusiastas de los juegos de alto nivel de red. Este desglose de lienzo de modelo de negocio integral revela el plan estratégico detrás de una de las compañías de entretenimiento más dinámicas de Asia, que ofrece ideas sin precedentes sobre cómo MLCO transforma los juegos tradicionales en un ecosistema de entretenimiento multidimensional sofisticado y multidimensional.

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocios: asociaciones clave

Fabricantes de equipos de juego y proveedores de tecnología

Melco Resorts se asocia con empresas específicas de tecnología de juegos:

• Cientific Games Corporation: proveedor de sistemas de máquinas tragamonedas y de juegos
• Tecnología de juegos internacionales (IGT) - Soluciones de hardware y software de juegos
• Tecnologías aristócratas - fabricación de máquinas de juego

Pareja	Valor de contrato	Duración
Juegos científicos	$ 45.2 millones anuales	Acuerdo a 5 años
IGT	$ 38.7 millones anuales	Acuerdo de 3 años

Macao local y organismos regulatorios del gobierno internacional

Las asociaciones reguladoras clave incluyen:

• Oficina de Inspección y Coordinación de Macao
• Comisiones de juego de Hong Kong
• Filipino de diversiones y juegos de juegos (PAGCOR)

Marcas de hotel y hospitalidad de lujo

Pareja	Tipo de colaboración	Ubicación
Hoteles de palisandro	Acuerdo de gestión	Macao
Hoteles de Four Seasons	Asociación de marca	Manila

Compañías de producción de entretenimiento y eventos

Asociaciones de entretenimiento estratégico:

• Entretenimiento de la nación en vivo
• AEG en todo el mundo
• MGM Resorts International (para colaboración de entretenimiento)

Instituciones e inversores financieros

Socio financiero	Monto de la inversión	Año
Goldman Sachs	$ 750 millones	2022
JPMorgan Chase	Capacidad de crédito de $ 500 millones	2023

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocio: actividades clave

Operaciones integradas de casino y resort

Melco Resorts opera dos resorts de casino integrados en Macao:

• City of Dreams Macao: 420,000 pies cuadrados de espacio para juegos
• Studio City Macao: 250,000 pies cuadrados de espacio para juegos

Complejo	Posiciones totales de juego	Habitaciones de hotel
Ciudad de los sueños	1.500 posiciones de juego	783 habitaciones
Ciudad de estudio	1.200 posiciones de juego	1.600 habitaciones

Gestión de hospitalidad y entretenimiento

Melco administra múltiples marcas de hoteles de lujo con 4,183 habitaciones de hotel totales a través de sus propiedades de Macau.

Experiencias de entretenimiento de juegos y no juegos

Categoría de entretenimiento	Ingresos anuales (2022)
Juego de casino	$ 2.16 mil millones
Ingresos sin juego	$ 463 millones

Estrategias de marketing y adquisición de clientes

Gastos de marketing en 2022: $ 219 millones

• Centrarse en segmentos de mercado masivo VIP y premium
• Programas de marketing digitales y de fidelización específicos

Innovación tecnológica en plataformas de juego

Inversión tecnológica anual: $ 87 millones

Área de enfoque tecnológico	Inversiones clave
Plataformas de juegos digitales	Interfaces de casino móviles y en línea
Tecnología de experiencia del cliente	Sistemas de juegos y entretenimiento personalizados

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocios: recursos clave

Propiedades de casino premium

Melco Resorts opera las siguientes propiedades del casino:

Propiedad	Ubicación	Espacio de juego total
Ciudad de los sueños Macao	Macao, China	175,000 pies cuadrados
Ciudad de estudio	Macao, China	120,000 pies cuadrados
Palacio Grand Lisboa	Macao, China	160,000 pies cuadrados
Ciudad de los sueños Mediterráneo	Chipre	130,000 pies cuadrados

Infraestructura de hospitalidad de alta gama

Detalles del inventario del hotel:

Propiedad	Habitaciones totales	Categorías de habitación
Ciudad de los sueños Macao	1.400 habitaciones	Lujo, lujo, suite
Ciudad de estudio	1.200 habitaciones	Estándar, premium, suite
Ciudad de los sueños Mediterráneo	500 habitaciones	Lujo, ejecutivo

Reputación de la marca

Métricas de fuerza de la marca:

• Cuota de mercado de juegos en Macao: 13.4%
• Calificación de satisfacción del cliente: 4.6/5
• Años en funcionamiento: 18 años

Tecnología de juego avanzada

Infraestructura tecnológica:

• Plataformas de juego: 5 sistemas de software patentados
• Inversión tecnológica anual: $ 45 millones
• Presupuesto de ciberseguridad: $ 12 millones anuales

Composición de la fuerza laboral

Categoría	Total de empleados	Roles especializados
Fuerza de trabajo total	13,500 empleados	N / A
Operaciones de casino	6.200 empleados	Distribuidores, gerentes de boxes
Hospitalidad	4.800 empleados	Personal del hotel, conserje
Tecnología	1.200 empleados	TI, seguridad, tecnología de juegos

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocio: propuestas de valor

Experiencias de entretenimiento integradas de lujo

Melco Resorts opera dos propiedades insignia en Macao con un espacio de juego total de 229,000 pies cuadrados a partir de 2023:

Propiedad	Ubicación	Espacio de juego
Ciudad de los sueños	Macao	129,000 pies cuadrados
Ciudad de estudio	Macao	100,000 pies cuadrados

Servicios de juego de clase mundial y no juegos

Desglose de ingresos de juegos para 2022:

Segmento	Ganancia	Porcentaje
Mercado masivo	$ 1.23 mil millones	58%
Juego VIP	$ 0.89 mil millones	42%

Servicios de hospitalidad premium

• Habitaciones de hotel totales: más de 3.000
• Tarifas promedio de la habitación: $ 250- $ 500 por noche
• Experiencias de hotel de marca:
  • Hotel Morpheus
  • Grand Hyatt Macao
  • Hotel de hard rock

Plataformas de juegos tecnológicos de vanguardia

Inversión tecnológica en 2022: $ 45 millones

Área tecnológica	Inversión
Plataformas de juegos digitales	$ 22 millones
Soluciones de juegos móviles	$ 15 millones
AI Gaming Analytics	$ 8 millones

Entretenimiento único y experiencias culturales

Ingresos de entretenimiento para 2022: $ 156 millones

• Lugares de presentación en vivo: 3
• Eventos de entretenimiento anual: 250+
• Inversiones de espectáculos culturales: $ 12 millones

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocios: relaciones con los clientes

Programas personalizados de VIP y fidelización

Melco Resorts implementa un programa de lealtad sofisticado con niveles de membresía escalonados:

Nivel de membresía	Umbral de gasto anual	Multiplicador de puntos de recompensa
Plata	$50,000	1.0x
Oro	$250,000	1.5x
Platino	$500,000	2.0x

Servicio al cliente de alto contacto

Las métricas dedicadas de servicio al cliente incluyen:

• Soporte multilingüe 24/7 en 4 idiomas
• Tiempo de respuesta promedio: 12 minutos
• Tasa de satisfacción del cliente: 92.5%

Plataformas de compromiso digital

Canales y métricas de compromiso digital:

Plataforma	Usuarios activos mensuales	Tasa de compromiso
Aplicación móvil	185,000	67%
Sitio web	225,000	53%
Redes sociales	350,000	41%

Beneficios de membresía exclusivos

Beneficios exclusivos para miembros de alto nivel:

• Reservas de hotel prioritarias
• Actualizaciones de la habitación de cortesía
• Salones de juegos privados
• Servicios de conserje personalizados

Estrategias de marketing específicas

Segmentación y gasto de marketing:

Segmento de clientes	Presupuesto de marketing	Tasa de conversión
Altos rodillos	$ 12.5 millones	38%
Jugadores de nivel medio	$ 7.3 millones	22%
Viajeros de ocio	$ 5.6 millones	15%

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocios: canales

Ubicaciones directas de casino y resorts

Melco Resorts opera las siguientes propiedades en Macao y Filipinas:

Ubicación	Nombre de propiedad	Área de juego total (SQ FT)
Macao	Ciudad de los sueños	229,986
Macao	Ciudad de estudio	148,263
Macao	Palacio Grand Lisboa	258,000
Filipinas	Ciudad de los sueños Manila	148,263

Plataformas de juego en línea

Melco Resorts mantiene plataformas digitales para la participación del cliente:

• Programa integrado de fidelización basado en dispositivos móviles y web
• Sistema de membresía de casino virtual
• Plataformas de reserva en línea

Aplicaciones de juegos móviles

Los canales de juegos digitales incluyen:

Plataforma	Base de usuarios (2023)	Descargar métricas
Aplicación móvil de Melco Rewards	175,000 usuarios registrados	387,000 descargas totales

Asociaciones de viajes y turismo

Asociaciones estratégicas con:

• Agencias de viajes internacionales
• Programas de fidelización de la aerolínea
• Plataformas de reserva de hoteles

Marketing digital y redes sociales

Plataforma	Recuento de seguidores	Tasa de compromiso
Facebook	268,000 seguidores	4.2%
Instagram	142,000 seguidores	3.8%
LinkedIn	85,000 seguidores	2.5%

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocios: segmentos de clientes

Jugadores internacionales de alto patrimonio

Melco Resorts se dirige a jugadores internacionales de alto nivel de red con características demográficas específicas:

Característica de segmento	Datos cuantitativos
Gasto promedio de juego	$ 50,000 - $ 250,000 por visita
Orígenes geográficos primarios	China continental, Hong Kong, Singapur, Malasia
Contribución de ingresos de juegos VIP	42.3% de los ingresos totales de juego en 2022

Viajeros de negocios

Melco Resorts atrae a viajeros de negocios a través de ofertas especializadas:

• Instalaciones de conferencia que abarcan 1,200 metros cuadrados
• Espacios de eventos corporativos en City of Dreams and Studio City
• Gasto promedio de viajeros de negocios: $ 3,500 por viaje

Mercado de turismo de lujo

Características de focalización del segmento de lujo:

Métricas de segmento de lujo	Puntos de datos
Tasa de habitación promedio	$ 350 - $ 1,200 por noche
Ocupación de suite de lujo	68.5% en 2022
Ingresos de hospitalidad premium	$ 287 millones en 2022

Entusiastas de los juegos asiáticos

Características demográficas clave:

• Rango de edad: 25-55 años
• Mercados primarios: la región de China del Gran China
• Gasto anual de juegos: $ 5.2 mil millones

Turistas que buscan entretenimiento

Segmento de entretenimiento profile:

Métricas de entretenimiento	Datos cuantitativos
Visitantes de entretenimiento anual	2.3 millones
Ingresos sin juego	$ 425 millones en 2022
Capacidad del lugar de entretenimiento	5,000 asientos en múltiples lugares

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocio: estructura de costos

Mantenimiento y operaciones de la propiedad

A partir del año fiscal 2022, Melco Resorts reportó gastos operativos totales de $ 2.93 mil millones. Los costos de mantenimiento de la propiedad representaron específicamente aproximadamente $ 412 millones anuales.

Propiedad	Costo de mantenimiento anual
Ciudad de los sueños Macao	$ 156 millones
Ciudad de los sueños Manila	$ 87 millones
Studio City Macao	$ 103 millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con los empleados en 2022 fueron de $ 723 millones, lo que representa el 24.7% de los costos operativos totales.

• Salario promedio de empleados anuales: $ 45,600
• Presupuesto de capacitación anual: $ 18.5 millones
• Fuerza laboral total: aproximadamente 14,500 empleados

Marketing y adquisición de clientes

Los gastos de marketing en 2022 totalizaron $ 247 millones, lo que representa el 8,4% de los gastos operativos totales.

Canal de marketing	Gasto anual
Marketing digital	$ 82 millones
Publicidad tradicional	$ 65 millones
Adquisición de clientes VIP	$ 100 millones

Inversiones en tecnología y plataforma de juego

La inversión en tecnología para 2022 fue de $ 193 millones, centrándose en plataformas de juego e infraestructura digital.

• Desarrollo de software de juego: $ 87 millones
• Inversiones de ciberseguridad: $ 36 millones
• Actualización de infraestructura de TI: $ 70 millones

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento en 2022 ascendieron a $ 112 millones en diferentes jurisdicciones.

Área de cumplimiento	Gasto anual
Regulaciones de juegos de Macao	$ 62 millones
Cumplimiento regulatorio filipino	$ 33 millones
Gobierno corporativo	$ 17 millones

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

Para el año fiscal 2022, los resorts de Melco generaron $ 2.47 mil millones En ingresos totales de los juegos. El desglose de los ingresos de los juegos de casino incluye:

Ubicación	Ingresos por juego
Ciudad de los sueños Macao	$ 1.23 mil millones
Ciudad de los sueños Manila	$ 352 millones
Studio City Macao	$ 468 millones

Servicios de hotel y alojamiento

Los ingresos totales del hotel para 2022 fueron $ 348.7 millones. El inventario de la habitación del hotel incluye:

• City of Dreams Macao: 1,400 habitaciones
• Ciudad de los sueños Manila: 674 habitaciones
• Studio City Macao: 1,600 habitaciones

Venta de entradas y entradas para el evento

Los ingresos de entretenimiento para 2022 alcanzaron $ 87.5 millones, principalmente de:

Lugar de entretenimiento	Ganancia
Casa del espectáculo de agua de baile	$ 62.3 millones
Studio City Entertainment	$ 25.2 millones

Ventas de alimentos y bebidas

Los ingresos totales de alimentos y bebidas para 2022 fueron $ 276.4 millones, distribuido en múltiples propiedades:

• Restaurantes City of Dreams Macao: $ 124.6 millones
• Ciudad de los sueños Manila Dining: $ 87.3 millones
• Studio City Macao Food Services: $ 64.5 millones

Servicios y servicios que no son de juego

Los ingresos no de juego para 2022 totalizaron $ 512.6 millones, incluido:

Categoría de servicio	Ganancia
Espacios minoristas	$ 186.3 millones
Spa y bienestar	$ 76.5 millones
Otros servicios auxiliares	$ 249.8 millones

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.