Melco Resorts & Entertainment Limited (MLCO): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Melco Resorts & Entertainment Limited (MLCO), une puissance du paysage mondial des jeux et de l'hôtellerie qui a magistralement conçu un modèle commercial mélangeant du luxe, du divertissement et de l'innovation technologique. Des casinos scintillants de Macao aux plates-formes numériques de pointe, MLCO a révolutionné l'industrie du divertissement en créant des expériences immersives qui s'adressent aux voyageurs internationaux et aux amateurs de jeu à haute noue. Cette ventilation complète de toiles du modèle commercial révèle le plan stratégique derrière l'une des sociétés de divertissement les plus dynamiques d'Asie, offrant des informations sans précédent sur la façon dont MLCO transforme les jeux traditionnels en un écosystème de divertissement multidimensionnel sophistiqué.

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: partenariats clés

Fabricants d'équipements de jeu et fournisseurs de technologies

Melco Resorts s'associe à des sociétés de technologie de jeu spécifiques:

• Scientific Games Corporation - Slot Machine et fournisseur de systèmes de jeux
• International Game Technology (IGT) - Solutions matérielles et logicielles de jeu
• Aristocrat Technologies - Manufacturation de machine de jeu

Partenaire	Valeur du contrat	Durée
Jeux scientifiques	45,2 millions de dollars par an	Accord sur 5 ans
Igt	38,7 millions de dollars par an	Accord de 3 ans

Organes de réglementation du Macao local et du gouvernement international

Les principaux partenariats réglementaires comprennent:

• Bureau d'inspection et de coordination des jeux de Macao
• Commissions de jeu de Hong Kong
• Philippine Amusement and Gaming Corporation (PAGCOR)

Marques d'hôtel et d'accueil de luxe

Partenaire	Type de collaboration	Emplacement
Hôtels en palissandre	Accord de gestion	Macao
Hôtels de quatre saisons	Partenariat de marque	Manille

Sociétés de divertissement et de production d'événements

Partenariats de divertissement stratégiques:

• Divertissement en direct
• AEG Worldwide
• MGM Resorts International (pour la collaboration de divertissement)

Institutions financières et investisseurs

Partenaire financier	Montant d'investissement	Année
Goldman Sachs	750 millions de dollars	2022
JPMorgan Chase	Facilité de crédit de 500 millions de dollars	2023

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: Activités clés

Opérations de casino et de villégiature intégrés

Melco Resorts exploite deux stations de casino intégrées à Macao:

• City of Dreams Macao: 420 000 pieds carrés d'espace de jeu
• Studio City Macao: 250 000 pieds carrés d'espace de jeu

Station balnéaire	Positions totales de jeu	Chambres d'hôtel
Ville des rêves	1 500 postes de jeu	783 chambres
Ville de studio	1 200 postes de jeu	1 600 chambres

Gestion de l'hospitalité et du divertissement

Melco gère plusieurs marques d'hôtel de luxe avec 4 183 chambres d'hôtel au total à travers ses propriétés de Macao.

Expériences de divertissement de jeu et de non-gaming

Catégorie de divertissement	Revenus annuels (2022)
Jeu de casino	2,16 milliards de dollars
Revenus sans incapacité	463 millions de dollars

Stratégies de marketing et d'acquisition des clients

Dépenses de marketing en 2022: 219 millions de dollars

• Concentrez-vous sur les segments de marché VIP et de masse premium
• Programmes de marketing numérique et de fidélité ciblés

Innovation technologique dans les plateformes de jeu

Investissement technologique annuel: 87 millions de dollars

Domaine de mise au point technologique	Investissements clés
Plates-formes de jeu numériques	Interfaces de casino mobile et en ligne
Technologie de l'expérience client	Systèmes de jeu et de divertissement personnalisés

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: Ressources clés

Propriétés de casino premium

Melco Resorts exploite les propriétés de casino suivantes:

Propriété	Emplacement	Espace de jeu total
City of Dreams Macao	Macao, Chine	175 000 pieds carrés
Ville de studio	Macao, Chine	120 000 pieds carrés
Palais de Grand Lisboa	Macao, Chine	160 000 pieds carrés
Ville des rêves Méditerranée	Chypre	130 000 pieds carrés

Infrastructure hôtelière haut de gamme

Détails de l'inventaire de l'hôtel:

Propriété	Total Rooms	Catégories de chambres
City of Dreams Macao	1 400 chambres	Luxe, luxe, suite
Ville de studio	1 200 chambres	Standard, premium, suite
Ville des rêves Méditerranée	500 chambres	Luxe, exécutif

Réputation de la marque

Métriques de force de la marque:

• Part de marché du jeu à Macao: 13,4%
• Évaluation de satisfaction du client: 4.6 / 5
• Années de fonctionnement: 18 ans

Technologie de jeu avancée

Infrastructure technologique:

• Plateformes de jeu: 5 systèmes logiciels propriétaires
• Investissement technologique annuel: 45 millions de dollars
• Budget de cybersécurité: 12 millions de dollars par an

Composition de la main-d'œuvre

Catégorie	Total des employés	Rôles spécialisés
Total de main-d'œuvre	13 500 employés	N / A
Opérations de casino	6 200 employés	Concessionnaires, gestionnaires de pit
Hospitalité	4 800 employés	Personnel de l'hôtel, concierge
Technologie	1 200 employés	IT, Sécurité, technologie de jeu

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: Propositions de valeur

Expériences de divertissement intégré de luxe

Melco Resorts exploite deux propriétés phares à Macao avec un espace de jeu total de 229 000 pieds carrés en 2023:

Propriété	Emplacement	Espace de jeu
Ville des rêves	Macao	129 000 pieds carrés
Ville de studio	Macao	100 000 pieds carrés

Jeu de classe mondiale et équipements non gaming

Répartition des revenus de jeu pour 2022:

Segment	Revenu	Pourcentage
Marché de masse	1,23 milliard de dollars	58%
Jeu VIP	0,89 milliard de dollars	42%

Services d'accueil premium

• Total des chambres d'hôtel: 3 000+
• Tarifs moyens: 250 $ à 500 $ par nuit
• Expériences d'hôtel de marque:
  • Morpheus Hotel
  • Grand Hyatt Macau
  • Hôtel hard rock

Plateformes de jeu technologiques de pointe

Investissement technologique en 2022: 45 millions de dollars

Zone technologique	Investissement
Plates-formes de jeu numériques	22 millions de dollars
Solutions de jeu mobiles	15 millions de dollars
Analytique des jeux IA	8 millions de dollars

Divertissement unique et expériences culturelles

Revenus de divertissement pour 2022: 156 millions de dollars

• LIEUX DE PERFORMANCE EN LIVE: 3
• Événements de divertissement annuels: 250+
• Investissements culturels de spectacle: 12 millions de dollars

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: Relations clients

Programmes de VIP et de fidélité personnalisés

Melco Resorts met en œuvre un programme de fidélité sophistiqué avec des niveaux d'adhésion à plusieurs niveaux:

Niveau d'adhésion	Seuil de dépenses annuelles	Multiplicateur de points de récompense
Argent	$50,000	1.0x
Or	$250,000	1,5x
Platine	$500,000	2.0x

Service client haut de gamme

Les mesures de service client dédiées incluent:

• Support multilingue 24/7 dans 4 langues
• Temps de réponse moyen: 12 minutes
• Taux de satisfaction client: 92,5%

Plates-formes de fiançailles numériques

Canaux de fiançailles numériques et métriques:

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Application mobile	185,000	67%
Site web	225,000	53%
Réseaux sociaux	350,000	41%

Avantages d'adhésion exclusifs

Avantages exclusifs pour les membres de haut niveau:

• Réservations d'hôtel prioritaires
• Mises à niveau gratuites de la salle
• Salons de jeu privés
• Services de conciergerie personnalisés

Stratégies de marketing ciblées

Segmentation et dépenses marketing:

Segment de clientèle	Budget marketing	Taux de conversion
Hauts rouleaux	12,5 millions de dollars	38%
Joueurs de milieu de niveau	7,3 millions de dollars	22%
Voyageurs de loisir	5,6 millions de dollars	15%

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: canaux

Casino direct et lieux de la station

Melco Resorts exploite les propriétés suivantes à Macao et aux Philippines:

Emplacement	Nom de propriété	Zone de jeu totale (sq ft)
Macao	Ville des rêves	229,986
Macao	Ville de studio	148,263
Macao	Palais de Grand Lisboa	258,000
Philippines	Ville des rêves Manille	148,263

Plateformes de jeu en ligne

Melco Resorts maintient les plateformes numériques pour l'engagement des clients:

• Programme de fidélité mobile et basé sur le Web intégré
• Système d'adhésion au casino virtuel
• Plateformes de réservation en ligne

Applications de jeux mobiles

Les canaux de jeu numériques comprennent:

Plate-forme	Base d'utilisateurs (2023)	Télécharger les métriques
Application mobile Melco Rewards	175 000 utilisateurs enregistrés	387 000 téléchargements totaux

Partenariats de voyage et de tourisme

Partenariats stratégiques avec:

• Agences de voyage internationales
• Programmes de fidélité des compagnies aériennes
• Plateformes de réservation d'hôtel

Marketing numérique et médias sociaux

Plate-forme	Nombre de suiveurs	Taux d'engagement
Facebook	268 000 abonnés	4.2%
Instagram	142 000 abonnés	3.8%
Liendin	85 000 abonnés	2.5%

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: segments de clientèle

Joueurs internationaux à haute nette

Melco Resorts cible les joueurs internationaux à forte valeur haute avec des caractéristiques démographiques spécifiques:

Caractéristique du segment	Données quantitatives
Dépenses de jeu moyen	50 000 $ - 250 000 $ par visite
Origines géographiques primaires	Chine continentale, Hong Kong, Singapour, Malaisie
Contribution des revenus de jeu VIP	42,3% des revenus totaux de jeu en 2022

Voyageurs d'affaires

Melco Resorts attire des voyageurs d'affaires grâce à des offres spécialisées:

• Installations de conférence couvrant 1 200 mètres carrés
• Espaces d'événements d'entreprise dans City of Dreams et Studio City
• Dépenses moyennes des voyageurs d'affaires: 3 500 $ par voyage

Marché du tourisme de luxe

Caractéristiques de ciblage du segment de luxe:

Métriques du segment de luxe	Points de données
Taux de chambre moyen	350 $ - 1 200 $ par nuit
Occupation de la suite de luxe	68,5% en 2022
Revenus hospitaliers premium	287 millions de dollars en 2022

Passionnés de jeu asiatique

Caractéristiques démographiques clés:

• Tranche d'âge: 25 à 55 ans
• Marchés primaires: région de la Grande Chine
• Dépenses de jeu annuelles: 5,2 milliards de dollars

Touristes de recherche de divertissement

Segment de divertissement profile:

Métriques de divertissement	Données quantitatives
Visiteurs de divertissement annuels	2,3 millions
Revenus de non-distribution	425 millions de dollars en 2022
Capacité de lieu de divertissement	5 000 sièges sur plusieurs sites

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des biens

Depuis 2022, Melco Resorts a déclaré des dépenses d'exploitation totales de 2,93 milliards de dollars. Les coûts de maintenance des biens représentaient spécifiquement environ 412 millions de dollars par an.

Propriété	Coût de maintenance annuel
City of Dreams Macao	156 millions de dollars
Ville des rêves Manille	87 millions de dollars
Studio City Macao	103 millions de dollars

Salaires et formation des employés

Les dépenses totales liées aux employés en 2022 étaient de 723 millions de dollars, ce qui représente 24,7% des coûts d'exploitation totaux.

• Salaire annuel moyen des employés: 45 600 $
• Budget de formation annuel: 18,5 millions de dollars
• Total de main-d'œuvre: environ 14 500 employés

Marketing et acquisition de clients

Les dépenses de marketing en 2022 ont totalisé 247 millions de dollars, ce qui représente 8,4% du total des dépenses d'exploitation.

Canal de marketing	Dépenses annuelles
Marketing numérique	82 millions de dollars
Publicité traditionnelle	65 millions de dollars
Acquisition de clients VIP	100 millions de dollars

Investissements technologiques et plate-forme de jeu

L'investissement technologique pour 2022 était de 193 millions de dollars, axé sur les plateformes de jeu et les infrastructures numériques.

• Développement de logiciels de jeu: 87 millions de dollars
• Investissements en cybersécurité: 36 millions de dollars
• Mises à niveau des infrastructures informatiques: 70 millions de dollars

Frais de conformité réglementaire

Les coûts liés à la conformité en 2022 s'élevaient à 112 millions de dollars dans différentes juridictions.

Zone de conformité	Dépenses annuelles
Règlement sur les jeux Macao	62 millions de dollars
Conformité réglementaire philippine	33 millions de dollars
Gouvernance d'entreprise	17 millions de dollars

Melco Resorts & Entertainment Limited (MLCO) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

Pour l'exercice 2022, Melco Resorts a généré 2,47 milliards de dollars dans le total des revenus de jeu. La rupture des revenus des jeux de casino comprend:

Emplacement	Revenus de jeux
City of Dreams Macao	1,23 milliard de dollars
Ville des rêves Manille	352 millions de dollars
Studio City Macao	468 millions de dollars

Services d'hôtel et d'hébergement

Les revenus totaux de l'hôtel pour 2022 étaient 348,7 millions de dollars. L'inventaire de la chambre d'hôtel comprend:

• City of Dreams Macao: 1 400 chambres
• City of Dreams Manille: 674 chambres
• Studio City Macao: 1 600 chambres

Ventes de billets de divertissement et d'événements

Les revenus de divertissement pour 2022 ont atteint 87,5 millions de dollars, principalement de:

Lieu de divertissement	Revenu
Spectacle d'eau de la maison de danse	62,3 millions de dollars
Studio City Entertainment	25,2 millions de dollars

Ventes de nourriture et de boissons

Le total des revenus des aliments et des boissons pour 2022 était 276,4 millions de dollars, distribué sur plusieurs propriétés:

• City of Dreams Macao Restaurants: 124,6 millions de dollars
• City of Dreams Manila Dining: 87,3 millions de dollars
• Studio City Macao Food Services: 64,5 millions de dollars

Équipements et services non-joués

Les revenus de non-distribution pour 2022 ont totalisé 512,6 millions de dollars, y compris:

Catégorie de service	Revenu
Espaces de vente au détail	186,3 millions de dollars
Spa et bien-être	76,5 millions de dollars
Autres services auxiliaires	249,8 millions de dollars

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.