Melco Resorts & Entertainment Limited (MLCO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo dos resorts de Melco & A Entertainment Limited (MLCO), uma potência no cenário global de jogos e hospitalidade que criou magistralmente um modelo de negócios misturando luxo, entretenimento e inovação tecnológica. Desde os cassinos brilhantes de Macau até as plataformas digitais de ponta, a MLCO revolucionou a indústria do entretenimento, criando experiências imersivas que atendem a viajantes internacionais de alta rede e entusiastas de jogos. Esse modelo abrangente de tela de negócios revela o plano estratégico por trás de uma das empresas de entretenimento mais dinâmicas da Ásia, oferecendo informações sem precedentes sobre como o MLCO transforma os jogos tradicionais em um ecossistema de entretenimento sofisticado e multidimensional.

Melco Resorts & Entertainment Limited (MLCO) - Modelo de Negócios: Principais Parcerias

Fabricantes de equipamentos de jogos e fornecedores de tecnologia

A Melco Resorts faz parceria com empresas específicas de tecnologia de jogos:

• Corporação de jogos científicos - provedor de sistemas de caça -níqueis e sistemas de jogos
• TECNOLOGIA DO JOGO INTERNACIONAL (IGT) - Hardware de jogo e soluções de software
• Tecnologias Aristocrates - Manufatura de Máquina de Jogos

Parceiro	Valor do contrato	Duração
Jogos científicos	US $ 45,2 milhões anualmente	Contrato de 5 anos
Igt	US $ 38,7 milhões anualmente	Contrato de 3 anos

Macau local e órgãos regulatórios do governo internacional

As principais parcerias regulatórias incluem:

• Macau Gaming Inspeção e Coordenação Bureau
• Comissões de jogos de Hong Kong
• Filipina Diversão e Gaming Corporation (PAGCOR)

Marcas de hotéis e hospitalidade de luxo

Parceiro	Tipo de colaboração	Localização
Hotéis Rosewood	Contrato de gerenciamento	Macau
Four Seasons Hotels	Parceria de marca	Manila

Empresas de produção de entretenimento e eventos

Parcerias estratégicas de entretenimento:

• Live Nation Entertainment
• AEG em todo o mundo
• MGM Resorts International (para colaboração de entretenimento)

Instituições financeiras e investidores

Parceiro financeiro	Valor do investimento	Ano
Goldman Sachs	US $ 750 milhões	2022
JPMorgan Chase	Linha de crédito de US $ 500 milhões	2023

Melco Resorts & Entertainment Limited (MLCO) - Modelo de Negócios: Atividades -chave

Operações integradas de cassino e resort

Melco Resorts opera dois resorts de cassino integrados em Macau:

• City of Dreams Macau: 420.000 pés quadrados de espaço para jogos
• Studio City Macau: 250.000 pés quadrados de espaço para jogos

Recorrer	Posições totais de jogos	Quartos de hotel
Cidade dos sonhos	1.500 posições de jogo	783 quartos
Studio City	1.200 posições de jogo	1.600 quartos

Gerenciamento de hospitalidade e entretenimento

Melco gerencia várias marcas de hotéis de luxo com 4.183 Total de quartos de hotel em suas propriedades de Macau.

Experiências de entretenimento para jogos e não-jogos

Categoria de entretenimento	Receita anual (2022)
Jogos de cassino	US $ 2,16 bilhões
Receitas não-gamantes	US $ 463 milhões

Estratégias de marketing e aquisição de clientes

Despesas de marketing em 2022: US $ 219 milhões

• Concentre -se nos segmentos de mercado de massa VIP e Premium
• Programas de marketing digital e de fidelidade direcionados

Inovação tecnológica em plataformas de jogos

Investimento de tecnologia anual: US $ 87 milhões

Área de foco em tecnologia	Principais investimentos
Plataformas de jogos digitais	Interfaces de cassino móvel e online
Tecnologia da experiência do cliente	Sistemas personalizados de jogos e entretenimento

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negócios: Recursos -chave

Propriedades do cassino premium

Melco Resorts opera as seguintes propriedades do cassino:

Propriedade	Localização	Espaço total para jogos
Cidade dos sonhos macau	Macau, China	175.000 pés quadrados
Studio City	Macau, China	120.000 pés quadrados
Grand Lisboa Palace	Macau, China	160.000 pés quadrados
Cidade dos sonhos mediterrânea	Chipre	130.000 pés quadrados

Infraestrutura de hospitalidade de ponta

Detalhes do inventário de hotéis:

Propriedade	Total de quartos	Categorias de quartos
Cidade dos sonhos macau	1.400 quartos	Luxo, luxo, suíte
Studio City	1.200 quartos	Padrão, premium, suíte
Cidade dos sonhos mediterrânea	500 quartos	Luxo, executivo

Reputação da marca

Métricas de força da marca:

• Participação de mercado de jogos em Macau: 13,4%
• Classificação de satisfação do cliente: 4.6/5
• Anos em operação: 18 anos

Tecnologia avançada de jogos

Infraestrutura de tecnologia:

• Plataformas de jogos: 5 sistemas de software proprietários
• Investimento de tecnologia anual: US $ 45 milhões
• Orçamento de segurança cibernética: US $ 12 milhões anualmente

Composição da força de trabalho

Categoria	Total de funcionários	Papéis especializados
Força de trabalho total	13.500 funcionários	N / D
Operações de cassino	6.200 funcionários	Revendedores, gerentes de poço
Hospitalidade	4.800 funcionários	Funcionários do hotel, concierge
Tecnologia	1.200 funcionários	Isso, segurança, tecnologia de jogos

Melco Resorts & Entertainment Limited (MLCO) - Modelo de Negócios: Proposições de Valor

Experiências de entretenimento integrado de luxo

A Melco Resorts opera duas propriedades principais em Macau com espaço total para jogos de 229.000 pés quadrados a partir de 2023:

Propriedade	Localização	Espaço para jogos
Cidade dos sonhos	Macau	129.000 pés quadrados
Studio City	Macau	100.000 pés quadrados

Jogos de classe mundial e comodidades não-gamadoras

Receita de jogo Receita para 2022:

Segmento	Receita	Percentagem
Mercado de massa	US $ 1,23 bilhão	58%
Jogos VIP	US $ 0,89 bilhão	42%

Serviços de hospitalidade premium

• Total de quartos de hotel: 3.000+
• Taxas médias de quartos: US $ 250 a US $ 500 por noite
• Experiências de hotéis de marca:
  • Morpheus Hotel
  • Grand Hyatt Macau
  • Hard Rock Hotel

Plataformas de jogos tecnológicas de ponta

Investimento de tecnologia em 2022: US $ 45 milhões

Área de tecnologia	Investimento
Plataformas de jogos digitais	US $ 22 milhões
Soluções de jogos móveis	US $ 15 milhões
Analítica de jogos de AI	US $ 8 milhões

Experiências exclusivas de entretenimento e cultura

Receita de entretenimento para 2022: US $ 156 milhões

• Locais de desempenho ao vivo: 3
• Eventos anuais de entretenimento: 250+
• Cultural Show Investments: US $ 12 milhões

Melco Resorts & Entertainment Limited (MLCO) - Modelo de Negócios: Relacionamentos do Cliente

Programas VIP e de fidelidade personalizados

A Melco Resorts implementa um sofisticado programa de fidelidade com níveis de associação em camadas:

Nível de associação	Limite anual de gastos	Multiplicador de pontos de recompensa
Prata	$50,000	1.0x
Ouro	$250,000	1.5x
Platina	$500,000	2.0x

Atendimento ao cliente de alto toque

As métricas de atendimento ao cliente dedicadas incluem:

• Suporte multilíngue 24/7 em 24 idiomas
• Tempo médio de resposta: 12 minutos
• Taxa de satisfação do cliente: 92,5%

Plataformas de engajamento digital

Canais e métricas de engajamento digital:

Plataforma	Usuários ativos mensais	Taxa de engajamento
Aplicativo móvel	185,000	67%
Site	225,000	53%
Mídia social	350,000	41%

Benefícios exclusivos de associação

Benefícios exclusivos para membros de alto nível:

• Reservas prioritárias de hotéis
• Atualizações de salas de cortesia
• Salas de jogos privadas
• Serviços de concierge personalizados

Estratégias de marketing direcionadas

Segmentação de marketing e gastos:

Segmento de clientes	Orçamento de marketing	Taxa de conversão
Rolos altos	US $ 12,5 milhões	38%
Jogadores de nível intermediário	US $ 7,3 milhões	22%
Viajantes de lazer	US $ 5,6 milhões	15%

Melco Resorts & Entertainment Limited (MLCO) - Modelo de Negócios: Canais

Locais diretos de cassino e resort

Melco Resorts opera as seguintes propriedades em Macau e nas Filipinas:

Localização	Nome da propriedade	Área total de jogos (Sq ft)
Macau	Cidade dos sonhos	229,986
Macau	Studio City	148,263
Macau	Grand Lisboa Palace	258,000
Filipinas	City of Dreams Manila	148,263

Plataformas de jogos online

Melco Resorts mantém plataformas digitais para envolvimento do cliente:

• Programa de fidelidade móvel e baseado na Web integrados
• Sistema de associação ao cassino virtual
• Plataformas de reserva on -line

Aplicativos para jogos móveis

Os canais de jogos digitais incluem:

Plataforma	Base de usuário (2023)	Download de métricas
Melco Rewards Mobile App	175.000 usuários registrados	387.000 downloads totais

Parcerias de viagem e turismo

Parcerias estratégicas com:

• Agências de viagens internacionais
• Programas de fidelidade da companhia aérea
• Plataformas de reserva de hotéis

Marketing digital e mídia social

Plataforma	Contagem de seguidores	Taxa de engajamento
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 Negócios: Segmentos de Clientes

Jogadores internacionais de alta rede

Melco Resorts tem como alvo os jogadores internacionais de alta rede com características demográficas específicas:

Característica do segmento	Dados quantitativos
Gasto médio de jogo	$ 50.000 - US $ 250.000 por visita
Origens geográficas primárias	China continental, Hong Kong, Cingapura, Malásia
Contribuição da receita de jogos VIP	42,3% da receita total de jogos em 2022

Viajantes de negócios

Melco Resorts atrai viajantes de negócios por meio de ofertas especializadas:

• Instalações de conferência que abrangem 1.200 metros quadrados
• Espaços de eventos corporativos na cidade dos sonhos e no Studio City
• Gastos médios para viajantes de negócios: US $ 3.500 por viagem

Mercado de Turismo de Luxo

Características de segmento de segmento de luxo:

Métricas de segmento de luxo	Pontos de dados
Taxa de ambiente médio	$ 350 - US $ 1.200 por noite
Ocupação de suíte de luxo	68,5% em 2022
Receita de hospitalidade premium	US $ 287 milhões em 2022

Entusiastas dos jogos asiáticos

Principais características demográficas:

• Faixa etária: 25-55 anos
• Mercados primários: Grande Região da China
• Despesas com jogos anuais: US $ 5,2 bilhões

Turistas em busca de entretenimento

Segmento de entretenimento profile:

Métricas de entretenimento	Dados quantitativos
Visitantes anuais de entretenimento	2,3 milhões
Receita não-gamadora	US $ 425 milhões em 2022
Capacidade do local de entretenimento	5.000 assentos em vários locais

Melco Resorts & Entertainment Limited (MLCO) - Modelo de Negócios: Estrutura de Custo

Manutenção de propriedades e operações

A partir de 2022, o Melco Resorts registrou despesas operacionais totais de US $ 2,93 bilhões. Os custos de manutenção de propriedades representavam especificamente aproximadamente US $ 412 milhões anualmente.

Propriedade	Custo de manutenção anual
Cidade dos sonhos macau	US $ 156 milhões
City of Dreams Manila	US $ 87 milhões
Studio City Macau	US $ 103 milhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de US $ 723 milhões, representando 24,7% dos custos operacionais totais.

• Salário médio anual de funcionários: US $ 45.600
• Orçamento de treinamento anual: US $ 18,5 milhões
• Força de trabalho total: aproximadamente 14.500 funcionários

Marketing e aquisição de clientes

As despesas de marketing em 2022 totalizaram US $ 247 milhões, representando 8,4% do total de despesas operacionais.

Canal de marketing	Gastos anuais
Marketing digital	US $ 82 milhões
Publicidade tradicional	US $ 65 milhões
Aquisição de clientes VIP	US $ 100 milhões

Investimentos de plataforma de tecnologia e jogos

O investimento em tecnologia para 2022 foi de US $ 193 milhões, com foco em plataformas de jogos e infraestrutura digital.

• Desenvolvimento de software para jogos: US $ 87 milhões
• Investimentos de segurança cibernética: US $ 36 milhões
• Atualizações de infraestrutura de TI: US $ 70 milhões

Despesas de conformidade regulatória

Os custos relacionados à conformidade em 2022 totalizaram US $ 112 milhões em diferentes jurisdições.

Área de conformidade	Despesas anuais
Regulamentos de jogos de Macau	US $ 62 milhões
Conformidade regulatória filipina	US $ 33 milhões
Governança corporativa	US $ 17 milhões

Melco Resorts & Entertainment Limited (MLCO) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Para o ano fiscal de 2022, Melco Resorts gerou US $ 2,47 bilhões no total de receitas de jogos. A quebra das receitas de jogos de cassino inclui:

Localização	Receita de jogos
Cidade dos sonhos macau	US $ 1,23 bilhão
City of Dreams Manila	US $ 352 milhões
Studio City Macau	US $ 468 milhões

Serviços de hotel e acomodação

A receita total do hotel para 2022 foi US $ 348,7 milhões. O inventário de quartos de hotel inclui:

• Cidade dos sonhos Macau: 1.400 quartos
• Cidade dos sonhos Manila: 674 quartos
• Studio City Macau: 1.600 quartos

Vendas de ingressos de entretenimento e evento

Receita de entretenimento para 2022 alcançada US $ 87,5 milhões, principalmente de:

Local de entretenimento	Receita
House of Dancing Water Show	US $ 62,3 milhões
Entretenimento de Studio City	US $ 25,2 milhões

Vendas de alimentos e bebidas

A receita total de alimentos e bebidas para 2022 foi US $ 276,4 milhões, distribuído em várias propriedades:

• City of Dreams Macau Restaurantes: US $ 124,6 milhões
• City of Dreams Manila Dining: US $ 87,3 milhões
• Estudio City Macau Food Services: US $ 64,5 milhões

Comodidades e serviços não-gamadores

A receita não-gamante para 2022 totalizou US $ 512,6 milhões, incluindo:

Categoria de serviço	Receita
Espaços de varejo	US $ 186,3 milhões
Spa e bem -estar	US $ 76,5 milhões
Outros serviços auxiliares	US $ 249,8 milhões

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.