Melco Resorts & Entertainment Limited (MLCO): Business Model Canvas [Dec-2025 Updated]

You're looking at Melco Resorts & Entertainment Limited (MLCO) right now, and honestly, the story isn't just about recovery; it's about a sharp pivot toward an asset-light growth strategy, even while managing a substantial debt load of around $8.93 billion. After locking in their Macau concession, their Q3 2025 results show US$1.06 billion in gaming revenue, signaling a strong core, but the real intrigue lies in how they balance that with new ventures like City of Dreams Sri Lanka. We've broken down their entire nine-block Business Model Canvas-from their $1.61 billion cash position to their specific customer segments-so you can see the precise mechanics of their current play. Keep reading below to see the full, analyst-vetted structure.

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

You're looking at the critical relationships Melco Resorts & Entertainment Limited maintains to run its integrated resorts, especially with the new asset-light venture in South Asia and the renewed Macau concession. These aren't just names on a contract; they are financial anchors for growth and compliance.

John Keells Holdings for the City of Dreams Sri Lanka Asset-Light Venture

The partnership with John Keells Holdings PLC for City of Dreams Sri Lanka is a prime example of Melco Resorts & Entertainment Limited's asset-light expansion strategy. This development is Sri Lanka's largest private sector investment in luxury lifestyle to date, valued at over USD 1.2 billion. Melco Resorts' direct capital contribution toward the resort fit-out and gaming operations was approximately USD 125 million. The final components, including the Melco-run casino and the 113-key Nuwa hotel, officially launched on August 2nd, 2025. For management services in Q3 2025, this venture recorded total operating revenues of $6.1 million, though it posted a slight adjusted EBITDA loss of $600,000 for the same period. Melco Resorts is structured to receive circa 50 percent of the casino EBITDA from the Sri Lanka site. The projected annual gross gaming revenue (GGR) for the casino was initially set between $200 million and $250 million.

Macau Government for the Ten-Year Gaming Concession (from January 2023)

The ten-year gaming concession granted by the Macau Special Administrative Region of the People's Republic of China is central to Melco Resorts Macau's core operations, running from January 1, 2023, to December 31, 2032. This agreement mandates significant capital commitments, with Melco Resorts Macau undertaking an initial non-gaming investment of MOP11,823,700,000, equivalent to approximately $1,474,506,000. Furthermore, the concession requires an additional non-gaming investment of approximately 20 percent of the initial amount, or MOP2,003,000,000 (about $249,789,000), if the Macau SAR annual GGR reaches MOP180,000,000,000 (around $22,447,372,000) within the first five years. The government allocated Melco Resorts Macau 750 gaming tables and 2,100 electronic gaming machines for operation across its authorized properties.

The fee structure for the Macau government is multi-layered:

• Annual Fixed Premium: MOP30,000,000 (approximately $3,741,000).
• Variable Premium Per Table: MOP300,000 (about $37,000) for exclusive-game tables and MOP150,000 (around $19,000) for general tables.
• Variable Premium Per Machine: MOP1,000 (roughly $100).
• Special Gaming Tax: Payable at a rate of 35 percent on gross gaming revenue.
• Mandatory Contributions: 2 percent and 3 percent of GGR are payable to a public fund and for urban development/tourism promotion/social security, respectively.

Local SMEs and Microenterprises for Community Investment and Supply Chain

Melco Resorts & Entertainment Limited actively supports local economic prosperity through its procurement policies, which is a key part of its community engagement. In Macau, 80 percent of the company's procurement is with local companies and distributors. Of that local spend, over 30 percent is directed specifically to micro and small enterprises (SMEs). In Manila, the commitment is even higher, with over 90 percent of procurement supporting local businesses. The company hosts events like "To the Table by SMEs" to facilitate direct dialogue between its culinary teams and local suppliers.

Global Luxury Retail and Dining Brands for Non-Gaming Attractions

The non-gaming segment is a critical component of the integrated resort model, relying on partnerships with global luxury brands to drive foot traffic and longer stays. For the third quarter of 2025, Melco Resorts & Entertainment Limited reported total non-gaming revenues across its portfolio reached $248 million, representing a 7.5 percent year-on-year increase. For context, the flagship City of Dreams Macau property alone generated $88.1 million in non-gaming revenue in Q2 2025. The company is focused on creating differentiated experiences, such as the return of the aquatic show "House of Dancing Water" to City of Dreams in May 2025, which is intended to enrich the leisure portfolio.

Here's a snapshot of recent non-gaming revenue performance across key Macau properties for Q2 2025:

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

Melco Resorts & Entertainment Limited key activities center on operating integrated casino resorts across multiple jurisdictions and strategically managing its asset base.

Operating integrated casino resorts in Macau, Cyprus, and the Philippines

Melco Resorts & Entertainment Limited operates integrated resort facilities in Macau, which include City of Dreams and Altira Macau, and majority-owns Studio City in Cotai. In the Philippines, the company operates and manages City of Dreams Manila. In Europe, operations include City of Dreams Mediterranean in Limassol, Cyprus, and licensed satellite casinos in other Cypriot cities. The company also commenced casino operations at City of Dreams Sri Lanka on August 1, 2025.

The third quarter of 2025 saw total operating revenues of US$1.31 billion, an increase of 11.4% year-on-year. Gaming revenues reached $1.06 billion, up 12.4% year-on-year, while non-gaming revenues were $248 million, up 7.5% year-on-year. Net income for the quarter was $62 million, up from $13 million in the prior year period. Adjusted EBITDA for the group was $352 million, marking a 16.3% year-on-year increase.

Key operational statistics for the three months ended September 30, 2025, are detailed below:

Macau Property EBITDA improved by 21% year-over-year.

Managing gaming floors and hotel operations under an asset-light model

Melco Resorts & Entertainment Limited is ramping up an asset-light strategy to expand its brand beyond Macau by partnering with local operators to co-run projects. This approach is intended to reduce debt, which stood at over $7 billion, and capture growth opportunities while gaining management fees and EBITDA without committing serious capital. The company's first project under this strategy, City of Dreams Sri Lanka, involved an investment of about US$125 million, with Melco operating the gaming floors and some accommodations. The company is also exploring strategic alternatives for City of Dreams Manila, with a decision expected by the end of 2025.

The company is actively reshaping its portfolio by closing low-yield neighborhood slot parlors, specifically closing two more Mocha Clubs by year-end 2025. The Grand Dragon Casino and three Mocha Clubs are set to cease operations before the end of 2025. Gaming assets are being reallocated; 15 gaming tables from the Grand Dragon casino were moved into a new, high-traffic area near the Grand Hyatt at City of Dreams.

Developing and renovating properties, like the Countdown Hotel renovation

Melco Resorts & Entertainment Limited is investing an estimated US$125 million to renovate the existing 330-room Countdown Hotel at City of Dreams in Macau. The plan converts the property into approximately 150 high-end suites, each with an average room size in excess of 1,000 square feet. The reopening is targeted for the third quarter of 2026. Capital expenditures for the second quarter of 2025 were US$95.9 million, which included costs for enhancement projects at City of Dreams and Studio City.

Strategic repositioning: Studio City for mass market, City of Dreams for premium mass

Melco Resorts & Entertainment Limited is executing a strategy to elevate offerings and capture specific customer segments. At City of Dreams, the group opened the "Signature Clubhouse" in July 2025, an area for premium mass customers featuring private gaming salons and exclusive amenities. Studio City, which is focused on the mass market, unveiled a newly expanded high-limit gaming area and is receiving gaming machines reallocated from closed Mocha Clubs.

The company signaled a definitive shift toward capital return, announcing a clear intent to potentially resume a quarterly dividend by the end of 2026.

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

You're looking at the core assets Melco Resorts & Entertainment Limited relies on to generate revenue in late 2025. These aren't just buildings; they are the platforms for their entire operation.

First, let's look at the balance sheet strength. As of 30 September 2025, Melco Resorts & Entertainment Limited reported total cash and bank balances aggregated to $1.61 billion. That's a solid liquidity position to manage ongoing operations and strategic moves.

The most critical intangible asset, without question, is the Macau gaming concession, allowing Melco Resorts (Macau) Limited to operate games of fortune and chance in Macau. This concession requires a commitment to invest about $1.5 billion in capital and operating expenses, specifically supporting non-gaming amenities and events, which is a key part of their long-term resource allocation strategy.

The physical, flagship integrated resorts are the engines of the business. Here's a quick breakdown of the key properties that form the backbone of their asset portfolio:

Also important is City of Dreams Manila, which contributes to their international footprint.

Melco Resorts & Entertainment Limited also deploys proprietary luxury hotel brands that define their premium segment offering. These brands are central to attracting and retaining high-value customers.

• Morpheus: The iconic, ultra-luxury hotel tower at City of Dreams Macau, representing a $1.1 billion investment and designed by the late Dame Zaha Hadid.
• NÜWA: Melco's luxury hotel brand, which replaced the Crown Towers hotels in Macau and Manila starting in January 2018. Nüwa Manila and Nüwa Spa earned Forbes Travel Guide Five Star ratings in 2025.

The company is also managing the wind-down of non-concessionaire operations, confirming the closure of its sole satellite casino, Grand Dragon Casino, and three Mocha Club slot venues before the end of 2025 to align with the new Macau gaming law effective January 1, 2026. Still, Melco aims to keep three other Mocha Clubs operational past 2025, subject to government approval.

Finance: review the Q4 2025 cash position against the required concession investment commitment by end of Q1 2026.

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:

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:

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:

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.

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:

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.

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:

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:

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.