Melco Resorts' Cyprus business grew in the third quarter of 2026 while poor VIP results and a softer Macau market pushed group net income close to zero. The split matters for anyone tracking land-based casino investment in Europe.
Melco Resorts & Entertainment’s Macau flagship stumbled in the three months to 30 September 2026, while its European business moved the other way. City of Dreams Mediterranean in Limassol, Europe’s largest integrated resort, and its Cyprus satellite casinos produced their highest quarterly EBITDA on record. At group level, earnings almost disappeared. The quarter’s net income equates to US$0.00009 per American depositary share, against US$0.19124 a year earlier.
VIP luck and soft Macau demand hit the flagship
Revenue fell 10% to US$1.17bn. Adjusted property EBITDA dropped to US$287.6m from US$380.4m. Operating income was US$100.2 million, down from US$184.5 million. On an adjusted basis, net income attributable to the company was about US$6.5 million, compared with about US$83.7 million a year before.
City of Dreams Macau drove much of the decline. Rolling chip volume there fell to US$4.63 billion from US$5.58 billion. The VIP win rate slipped to 2.49% fr...