Overview
- Total operating revenues rose to US$1.31 billion for Q3 2025, up about 11% year over year, with operating income of US$184.5 million, Adjusted Property EBITDA of US$380.4 million, and net income attributable of US$74.7 million.
- City of Dreams in Macau led results with US$672.6 million in revenue and US$206.9 million in Adjusted EBITDA, as rolling chip volume climbed to US$5.58 billion.
- Studio City delivered US$375.3 million in revenue and US$104.7 million in Adjusted EBITDA, with year-over-year gains driven by mass market play.
- Macau portfolio adjustments included the September closure of Grand Dragon Casino and one Mocha Club, with 15 gaming tables shifted to City of Dreams and 90 machines to Studio City.
- Liquidity remained sizable at roughly US$2.60 billion including US$1.61 billion in cash, as US$500 million of 6.50% notes due 2033 funded the tender and early redemption of 2026 notes; operations in Sri Lanka began in August with the Nüwa hotel open since mid-July.