Melco Resorts & Entertainment Limited(MLCO)

$5.31—

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Melco Resorts & Entertainment Limited(MLCO)

NASDAQ

$5.31—

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MLCO(MLCO)

MLCO

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7/15/26

MELCO RESORTS & ENTERTAINMENT (MLCO)

Wednesday

11:03 AM

Thesis: Melco Resorts & Entertainment: the story is balanced — Macau gross gaming revenue (GGR) monthly data and visitation trends - market currently running 70-75% of 2019 levels

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$5.2B	$5.3B	$5.6B
Rev. Growth	+11.3%	+3.5%	+4.6%
EPS	$0.45	$0.54	$0.76
EPS Growth	+350%	+21.1%	+40.4%
P/E (fwd)	11.8×	9.8×	6.9×

★ Analysts see FY2027 revenue reaching $5.6B — +4.6% growth in a single year.

What Moves the Stock

1Macau gross gaming revenue (GGR) monthly data and visitation trends - market currently running 70-75% of 2019 levels
2Chinese government policy on travel permits, UnionPay restrictions, and anti-money laundering enforcement affecting VIP segment
3Mass market table game hold percentage and average bet size trends indicating premium mass recovery
4Concession compliance and capital commitment execution (required $1.1B investment over 10 years)
5USD/CNY exchange rate movements affecting Chinese visitor purchasing power and cross-border spending
6Casino gaming operations (estimated 80-85% of revenue) - primarily mass market tables and slots in Macau properties
7Non-gaming revenue (15-20%) - hotel rooms, food & beverage, retail, entertainment at integrated resorts
8Studio City operations - entertainment-focused property with lower gaming mix, cinema, attractions

FY2025 Snapshot

Revenue: $5.2B
Rev. Growth: +11.3%
Gross Margin: 36.7%
Op. Margin: 11.6%
Net Margin: 3.6%
Net Income: $185M
NI Growth: +325%
EPS: $0.45
1Y Return: -39.8%

My Notes

value/turnaround - Extremely low valuation multiples (0.1x P/S, 6.3x EV/EBITDA) and 44.5% FCF yield attract distressed/special situations…
Rising US rates create dual pressure: (1) increases financing costs on substantial debt load (negative equity suggests debt exceeds book…
Watch on earnings: Macau monthly GGR published by Gaming Inspection and Coordination Bureau, USD/CNY exchange rate (DEXCHUS) affecting visitor spending power, Chinese retail sales and consumer confidence indicating discretionary spending capacity.

One Sentence Summary:

Melco Resorts & Entertainment: the story is balanced — macau gross gaming revenue (ggr) monthly data and visitation trends - market currently running 70-75% of 2019 levels.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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Metric

FY2025

FY2026E

FY2027E

P/E (fwd)

11.8×

9.8×

6.9×

What Moves the Stock

1Macau gross gaming revenue (GGR) monthly data and visitation trends - market currently running 70-75% of 2019 levels

2Chinese government policy on travel permits, UnionPay restrictions, and anti-money laundering enforcement affecting VIP segment

3Mass market table game hold percentage and average bet size trends indicating premium mass recovery

4Concession compliance and capital commitment execution (required $1.1B investment over 10 years)

5USD/CNY exchange rate movements affecting Chinese visitor purchasing power and cross-border spending

6Casino gaming operations (estimated 80-85% of revenue) - primarily mass market tables and slots in Macau properties

7Non-gaming revenue (15-20%) - hotel rooms, food & beverage, retail, entertainment at integrated resorts

8Studio City operations - entertainment-focused property with lower gaming mix, cinema, attractions

My Notes

value/turnaround - Extremely low valuation multiples (0.1x P/S, 6.3x EV/EBITDA) and 44.5% FCF yield attract distressed/special situations…

Rising US rates create dual pressure: (1) increases financing costs on substantial debt load (negative equity suggests debt exceeds book…

Watch on earnings: Macau monthly GGR published by Gaming Inspection and Coordination Bureau, USD/CNY exchange rate (DEXCHUS) affecting visitor spending power, Chinese retail sales and consumer confidence indicating discretionary spending capacity.

MELCO RESORTS & ENTERTAINMENT (MLCO)

Revenue Outlook

What Moves the Stock

MLCO Chart

My Notes

One Sentence Summary:

Explore More

MELCO RESORTS & ENTERTAINMENT (MLCO)

Revenue Outlook

What Moves the Stock

MLCO Chart

My Notes

One Sentence Summary: