Melco Resorts & Entertainment LTD 6-K, filed Feb 13, 2026

Melco Resorts & Entertainment LTD (MLCO)

6-K 2026-02-13 For: 2026-02-13

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Added on April 08, 2026

About this 6-K

Melco Resorts & Entertainment LTD filed this 6-K on February 13, 2026.

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MELCO RESORTS & ENTERTAINMENT
LIMITED

By:		/s/ Geoffrey Davis
Name:		Geoffrey Davis, CFA
Title:		Chief Financial Officer


Exhibit No.		Description

Exhibit 99.1		Unaudited Results for Fourth Quarter of 2025


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Operating revenues:
Casino	$	1,065,636		$	972,015		$	4,247,025		$	3,772,655
Rooms		111,351			109,348			443,985			422,565
Food and beverage		70,952			74,742			290,718			285,933
Entertainment, retail and other		45,334			34,913			181,571			157,060

Total operating revenues		1,293,273			1,191,018			5,163,299			4,638,213

Operating costs and expenses:
Casino		(703,224	)		(658,219	)		(2,736,452	)		(2,524,565	)
Rooms		(37,235	)		(34,838	)		(148,421	)		(127,884	)
Food and beverage		(63,870	)		(62,007	)		(245,649	)		(230,284	)
Entertainment, retail and other		(22,510	)		(16,654	)		(96,588	)		(79,169	)
General and administrative		(176,909	)		(156,852	)		(657,358	)		(568,701	)
Payments to the Philippine Parties		(8,667	)		(12,407	)		(37,181	)		(41,939	)
Pre-opening costs		(146	)		(9,917	)		(50,562	)		(20,852	)
Development costs		(1,353	)		(1,892	)		(7,619	)		(5,433	)
Amortization of land use rights		(5,004	)		(5,008	)		(19,970	)		(19,956	)
Depreciation and amortization		(135,905	)		(129,364	)		(523,592	)		(521,582	)
Property charges and other		7,939			(6,904	)		(39,481	)		(13,221	)

Total operating costs and expenses		(1,146,884	)		(1,094,062	)		(4,562,873	)		(4,153,586	)

Operating income		146,389			96,956			600,426			484,627

Non-operating income (expenses):
Interest income		2,862			3,166			8,482			15,766
Interest expense, net of amounts capitalized		(114,254	)		(119,771	)		(464,904	)		(486,721	)
Other financing costs		(1,731	)		(1,701	)		(6,701	)		(7,362	)
Foreign exchange (losses) gains, net		(866	)		(14,209	)		8,739			(15,492	)
Other (expenses) income, net		(400	)		627			2,999			3,833
Loss on extinguishment of debt		(232	)		(17	)		(756	)		(1,000	)

Total non-operating expenses, net		(114,621	)		(131,905	)		(452,141	)		(490,976	)

Income (loss) before income tax		31,768			(34,949	)		148,285			(6,349	)
Income tax benefit (expense)		14,526			(4,963	)		(2,829	)		(21,610	)

Net income (loss)		46,294			(39,912	)		145,456			(27,959	)
Net loss attributable to noncontrolling interests		14,341			19,638			39,589			71,502

Net income (loss) attributable to Melco Resorts & Entertainment Limited	$	60,635		$	(20,274	)	$	185,045		$	43,543

Net income (loss) attributable to Melco Resorts & Entertainment Limited per share:
Basic	$	0.052		$	(0.016	)	$	0.155		$	0.034

Diluted	$	0.051		$	(0.016	)	$	0.154		$	0.034

Net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:
Basic	$	0.155		$	(0.048	)	$	0.465		$	0.101

Diluted	$	0.153		$	(0.048	)	$	0.462		$	0.101

Weighted average shares outstanding used in net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic		1,172,041,577			1,259,134,710			1,193,982,891			1,296,361,341

Diluted		1,185,208,444			1,259,134,710			1,201,885,223			1,299,430,914


	December 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,023,199		$	1,147,193
Restricted cash		—			368
Accounts receivable, net		126,405			144,211
Receivables from affiliated companies		887			2,422
Inventories		36,919			32,452
Prepaid expenses and other current assets		81,790			102,521

Total current assets		1,269,200			1,429,167

Property and equipment, net		5,157,443			5,272,500
Intangible assets, net		270,903			288,710
Goodwill		23,490			82,090
Long-term prepayments, deposits and other assets, net		129,428			131,850
Restricted cash		125,235			125,511
Operating lease right-of-use assets		76,935			89,164
Land use rights, net		545,054			566,351

Total assets	$	7,597,688		$	7,985,343

LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable	$	25,910		$	24,794
Accrued expenses and other current liabilities		1,076,150			1,054,018
Income tax payable		29,208			38,009
Operating lease liabilities, current		18,998			18,590
Finance lease liabilities, current		33,327			33,817
Current portion of long-term debt, net		—			21,597
Payables to affiliated companies		719			39

Total current liabilities		1,184,312			1,190,864

Long-term debt, net		6,747,918			7,135,825
Other long-term liabilities		309,799			315,299
Deferred tax liabilities, net		34,590			36,708
Operating lease liabilities, non-current		76,108			80,673
Finance lease liabilities, non-current		148,590			165,938

Total liabilities		8,501,317			8,925,307

Deficit:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,351,540,382 and 1,351,540,382 shares issued; 1,172,055,466 and 1,259,138,299 shares outstanding, respectively		13,515			13,515
Treasury shares, at cost; 179,484,916 and 92,402,083 shares, respectively		(356,835	)		(216,626	)
Additional paid-in capital		2,988,714			2,985,730
Accumulated other comprehensive losses		(63,712	)		(95,750	)
Accumulated losses		(3,828,284	)		(4,013,329	)

Total Melco Resorts & Entertainment Limited shareholders’ deficit		(1,246,602	)		(1,326,460	)
Noncontrolling interests		342,973			386,496

Total deficit		(903,629	)		(939,964	)

Total liabilities and deficit	$	7,597,688		$	7,985,343


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Net income (loss) attributable to Melco Resorts & Entertainment Limited	$	60,635		$	(20,274	)	$	185,045		$	43,543
Pre-opening costs		146			9,917			50,562			20,852
Development costs		1,353			1,892			7,619			5,433
Property charges and other		(7,939	)		6,904			39,481			13,221
Loss on extinguishment of debt		232			17			756			1,000
Income tax impact on adjustments		580			(13	)		(231	)		(50	)
Noncontrolling interests impact on adjustments		(142	)		(439	)		(1,332	)		(1,585	)

Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited	$	54,865		$	(1,996	)	$	281,900		$	82,414

Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share:
Basic	$	0.047		$	(0.002	)	$	0.236		$	0.064

Diluted	$	0.046		$	(0.002	)	$	0.235		$	0.063

Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:
Basic	$	0.140		$	(0.005	)	$	0.708		$	0.191

Diluted	$	0.139		$	(0.005	)	$	0.704		$	0.190

Weighted average shares outstanding used in adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic		1,172,041,577			1,259,134,710			1,193,982,891			1,296,361,341

Diluted		1,185,208,444			1,259,134,710			1,201,885,223			1,299,430,914

Melco Resorts & Entertainment LTD 6-K, filed Feb 13, 2026

About this 6-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents


	Three Months Ended December 31, 2025
	City of Dreams			Studio City			Altira Macau			Mocha⁽³⁾			City of Dreams Manila		City of Dreams Mediterranean and Other			Other Operations⁽⁴⁾			Corporate and Other			Total
Operating income (loss)	$	150,881		$	29,559		$	(6,296	)	$	(334	)	$	17,825	$	6,536		$	(9,062	)	$	(42,720	)	$	146,389
Payments to the Philippine Parties		—			—			—			—			8,667		—			—			—			8,667
Integrated resort and casino rent ⁽⁵⁾		—			—			—			—			1,365		—			1,790			—			3,155
Pre-opening costs		141			10			—			—			—		—			(5	)		—			146
Development costs		—			—			—			—			—		—			—			1,353			1,353
Depreciation and amortization		55,453			56,937			709			1,006			4,716		13,573			3,318			5,197			140,909
Share-based compensation		1,511			424			114			46			270		106			17			4,622			7,110
Property charges and other		(14,277	)		(333	)		1,975			3,674			212		810			—			—			(7,939	)

Adjusted EBITDA		193,709			86,597			(3,498	)		4,392			33,055		21,025			(3,942	)		(31,548	)		299,790
Corporate and Other expenses		—			—			—			—			—		—			—			31,548			31,548

Adjusted Property EBITDA	$	193,709		$	86,597		$	(3,498	)	$	4,392		$	33,055	$	21,025		$	(3,942	)	$	—		$	331,338


	Three Months Ended December 31, 2024
	City of Dreams			Studio City			Altira Macau			Mocha and Other⁽³⁾			City of Dreams Manila		City of Dreams Mediterranean and Other			Other Operations⁽⁴⁾			Corporate and Other			Total
Operating income (loss)	$	80,534		$	23,019		$	(2,501	)	$	4,782		$	34,094	$	(897	)	$	(5,177	)	$	(36,898	)	$	96,956
Payments to the Philippine Parties		—			—			—			—			12,407		—			—			—			12,407
Integrated resort and casino rent ⁽⁵⁾		—			—			—			—			1,226		—			1,820			—			3,046
Pre-opening costs ⁽⁶⁾		4,940			(23	)		—			—			—		(25	)		3,205			—			8,097
Development costs		—			—			—			—			—		—			—			1,892			1,892
Depreciation and amortization		49,389			56,957			547			911			8,716		12,399			—			5,453			134,372
Share-based compensation		1,276			348			104			43			255		99			3			4,373			6,501
Property charges and other		3,940			944			1,599			—			95		210			—			116			6,904

Adjusted EBITDA		140,079			81,245			(251	)		5,736			56,793		11,786			(149	)		(25,064	)		270,175
Corporate and Other expenses		—			—			—			—			—		—			—			25,064			25,064

Adjusted Property EBITDA	$	140,079		$	81,245		$	(251	)	$	5,736		$	56,793	$	11,786		$	(149	)	$	—		$	295,239


	Year Ended December 31, 2025
	City of Dreams			Studio City		Altira Macau			Mocha and Other⁽³⁾			City of Dreams Manila		City of Dreams Mediterranean and Other			Other Operations⁽⁴⁾			Corporate and Other			Total
Operating income (loss)	$	605,544		$	160,935	$	(11,049	)	$	(41,830	)	$	68,390	$	14,853		$	(34,365	)	$	(162,052	)	$	600,426
Payments to the Philippine Parties		—			—		—			—			37,181		—			—			—			37,181
Integrated resort and casino rent ⁽⁵⁾		—			—		—			—			5,557		—			7,157			—			12,714
Pre-opening costs ⁽⁶⁾		29,012			510		—			—			—		—			16,868			—			46,390
Development costs		—			—		—			—			—		—			—			7,619			7,619
Depreciation and amortization		208,454			228,763		2,418			4,558			20,198		52,017			5,636			21,518			543,562
Share-based compensation		6,009			1,606		441			183			1,026		418			80			19,507			29,270
Property charges and other		(26,885	)		1,986		4,137			59,257			436		938			—			(388	)		39,481

Adjusted EBITDA		822,134			393,800		(4,053	)		22,168			132,788		68,226			(4,624	)		(113,796	)		1,316,643
Corporate and Other expenses		—			—		—			—			—		—			—			113,796			113,796

Adjusted Property EBITDA	$	822,134		$	393,800	$	(4,053	)	$	22,168		$	132,788	$	68,226		$	(4,624	)	$	—		$	1,430,439


	Year Ended December 31, 2024
	City of Dreams			Studio City		Altira Macau			Mocha and Other⁽³⁾			City of Dreams Manila		City of Dreams Mediterranean and Other			Other Operations⁽⁴⁾			Corporate and Other			Total
Operating income (loss)	$	397,995		$	115,883	$	(8,211	)	$	23,089		$	89,097	$	(568	)	$	(8,139	)	$	(124,519	)	$	484,627
Payments to the Philippine Parties		—			—		—			—			41,939		—			—			—			41,939
Integrated resort and casino rent ⁽⁵⁾		—			—		—			—			5,417		—			3,019			—			8,436
Pre-opening costs ⁽⁶⁾		11,924			807		69			—			—		288			4,745			—			17,833
Development costs		—			—		—			—			—		—			177			5,256			5,433
Depreciation and amortization		199,530			221,731		2,297			3,724			43,166		50,010			—			21,080			541,538
Share-based compensation		5,056			1,401		438			166			1,090		413			3			18,801			27,368
Property charges and other		7,137			1,417		3,485			(5	)		349		403			—			435			13,221

Adjusted EBITDA		621,642			341,239		(1,922	)		26,974			181,058		50,546			(195	)		(78,947	)		1,140,395
Corporate and Other expenses		—			—		—			—			—		—			—			78,947			78,947

Adjusted Property EBITDA	$	621,642		$	341,239	$	(1,922	)	$	26,974		$	181,058	$	50,546		$	(195	)	$	—		$	1,219,342


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Room Statistics:
City of Dreams
Average daily rate⁽⁷⁾	$	226		$	219		$	220		$	211
Occupancy per available room		98	%		95	%		98	%		93	%
Revenue per available room⁽⁸⁾	$	222		$	209		$	215		$	197
Studio City
Average daily rate⁽⁷⁾	$	174		$	175		$	171		$	165
Occupancy per available room		98	%		97	%		98	%		96	%
Revenue per available room⁽⁸⁾	$	169		$	169		$	167		$	159
Altira Macau
Average daily rate ⁽⁷⁾	$	135		$	136		$	133		$	133
Occupancy per available room		97	%		96	%		97	%		95	%
Revenue per available room ⁽⁸⁾	$	131		$	131		$	129		$	127
City of Dreams Manila
Average daily rate ⁽⁷⁾	$	157		$	163		$	159		$	164
Occupancy per available room		94	%		97	%		94	%		97	%
Revenue per available room ⁽⁸⁾	$	148		$	159		$	149		$	158
City of Dreams Mediterranean and Other
Average daily rate⁽⁷⁾	$	458		$	386		$	485		$	425
Occupancy per available room		55	%		58	%		62	%		61	%
Revenue per available room ⁽⁸⁾	$	252		$	225		$	299		$	261
Other Information:
City of Dreams
Average number of table games		451			430			439			430
Average number of gaming machines		679			604			635			613
Table games win per unit per day ⁽⁹⁾	$	17,815		$	16,118		$	18,129		$	15,459
Gaming machines win per unit per day⁽¹⁰⁾	$	394		$	571		$	496		$	524
Studio City
Average number of table games		253			253			253			251
Average number of gaming machines		851			797			775			709
Table games win per unit per day⁽⁹⁾	$	13,505		$	12,563		$	13,635		$	13,091
Gaming machines win per unit per day⁽¹⁰⁾	$	362		$	401		$	451		$	431
Altira Macau
Average number of table games		29			37			31			39
Average number of gaming machines		226			131			160			134
Table games win per unit per day⁽⁹⁾	$	8,966		$	8,363		$	8,378		$	8,416
Gaming machines win per unit per day⁽¹⁰⁾	$	234		$	277		$	261		$	255