Group 1 - Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026, ranking in the 96th percentile within the Casinos and Gaming Industry, an improvement from the 92nd percentile the previous year [1] - The Yearbook recognizes companies that score within the top 15% of their industry based on the S&P Global 2025 Corporate Sustainability Assessment, with only about 800 out of over 9,200 assessed companies making the list [2] - Melco has consistently achieved a B score for CDP Climate 2025 and improved its CDP Water score from B to A-, while also holding an A rating from MSCI, reflecting its commitment to sustainability [3] Group 2 - Melco Resorts & Entertainment operates integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus [4] - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as the Chairman, Executive Director, and CEO of Melco [5]

Core Insights - Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026, ranking in the 96th percentile within its industry group, an improvement from the 92nd percentile the previous year [1][2] Group 1: Sustainability Recognition - The inclusion in the Yearbook is based on the S&P Global 2025 Corporate Sustainability Assessment, where only the top 15% of companies in each industry are selected [2] - Over 9,200 companies were assessed for the 2025 CSA, with only around 800 companies across 59 industries making it to the Yearbook [2] Group 2: Company Performance - Melco has consistently achieved a B score for CDP Climate 2025 and improved its CDP Water score from B to A- [3] - The company holds an A rating from MSCI, reflecting its commitment to sustainability [3] Group 3: Leadership Statement - Mr. Lawrence Ho, Chairman & CEO, emphasized the company's commitment to sustainability and the importance of the CSA assessment as a benchmark for evaluating their impact [3] Group 4: Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau [4] - The company operates various integrated resorts and gaming facilities in multiple regions, including the Philippines and Cyprus [4]

智通财经APP获悉，摩根大通发布研报称，更新对澳门博彩股的最新偏好次序。首选为银河娱乐 (00027)，给予"增持"评级; 其次为美高梅中国(02282)，同样获"增持"评级; 金沙中国(01928)与永利澳门 (01128)则紧随其后，两者均获"增持"评级。新濠博亚娱乐(MLCO.US)的评级为"中性"，而新濠国际发展 (00200)及澳博控股(00880)则同被评为减持。该行建议投资者在澳门市场保持选择性，聚焦个别股份的 共识风险及估值水平，而非等待广泛的重估。 鉴于农历新年表现好坏参半，该行微调2月博彩总收益预测至同比持平至增长2%(此前预测增长2%至 5%)。撇除季节性及日历因素后，料2026年首两个月博彩总收益增长12%至13%(此前预测增长13%至 14%)，与该行及市场的行业预测一致。 根据该行的查验，2月首22天澳门博彩总收益为143亿澳门元(下同)，即日均6.5亿元。上周的日均收益， 涵盖农历新年假期的淡静及高峰时段为7.85亿元，低于该行预期的8.5亿元。该行表示，假期开始时表现 呆滞，首4至5天日均收益约4.5亿元，同比录得双位数跌幅。但从第6天起，活动急升，每日博彩总收益 突破12亿元 ...

摩根大通发表研报指，根据该行的查验，2月首22天澳门博彩总收益为143亿澳门元，即日均6.5亿澳门 元。假期尚未结束，未来数天至关重要，此假期后的尾随需求阶段通常是高端玩家加速消费的时候。鉴 于农历新年表现好坏参半，该行微调2月博彩总收益预测为按年持平至增长2%(此前预测增长2%至 5%)。撇除季节性及日历因素后，料2026年首两个月博彩总收益增长12%至13%(此前预测增长13%至 14%)，与该行及市场的行业预测一致。 摩通更新对澳门博彩股的最新偏好次序，首选为银河娱乐，给予"增持"评级；其次为美高梅中国，同样 获"增持"评级；金沙中国与永利澳门则紧随其后，两者均获"增持"评级。新濠博亚娱乐的评级为"中 性"，而新濠国际发展及澳博控股则同被评为"减持"。 ...

Group 1 - The Livermore Chinese concept stock index rose by 0.2% at the beginning of trading on February 17 [1] - Among the constituent stocks, Lufax increased by 10% [1] - Hesai Technologies rose nearly 8% [1] - Melco Resorts & Entertainment gained 4.7% [1] - Pony.ai saw an increase of over 2% [1]

分组1 - Melco Resorts & Entertainment Limited reported Q4 results on February 12, showing clear gains in earnings due to the strong performance of Macau's gaming market [1] - Despite the positive earnings, there are indications that the earnings may not fully reflect the potential of the company [1] 分组2 - The company operates in the casino sector, which has been benefiting from the recovery and growth of the gaming market in Macau [1]

Core Insights - Melco Resorts reported $1.29 billion in revenue for Q4 2025, an 8.6% year-over-year increase, with an EPS of $0.14 compared to -$0.01 a year ago [1] - The revenue was a slight miss of 1.2% against the Zacks Consensus Estimate of $1.31 billion, while the EPS exceeded the consensus estimate of $0.12 by 21.74% [1] Financial Performance Metrics - Adjusted EBITDA for Mocha and Other was $4.39 million, surpassing the average estimate of $3.71 million [4] - Adjusted EBITDA for Altira Macau was reported at -$3.5 million, worse than the average estimate of -$0.79 million [4] - Adjusted EBITDA for City of Dreams was $193.71 million, slightly above the estimated $193.24 million [4] - Adjusted EBITDA for City of Dreams Mediterranean and Other was $21.03 million, exceeding the estimate of $17.98 million [4] - Adjusted EBITDA for City of Dreams Manila was $33.06 million, below the average estimate of $35.68 million [4] - Adjusted EBITDA for Corporate and Other was -$31.55 million, worse than the average estimate of -$27.9 million [4] - Adjusted EBITDA for Studio City was $86.6 million, slightly below the average estimate of $87.63 million [4] Stock Performance - Melco's shares have returned -7.8% over the past month, compared to a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [4] - Group-wide adjusted property EBITDA for the fourth quarter of 2025 grew 12% year-over-year to approximately $331 million [8] - Macau property EBITDA grew 24% year-over-year in Q4 2025 and 25% for the full year compared to 2024 [4] Business Line Data and Key Metrics Changes - In Macau, the fourth quarter property EBITDA grew 24% year-over-year, while full-year EBITDA grew 25% [4] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [7] - The Philippines faced competitive pressures, impacting performance, but positive developments are noted, including visa-free travel for Chinese nationals [5] Market Data and Key Metrics Changes - Macau market GGR increased by 24% year-over-year, with market share also increasing in Q1 2026 [4] - The company anticipates a strong Chinese New Year with higher yielding cash ADRs compared to 2025 [4] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [5] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also planned to enhance product quality [5] - The company has concluded evaluations of strategic alternatives for COD Manila, indicating confidence in future business recovery [6] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a year of growth and recovery, supported by disciplined cost management and margin expansion [4] - Competition in Macau remains intense, but management is comfortable with their margin expectations and has been disciplined in reinvestment [23][28] - The company expects Macau daily OpEx to increase to approximately $3.2 million in Q1 2026 due to increased marketing activity [9] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [9] - Total CapEx for 2026 is projected at $450 million, with significant allocations for the Countdown Hotel and other properties [34] Q&A Session Summary Question: Impact of House of Dancing Water on traffic and conversion - Management noted a meaningful uptick in property visitation since reopening House of Dancing Water, with significant food and beverage spending observed [16][17] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins, with no immediate catalysts for change [21][23][28] Question: Clarification on operating expenses and non-recurring items - Management confirmed that additional bad debt was approximately $5 million for the quarter, with $6 million related to the anniversary events [32] Question: CapEx breakdown for major projects - Total CapEx for 2026 is projected at $450 million, with $375 million allocated to Macau and significant funds for the Countdown Hotel [34]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [4] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [8] - Macau property EBITDA grew 24% year-over-year in Q4 2025 and 25% for the full year compared to 2024 [4] Business Line Data and Key Metrics Changes - In Macau, the dedicated efforts to enhance customer experience led to significant EBITDA growth [4] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [7] - The Philippines faced competitive pressures and industry headwinds, impacting performance, but positive developments were noted [5] Market Data and Key Metrics Changes - Macau market GGR increased by 24% year-over-year, with market share also rising in early 2026 [4] - The Philippines market is seeing improvements with visa-free travel for Chinese nationals and upgrades to the Manila Airport [5] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [5] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [5] - The company has concluded evaluations of strategic alternatives for COD Manila, indicating confidence in future business recovery [6] Management Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [24][28] - The company is confident in maintaining EBITDA margins due to disciplined cost management throughout 2025 [29] - Positive sentiment was expressed regarding the potential for business rebound in the Philippines and Cyprus [6][7] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [9] - Total CapEx for 2026 is projected at $450 million, with significant investments in Macau [35] Q&A Session Summary Question: Impact of House of Dancing Water on traffic and conversion - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming areas [16][17] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined reinvestment strategies [22][24][29] Question: Clarification on operating expenses and non-recurring items - Additional bad debt for the quarter was approximately $5 million, with $6 million related to the anniversary events [33] Question: CapEx breakdown for major projects - Total CapEx for the year is $450 million, with significant allocations for the Countdown Hotel and other properties [35]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [3] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [6] - Macau property EBITDA grew 24% year-over-year in Q4 and 25% for the full year compared to 2024 [3] Business Line Data and Key Metrics Changes - In Macau, the company focused on enhancing customer experience, leading to significant EBITDA growth [3] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [5] - The Philippines faced competitive pressures, but positive developments such as visa-free travel for Chinese nationals were noted [4] Market Data and Key Metrics Changes - Macau market GGR was up by 24% year-over-year, with an increase in market share observed in early 2026 [3] - The company expects Macau daily operating expenses to rise to approximately $3.2 million in Q1 2026 due to increased marketing activities [8] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [4] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [4] Management's Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [21][26] - The company is confident in its ability to manage operating costs and maintain EBITDA margins throughout 2026 [27] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [8] - Total CapEx for 2026 is projected at $450 million, with significant investments in the Countdown Hotel and other properties [33] Q&A Session Summary Question: Impact of House of Dancing Water on visitation and revenue - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming segments [15][16] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined cost management [21][27] Question: Clarification on operating expenses related to non-recurring items - Management quantified additional bad debt at approximately $5 million and anniversary-related expenses at about $6 million for the quarter [31] Question: CapEx breakdown for major projects - Total CapEx for 2026 is $450 million, with $375 million allocated to Macau and significant funds for the Countdown Hotel [33]