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Manila Bulletin devider Business devider The Stock Market devider Melco's City of Dreams profit plunges 42% as high rollers retreat

Melco's City of Dreams profit plunges 42% as high rollers retreat

Published Feb 13, 2026 11:56 am  |  Updated Feb 13, 2026 01:08 pm
Melco Resorts & Entertainment Ltd. reported a sharp decline in profit for City of Dreams Manila in the fourth quarter on the back of cooling period for the local gaming sector as it grapples with heightened competition and shifting market dynamics.
Total operating revenues at Merlco’s Manila property slumped 25 percent to ₱5.61 billion for the quarter ending Dec. 31, down from ₱7.49 billion in the same period a year earlier.
The decline in the top line trickled down to Melco’s earnings, with adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) plunging 42 percent to 1.85 billion pesos. Melco
Chairman and Chief Executive Officer Lawrence Ho attributed the weakness to “competitive pressures” that have begun to squeeze margins across Metro Manila’s gambling hub.
The downturn was most pronounced in the high-stakes VIP segment as rolling chip volume, a key measure of turnover from junket players and high rollers, retreated 39 percent to 26.27 billion pesos.
While the win rate remained relatively steady at 4.47 percent—well above the company’s expected range of 2.85 percent to 3.15 percent—it was not enough to offset the thinning volumes. The mass market followed similar trajectory, with table games drop decreasing 24 percent to ₱7.22 billion.
In a note to investors, Abacus Securities Corp. described the performance as a “nightmare” quarter for the integrated resort. The brokerage noted that the weakness was pervasive, extending beyond the gaming floor.
Total non-gaming revenue, which includes hotel stays and dining, fell 16 percent to ₱1.41 billion. This across-the-board softening suggests that the challenges facing the industry are structural rather than isolated to luck at the tables.
The electronic gaming segment provided little relief as gaming machine handle for the fourth quarter fell to ₱49.28 billion from ₱60.48 billion a year prior, even as the win rate ticked up slightly to 5.4 percent.
The brokerage warned that these results carry negative implications for other domestic operators, which may report even wider losses as they vie for a shrinking pool of premium players.

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