0001193125-26-105023 | 20-F | XBRL Viewer | Melco Resorts Entertainment LTD

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INCOME TAXES - Schedule of Unrecognized tax benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
At beginning of year	$ 33,449	$ 27,332	$ 22,940
Additions based on tax positions related to current year	4,693	8,056	756
(Reductions) additions based on tax positions related to prior year	9,940	50	4,984
Reductions due to expiry of the statute of limitations	(6,337)	(1,989)	(1,348)
At end of year	$ 21,865	$ 33,449	$ 27,332

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gaming tax and license fee accruals	$ 162,427	$ 171,014
Operating expense and other accruals and liabilities	162,236	165,975
Staff cost accruals	137,362	123,227
Interest expense payables	115,921	119,026
Property and equipment payables	63,988	67,027
Intangible assets liabilities	48,765	31,889
Accrued expenses and other current liabilities	1,076,150	1,054,018
Interest Rate Swap [Member]
Interest rate swap liabilities	513	0
Advance deposits and ticket sales [Member]
Contract with Customer Liability	268,353	253,338	$ 250,955
Outstanding Gaming Chips [Member]
Contract with Customer Liability	84,853	83,414	83,012
Loyalty Program Liabilities [Member]
Contract with Customer Liability	$ 31,732	$ 39,108	$ 36,000

COMMITMENTS AND CONTINGENCIES - Additional Information - Capital Commitments (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Capital commitments	$ 88,378

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of components of lease cost

The components of lease costs are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease costs:
Amortization of land use rights	$	19,970	$	19,956	$	22,670
Operating lease costs		25,108		22,613		18,434
Short-term lease costs		2,381		1,028		342
Variable lease costs		6,811		6,494		2,684
Finance lease costs:
Amortization of right-of-use assets		5,315		5,265		5,336
Interest costs		20,795		22,399		24,562

Total lease costs	$	80,380	$	77,755	$	74,028

Disclosure of other information related to lease term and discount rate

Other information related to lease terms and discount rates is as follows:


	December 31,
	2025		2024
Weighted average remaining lease term
Operating leases		18.6 years		18.9 years
Finance leases		7.5 years		8.5 years
Weighted average discount rate
Operating leases		15.36%		14.52%
Finance leases		10.70%		10.70%

Schedule of maturities of lease liabilities

Maturities of lease liabilit

ies as of December 31, 2025 are

as follows:


	Operating Leases			Finance Leases
Year ending December 31,
2026	$	20,062		$	35,290
2027		16,166			35,290
2028		17,183			35,290
2029		13,829			35,290
2030		13,541			35,290
Over 2030		156,763			89,271

Total future minimum lease payments		237,544			265,721
Less: amounts representing interest		(142,438	)		(83,804	)

Present value of future minimum lease payments		95,106			181,917
Current portion		(18,998	)		(33,327	)

Non-current portion	$	76,108		$	148,590

Schedule of operating lease and sales-type lease income

The components of lease income are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease income:
Minimum	$	40,708	$	47,394	$	45,210
Contingent		11,617		10,090		7,810
Sales-type lease income		70		—		—

Total lease income	$	52,395	$	57,484	$	53,020

Summary of future minimum fees, excluding the contingent fees to be received under non-cancellable operating leases

Future minimum fees, excluding

the

contingent fees to be received under

non-cancellable

leases as of December 31, 2025 were as follows:


	Operating		Sales-Type
Year ending December 31,
2026	$	28,178	$	481
2027		9,524		481
2028		5,876		549
2029		2,251		497
2030		1,622		136
Over 2030		4,293		545

Total	$	51,744		2,689

Difference between undiscounted cash flow and present value				(957	)

Investment in a sales- type lease			$	1,732

SHARE-BASED COMPENSATION - Information for Share Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of share options	$ 682	$ 0	$ 226
2011 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of share options	0	0	58
Intrinsic value of share options exercised	$ 0	$ 0	$ 7
2021 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 0.81	$ 1.16	$ 1.82
Proceeds from the exercise of share options	$ 682	$ 0	$ 168
Intrinsic value of share options exercised	$ 182	$ 0	$ 120

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INCOME TAXES - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income tax expense - current
Income tax expense - current	$ 21,650	$ 20,525	$ 19,899
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	(16,798)	(751)	(2,395)
Income tax (benefit) expense - deferred	(2,023)	1,836	(4,082)
Total income tax expense	2,829	21,610	13,422
Macau Complementary Tax [Member]
Income tax expense - current
Income tax expense - current	7,665	7,773	0
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	(6,383)	46	(511)
Income tax (benefit) expense - deferred	(796)	(337)	(7,931)
Payments in lieu of Macau Complementary Tax on dividends [Member]
Income tax expense - current
Income tax expense - current	7,843	7,021	5,650
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	(7)	(14)	(1,327)
Hong Kong Profits Tax [Member]
Income tax expense - current
Income tax expense - current	190	185	11,613
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	(10,394)	(1,035)	(450)
Income tax (benefit) expense - deferred	134	640	(154)
Philippine Corporate Income Tax [Member]
Income tax expense - current
Income tax expense - current	28	0	4
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	0	479	(157)
Income tax (benefit) expense - deferred	(1,221)	959	3,366
Philippine withholding tax on dividends [Member]
Income tax expense - current
Income tax expense - current	5,934	5,515	2,566
Cyprus Corporate Income Tax [Member]
(Over) under provision of income taxes in prior years:
Income tax (benefit) expense - deferred	(140)	575	589
Income Tax in Other Jurisdictions [Member]
Income tax expense - current
Income tax expense - current	(10)	31	66
(Over) under provision of income taxes in prior years:
(Over) under provision of income taxes in prior years:	(14)	(227)	50
Income tax (benefit) expense - deferred	$ 0	$ (1)	$ 48

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 185,045	$ 43,543	$ (326,920)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

LONG-TERM DEBT, NET (SCC Credit Facilities) - Additional Information (Detail) $ in Thousands, $ in Thousands				12 Months Ended
	Dec. 31, 2025 USD ($)	Nov. 29, 2024 USD ($)	Mar. 15, 2021 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 HKD ($)	Nov. 29, 2024 HKD ($)	Mar. 15, 2021 HKD ($)
Long-Term Debt [Line Items]
Amount available to draw	$ 1,231,606			$ 1,231,606
Total outstanding borrowings	6,766,819			$ 6,766,819	$ 7,180,185
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 30,077						$ 234,000
Maturity date				Aug. 29, 2029
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Term Loan Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			129						1,000
Total outstanding borrowings	$ 129			$ 129			$ 1,000
Credit facility, bank collateral			130						1,013
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Debt instrument, interest rate	5.23%			5.23%	6.83%		5.23%
Credit facility, maximum borrowing capacity			$ 29,948						$ 233,000
Total outstanding borrowings	$ 29,944			$ 29,944			$ 233,000
Available unused borrowing capacity	$ 0			0
Loan commitment fees recognized				123	$ 403	$ 417
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| United States of America, Dollars
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		2.25%
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| United States of America, Dollars \| Minimum [Member]
Long-Term Debt [Line Items]
Debt instrument credit adjustment spread		0.06%						0.06%
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| United States of America, Dollars \| Maximum [Member]
Long-Term Debt [Line Items]
Debt instrument credit adjustment spread		0.20%						0.20%
SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Hong Kong, Dollars
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		2.25%	4.00%
SCC 2024 Revolving Facility, due 2029 [Member] \| Senior Secured Credit Facilities [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate	5.33%
SCC 2024 Revolving Facility, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Amount available to draw	$ 119,935			$ 119,935
Credit facility, maximum borrowing capacity		$ 250,273						$ 1,945,000
Maturity date				Nov. 29, 2029
Total outstanding borrowings	49,992			$ 49,992			389,000
Available unused borrowing capacity	199,969			199,969			$ 1,556,000
Incremental facility, maximum borrowing capacity		$ 100,000
Loan commitment fees recognized				1,716	$ 189
SCC 2024 Revolving Facility, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Secured Overnight Financing Rate SOFR or Hong Kong Interbank Offered Rate HIBOR [Member] \| Minimum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		1.95%
SCC 2024 Revolving Facility, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Secured Overnight Financing Rate SOFR or Hong Kong Interbank Offered Rate HIBOR [Member] \| Maximum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		2.55%
SCC Credit Facilities [Member]
Long-Term Debt [Line Items]
Net assets restricted from distribution	$ 511,000			$ 511,000

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Amount of employer contributions into the defined contribution retirement benefits schemes	$ 41,925	$ 36,310	$ 32,041
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan employee vesting period from date of employment	10 years

ACCOUNTS RECEIVABLE, NET - Movement in Allowances for Credit Losses (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Receivables [Abstract]

Balance at beginning of year

$ 130,401

^[1]

$ 156,240

$ 217,244

Provision for (reversal of) credit losses

12,473

2,569

(3,869)

Write-offs, net of recoveries

(23,690)

(28,748)

(56,805)

Effect of exchange rate

(246)

340

(330)

Balance at end of year

$ 118,938

^[1]

$ 130,401

^[1]

$ 156,240

[1]	As of December 31, 2025 and 2024, the allowances for credit losses of nil and $2,391 as a reduction of the long-term casino accounts receivable, are recorded and included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS - Schedule of Long-Term Prepayments, Deposits and Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Long Term Prepayment Deposits and Other Assets [Abstract]
Input value-added tax, net	$ 28,645	$ 21,316
Other long-term assets	26,891	15,194
Entertainment production costs, net	25,562	16,833
Deferred financing costs, net	23,071	35,927
Deposits and advance payments for acquisition of property and equipment	10,899	23,482
Other deposits	9,139	11,129
Long-term prepayments	1,881	603
Deferred rent assets	1,831	7,366
Investment in a sales-type lease	1,509	0
Long-term casino accounts receivable, net of allowances for credit losses of nil and $2,391	0	0
Long-term prepayments, deposits and other assets	$ 129,428	$ 131,850

LEASES - Disclosure of Other Information Related to Lease Term and Discount Rate (Detail)	Dec. 31, 2025	Dec. 31, 2024
Lessee Operating Lease and Finance Lease Other Information Related to Lease Term and Discount Rate [Abstract]
Operating leases, Weighted average remaining lease term	18 years 7 months 6 days	18 years 10 months 24 days
Finance leases, Weighted average remaining lease term	7 years 6 months	8 years 6 months
Operating leases, Weighted average discount rate	15.36%	14.52%
Finance leases, Weighted average discount rate	10.70%	10.70%

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Detail) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Long-Term Debt [Line Items]

Long-term debt, net

$ 6,747,918

$ 7,157,422

Current portion of long-term debt, net

(21,597)

Non current portion of long-term debt, net

6,747,918

7,135,825

Senior Secured Notes [Member] | 2027 SCC Senior Secured Notes, 7.000% and due 2027 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

348,404

347,138

Senior Unsecured Notes [Member] | 2025 MRF Senior Notes, 4.875% and due 2025 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

998,268

Senior Unsecured Notes [Member] | 2026 MRF Senior Notes, 5.250% and due 2026 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

498,744

Senior Unsecured Notes [Member] | 2027 MRF Senior Notes, 5.625% and due 2027 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

598,432

597,512

Senior Unsecured Notes [Member] | 2028 MRF Senior Notes, 5.750% and due 2028 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

848,706

848,135

Senior Unsecured Notes [Member] | 2029 MRF Senior Notes, 5.375% and due 2029 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

1,148,927

1,148,593

Senior Unsecured Notes [Member] | 2032 MRF Senior Notes, 7.625% and due 2032 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

744,984

744,389

Senior Unsecured Notes [Member] | 2033 MRF Senior Notes, 6.500% and due 2033 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

495,546

Senior Unsecured Notes [Member] | 2025 SCF Senior Notes, 6.000% and due 2025 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

221,369

Senior Unsecured Notes [Member] | 2028 SCF Senior Notes, 6.500% and due 2028 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

498,418

497,701

Senior Unsecured Notes [Member] | 2029 SCF Senior Notes, 5.000% and due 2029 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

1,097,682

1,097,010

Senior Secured Credit Facilities [Member] | Term Loan Facility [Member] | MRM 2015 Credit Facilities, due 2026 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

129

Senior Secured Credit Facilities [Member] | Term Loan Facility [Member] | SCC 2021 Credit Facilities, due 2029 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

129

Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | SCC 2021 Credit Facilities, due 2029 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

^[1]

29,944

Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | SCC 2024 Revolving Facilities, due 2029 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

^[2]

49,992

Senior Unsecured Credit Facilities [Member] | Revolving Credit Facility [Member] | MN1 2020 Revolving Facilities, due 2027 [Member]

Long-Term Debt [Line Items]

Long-term debt, net

^[3]

$ 886,625

$ 158,305

[1]	As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the SCC 2021 Revolving Facility of $248 and $308, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.
[2]	As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the SCC 2024 Revolving Facilities of $6,836 and $8,484, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.
[3]	As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the MN1 2020 Revolving Facilities of $15,987 and $27,135, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 31, 2025	Apr. 05, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The period which the maximum aggregate number of ordinary shares that can be issued			10 years
Maximum aggregate number of ordinary shares that can be issued	100,000,000		100,000,000
The maximum percentage of issued share capital that can be issued for the share based awards plan upon shareholders' approval			10.00%
Expiration term of awards granted			10 years
2011 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0		$ 0
2011 Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0		$ 0	$ 0
Unvested restricted shares	0		0	0
2021 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The maximum percentage of issued share capital that can be issued for the share based awards plan upon shareholders' approval			10.00%
Remaining shares available for grant	72,129,000		72,129,000
Expiration term of awards granted			10 years
2021 Share Incentive Plan [Member] \| Share options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term of awards granted			10 years
Period of recognition of unrecognized compensation cost	1 year 9 months
Unrecognized compensation cost	$ 1,851		$ 1,851
2021 Share Incentive Plan [Member] \| Share options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested			1 year
2021 Share Incentive Plan [Member] \| Share options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested			3 years
2021 Share Incentive Plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of recognition of unrecognized compensation cost	1 year 10 months 6 days
Unrecognized compensation cost	$ 39,126		$ 39,126
Number of restricted shares, Granted			19,717,509
Number of restricted shares, Vested			10,364,457
Weighted average grant date fair value			$ 1.78	$ 2.49	$ 4.12
Unvested restricted shares	28,777,404		28,777,404	20,253,867
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested			1 year	1 year	1 year
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years the awards becomes vested			3 years	3 years	3 years
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| 2022 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares, Granted		4,350,111
Number of restricted shares, Vested		4,350,111
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| Common Stock [Member] \| 2022 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value		$ 4.13
2021 Share Incentive Plan [Member] \| Restricted shares [Member] \| American Depository Shares [Member] \| 2022 Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value		$ 12.38

RELATED PARTY TRANSACTIONS - Summary of Payables to Affiliated Companies (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Payables to Affiliated Companies	$ 719	$ 39
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Melco International and its subsidiaries [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Payables to Affiliated Companies	$ 669	$ 39
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
iRad [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Payables to Affiliated Companies	$ 50	$ 0
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Income (Loss) before Income Tax

Income (loss)

before

income tax consisted of:


	Year Ended December 31,
	2025			2024			2023
Macau operations	$	641,064		$	438,047		$	11,021
Hong Kong operations		(514,544	)		(499,077	)		(474,862	)
Philippine operations		51,031			72,211			86,910
Cyprus operations		8,379			(7,295	)		(29,171	)
Other jurisdictions operations		(37,645	)		(10,235	)		4,194

Income (loss) before income tax	$	148,285		$	(6,349	)	$	(401,908	)

Summary of Income Tax Expense

The income tax expense consisted of:


	Year Ended December 31,
	2025			2024			2023
Income tax expense - current:
Macau Complementary Tax	$	7,665		$	7,773		$	—
Payments in lieu of Macau Complementary Tax on dividends		7,843			7,021			5,650
Hong Kong Profits Tax		190			185			11,613
Philippine Corporate Income Tax		28			—			4
Philippine withholding tax on dividends		5,934			5,515			2,566
Income tax in other jurisdictions		(10	)		31			66

Sub-total		21,650			20,525			19,899

(Over) under provision of income taxes in prior years:
Macau Complementary Tax		(6,383	)		46			(511	)
Payments in lieu of Macau Complementary Tax on dividends		(7	)		(14	)		(1,327	)
Hong Kong Profits Tax		(10,394	)		(1,035	)		(450	)
Philippine Corporate Income Tax		—			479			(157	)
Income tax in other jurisdictions		(14	)		(227	)		50

Sub-total		(16,798	)		(751	)		(2,395	)

Income tax (benefit) expense - deferred:
Macau Complementary Tax		(796	)		(337	)		(7,931	)
Hong Kong Profits Tax		134			640			(154	)
Philippine Corporate Income Tax		(1,221	)		959			3,366
Cyprus Corporate Income Tax		(140	)		575			589
Income tax in other jurisdictions		—			(1	)		48

Sub-total		(2,023	)		1,836			(4,082	)

Total income tax expense	$	2,829		$	21,610		$	13,422

Schedule of Reconciliation of Income Tax Expense from Income (Loss) Before Income Tax

A reconciliation of the Macau Complementary Tax rate and the Company’s effective tax rate for the year ended December 31, 2025 under the new accounting standard is as follows:


	Year Ended December 31, 2025
	Amount			Percent
Macau Complementary Tax rate	$	17,794			12.0%
Other jurisdictions tax effects
Hong Kong
Tax rate differential		(13,726	)		(9.3)%
Changes in valuation allowances		2,908			2.0%
Interest income		(37,986	)		(25.6)%
Interest expense		73,859			49.8%
Net foreign currency exchange difference		7,338			4.9%
Depreciation and amortization		1,885			1.3%
Share-based compensation		1,717			1.2%
Other		264			0.2%
The Philippines
Tax rate differential		6,195			4.2%
Withholding tax on dividends		5,934			4.0%
Profits generated by gaming operations exempted		(24,550	)		(16.6)%
Changes in valuation allowances		9,693			6.5%
Other		1,750			1.2%
Cyprus
Tax rate differential		(301	)		(0.2)%
Enacted change in tax rate		(7,631	)		(5.1)%
Changes in valuation allowances		17,432			11.7%
Tax incentive		(2,400	)		(1.6)%
Other		(16	)		(0.0)%
Sri Lanka
Tax rate differential		(15,328	)		(10.3)%
Enacted change in tax rate		(689	)		(0.5)%
Changes in valuation allowances		22,331			15.0%
Other		(622	)		(0.4)%
Other jurisdictions		507			0.3%
Payments in lieu of Macau Complementary Tax on dividends		7,843			5.3%
Profits generated by gaming operations exempted		(84,652	)		(57.1)%
Changes in valuation allowances		18,207			12.3%
Nontaxable or nondeductible items
Impairment of goodwill		6,951			4.7%
Share-based compensation		1,324			0.9%
Depreciation and amortization		1,382			0.9%
Other		1,746			1.2%
Changes in unrecognized tax benefits		(16,277	)		(11.0)%
Other adjustments		(53	)		(0.0)%

Effective tax rate	$	2,829			1.9%

Note:

Intercompany transactions which are considered as nondeductible expense in one jurisdiction and nontaxable income in another jurisdiction were eliminated in the tax rate reconciliation.

A reconciliation of the income tax expense from loss before income tax per the accompanying consolidated statements of operations for the years ended December 31, 2024 and 2023 is as

follows


	Year Ended December 31,
	2024			2023
Loss before income tax	$	(6,349)		$	(401,908)
Macau Complementary Tax rate		12	%		12	%
Income tax benefit at Macau Complementary Tax rate		(762	)		(48,229	)
Payments in lieu of Macau Complementary Tax on dividends		7,021			5,650
Effect of different tax rates of subsidiaries operating in other jurisdictions		(14,719	)		(13,422	)
Over provision in prior years		(751	)		(2,395	)
Effect of income for which no income tax expense is payable		(29,371	)		(14,178	)
Effect of expenses for which no income tax benefit is receivable		95,116			80,455
Effect of profits generated by gaming operations exempted		(92,598	)		(75,403	)
Changes in valuation allowances		24,123			27,004
Expired tax losses		33,551			53,940

Income tax expense	$	21,610		$	13,422

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of December 31, 2025 and 2024 consisted of the following:


	December 31,
	2025			2024
Deferred tax assets:
Net operating losses carried forward	$	191,685		$	216,542
Depreciation and amortization		247,982			247,041
Lease liabilities		42,373			39,101
Other		38,063			19,300

Sub-total		520,103			521,984
Valuation allowances		(472,493	)		(477,834	)

Total deferred tax assets		47,610			44,150

Deferred tax liabilities:
Right-of-use assets		(20,988	)		(20,366	)
Land use rights		(34,274	)		(35,546	)
Intangible assets		(11,220	)		(8,800	)
Unrealized capital allowances		(3,637	)		(3,446	)
Other		(12,081	)		(12,700	)

Total deferred tax liabilities		(82,200	)		(80,858	)

Deferred tax liabilities, net	$	(34,590	)	$	(36,708	)

Schedule of Unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented as follows:


	Year Ended December 31,
	2025			2024			2023
At beginning of year	$	33,449		$	27,332		$	22,940
Additions based on tax positions related to current year		4,693			8,056			756
(Reductions) additions based on tax positions related to prior year		(9,940	)		50			4,984
Reductions due to expiry of the statute of limitations		(6,337	)		(1,989	)		(1,348	)

At end of year	$	21,865		$	33,449		$	27,332

Schedule of Income Tax Paid By Individual Jurisdiction

The components of income taxes paid, net of refunds, are as follows:


	Year Ended December 31,
	2025
Macau	$	7,270
The Philippines		6,199
Other		277

Total income taxes paid, net	$	13,746

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

4.	ACCOUNTS RECEIVABLE, NET

Components of accounts receivable, net are as follows:


	December 31,
	2025			2024
Casino	$	238,331		$	270,186
Hotel		4,623			3,903
Other		2,389			523

Sub-total		245,343			274,612
Less: allowances for credit losses (1)		(118,938	)		(130,401	)

		126,405			144,211
Non-current portion		—			—

Current portion	$	126,405		$	144,211

(1)

As of December 31, 2025 and 2024, the allowances for credit losses of nil and $2,391 as a reduction of the long-term casino accounts receivable, are recorded and included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

The Company’s allowances for casino credit losses were 49.9% and 48.2% of gross casino accounts receivable as of December 31, 2025 and 2024, respectively. The Company’s allowances for credit losses from its hotel and other receivables are not material.

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2025			2024			2023
Balance at beginning of year	$	130,401		$	156,240		$	217,244
Provision for (reversal of) credit losses		12,473			2,569			(3,869	)
Write-offs, net of recoveries		(23,690	)		(28,748	)		(56,805	)
Effect of exchange rate		(246	)		340			(330	)

Balance at end of year	$	118,938		$	130,401		$	156,240

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED COMPENSATION

15.	SHARE-BASED COMPENSATION

2011 Share Incentive Plan

Melco

Resorts

adopted a share incentive plan in 2011 (the “2011 Share Incentive Plan”), effective on December 7, 2011, which had been subsequently amended and restated, for grants of various share-based awards, including but not limited to, options to purchase

Melco Resorts’

maximum aggregate number of ordinary shares to be available for all awards under the 2011 Share Incentive Plan was 100,000,000 over 10 years, which could be raised up to 10% of the issued share capital upon shareholders’ approval. The 2011 Share Incentive Plan would have expired ten years after December 7, 2011.

Melco Resorts adopted the 2021 Share Incentive Plan as described below, effective on December 6, 2021 (also the termination date of the 2011 Share Incentive Plan). Upon the termination of the 2011 Share Incentive Plan, no further awards may be granted under the 2011 Share Incentive Plan but the provisions of such plan shall remain in full force and effect in all other respects for any awards granted prior to the date of the termination of such plan.

Share Options

A summary of the share options activity under the 2011 Share Incentive Plan for the year ended December 31, 2025, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2025		2,295,633		$	5.72
Expired		(198,411	)		5.79

Outstanding as of December 31, 2025		2,097,222		$	5.71		3.63	$	—

Fully vested and exercisable as of December 31, 2025		2,097,222		$	5.71		3.63	$	—

The following information is provided for share options under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Proceeds from the exercise of share options	$	—	$	—	$	58

Intrinsic value of share options exercised	$	—	$	—	$	7

As of December 31, 2025, there were no unrecognized compensation costs related to share options under the 2011 Share Incentive Plan.

Restricted Shares

As of December 31, 2025 and 2024, there were no unvested restricted shares and unrecognized compensation costs related to restricted shares under the 2011 Share Incentive Plan.

The following information is provided for restricted shares under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Grant date fair value of restricted shares vested	$	—	$	12,359	$	28,638

2021 Share Incentive Plan

Melco

Resorts

adopted the 2021 Share Incentive Plan, effective on December 6, 2021, which was subsequently amended on June 13, 2024 to bring the plan in line with applicable listing rules in Hong Kong that impact Melco International, for grants of various share-based awards, including but not limited to, options to purchase

Melco Resorts’

ordinary shares, restricted shares, share appreciation rights and other types of awards to eligible directors, employees and consultants of the Company and its affiliates. The maximum term of an award is 10 years from the date of the grant. The maximum aggregate number of ordinary shares to be available for all awards under the 2021 Share Incentive Plan may be increased from time to time, provided that the maximum aggregate number of

Melco Resorts’

ordinary shares which may be issued under the 2021 Share Incentive Plan shall not be more than 10% of the total number of the issued share capital of

Melco

Resorts

on the date the plan limit is approved by the shareholders of Melco International in accordance with the applicable listing rules in Hong Kong. As of December 31, 2025, there were

72,129,000

ordinary shares available for grants of various share-based awards under the 2021 Share Incentive Plan.

Share Options

During the years ended December 31, 2025, 2024 and 2023, the exercise prices for share options granted under the 2021 Share Incentive Plan were determined at the market closing prices of

Melco Resorts’

ADSs trading on the Nasdaq Global Select Market on the dates of grant. These share options became exercisable over vesting periods of

one

to three years. The share options granted expire 10 years from the date of grant.

The Company uses the Black-Scholes valuation model to determine the estimated fair value for each share option granted, with certain assumptions, changes in which could materially affect the estimated fair value. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of grant. Expected volatility is based on the historical volatility of Melco Resorts’ ADSs trading on the Nasdaq Global Select Market. Expected term is based upon the vesting term or the historical expected term of publicly traded companies. The risk-free interest rate used for each period presented is based on the United States of America Treasury yield curve at the time of grant for the period equal to the expected term.

The fair values of share options granted under the 2021 Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions:


	Year Ended December 31,
	2025		2024		2023
Expected dividend yield		2.50%		2.50%		2.50%
Expected stock price volatility		59.67%		60.00%		58.67%
Risk-free interest rate		3.97%		4.36%		3.39%
Expected term (years)		5.1		5.1		5.1

A summary of the share options activity under the 2021 Share Incentive Plan for the year ended December 31, 2025, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2025		7,190,658		$	2.52
Granted		1,566,207			1.78
Exercised		(276,588	)		2.47
Forfeited		(1,714,788	)		2.47

Outstanding as of December 31, 2025		6,765,489		$	2.36		7.51	$	1,358

Fully vested and expected to vest as of December 31, 2025		6,765,489		$	2.36		7.51	$	1,358

Exercisable as of December 31, 2025		3,712,434		$	2.52		6.62	$	172

The following information is provided for share options under the 2021 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value	$	0.81	$	1.16	$	1.82

Proceeds from the exercise of share options	$	682	$	—	$	168

Intrinsic value of share options exercised	$	182	$	—	$	120

As of December 31, 2025, there were $

1,851

unrecognized compensation costs related to share options

under

the 2021 Share Incentive Plan and the costs are expected to be recognized over a weighted average period of

1.75

years.

Restricted Shares

Certain restricted shares were approved by

Melco Resorts

to be granted under the 2021 Share Incentive Plan to the eligible management personnel of the Company in lieu of the 2022 bonus for their services performed during 2022. A total of 4,350,111 restricted shares were granted and vested immediately on April 5, 2023 (the “2022 Bonus Shares”) with the grant date fair value of $12.38 per ADS or $4.13 per share, which was the closing price of Melco

Resorts

’ ADSs trading on the Nasdaq Global Select Market on the date of grant.

Other than the restricted shares granted under the 2022 Bonus Shares as described above, the fair values for restricted shares granted under the 2021 Share Incentive Plan during the years ended December 31, 2025, 2024 and 2023, with vesting periods of generally

one

to three years, were determined with reference to the market closing prices

of Melco Resorts’ ADSs

trading on the Nasdaq Global Select Market on the dates of grant.

A summary of the restricted shares activity under the 2021 Share Incentive Plan for the year ended December 31, 2025, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2025		20,253,867		$	2.83
Granted		19,717,509			1.78
Vested		(10,364,457	)		2.82
Forfeited		(829,515	)		2.14

Unvested as of December 31, 2025		28,777,404		$	2.14

The following information is provided for restricted shares under the 2021 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value	$	1.78	$	2.49	$	4.12

Grant date fair value of restricted shares vested	$	29,220	$	24,996	$	36,732

As of December 31, 2025, there were $

39,126

unrecognized compensation costs related to restricted shares under the 2021 Share Incentive Plan and the costs are expected to be recognized over a weighted average period of

1.85

years.

The share-based compensation expenses for the Company were recognized as follows:


	Year Ended December 31,
	2025			2024			2023
Share-based compensation expenses:

2011 Share Incentive Plan	$	—		$	1,883		$	10,343

2021 Share Incentive Plan		30,309			26,620			26,092


Total share-based compensation expenses		30,309			28,503			36,435

Less: Share-based compensation expenses capitalized in property and equipment		(1,039	)		(1,135	)		(962	)


Share-based compensation expenses recognized in general and administrative expenses	$	29,270		$	27,368		$	35,473

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

20.	COMMITMENTS AND CONTINGENCIES

(a)

Capital Commitments

As of December 31, 2025, the Company had capital commitments mainly for the construction and acquisitions of property and equipment for Studio City and City of Dreams totaling $

88,378

(b)

Other Commitments

Concession - Macau

Under the Concession awarded by the Macau government to MRM

December 16, 2022, in addition to the fixed premium and variable premiums, as well as the Fee (see Note 6), MRM is obligated to pay the Macau government the following:

A special gaming tax of an amount equal to 35% of gross gaming revenue on a monthly basis;

ii)

Contributions of 2% and 3% of gross gaming revenue to a public fund, and to urban development, touristic promotion and social security, respectively, on a monthly basis. These contributions may be waived or reduced with respect to gross gaming revenue generated by foreign patrons under certain circumstances;

iii)

A special premium in the event the average gross gaming revenue of MRM’s gaming tables does not reach the annual minimum of MOP7,000 (equivalent to

$873)

and the average gross gaming revenue of the electronic gaming machines does not reach the annual minimum of MOP300 (equivalent to $

). The amount of the special premium is equivalent to the difference between the amount of the special gaming tax paid by MRM and the amount that would be paid under the annual minimum set average gross gaming revenue for gaming tables and electronic gaming machines; and

iv)

MRM must maintain a guarantee issued by a Macau bank in favor of the Macau government in the amount of MOP1,000,000 (equivalent to $124,772) until 180 days after the earlier of the expiration or termination of the Concession to guarantee its performance of certain of its legal and contractual obligations, including labor obligations.

As a result of the bank guarantee issued by the bank to the Macau government as disclosed above, a sum of 0.03% per annum of the guarantee amount is payable by MRM to the bank.

Committed Investment

In connection with the Concession, MRM has undertaken to carry

out

investment in the overall amount of MOP11,823,700 (equivalent to

1,475,265

) by December 2032. The investment plan includes gaming and

non-gaming

related projects in the expansion of foreign market patrons, conventions and exhibitions, entertainment shows, sports events, art and culture, health and well-being, thematic entertainment, gastronomy, community and maritime tourism and others. Out of the total investment amount referred to above, MOP10,008,000 (equivalent to $1,248,717) is to be applied to

non-gaming

related projects, with the balance applied to gaming related projects. MRM has undertaken to carry out incremental additional

non-gaming

investment in the amount of approximately 20% of its initial

non-gaming

investment, or MOP2,003,000 (equivalent to $249,918), in the event the Macau’s annual gross gaming revenue reaches MOP180,000,000 (equivalent to $22,458,937) (the “Incremental Investment Trigger”). As Macau’s annual gross gaming revenue exceeded MOP180,000,000 (equivalent to $22,458,937) in 2023, the Incremental Investment Trigger was reached and, the

non-gaming

investment to be carried out was increased by MOP2,003,000 (equivalent to $249,918) to

Committed Investment

- continued

MOP

12,011,000 (equivalent to $1,498,635), with the overall investment amount increased to MOP13,826,700 (equivalent to $1,725,183) to be carried out by December 2032. As of December 31, 2025, the total investment in gaming and

non-gaming

related projects carried out was in the aggregate amount of MOP

5,724,193

(equivalent to $714,218).

Regular License - Philippines

Commitments required by PAGCOR under the Regular License are as follows:

•

To secure a surety bond in favor of PAGCOR in the amount of PHP100,000 (equivalent to $1,699) to ensure prompt and punctual remittances/payments of all license fees;

•

License fees and franchise taxes, amounting to with reference to the income component of the gross gaming revenues: (a) 15% high roller tables; (b) 25%

non-high

roller tables; (c) 25% slot machines

and

electronic gaming machines; and (d) 15% junket operations must be remitted, with the 5% franchise taxes included in each of the income component charge % above, in lieu of all other taxes on income from gaming operations. In October 2021, certain terms under the Regular License were amended to include the monthly minimum guarantee fee of PHP300 (equivalent to

5) on certain games under the

non-high

roller tables effective on March 15, 2022. This monthly minimum guarantee fee was discontinued in June 2022, but was reinstated on March 2, 2023;

•

The Licensees are required to remit 2% of casino revenues generated from

non-junket

operation tables to a foundation devoted to the restoration of Philippine cultural heritage, as selected by the Licensees and approved by PAGCOR;

•

PAGCOR may collect a 5% fee on

non-gaming

revenue received from food and beverage, retail and entertainment outlets. All revenues from hotel operations should not be subject to the 5% fee except for rental income received from retail concessionaires; and

•

Grounds for revocation of the Regular License, among others, are as follows: (a) failure to comply with material provisions of this license; (b) failure to remit license fees within 30 days from

receipt of notice of default; (c) the holder has become bankrupt or insolvent; and (d) if the debt-to-equity ratio is more than

70:30

. As of December 31, 2025 and 2024, MPHIL Holdings Group, as one of the Licensee parties, has complied with the required debt-to-equity ratio under the definition as agreed with PAGCOR.

Cooperation Agreement - Philippines

Under the terms of the Cooperation Agreement, the Licensees are jointly and severally liable to PAGCOR under the Regular License and each Licensee (indemnifying Licensee) must indemnify the other Licensees for any losses suffered or incurred by that Licensee arising out of, or in connection with, any breach by the indemnifying Licensee of the Regular License. Also, each of the Philippine Parties and MPHIL Holdings Group agree to indemnify the

non-breaching

party for any losses suffered or incurred as a result of a breach of any warranties.

Gaming License - Cyprus

Pursuant to the Cyprus License agreement, in addition to the Cyprus License Fee (see Note 6), the Cyprus Subsidiary has committed to pay the Cyprus government a casino tax of an amount equal to 15% of the gross gaming revenue on a monthly basis and the rate shall not be increased during the period of exclusivity for the Cyprus License.

Gaming License - Sri Lanka

Pursuant to the casino business regulation in Sri Lanka and based on the type of the Sri Lanka License granted by the Sri Lanka government to

the Sri Lanka Subsidiary

on March 27, 2024,

the Sri Lanka Subsidiary

is required to (i) invest a minimum amount of $100,000 in a casino; and (ii) operate such casino in an integrated resort in which a minimum of $500,000 has been invested, as approved by the Sri Lanka government. Confirmation of the satisfaction of (ii) above was provided to the Sri Lanka government as part of

the Sri Lanka Subsidiary’s

application for the Sri Lanka License.

In accordance with the Sri Lanka Betting and Gaming Levy Act (as amended),

the Sri Lanka Subsidiary

is subject to (i) an annual levy of LKR500,000 (equivalent to $1,613) from the fiscal year in which it commences carrying on the business of gaming and (ii) a monthly gross collection levy of 15%, which increased to 18% with

effect from January 1, 2026

of total collections from the business of gaming (exempted if monthly gross collections do not exceed LKR1,000 (equivalent to $3)).

Agreement with the Board of Investment - Sri Lanka

On June 28, 2024,

the Sri Lanka Subsidiary

signed an agreement (the “BOI Agreement”) with the Board of Investment of Sri Lanka confirming its investment plan and commitment, in return for certain import and labor-related concessions. Pursuant to the BOI Agreement,

the Sri Lanka Subsidiary

, subject to the terms and certain conditions, was obligated to create and operate a “recreation center including a casino and related activities” at City of Dreams Sri Lanka, with an investment amount of

$100,000

to be invested by the earlier of (i) the date which was 24 months from June 28, 2024; and (ii) the date that the Sri Lanka Casino commenced operation as disclosed in Note 1 (the “Investment Commitment”), and which ultimately took place on August 1, 2025. The Investment Commitment was required to be funded

by 20%

equity and

80%

loan capital as foreign direct investment. Before the initial opening of Sri Lanka Casino on August 1, 2025, the Company had made equity and loan investments of

LKR7,510,000 (equivalent to $24,535) and $90,000 for the operation and development of the Sri Lanka Casino, and satisfied the Investment Commitment.

(c)

Guarantees

In addition to as disclosed in Notes 10 and 20(b), the Company has made the following significant guarantees as of December 31, 2025:

•

Melco Resorts

entered into a deed of guarantee with a third party amounting to $5,000 to guarantee certain payment obligations of the City of Dreams’ operations.

•

Effective on August 31, 2025, one of the Melco Resorts’ subsidiaries amended the terms of its prior trade credit facility agreements entered into with a bank to meet certain payment obligations of the Studio City project, including a reduction of total facility amount to HK$25,000 (equivalent to $3,213) and an extension of the maturity date for two years to August 31, 2027 (“Trade Credit Facilities”). The Trade Credit Facilities are guaranteed by SCC and are supported by a promissory

note (“Livrança”) of HK$25,000 (equivalent to $3,213)

issued by such Melco Resorts’ subsidiary. As of December 31, 2025, approximately

$643 of the Trade Credit Facilities had been utilized.

•

MRL issued a corporate guarantee of PHP100,000 (equivalent to $1,699) to a bank in respect of a surety bond issued to PAGCOR as disclosed in Note 20(b) under the Regular License.

(d)

Litigation

On July 24, 2024, Avax S.A. & Terna S.A. (the “Claimants”, main contractor for the construction of City of Dreams Mediterranean) filed a notice of arbitration against ICR Cyprus Resort Development Co Limited, a subsidiary of Melco Resorts (the “Respondent”) which initiated an arbitration under the London Court of International Arbitration Rules, principally seeking additional payment for the construction of City of Dreams Mediterranean (the “Arbitration”). The Respondent believes that the claims are without merit and intends to continue to vigorously defend against the claims. The Respondent has significant counter claims against the Claimants which the Respondent intends to continue to vigorously pursue. The Respondent has determined that based on the Arbitration progress to date, it is currently unable to determine the outcome of the Arbitration or reasonably estimate the range of possible loss, if any.

As of December 31, 2025, the Company was a party to certain other legal proceedings which relate to matters arising out of the ordinary course of its business. Management believes that the outcomes of such proceedings have been adequately provided for or have no material impacts on the Company’s consolidated financial statements as a whole.

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Long-Term Prepayments, Deposits and Other Assets

Long-term prepayments, deposits and other assets consisted of the following:


	December 31,
	2025		2024
Input value-added tax, ne t	$	28,645	$	21,316
Other long-term asset s		26,891		15,194
Entertainment production costs , net (1)		25,562		16,833
Deferred financing costs , net		23,071		35,927
Deposits and advance payments for acquisition of property and equipment		10,899		23,482
Other deposits		9,139		11,129
Long-term prepayment s		1,881		603
Deferred rent assets		1,831		7,366
Investment in a sales-type lease		1,509		—
Long-term casino accounts receivable, net of allowances for credit losses of nil and $2,391 (2)		—		—

Long-term prepayments, deposits and other assets	$	129,428	$	131,850

(1)

Entertainment production costs represent amounts incurred and capitalized for the entertainment show in City of Dreams and are amortized

on a straight-line basis

over the estimated useful life of the entertainment show of 10

years upon the commencement of the show in May 2025. The amortization expense of entertainment production costs recognized for the year ended December 31, 2025 was $1,757. No amortization expenses of such entertainment production costs were recognized during the year ended December 31, 2024.

(2)

Long-term casino accounts receivable, net represent receivables from casino customers where settlements are not expected within the next year. Reclassifications to current accounts receivable, net, are made when settlement of such balances are expected to occur within one year.

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2025

Parent Company [Member]

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED BALANCE SHEETS

(In thousands, except share and per share data)


	December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	22,594		$	114,678
Receivables from affiliated companies		366			1,972
Receivables from subsidiaries		181,458			177,384
Prepaid expenses and other current assets		5,193			4,584

Total current assets		209,611			298,618

Receivables from subsidiaries		675,124			674,394

Total assets	$	884,735		$	973,012

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accrued expenses and other current liabilities	$	4,473		$	2,811
Income tax payable		2,266			12,621
Payables to subsidiaries		265,990			249,130

Total current liabilities		272,729			264,562

Investments deficit in subsidiaries		423,453			596,976
Other long-term liabilities		88			28
Payables to subsidiaries		1,435,067			1,437,906

Total liabilities		2,131,337			2,299,472

Shareholders’ 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 shareholders’ deficit		(1,246,602	)		(1,326,460	)

Total liabilities and shareholders’ deficit	$	884,735		$	973,012

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF OPERATIONS

(

thousands)


	Year Ended December 31,
	2025			2024			2023
Operating revenues	$	21,015		$	18,758		$	84,130

Operating costs and expenses:
General and administrative		(32,276	)		(29,867	)		(34,342	)
Property charges and other		375			(14	)		(1,244	)

Total operating costs and expenses		(31,901	)		(29,881	)		(35,586	)

Operating (loss) income		(10,886	)		(11,123	)		48,544

Non-operating income (expenses):
Interest income		48,286			49,243			4,991
Interest expense		(8,786	)		(12,901	)		(19,366	)
Foreign exchange gains (losses), net		933			(414	)		1,496
Other income, net		1,921			7,174			7,302
Share of results of subsidiaries		143,223			11,657			(358,767	)

Total non-operating income (expenses), net		185,577			54,759			(364,344	)

Income (loss) before income tax		174,691			43,636			(315,800	)
Income tax benefit (expense)		10,354			(93	)		(11,120	)

Net income (loss)	$	185,045		$	43,543		$	(326,920	)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In

thousands

)


	Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	185,045	$	43,543	$	(326,920	)
Other comprehensive income:
Foreign currency translation adjustments		32,038		2,849		13,370

Other comprehensive income		32,038		2,849		13,370

Total comprehensive incom e (loss)	$	217,083	$	46,392	$	(313,550	)

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)


	Year Ended December 31,
	2025			2024			2023
Cash flows from operating activities:
Net cash provided by operating activities	$	89,956		$	198,077		$	70,894

Cash flows from investing activities:
Payments of advances to subsidiaries		(19,659	)		(20,275	)		(528,794	)
Proceeds from advances repayment from subsidiaries		2,947			7,823			75,041
Proceeds from loan repayment from an affiliated company		—			—			200,000
Proceeds from transfer of intangible asset		—			—			519,000

Net cash (used in) provided by investing activities		(16,712	)		(12,452	)		265,247

Cash flows from financing activities:
Repurchase of shares		(166,010	)		(112,292	)		(169,836	)
Proceeds from exercise of share options		682			—			226
Proceeds from loans or advances from subsidiaries		—			—			158,000
Repayments of loans or advances from subsidiaries		—			(20,000	)		(270,593	)

Net cash used in financing activities		(165,328	)		(132,292	)		(282,203	)

(Decrease) increase in cash and cash equivalents		(92,084	)		53,333			53,938
Cash and cash equivalents at beginning of year		114,678			61,345			7,407

Cash and cash equivalents at end of year	$	22,594		$	114,678		$	61,345

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Components of Accounts Receivable, Net

Components of accounts receivable, net are as follows:


	December 31,
	2025			2024
Casino	$	238,331		$	270,186
Hotel		4,623			3,903
Other		2,389			523

Sub-total		245,343			274,612
Less: allowances for credit losses (1)		(118,938	)		(130,401	)

		126,405			144,211
Non-current portion		—			—

Current portion	$	126,405		$	144,211

(1)

Movement in Allowances for Credit Losses

Movement in the allowances for credit losses are as follows:


	Year Ended December 31,
	2025			2024			2023
Balance at beginning of year	$	130,401		$	156,240		$	217,244
Provision for (reversal of) credit losses		12,473			2,569			(3,869	)
Write-offs, net of recoveries		(23,690	)		(28,748	)		(56,805	)
Effect of exchange rate		(246	)		340			(330	)

Balance at end of year	$	118,938		$	130,401		$	156,240

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

(a)

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

The accompanying consolidated financial statements include the accounts of

Melco

Resorts

and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

(b)

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. Estimates are used for, but not limited to, inputs into the Company’s estimated allowances for deferred tax assets and credit losses, useful lives and recoverability of long-lived assets and intangible assets, inputs in calculating the fair values of share option and derivative instruments, litigation and contingency estimates. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Accordingly, actual results could differ from those estimates.

Fair Value of Financial Instruments

(c)

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The Company estimated the fair values using appropriate valuation methodologies and market information available as of the balance sheet date.

Cash and Cash Equivalents

(d)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. Cash equivalents consist of bank time deposits placed with financial institutions with high-credit ratings and quality.

Restricted Cash

(e)

Restricted Cash

The current portion of restricted cash represents cash deposited into bank accounts which are restricted as to withdrawal and use and the Company expects these funds will be released or utilized in accordance with the terms of the respective agreements within the next twelve months, while the

non-current

portion of restricted cash represents funds that will not be released or utilized within the next twelve months. Restricted cash mainly represents cash deposits in (i) collateral bank accounts for bank guarantees as disclosed in Note 3; and (ii) collateral bank accounts associated with borrowings under the credit facilities as disclosed in Note 10.

Accounts Receivable and Credit Risk

(f)

Accounts Receivable and Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of casino accounts receivable. The Company issues credit pursuant to gaming credit facilities entered into with casino customers following a review of their creditworthiness. Credit is/can be given to gaming promoters in the Philippines and Cyprus. These receivables can be offset against commissions payable and any other payments due by the Company to customers and gaming promoters. As of December 31, 2025 and 2024, a substantial portion of the Company’s markers issued pursuant to gaming credit facilities were due from customers residing in various countries and from licensed gaming promoters. Business and economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant circumstances in these countries could affect the collectability of receivables from customers and gaming promoters.

Accounts receivable, including casino, hotel and other receivables, are typically

non-interest

bearing and are recorded at amortized cost. Accounts are written off when management deems it is probable the receivables are uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for credit losses is maintained to reduce the Company’s receivables to their carrying amounts and reflects the net amount the Company expects to collect. The allowance for credit losses is estimated based on specific reviews of the age of the balances owed, the customers’ financial condition, management’s experience with the collection trends of customers, current business and economic conditions, and management’s expectations of future business and economic conditions.

As of December 31, 2025 and 2024, the credit risks associated with certain casino accounts receivable are mitigated because they are secured by properties with equal or greater value to the carrying amount of the related accounts receivable. Management believes that as of December 31, 2025 and 2024, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

Inventories

(g)

Inventories

Inventories consist of retail merchandise, food and beverage items and certain operating supplies, which are stated at the lower of cost or net realizable value. Cost is calculated using the

first-in,

first-out,

weighted average and specific identification methods.

Prepaid Expenses and Other Current Assets

(h)

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets represent current assets that are typically used up or expire within the normal operating cycle of the Company. The prepaid expenses as of December 31, 2025 and 2024 were $

41,619

and $59,264, respectively, and the other current assets as of December 31, 2025 and 2024 were $

40,171

and $43,257, respectively.

Property and Equipment

(i)

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization, and accumulated impairment, if any. Gains or losses on dispositions of property and equipment are included in the accompanying consolidated statements of operations. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

During the construction and development stage of the Company’s integrated resort facilities, direct and incremental costs related to the design and construction, including costs under construction contracts, duties and tariffs, equipment installations, shipping costs, payroll and payroll-benefit related costs, applicable portions of interest, including amortization of deferred financing costs and the net interest of related interest rate hedging instruments designated for hedge, are capitalized in property and equipment. The capitalization of such costs begins when the construction and development of a project starts and ceases once the construction is substantially completed or development activities are substantially suspended.

Depreciation and amortization expense related to capitalized construction costs and other property and equipment is recognized from the time each asset is placed in service. This may occur at different stages as integrated resort facilities are completed and opened.

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Freehold land		Not depreciated
Land improvements		5 years
Buildings and improvements		4 to 40 years
Transportation		5 to 10 years
Leasehold improvements		3 to 19 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment		2 to 15 years
Gaming equipment		18 months to 5 years

During the years ended December 31, 2025, 2024 and 2023, impairments of property and equipment of $

4,073

, $3,120 and $110,033,

as part of the impairment of long-lived assets as described in Note 2(l), were recognized, respectively, and included in property charges and other in the accompanying consolidated statements of operations.

Capitalized Interest

(j)

Capitalized Interest

Interest, including amortization of deferred financing costs and the net interest of related interest rate hedging instruments designated for hedge, associated with major development and construction projects is capitalized and included in the cost of the projects. The capitalization of interest ceases when the project is substantially completed or the development activities are substantially suspended. The amount to be capitalized is determined by applying the weighted average interest rate of the Company’s outstanding borrowings to the average amount of accumulated qualifying capital expenditures for assets under construction during the year.

Total interest expense incurred amounted to $

466,127

, $487,000 and $518,255, of which $

1,223

, $279 and $25,864 were capitalized during the years ended December 31, 2025, 2024 and 2023, respectively.

Goodwill and Intangible Assets

(k)

Goodwill and Intangible Assets

Goodwill represents the excess of the acquisition cost over the fair value of tangible and identifiable intangible net assets of any business acquired. Goodwill is not amortized, but is tested for impairment at the reporting unit level on an annual basis, and between annual tests when circumstances indicate that the carrying value of goodwill may not be recoverable.

Intangible assets other than goodwill are amortized over their estimated useful lives unless their useful lives are determined to be indefinite in which case they are not amortized. Intangible assets are stated at cost, net of accumulated amortization, and accumulated impairment, if any. The Company’s finite-lived intangible assets consist of the Concession, the Cyprus License (as defined in Note 6), the Sri Lanka License,

internal-use

software, proprietary rights and Mocha Clubs trademarks (as discussed below). Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives on a straight-line basis. Effective from June 9, 2025, the date which Melco Resorts announced the development of Mocha Clubs as disclosed in Note 1, the estimated useful lives of Mocha Clubs trademarks were changed from indefinite useful lives to finite useful lives. Accordingly, the carrying amount is amortized on a straight-line basis over the remaining period of the Concession and the projection period of Mocha Clubs’ future cash flow is also adjusted to the end of the Concession period for impairment testing. The change in estimated useful lives of Mocha Clubs trademarks had no material impact to net income for the year ended December 31, 2025.

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software of 3 to 15 years on a straight-line basis. The capitalization of such costs begins during the application development stage of the software project and ceases once the software project is substantially complete and ready for its intended use. Costs of specified upgrades and enhancements to the

internal-use

software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

When performing the impairment analysis for goodwill and intangible assets with indefinite lives, the Company will first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative factors indicate that the carrying amount of the reporting unit is more likely than not to exceed the fair value, then a quantitative impairment test is performed. To perform a quantitative impairment test of intangible assets with indefinite lives, the Company performs an assessment that consists of a comparison of the fair values of the intangible assets with indefinite lives with their carrying amounts. An impairment is recognized in an amount equal to the excess of the carrying amounts over the fair values of the intangible assets with indefinite lives. To perform a quantitative impairment test of goodwill, the Company performs an assessment that consists of a comparison of the carrying value of a reporting unit with its fair value. The fair value of the reporting unit is determined using income valuation approaches through the application of the discounted cash flow method. Estimating fair value of the reporting unit involves significant assumptions, including future revenue growth rates, future market conditions, gross margin, discount rate and terminal growth rate, if applicable. If the carrying value of the reporting unit exceeds its fair value, an impairment is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit.

During the year ended December 31, 2025, as a result of three Mocha Clubs ceasing operations between the period from September to December 2025 as disclosed in Note 1, the Company recognized an impairment of goodwill in relation to the Mocha and Other segment of $57,924, which was included

in property charges and other in the accompanying consolidated statements of operations. The fair value of the reporting unit of Mocha and Other was estimated by using level 3 inputs based on income approach and the discount rate adopted in the income approach for the year ended December 31, 2025 was

13.2%. No impairment on goodwill and intangible assets with indefinite lives was recognized during the years ended December 31, 2024 and 2023.

As a part of the impairment of long-lived assets recognized during the years ended December 31, 2025, 2024 and 2023 as described in Note 2(l), the finite-lived intangible assets for Altira Macau as of December 31, 2025 and 2024 were fully impaired.

Impairment of Long-lived Assets (Other Than Goodwill)

(l)

Impairment of Long-lived Assets (Other Than Goodwill)

The Company evaluates the long-lived assets with finite lives to be held and used for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the assets, on an undiscounted basis, to the carrying values of the assets. Estimating future cash flows of the assets involves significant assumptions, including future revenue growth rates, future market conditions and gross margin. If the undiscounted cash flows exceed the carrying values, no impairments are indicated. If the undiscounted cash flows do not exceed the carrying values, then an impairment charge is recorded based on the fair values of the assets, typically measured using a discounted cash flow model involving significant assumptions, such as discount rates. If an asset is still under development, future cash flows include remaining construction costs.

During the year ended December 31, 2023, with the market value of Altira Macau significantly decreased as a result of a change in its forecasted performance given the latest market conditions and lingering disruptions to the business caused by

COVID-19

and the Company’s earlier cessation of arrangements with gaming promoters in Macau, the Company recognized an impairment of long-lived assets in relation to Altira Macau of $207,608, which was recognized and included in property charges and other in the accompanying consolidated statements of operations. Such amount included the impairment of Altira Macau’s property and equipment of $110,033, and the full impairment of the finite-lived intangible assets, land use rights and

operating lease

right-of-use

assets

for Altira Macau of $30,435, $65,172 and $1,968, respectively.

During the years ended December 31, 2025 and 2024, the performance of Altira Macau had not improved and a further impairment of long-lived assets of $

4,145

and $3,316, respectively, were recognized and included in property charges and other in the accompanying consolidated statements of operations, which included impairment of Altira Macau’s property and equipment of $

4,073

and $3,120, and the full impairment of the finite-lived intangible assets for Altira Macau of $

and $196, for the respective year. The fair values of the long-lived assets of Altira Macau were estimated by using level 3 inputs based on a combination of income and cost approaches and the discount rates adopted in the income approach for the years ended December 31, 2025, 2024 and 2023 were

14.0

%, 12.6% and 12.3%, respectively.

Deferred Financing Costs

(m)

Deferred Financing Costs

Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the terms of the related debt agreements using the effective interest method. Deferred financing costs incurred in connection with the issuance of revolving credit facilities are included in other assets, either current or

non-current,

the accompanying consolidated balance sheets, based on the maturity of each revolving credit facility. All other deferred financing costs are presented as a reduction of long-term debt in the accompanying consolidated balance sheets.

Land Use Rights

(n)

Land Use Rights

Land use rights represent the upfront land premiums paid for the use of land held under operating leases, which are stated at cost, net of accumulated amortization, and accumulated impairment, if any. Amortization is recognized over the estimated term of the land use rights of 40 years on a straight-line basis. During

the year ended December 31, 2023, land use right for Altira Macau was fully impaired, as part of the impairment of long-lived assets as described in Note 2(l). No impairment on land use rights was recognized during the years ended December 31, 2025 and 2024.

Leases

(o)

Leases

At the inception of the contract or upon modification, the Company will perform an assessment as to whether the contract is a lease or contains a lease. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. A lessee has control of an identified asset if it has both the right to direct the use of the asset and the right to receive substantially all of the economic benefits from the use of the asset.

Finance and operating lease

right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The initial measurement of the

right-of-use

assets also includes any prepaid lease payments and any initial direct costs incurred and is reduced by any lease incentive received. For leases where the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.

The Company’s lease contracts have lease and

non-lease

components. For contracts in which the Company is a lessee, the Company accounts for the lease components and

non-lease

components as a single lease component for all classes of underlying assets, except for real estate. For contracts in which the Company is a lessor, the lease components and

non-lease

components are accounted for separately.

During the year ended December 31, 2023, operating lease

right-of-use

assets for Altira Macau were fully impaired, as part of the impairment of long-lived assets as described in Note 2(l). No impairment on operating lease

right-of-use

assets was recognized during the years ended December 31, 2025 and 2024.

Revenue Recognition

(p)

Revenue Recognition

The Company’s revenues from contracts with customers consist of casino wagers, sales of rooms, food and beverage, entertainment, retail and other goods and services.

Gross casino revenues are measured by the aggregate net difference between gaming wins and losses. The Company accounts for its casino wagering transactions on a portfolio basis versus an individual basis as all wagers have similar characteristics. Commissions rebated to customers and gaming promoters, cash discounts and other cash incentives earned by customers are recorded as reductions of casino revenues. In addition to the wagers, casino transactions typically include performance obligations related to complimentary goods or services provided to incentivize future gaming or in exchange for incentives or points earned under the Company’s

non-discretionary

incentive programs (including loyalty programs).

For casino transactions that include complimentary goods or services provided by the Company to incentivize future gaming, the Company allocates the standalone selling price of each good or service to the appropriate revenue type based on the good or service provided. Complimentary goods or services that are provided under the Company’s control and discretion and supplied by third parties are recorded as operating expenses.

The Company operates different

non-discretionary

incentive programs in certain of its properties which include loyalty programs (the “Loyalty Programs”) to encourage repeat business mainly from loyal slot machine customers and table games patrons. Customers earn points primarily based on gaming activity and such points can be redeemed for free play and other free goods and services. For casino transactions that include points earned under the Loyalty Programs, the Company defers a portion of the revenue by recording the estimated standalone selling prices of the earned points that are expected to be redeemed as a liability. Upon redemption of the points for Company-owned goods or services, the standalone selling price of each good or service is allocated to the appropriate revenue type based on the good or service provided. Upon the redemption of the points with third parties, the redemption amount is deducted from the liability and paid directly to the third party.

After allocating amounts to the complimentary goods or services provided and to the points earned under the Loyalty Programs, the residual amount is recorded as casino revenue when the wagers are settled.

The Company follows the accounting standards for reporting revenue gross as a principal versus net as an agent, when accounting for the operations of two of its externally managed hotels and concluded that it is the controlling entity and is the principal to these arrangements. For the operations of these two externally managed hotels, as the Company is the owner of the hotel properties, the hotel managers operate the respective hotels under management agreements providing management services to the Company, and the Company receives all rewards and takes substantial risks associated with the hotel businesses. The Company is the principal and the transactions are, therefore, recognized on a gross basis. When accounting for the operation of the Nüwa Sri Lanka, the subsidiary of Melco Resorts operates as a hotel manager under a management agreement which is not considered as the controlling entity, but an agent and the transactions are, therefore, recognized on a net basis.

The transaction prices for rooms, food and beverage, entertainment, retail and other goods and services are the net amounts collected from customers for such goods and services that are recorded as revenues when the goods are provided, services are performed or events are held. Service taxes and other applicable taxes collected by the Company are excluded from revenues. Advance deposits on rooms and convention space and advance ticket sales are recorded as customer deposits until services are

provided to the customers. Revenues from contracts with multiple goods or services provided by the Company are allocated to each good or service based on its relative standalone selling price.

Minimum operating and right to use fees representing lease revenues, adjusted for contractual base fees and operating fee escalations, are included in other revenues and are recognized over the terms of the related agreements on a straight-line basis. Sales-type lease income is included in other revenues and is recognized on an effective interest rate basis at a constant rate of return over the term of the applicable leases using the rate implicit in the leases.

For the hotel property that the Company acts as the hotel manager but not the controlling entity, the Company has performance obligations to provide hotel management services to the owner of the hotel property, and is entitled to receive quarterly base management fees which are a percentage of the revenues of the hotel, and quarterly incentive management fees which are based on a measure of hotel profitability. These fees are variable consideration, as the transaction price is based on percentages of revenue or profit, as defined in the agreements. Base management fees are recognized over the term of the agreement as the hotel revenues occur and incentive management fees are recognized over the term of the agreement based on hotel’s financial results, provided that there is no expectation of a subsequent significant reversal due to projected future hotel performance. Both base management and incentive management fees are included in other revenues. The Company is also entitled to be reimbursed quarterly for costs incurred by the Company in providing certain administrative and support services to the hotel operation, with no added

mark-up.

These reimbursements are included in other revenues and recognized over the period the cost incur.

Licensing fees income earned by the Company in granting a third party use of certain Company-owned trademarks in the branding of an integrated resort, which represent a percentage of certain revenues of the integrated resort, are included in other revenues and recognized over the term of the agreement as services are provided.

Contract and Contract-Related Liabilities

In providing goods and services to customers, there may be a timing difference between cash receipts from customers and recognition of revenues, resulting in a contract or contract-related liability.

The Company primarily has three types of liabilities related to contracts with customers: (1) outstanding gaming chips, which represent the amounts owed in exchange for gaming chips held by customers and gaming promoters, (2) loyalty program liabilities, which represent the deferred allocation of revenues relating to incentives earned from the Loyalty Programs, and (3) advance deposits and ticket sales, which represent casino front money deposits that are funds deposited by customers and gaming promoters before gaming play occurs and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space. These liabilities are generally expected to be recognized as revenues within one year of being purchased, earned or deposited and are recorded as accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Decreases in these balances generally represent the recognition of revenues and increases in the balances represent additional chips held by customers and gaming promoters, increases in unredeemed incentives relating to the Loyalty Programs and additional deposits made by customers and gaming promoters.

The following table summarizes the activities related to contract and contract-related liabilities:


	Outstanding Gaming Chips				Loyalty Program Liabilities					Advance Deposits and Ticket Sales
	2025		2024		2025			2024		2025		2024
Balance at January 1	$	83,414	$	83,012	$	39,108		$	36,000	$	253,338	$	250,955
Balance at December 31		84,853		83,414		31,732			39,108		268,353		253,338

Increase (decrease)	$	1,439	$	402	$	(7,376	)	$	3,108	$	15,015	$	2,383

Gaming Taxes and License Fees

(q)

Gaming Taxes and License Fees

The Company is subject to taxes and license fees based on gross gaming revenue and other metrics in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes and license fees (including the Cyprus License Fee (as defined in Note 6) prior to the fulfillment of

certain terms under

the Cyprus License

on June 28, 2023),

totaled $2,000,194, $1,818,235 and $1,489,755 for the years ended December 31, 2025, 2024 and 2023, respectively, are mainly recognized as casino expense in the accompanying consolidated statements of operations.

Pre-opening Costs

(r)

Pre-opening

Costs

Pre-opening

costs represent personnel, marketing and other costs incurred prior to the opening of new or

start-up

operations and are expensed as incurred. During the years ended December 31, 2025 and 2024, the Company incurred

pre-opening

costs primarily in connection with the development of the Sri Lanka Casino and other enhancement projects at City of Dreams. During the year ended December 31, 2023, the Company incurred

pre-opening

costs primarily in connection with the development of Studio City Phase 2 and City of Dreams Mediterranean. The Company also incurs

pre-opening

costs on other

one-off

activities related to the marketing of new facilities and operations.

Development Costs

(s)

Development Costs

Development costs include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

Advertising and Promotional Costs

(t)

Advertising and Promotional Costs

The Company expenses advertising and promotional costs the first time the advertising takes place or as incurred. Advertising and promotional costs included in the accompanying consolidated statements of operations were $168,100, $165,299 and $100,245 for the years ended December 31, 2025, 2024 and 2023, respectively.

Interest Income

(u)

Interest Income

Interest income is recorded on an accrual basis at the stated interest rate and is recorded in interest income in the accompanying consolidated statements of operations.

Foreign Currency Transactions and Translations

(v)

Foreign Currency Transactions and Translations

All transactions in currencies other than functional currencies of Melco Resorts and its subsidiaries during the year are remeasured at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the accompanying consolidated statements of operations.

The functional currency of Melco Resorts is the U.S. dollar (“$” or “US$”) and the functional currency of most of Melco Resorts’ foreign subsidiaries is the local currency in which the subsidiary operates. All assets and liabilities are translated at the rates of exchange prevailing at the balance sheet date and all income and expense items are translated at the average rates of exchange over the year. All exchange differences arising from the translation of foreign subsidiaries’ financial statements are recorded as a component of other comprehensive income (loss).

Accounting for Derivative Instruments and Hedging Activities

(w)

Accounting for Derivative Instruments and Hedging Activities

The Company uses derivative financial instruments such as

floating-for-fixed

interest rate swap and cross-currency swap arrangements to manage its risks associated with interest rate fluctuations in accordance with lenders’ requirements under the MN1 2020 Revolving Facilities as defined in Note 10 and exchange rate fluctuations for the outstanding US$ denominated 2033 MRF Senior Notes as defined in Note 10. All derivative instruments are recognized in the consolidated financial statements at fair value at the balance sheet date. Any changes in fair value are recorded in the consolidated statements of operations or comprehensive income (loss), depending on whether the derivative is designated and qualifies for hedge accounting, the type of hedge transaction and the effectiveness of the hedge. There are no credit-risk-related contingent features in our derivative agreements.

Further information on the Company’s interest rate swap and cross-currency swap arrangements is included in Note 9 and Note 10 respectively.

Comprehensive Income (Loss) and Accumulated Other Comprehensive Losses

(x)

Comprehensive Income (Loss) and Accumulated Other Comprehensive Losses

Comprehensive income (loss) includes net income (loss) and other

non-shareholder

changes in equity, or other comprehensive income (loss). Components of the Company’s comprehensive income (loss) are reported in the accompanying consolidated statements of deficit and consolidated statements of comprehensive income (loss).

As of December 31, 2025 and 2024, the Company’s accumulated other comprehensive losses consisted of the following components, net of noncontrolling interests:

	$			$
	December 31,
	2025			2024
Foreign currency translation adjustments	$	(60,301	)	$	(92,658	)
Change in fair value of interest rate swaps, net (1)		(731	)		—
Other		(2,680	)		(3,092	)

Accumulated other comprehensive losses	$	(63,712	)	$	(95,750	)

(1)

The following table presents the net changes in accumulated other comprehensive losses associated with each year’s hedging activities from interest rate swaps designated as cash flow hedges.


	Year Ended December 31,
	2025			2024		2023
Change in fair value of interest rate swaps, net as of January 1	$	—		$	—	$	—
Change in fair value during the year		(2,761	)		—		—
Net loss reclassified from accumulated other comprehensive losses into earnings		2,030			—		—

Change in fair value of interest rate swaps, net as of December 31	$	(731	)	$	—	$	—

Share-based Compensation Expenses

(y)

Share-based Compensation Expenses

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award and recognizes that cost over the service period. Compensation is attributed to the periods of associated service and such expense is recognized over the vesting period of the awards on a straight-line basis. Forfeitures are recognized when they occur.

Further information on the Company’s share-based compensation arrangements is included in Note 15.

Income Tax

(z)

Income Tax

The Company is subject to income taxes in Macau, Hong Kong, the Philippines, Cyprus, Sri Lanka and other jurisdictions where it operates.

Deferred income taxes are recognized for all significant temporary differences between the tax basis of assets and liabilities and their reported amounts in the accompanying consolidated financial statements. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The Company’s income tax returns are subject to examination by tax authorities in the jurisdictions where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. These accounting standards utilize a

two-step

approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position, based on the technical merits of the position, will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based on cumulative probability.

Net Income (Loss) Attributable to Melco Resorts & Entertainment Limited Per Share

(aa)

Net Income (Loss) Attributable to Melco Resorts

& Entertainment Limited Per Share

Basic net income (loss) attributable to Melco Resorts & Entertainment Limited per share is calculated by dividing the net income (loss) attributable to Melco Resorts & Entertainment Limited by the weighted average number of ordinary shares outstanding during the year.

Diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share is calculated by dividing the net income (loss) attributable to Melco Resorts & Entertainment Limited by the weighted average number of ordinary shares outstanding during the year adjusted to include the potentially dilutive effect of outstanding share-based awards.

The weighted average number of ordinary and ordinary equivalent shares used in the calculation of basic and diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share consisted of the following:


	Year Ended December 31,
	2025		2024		2023
Weighted average number of ordinary shares outstanding used in the calculation of basic net income (loss) attributable to Melco Resorts & Entertainment Limited per share		1,193,982,891		1,296,361,341		1,314,605,173

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		7,902,332		3,069,573		—

Weighted average number of ordinary shares outstanding used in the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share		1,201,885,223		1,299,430,914		1,314,605,173

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share		12,835,178		19,537,045		26,921,336

Recent Changes in Accounting Standards

(ab)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2023-09,

“Improvements to Income Tax Disclosures” which includes amendments that further enhance income tax disclosures, primarily through providing additional information in the rate reconciliation and additional disclosures about income taxes paid by jurisdiction. The Company adopted ASU

2023-09

prospectively for the year ended December 31, 2025. The adoption of this guidance did not have an effect on the Company’s financial position, results of operations and cash flows, noting the adoption resulted in additional disclosures only in the current annual period. Refer to Note 14 for the income tax disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of

Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU

No. 2025-01,

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. This guidance will be applied either prospectively or retrospectively. The Company is currently evaluating the impact that the adoption of these standards will have on the Company’s consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU

2025-05,

“Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. ASU

2025-05

provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. ASU

2025-05

is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods and should be applied prospectively. Early adoption is permitted, and the Company is currently assessing the impact of adoption.

In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which provides guidance to clarify and modernize the accounting for costs related to internal-use software. ASU2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual reporting periods. Early adoption is permitted, and the Company is currently assessing the impact of adoption.

SHARE-BASED COMPENSATION - Summary of Restricted Shares Activity (Detail) - Restricted shares [Member] - 2021 Share Incentive Plan [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Unvested Beginning Balance	20,253,867
Number of Restricted Shares, Granted	19,717,509
Number of Restricted Shares, Vested	(10,364,457)
Number of Restricted Shares, Forfeited	(829,515)
Number of Restricted Shares, Unvested Ending Balance	28,777,404	20,253,867
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 2.83
Weighted-Average Grant Date Fair Value, Granted	1.78	$ 2.49	$ 4.12
Weighted-Average Grant Date Fair Value, Vested	2.82
Weighted-Average Grant Date Fair Value, Forfeited	2.14
Weighted-Average Grant Date Fair Value, Ending Balance	$ 2.14	$ 2.83

SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

12 Months Ended

Dec. 31, 2025

Parent Company [Member]

SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY ADDITIONAL INFORMATION

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1

FINANCIAL INFORMATION OF PARENT COMPANY

NOTES TO FINANCIAL STATEMENT SCHEDULE 1

(In thousands)

Schedule 1 has been provided pursuant to the requirements of Rule

12-04(a)

and

4-08(e)(3)

of Regulation

S-X,

which require condensed financial information as to financial position, cash flows and results and operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2025, approximately $584,000 of the restricted net assets were not available for distribution and as such, the condensed financial information of

Melco Resorts has

been presented for the years ended December 31, 2025, 2024 and 2023.

Melco Resorts received

cash dividends of $20,035,

121,000 and nil from its subsidiary during the years ended December 31, 2025, 2024 and 2023

, respectively

2.	Basis of Presentation

The accompanying condensed financial

information

has been prepared using the same accounting policies as set out in

Melco Resorts’ consolidated

financial statements except that the parent company has used the equity method to account for its investments in subsidiaries. For the parent company, the Company records its investments in subsidiaries under the equity method of accounting as prescribed in Accounting Standards Codification 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries” or “Investments deficit in subsidiaries” and the subsidiaries’ profit or loss as ‘‘Share of results of subsidiaries” on the Condensed Statements of Operations. Ordinarily, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to

nil

absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule 1, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses.

LONG-TERM DEBT, NET (MRF Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands													12 Months Ended
	Oct. 25, 2025	Sep. 24, 2025	Jun. 06, 2025	Apr. 17, 2024	Jan. 21, 2021	Aug. 11, 2020	Jul. 21, 2020	Dec. 04, 2019	Jul. 17, 2019	Apr. 26, 2019	Jul. 03, 2017	Jun. 06, 2017	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2025
Long-Term Debt [Line Items]
Total long-term debt													$ 6,766,819	$ 7,180,185
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net													(2,902)	0	$ 0
Repayments of long-term debt													2,093,985	1,169,579	2,201,562
Gain (Loss) on Extinguishment of Debt													$ (756)	$ (1,000)	$ 1,611
MRF 4.875% Senior Notes, due 2025 [Member] \| Initial 2025 MRF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt												$ 650,000
Interest rate per annum												4.875%
Purchase price as percentage of principal												100.00%
Maturity date													Jun. 06, 2025
MRF 4.875% Senior Notes, due 2025 [Member] \| Additional 2025 MRF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt											$ 350,000
Interest rate per annum											4.875%
Purchase price as percentage of principal											100.75%
Maturity date													Jun. 06, 2025
MRF 4.875% Senior Notes, due 2025 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Repayments of long-term debt			$ 1,000,000
MRF 5.250% Senior Notes, due 2026 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt										$ 500,000
Interest rate per annum										5.25%
Purchase price as percentage of principal										100.00%
Maturity date													Apr. 26, 2026
Repayments of long-term debt	$ 357,940
Gain (Loss) on Extinguishment of Debt													$ (756)
MRF 5.250% Senior Notes, due 2026 [Member] \| Senior Unsecured Notes [Member] \| 2025 Tender Offer [Member]
Long-Term Debt [Line Items]
Repayments of long-term debt		$ 142,060
MRF 5.625% Senior Notes, due 2027 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt									$ 600,000
Interest rate per annum									5.625%
Purchase price as percentage of principal									100.00%
Maturity date													Jul. 17, 2027
MRF 5.750% Senior Notes, due 2028 [Member] \| Initial 2028 MRF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt							$ 500,000
Interest rate per annum							5.75%
Purchase price as percentage of principal							100.00%
Maturity date													Jul. 21, 2028
MRF 5.750% Senior Notes, due 2028 [Member] \| Additional 2028 MRF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt						$ 350,000
Interest rate per annum						5.75%
Purchase price as percentage of principal						101.00%
Maturity date													Jul. 21, 2028
MRF 5.375% Senior Notes, due 2029 [Member] \| Initial 2029 MRF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt								$ 900,000
Interest rate per annum								5.375%
Purchase price as percentage of principal								100.00%
Maturity date													Dec. 04, 2029
MRF 5.375% Senior Notes, due 2029 [Member] \| Additional 2029 MRF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt					$ 250,000
Interest rate per annum					5.375%
Purchase price as percentage of principal					103.25%
Maturity date													Dec. 04, 2029
MRF 7.625% Senior Notes, due 2032 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt				$ 750,000
Interest rate per annum				7.625%
Purchase price as percentage of principal				100.00%
Maturity date													Apr. 17, 2032
MRF 6.500% Senior Notes, due 2033 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 500,000														$ 500,000
Interest rate per annum		6.50%
Purchase price as percentage of principal		100.00%
Maturity date													Sep. 24, 2033
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net													$ 2,902
MRF 6.500% Senior Notes, due 2033 [Member] \| Senior Unsecured Notes [Member] \| Other Long Term Liabilities [Member]
Long-Term Debt [Line Items]
Net fair values of cross-currency swaps													5,889
MRF 6.500% Senior Notes, due 2033 [Member] \| Senior Unsecured Notes [Member] \| Prepaid Expenses and Other Current Assets [Member]
Long-Term Debt [Line Items]
Net fair values of cross-currency swaps													$ 2,987

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - CASH FLOWS (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$ 818,115	$ 626,656	$ 622,690
Cash flows from investing activities:
Proceeds from loan repayment from an affiliated company	0	0	200,000
Net cash (used in) provided by investing activities	(341,775)	(300,807)	(48,513)
Cash flows from financing activities:
Repurchase of shares	(166,010)	(112,292)	(169,836)
Proceeds from exercise of share options	682	0	226
Net cash used in financing activities	(603,117)	(478,349)	(1,129,124)
(Decrease) Increase in cash and cash equivalents	(124,638)	(162,764)	(552,621)
Cash, cash equivalents and restricted cash at beginning of year	1,273,072	1,435,836	1,988,457
Cash, cash equivalents and restricted cash at end of year	1,148,434	1,273,072	1,435,836
Parent Company [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities	89,956	198,077	70,894
Cash flows from investing activities:
Payments of advances to subsidiaries	(19,659)	(20,275)	(528,794)
Proceeds from advances repayment from subsidiaries	2,947	7,823	75,041
Proceeds from loan repayment from an affiliated company	0	0	200,000
Proceeds from transfer of intangible asset	0	0	519,000
Net cash (used in) provided by investing activities	(16,712)	(12,452)	265,247
Cash flows from financing activities:
Repurchase of shares	(166,010)	(112,292)	(169,836)
Proceeds from exercise of share options	682	0	226
Proceeds from loans or advances from subsidiaries	0	0	158,000
Repayments of loans or advances from subsidiaries	0	(20,000)	(270,593)
Net cash used in financing activities	(165,328)	(132,292)	(282,203)
(Decrease) Increase in cash and cash equivalents	(92,084)	53,333	53,938
Cash, cash equivalents and restricted cash at beginning of year	114,678	61,345	7,407
Cash, cash equivalents and restricted cash at end of year	$ 22,594	$ 114,678	$ 61,345

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.

Our cybersecurity risk management program is designed, executed, and assessed based on the principles of internationally recognized frameworks and standards, including ISO27001, the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”) and the Payment Card Industry Data Security Standard

(“PCI-DSS”). Our

program has been certified against ISO27001 since 2009.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes:

•

risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

•

an information security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

•

the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our information security controls;

•

cybersecurity awareness training of our directors, senior management, employees and incident response personnel;

•

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

•

a third-party risk management process for service providers, suppliers, and vendors, including oversight and identification of cybersecurity risks.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Item 3. Key Information — D. Risk Factors — Risks Relating to Our Business and Operations — Information technology and other systems that we depend on are subject to cybersecurity risks, including disruptions to systems and operations, misappropriation of customer information, other breaches of information security or other cybercrimes, as well as regulatory and other risks” and “— Failure to protect the integrity and security of company staff, supplier and customer information and comply with cybersecurity, data privacy, data

protection or any other laws and regulations related to data may materially and adversely affect our business, financial condition and results of operation, and/or result in damage to reputation and/or subject us to fines, penalties, lawsuits, restrictions on our use or transfer of data and other risks.”

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Our cybersecurity risk management program includes:

•

risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

•

an information security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

•

the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our information security controls;

•

cybersecurity awareness training of our directors, senior management, employees and incident response personnel;

•

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

•

a third-party risk management process for service providers, suppliers, and vendors, including oversight and identification of cybersecurity risks.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity

Governance

Our board considers cybersecurity risk as part of its risk oversight function and has delegated to the audit and risk committee oversight of cybersecurity and other information technology risks. The audit and risk committee oversees management’s implementation of our cybersecurity risk management program.

The audit and risk committee receives regular reports from management on our cybersecurity risks. In addition, management updates the audit and risk committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.

The audit and risk committee reports to the full board regarding its activities, including those related to cybersecurity. The full board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our chief information security officer and external experts as part of the board’s continuing education on topics that impact public companies.

Our cybersecurity risk management team, including our chief information security officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our cybersecurity risk management team’s experience includes previous work experience in cybersecurity and risk management roles in various industries including financial services and technology. Our cybersecurity risk management team also holds multiple security credentials such as Certified Information Systems Auditor, Certified Information Systems Security Professional, Certified Information Security Manager, ISO Lead Auditor Practitioner, and Certified in Risk and Systems Information Control certifications as well as various technology certifications. The team also engages leading cybersecurity and forensic incident response external service providers to provide extensive capability to run, review, challenge and advise on operational enhancements, and provide incident response capability during an incident, as required.

Our cybersecurity risk management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Role of Management [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our cybersecurity risk management team’s experience includes previous work experience in cybersecurity and risk management roles in various industries including financial services and technology. Our cybersecurity risk management team also holds multiple security credentials such as Certified Information Systems Auditor, Certified Information Systems Security Professional, Certified Information Security Manager, ISO Lead Auditor Practitioner, and Certified in Risk and Systems Information Control certifications as well as various technology certifications.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

22.	SEGMENT INFORMATION

The Company is principally engaged in the gaming and hospitality business in Asia and Europe and its principal operating and developmental activities occur in three geographic areas: Macau, the Philippines and Cyprus. The

Company views each of its

operating properties

as a reportable segment.

The Company monitors its operations and evaluates earnings by reviewing the assets and operations of each of its reportable segment which includes City of Dreams, Studio City, Altira Macau, Mocha and Other, City of Dreams Manila, City of Dreams Mediterranean and Other

and Other Operations

. The development projects in other jurisdictions are included in the Corporate and Other category and do not meet the criteria of a reportable segment. Effective from August 1, 2025, the initial opening of Sri Lanka Casino, the operations in Sri Lanka including the provision of management services to Nüwa Sri Lanka effective from its opening on July 15, 2025, which were previously reported under the Corporate and Other category, has been included in the Other Operations segment for the year ended December 31, 2025 and 2024. Mocha and Other segment included the operation of Grand Dragon Casino before its closure and was changed to Mocha segment effective on September 23, 2025. Effective from June 12, 2023, with the soft opening of City of Dreams Mediterranean, the Cyprus Operations segment which previously included the operation of the temporary casino before its closure on June 9, 2023 and the licensed satellite casinos in Cyprus, has been renamed to City of Dreams Mediterranean and Other segment which included the operation of City of Dreams Mediterranean and the licensed satellite casinos in Cyprus.

The Company’s segment information for total assets and capital expenditures is as follows:


Total Assets	December 31,
	2025		2024		2023
City of Dreams	$	2,583,130	$	2,691,228	$	2,720,571
Studio City		3,266,485		3,444,870		3,705,391
Altira Macau		51,886		45,697		77,631
Mocha and Other		58,663		139,511		135,256
City of Dreams Manila		374,540		376,244		418,594
City of Dreams Mediterranean and Other		720,225		682,937		742,450
Other Operations		157,914		83,653		—
Corporate and Other		384,845		521,203		535,179

Total consolidated assets	$	7,597,688	$	7,985,343	$	8,335,072


Capital Expenditures	Year Ended December 31,
	2025		2024		2023
City of Dreams	$	162,672	$	83,988	$	22,259
Studio City		69,498		86,071		73,452
Altira Macau		10,550		5,614		3,892
Mocha and Other		4,072		6,549		4,590
City of Dreams Manila		10,597		17,940		24,970
City of Dreams Mediterranean and Other		14,920		11,815		108,214
Other Operations		65,470		28,298		—
Corporate and Other		5,411		3,206		15,113

Total capital expenditures	$	343,190	$	243,481	$	252,490

Melco Resorts’

Chief Executive Officer

is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM uses Adjusted property EBITDA for each segment as the measure of segment profit or loss to allocate resources to each segment and to compare the operating performance of the Company’s properties

with those of its competitors as a way to assess performance. Adjusted property EBITDA is net income (loss) before interest, taxes, depreciation, amortization,

pre-opening

costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses, and other

non-operating

income and expenses.

The following tables present the results of operations for each of the Company’s reportable segments and reconciliation to net income (loss) attributable to Melco Resorts & Entertainment Limited for the years ended December 31, 2025, 2024 and 2023.


Year Ended December 31, 2025	City of Dreams			Studio City			Altira Macau			Mocha and Other			City of Dreams Manila			City of Dreams Mediterranean and Other			Other Operations			Total
Segment operating revenues:
Casino	$	2,370,998		$	1,163,917		$	86,605		$	101,983		$	308,418		$	205,526		$	9,578		$	4,247,025
Rooms		170,802			167,085			12,149			—			50,329			43,620			—			443,985
Food and beverage		105,741			84,730			8,106			4,748			43,369			42,645			1,379			290,718
Entertainment, retail and other		89,234			62,630			162			319			8,988			8,379			1,557			171,269

Total segment operating revenues (1)		2,736,775			1,478,362			107,022			107,050			411,104			300,170			12,514		$	5,152,997

Segment expenses:
Gaming taxes and license fees (2)		(1,199,050	)		(553,156	)		(44,274	)		(43,927	)		(117,679	)		(38,711	)		(2,422	)
Employee benefits expenses (3)		(379,398	)		(267,577	)		(41,737	)		(22,389	)		(64,132	)		(99,473	)		(7,361	)
Other segment items (4)		(336,193	)		(263,829	)		(25,064	)		(18,566	)		(96,505	)		(93,760	)		(7,355	)

Segment adjusted property EBITDA:
Adjusted property EBITDA	$	822,134		$	393,800		$	(4,053	)	$	22,168		$	132,788		$	68,226		$	(4,624	)	$	1,430,439

Other operating expenses:
Payments to the Philippine Parties																							(37,181	)
Pre-opening costs (5)																							(46,390	)
Development costs																							(7,619	)
Amortization of land use rights																							(19,970	)
Depreciation and amortization																							(523,592	)
Integrated resort and casino rent (6)																							(12,714	)
Share-based compensation																							(29,270	)
Property charges and other																							(39,481	)
Corporate and Other expenses																							(113,796	)

Operating income																							600,426

Non-operating income (expenses):
Interest income																							8,482
Interest expense, net of amounts capitalized																							(464,904	)
Other financing costs																							(6,701	)
Foreign exchange gains, net																							8,739
Other income, net																							2,999
Loss on extinguishment of debt																							(756	)

Total non-operating expenses, net																							(452,141	)

Income before income tax																							148,285
Income tax expense																							(2,829	)

Net income																							145,456
Net loss attributable to noncontrolling interests																							39,589

Net income attributable to Melco Resorts & Entertainment Limited																						$	185,045


Year Ended December 31, 2024	City of Dreams			Studio City			Altira Macau			Mocha and Other			City of Dreams Manila			City of Dreams Mediterranean and Other			Other Operations			Total
Segment operating revenues:
Casino	$	1,957,079		$	1,076,619		$	104,686		$	117,632		$	357,315		$	159,324		$	—		$	3,772,655
Rooms		161,939			159,926			11,770			—			53,494			35,436			—			422,565
Food and beverage		102,293			83,881			8,507			4,736			52,345			34,171			—			285,933
Entertainment, retail and other		60,945			69,919			133			228			9,183			5,646			—			146,054

Total segment operating revenues (1)		2,282,256			1,390,345			125,096			122,596			472,337			234,577			—		$	4,627,207

Segment expenses:
Gaming taxes and license fees (2)		(1,019,075	)		(526,250	)		(52,834	)		(50,959	)		(137,107	)		(30,650	)		—
Employee benefits expenses (3)		(326,737	)		(253,104	)		(45,170	)		(24,257	)		(62,314	)		(78,484	)		(14	)
Other segment items (4)		(314,802	)		(269,752	)		(29,014	)		(20,406	)		(91,858	)		(74,897	)		(181	)

Segment adjusted property EBITDA:
Adjusted property EBITDA	$	621,642		$	341,239		$	(1,922	)	$	26,974		$	181,058		$	50,546		$	(195	)	$	1,219,342

Other operating expenses:
Payments to the Philippine Parties																							(41,939	)
Pre-opening costs (5)																							(17,833	)
Development costs																							(5,433	)
Amortization of land use rights																							(19,956	)
Depreciation and amortization																							(521,582	)
Integrated resort and casino rent (6)																							(8,436	)
Share-based compensation																							(27,368	)
Property charges and other																							(13,221	)
Corporate and Other expenses																							(78,947	)

Operating income																							484,627

Non-operating income (expenses):
Interest income																							15,766
Interest expense, net of amounts capitalized																							(486,721	)
Other financing costs																							(7,362	)
Foreign exchange losses, net																							(15,492	)
Other income, net																							3,833
Loss on extinguishment of debt																							(1,000	)

Total non-operating expenses, net																							(490,976	)

Loss before income tax																							(6,349	)
Income tax expense																							(21,610	)

Net loss																							(27,959	)
Net loss attributable to noncontrolling interests																							71,502

Net income attributable to Melco Resorts & Entertainment Limited																						$	43,543


Year Ended December 31, 2023	City of Dreams			Studio City			Altira Macau			Mocha and Other			City of Dreams Manila			City of Dreams Mediterranean and Other			Total
Segment operating revenues:
Casino	$	1,649,551		$	714,680		$	91,556		$	115,533		$	378,475		$	127,517		$	3,077,312
Rooms		144,147			111,351			10,975			—			57,652			14,099			338,224
Food and beverage		77,142			56,948			8,194			1,990			50,459			14,152			208,885
Entertainment, retail and other		59,643			75,375			100			177			8,511			3,591			147,397

Total segment operating revenues (1)		1,930,483			958,354			110,825			117,700			495,097			159,359		$	3,771,818

Segment expenses:
Gaming taxes and license fees (2)		(864,529	)		(365,220	)		(48,914	)		(49,137	)		(137,076	)		(24,879	)
Employee benefits expenses (3)		(276,637	)		(195,510	)		(43,192	)		(22,599	)		(61,176	)		(54,009	)
Other segment items (4)		(213,004	)		(190,834	)		(19,996	)		(18,678	)		(91,393	)		(52,971	)

Segment adjusted property EBITDA:
Adjusted property EBITDA	$	576,313		$	206,790		$	(1,277	)	$	27,286		$	205,452		$	27,500		$	1,042,064

Other operating expenses:
Payments to the Philippine Parties																				(42,451	)
Pre-opening costs																				(43,994	)
Development costs																				(1,202	)
Amortization of land use rights																				(22,670	)
Depreciation and amortization																				(520,726	)
Integrated resort and casino rent (6)																				(1,911	)
Share-based compensation																				(35,473	)
Property charges and other																				(228,437	)
Corporate and Other expenses																				(80,241	)

Operating income																				64,959

Non-operating income (expenses):
Interest income																				23,305
Interest expense, net of amounts capitalized																				(492,391	)
Other financing costs																				(4,372	)
Foreign exchange gains, net																				2,232
Other income, net																				2,748
Gain on extinguishment of debt																				1,611

Total non-operating expenses, net																				(466,867	)

Loss before income tax																				(401,908	)
Income tax expense																				(13,422	)

Net loss																				(415,330	)
Net loss attributable to noncontrolling interests																				88,410

Net loss attributable to Melco Resorts & Entertainment Limited																			$	(326,920	)

(1)

Revenues from the Corporate and Other category includes small charter flights and management services business during the years ended December 31, 2025, 2024 and 2023, which are insignificant and below the quantitative thresholds attributable to the operating segments, therefore are not included in the total for the reportable segment operating revenues. A reconciliation of segment operating revenues to total consolidated operating revenues is as follows:

Reconciliation of total operating revenues


	Year Ended December 31,
	2025		2024		2023
Segment operating revenues:
City of Dreams	$	2,736,775	$	2,282,256	$	1,930,483
Studio City		1,478,362		1,390,345		958,354
Altira Macau		107,022		125,096		110,825
Mocha and Other		107,050		122,596		117,700
City of Dreams Manila		411,104		472,337		495,097
City of Dreams Mediterranean and Other		300,170		234,577		159,359
Other Operations		12,514		—		—

Total segment operating revenues		5,152,997		4,627,207		3,771,818
Revenues from Corporate and Other		10,302		11,006		3,429

Total consolidated operating revenues	$	5,163,299	$	4,638,213	$	3,775,247

(2)

The details of “Gaming taxes and license fees” are disclosed in Note 2(q) with certain amounts included in

pre-opening

costs.

(3)

“Employee benefits expenses” includes salaries, bonuses and incentives, benefits and allocated labor costs among segments. Certain amounts of “Employee benefits expenses” are included in Corporate and Other expenses,

pre-opening

costs, development costs, share-based compensation and property charges and other; and with certain amounts incurred during the construction and development stage of projects capitalized in property and equipment.

(4)

“Other segment items” mainly include cost of inventories, advertising and promotions expenses, repair and maintenance expenses, utilities and fuel expenses and other gaming operation expenses.

(5)

Certain amounts of

pre-opening

costs are grouped and reported under the line item “Integrated resort and casino rent”.

(6)

“Integrated resort and casino rent” represents land rent and variable lease costs to Belle and casino rent to a subsidiary of John Keells.

There was intersegment revenue charged by City of Dreams to Studio City of $55,016, $44,917 and $2,368 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties.

The Company’s geographic information for long-lived assets and operating revenues are as follows:

Long-lived Assets


	December 31,
	2025		2024		2023
Macau	$	5,224,203	$	5,522,756	$	5,752,786
The Philippines		78,641		88,950		118,495
Cyprus		618,678		586,753		663,633
Other		152,303		100,356		30,452

Total long-lived assets	$	6,073,825	$	6,298,815	$	6,565,366

Operating Revenues


	Year Ended December 31,
	2025		2024		2023
Macau	$	4,429,209	$	3,920,293	$	3,117,362
The Philippines		411,104		472,337		495,097
Cyprus		300,170		234,577		159,359
Other		22,816		11,006		3,429

Total operating revenues	$	5,163,299	$	4,638,213	$	3,775,247

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-URI https://asc.fasb.org/280/tableOfContent

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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Components of Property and Equipment, Net


	December 31,
	2025			2024
Buildings and improvements	$	7,683,957		$	7,648,293
Furniture, fixtures and equipment		1,292,018			1,215,688
Leasehold improvements		1,276,778			1,175,252
Gaming equipment		319,464			274,301
Transportation		198,221			196,080
Freehold land		62,142			54,956
Land improvements		2,418			2,082
Construction in progress		2,175			721

Sub-total		10,837,173			10,567,373
Less: accumulated depreciation and amortization		(5,679,730	)		(5,294,873	)

Property and equipment, net	$	5,157,443		$	5,272,500

SEGMENT INFORMATION - Operating Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	$ 5,163,299	$ 4,638,213	$ 3,775,247
Macau [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	4,429,209	3,920,293	3,117,362
The Philippines [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	411,104	472,337	495,097
Cyprus [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	300,170	234,577	159,359
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	$ 22,816	$ 11,006	$ 3,429

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

LONG-TERM DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Long-Term Debt, Net

Long-term debt, net consisted of the following:


	December 31,
	2025		2024
Melco Resorts Related
2025 MRF Senior Notes, 4.875% and due 2025 (net of unamortized deferred financing costs and original issue premiums of nil and $1,732, respectively)	$	—	$	998,268
2026 MRF Senior Notes, 5.250% and due 2026 (net of unamortized deferred financing costs of nil and $1,256, respectively)		—		498,744
2027 MRF Senior Notes, 5.625% and due 2027 (net of unamortized deferred financing costs of $1,568 and $2,488, respectively)		598,432		597,512
2028 MRF Senior Notes, 5.750% and due 2028 (net of unamortized deferred financing costs and original issue premiums of $1,294 and $1,865, respectively)		848,706		848,135
2029 MRF Senior Notes, 5.375% and due 2029 (net of unamortized deferred financing costs and original issue premiums of $ 1,073 and $1,407, respectively)		1,148,927		1,148,593
2032 MRF Senior Notes, 7.625% and due 2032 (net of unamortized deferred financing costs of $5,016 and $5,611, respectively)		744,984		744,389
2033 MRF Senior Notes, 6.500% and due 2033 (net of unamortized deferred financing costs of $4,454)		495,546		—
MRM 2015 Credit Facilities, due 2026
MRM 2015 Term Loan		129		129
MN1 2020 Revolving Facilit ies , due 2027 (1)		886,625		158,305


	December 31,
	2025		2024

Studio City Related
2025 SCF Senior Notes, 6.000% and due 2025 (net of unamortized deferred financing costs of nil and $253, respectively)		—		221,369
2027 SCC Senior Secured Notes, 7.000% and due 2027 (net of unamortized deferred financing costs of $1,596 and $2,862, respectively)		348,404		347,138
2028 SCF Senior Notes, 6.500% and due 2028 (net of unamortized deferred financing costs of $1,582 and $2,299, respectively)		498,418		497,701

2029 SCF Senior Notes, 5.000% and due 2029 (net of unamortized deferred financing costs and original issue premiums of $2,318 and $2,990, respectively)		1,097,682		1,097,010
SCC 2021 Credit Facilities, due 2029
SCC 2021 Term Loan		129		129
SCC 2021 Revolving Facility (2)		29,944		—
SCC 2024 Revolving Facilit ies , due 2029 (3)		49,992		—

		6,747,918		7,157,422
Less: Current portion of long-term debt, net		—		(21,597	)

Long-term debt, net	$	6,747,918	$	7,135,825

(1)

As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the MN1

2020

Revolving Facilit

ies

of $15,987 and $27,135, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

(2)

As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the SCC

2021

Revolving Facility of $248 and $308, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

(3)

As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the SCC 2024 Revolving Facilities of $6,836 and $8,484, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs and Original Issue Premiums)

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2025 are as follows:


Year ending December 31,
2026	$	129
2027		1,836,625
2028		1,350,000
2029		2,330,065
2030		—
Over 2030		1,250,000

	$	6,766,819

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA

19.	REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA

The following agreements related to the development of City of Dreams Manila were entered into by the relevant parties of the Licensees (described below) and certain of its subsidiaries, which became effective on March 13, 2013 and end on the date of expiry of the Regular License as described below, currently expected to be on July 11, 2033, unless terminated earlier in accordance with the respective terms of the individual agreements.

(a)

Regular License

On April 29, 2015, PAGCOR issued a regular casino gaming license, as amended (the “Regular License”) in replacement of a provisional license granted as of March 13, 2013, to the

co-licensees

(the “Licensees”) namely, MPHIL Holdings No. 1 Corporation, a subsidiary of MRP, and its subsidiaries including MRL (collectively the “MPHIL Holdings Group”), SM Investments Corporation (“SMIC”), Belle Corporation (“Belle”) and PremiumLeisure and Amusement, Inc. (“PLAI”) (SMIC, Belle and PLAI are collectively referred to as the “Philippine Parties”) for the establishment and operation of City of Dreams Manila, with MRL, a

co-licensee,

as the “special purpose entity” to operate the casino business and as representative for itself and on behalf of the other

co-licensees

in dealings with PAGCOR. The Regular License has the same terms and conditions as the provisional license, and is valid until July 11, 2033. Further details of the terms and commitments under the Regular License are included in Note 20(b).

(b)

Cooperation Agreement

The Licensees and certain of its subsidiaries entered into a cooperation agreement (the “Cooperation Agreement”) and other related arrangements which govern the rights and obligations of the Licensees. Under the Cooperation Agreement, MRL is appointed as the sole and exclusive representative of the Licensees in connection with the Regular License and is designated as the operator to operate and manage City of Dreams Manila. Further details of the commitments under the Cooperation Agreement are included in Note 20(b).

(c)

Operating Agreement

The Licensees entered into an operating agreement, as amended (the “Operating Agreement”) which governs the operation and management of City of Dreams Manila by MRL. Under the Operating Agreement, MRL is appointed as the sole and exclusive operator and manager of City of Dreams Manila, and is responsible for, and has sole discretion (subject to certain exceptions) and control over, all matters relating to the operation and management of City of Dreams Manila (including the gaming and

non-gaming

operations). The Operating Agreement also includes terms of certain monthly payments to PLAI from MRL, based on the performance of gaming operations of City of Dreams Manila and is included in payments to the Philippine Parties in the accompanying consolidated statements of operations, and further provides that MRL has the right to retain all revenues from

non-gaming

operations of City of Dreams Manila.

(d)

MRP Lease Agreement

MRL and Belle entered into a lease agreement, as amended from time to time (the “MRP Lease Agreement”) under which Belle agreed to lease to MRL the land and certain of the building structures for City of Dreams Manila. The leased property is used by MRL and any of its affiliates exclusively as a hotel, casino and resort complex.

On August 19, 2022 and October 31, 2022, MRL and Belle entered into supplemental agreements to the MRP Lease Agreement to make certain adjustments to the rental payments paid or payable by MRL from 2022 to 2033.

LEASES - Schedule Of Maturities Of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Year ending December 31, 2026	$ 20,062
Year ending December 31, 2027	16,166
Year ending December 31, 2028	17,183
Year ending December 31, 2029	13,829
Year ending December 31, 2030	13,541
Over year ending December 31, 2030	156,763
Total future minimum lease payments	237,544
Less: amounts representing interest	(142,438)
Present value of future minimum lease payments	95,106
Present value of future minimum lease payments current portion	(18,998)	$ (18,590)
Present value of future minimum lease payments non-current portion	76,108	80,673
Year ending December 31, 2026	35,290
Year ending December 31, 2027	35,290
Year ending December 31, 2028	35,290
Year ending December 31, 2029	35,290
Year ending December 31, 2030	35,290
Over year ending December 31, 2030	89,271
Total future minimum lease payments	265,721
Less: amounts representing interest	(83,804)
Present value of future minimum lease payments	181,917
Present value of future minimum lease payments current portion	(33,327)	(33,817)
Present value of future minimum lease payments non-current portion	$ 148,590	$ 165,938

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - BALANCE SHEETS (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,023,199	$ 1,147,193
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Receivables from affiliated companies	$ 887	$ 2,422
Prepaid expenses and other current assets	81,790	102,521
Total current assets	1,269,200	1,429,167
Total assets	7,597,688	7,985,343	$ 8,335,072
Current liabilities:
Accrued expenses and other current liabilities	1,076,150	1,054,018
Income tax payable	29,208	38,009
Total current liabilities	1,184,312	1,190,864
Other long-term liabilities	309,799	315,299
Total liabilities	8,501,317	8,925,307
Shareholders' 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 shareholders' deficit	(1,246,602)	(1,326,460)
Total liabilities and shareholders' deficit	7,597,688	7,985,343
Parent Company [Member]
Current assets:
Cash and cash equivalents	$ 22,594	$ 114,678
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Receivables from affiliated companies	$ 366	$ 1,972
Receivables from subsidiaries	181,458	177,384
Prepaid expenses and other current assets	5,193	4,584
Total current assets	209,611	298,618
Receivables from subsidiaries	675,124	674,394
Total assets	884,735	973,012
Current liabilities:
Accrued expenses and other current liabilities	4,473	2,811
Income tax payable	2,266	12,621
Payables to subsidiaries	265,990	249,130
Total current liabilities	272,729	264,562
Investments deficit in subsidiaries	423,453	596,976
Other long-term liabilities	88	28
Payables to subsidiaries	1,435,067	1,437,906
Total liabilities	2,131,337	2,299,472
Shareholders' 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 shareholders' deficit	(1,246,602)	(1,326,460)
Total liabilities and shareholders' deficit	$ 884,735	$ 973,012

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 25, 2025	Dec. 31, 2024
Receivables [Abstract]
Allowances for credit losses, non-current	$ 0	$ 0	$ 2,391

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Cost of property and equipment held under finance lease	$ 140,301	$ 142,305
Accumulated depreciation and amortization of property and equipment held under finance lease	106,401	102,632
Depreciation and amortization expenses	$ 486,487	$ 487,349	$ 482,574

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

14.	INCOME TAXES

Income (loss)

before

income tax consisted of:


	Year Ended December 31,
	2025			2024			2023
Macau operations	$	641,064		$	438,047		$	11,021
Hong Kong operations		(514,544	)		(499,077	)		(474,862	)
Philippine operations		51,031			72,211			86,910
Cyprus operations		8,379			(7,295	)		(29,171	)
Other jurisdictions operations		(37,645	)		(10,235	)		4,194

Income (loss) before income tax	$	148,285		$	(6,349	)	$	(401,908	)

The income tax expense consisted of:


	Year Ended December 31,
	2025			2024			2023
Income tax expense - current:
Macau Complementary Tax	$	7,665		$	7,773		$	—
Payments in lieu of Macau Complementary Tax on dividends		7,843			7,021			5,650
Hong Kong Profits Tax		190			185			11,613
Philippine Corporate Income Tax		28			—			4
Philippine withholding tax on dividends		5,934			5,515			2,566
Income tax in other jurisdictions		(10	)		31			66

Sub-total		21,650			20,525			19,899

(Over) under provision of income taxes in prior years:
Macau Complementary Tax		(6,383	)		46			(511	)
Payments in lieu of Macau Complementary Tax on dividends		(7	)		(14	)		(1,327	)
Hong Kong Profits Tax		(10,394	)		(1,035	)		(450	)
Philippine Corporate Income Tax		—			479			(157	)
Income tax in other jurisdictions		(14	)		(227	)		50

Sub-total		(16,798	)		(751	)		(2,395	)

Income tax (benefit) expense - deferred:
Macau Complementary Tax		(796	)		(337	)		(7,931	)
Hong Kong Profits Tax		134			640			(154	)
Philippine Corporate Income Tax		(1,221	)		959			3,366
Cyprus Corporate Income Tax		(140	)		575			589
Income tax in other jurisdictions		—			(1	)		48

Sub-total		(2,023	)		1,836			(4,082	)

Total income tax expense	$	2,829		$	21,610		$	13,422

A reconciliation of the Macau Complementary Tax rate and the Company’s effective tax rate for the year ended December 31, 2025 under the new accounting standard is as follows:


	Year Ended December 31, 2025
	Amount			Percent
Macau Complementary Tax rate	$	17,794			12.0%
Other jurisdictions tax effects
Hong Kong
Tax rate differential		(13,726	)		(9.3)%
Changes in valuation allowances		2,908			2.0%
Interest income		(37,986	)		(25.6)%
Interest expense		73,859			49.8%
Net foreign currency exchange difference		7,338			4.9%
Depreciation and amortization		1,885			1.3%
Share-based compensation		1,717			1.2%
Other		264			0.2%
The Philippines
Tax rate differential		6,195			4.2%
Withholding tax on dividends		5,934			4.0%
Profits generated by gaming operations exempted		(24,550	)		(16.6)%
Changes in valuation allowances		9,693			6.5%
Other		1,750			1.2%
Cyprus
Tax rate differential		(301	)		(0.2)%
Enacted change in tax rate		(7,631	)		(5.1)%
Changes in valuation allowances		17,432			11.7%
Tax incentive		(2,400	)		(1.6)%
Other		(16	)		(0.0)%
Sri Lanka
Tax rate differential		(15,328	)		(10.3)%
Enacted change in tax rate		(689	)		(0.5)%
Changes in valuation allowances		22,331			15.0%
Other		(622	)		(0.4)%
Other jurisdictions		507			0.3%
Payments in lieu of Macau Complementary Tax on dividends		7,843			5.3%
Profits generated by gaming operations exempted		(84,652	)		(57.1)%
Changes in valuation allowances		18,207			12.3%
Nontaxable or nondeductible items
Impairment of goodwill		6,951			4.7%
Share-based compensation		1,324			0.9%
Depreciation and amortization		1,382			0.9%
Other		1,746			1.2%
Changes in unrecognized tax benefits		(16,277	)		(11.0)%
Other adjustments		(53	)		(0.0)%

Effective tax rate	$	2,829			1.9%

Note:

Intercompany transactions which are considered as nondeductible expense in one jurisdiction and nontaxable income in another jurisdiction were eliminated in the tax rate reconciliation.

A reconciliation of the income tax expense from loss before income tax per the accompanying consolidated statements of operations for the years ended December 31, 2024 and 2023 is as

follows


	Year Ended December 31,
	2024			2023
Loss before income tax	$	(6,349)		$	(401,908)
Macau Complementary Tax rate		12	%		12	%
Income tax benefit at Macau Complementary Tax rate		(762	)		(48,229	)
Payments in lieu of Macau Complementary Tax on dividends		7,021			5,650
Effect of different tax rates of subsidiaries operating in other jurisdictions		(14,719	)		(13,422	)
Over provision in prior years		(751	)		(2,395	)
Effect of income for which no income tax expense is payable		(29,371	)		(14,178	)
Effect of expenses for which no income tax benefit is receivable		95,116			80,455
Effect of profits generated by gaming operations exempted		(92,598	)		(75,403	)
Changes in valuation allowances		24,123			27,004
Expired tax losses		33,551			53,940

Income tax expense	$	21,610		$	13,422

Melco Resorts and certain of its subsidiaries are exempt from tax in the Cayman Islands or British Virgin Islands, where they are incorporated, while Melco Resorts is subject to Hong Kong Profits Tax on profits from its activities conducted in Hong Kong. Certain subsidiaries incorporated or conducting businesses in Macau, Hong Kong, the Philippines, Cyprus,

Sri Lanka and other jurisdictions are subject to Macau Complementary Tax, Hong Kong Profits Tax, Philippine Corporate Income Tax, Cyprus Corporate Income Tax, Sri Lanka Corporate Income Tax and income tax in other jurisdictions, respectively, during the years ended December 31, 2025 and 2024, and Macau Complementary Tax, Hong Kong Profits Tax, Philippine Corporate Income Tax, Cyprus Corporate Income Tax and income tax in other jurisdictions, respectively, during the year ended December 31, 2023.

Macau Complementary Tax, Hong Kong Profits Tax, Cyprus Corporate Income Tax and income tax in other jurisdictions have been provided at 12%, 16.5%, 12.5% and the respective tax rates in other jurisdictions, on the estimated taxable income earned in or derived from the respective jurisdictions, respectively, during the years ended December 31, 2025, 2024 and 2023, if

applicable. On December 31, 2025, the Cyprus government enacted a change in the Cyprus Corporate Income Tax rate from 12.5% to 15%, effective from January 1, 2026.

In the Philippines, the Corporate Recovery and Tax Incentives for Enterprises (“CREATE”) took effect on April 11, 2021. CREATE reduced the minimum corporate income tax rate in the Philippines from 2% to 1% for the period from July 1, 2020 to June 30, 2023 and the corporate income tax rate in the Philippines from 30% to 25% starting July 1, 2020.

The subsidiaries incorporated in Sri Lanka are subject to Sri Lanka corporate income tax of 40%, which is increased to 45% with effect from April 1, 2025 on profits from betting and gaming activities while profits of other businesses are subject to tax of 30% on profit earned in or derived from Sri Lanka and abroad.

Pursuant to a Dispatch of the Chief Executive of Macau dated January 29, 2024, MRM benefits from the Macau Complementary Tax exemption on profits generated from gaming operations under the Concession for the period of five years from 2023 to 2027. MRM’s

non-gaming

profits are subject to the Macau

Complementary Tax and its casino revenues remain subject to the Macau special gaming tax and other levies in accordance with the Concession effective on January 1, 2023. Studio City Entertainment Limited (“SCE”), a subsidiary of Melco Resorts, applied for an extension of the Macau Complementary Tax exemption on profits generated from income from MRM for 2022 under the previous gaming subconcession and for the period of 10 years from 2023 to 2032 under the Concession to the extent that such income is derived from Studio City gaming operations and has been subject to gaming tax. These applications are subject to the discretionary approval of the Macau government. The application for the Macau Complementary Tax exemption for 2023 to 2032 was confirmed to be rejected in September 2024. The dividend distributions of SCE from income tax exempted profits to its shareholders continue to be subject to the Macau Complementary Tax.

The gaming operations of MRL, the operator of City of Dreams Manila, are exempt from Philippine Corporate Income Tax, among other taxes, pursuant to the Philippine Amusement and Gaming Corporation (“PAGCOR”) charter as a result of its payment of the 5% franchise tax based on gross gaming revenue in the Philippines, in lieu of all other taxes.

Had MRM and MRL not have been entitled to the income tax exemption on profits generated by gaming operations for the years ended December 31, 2025 and 2024 in Macau and the Philippines, respectively, the Company’s consolidated net income attributable to Melco Resorts & Entertainment Limited for the years ended December 31, 2025 and 2024 would have been decreased by $

109,111

and $92,463 and diluted net income attributable to Melco Resorts & Entertainment Limited per share would have been decreased by $

0.091

and $0.071 per share, respectively. Had MRM and MRL not have been entitled to the income tax exemption on profits generated by gaming operations for the year ended December 31, 2023 in Macau and the Philippines, respectively, and if SCE’s application for the extended exemption from Macau Complementary Tax on profits generated from income received from MRM were rejected during the year ended December 31, 2023, the Company’s consolidated net loss attributable to Melco Resorts & Entertainment Limited for the year ended December 31, 2023 would have been increased by $75,190 and diluted net loss attributable to Melco Resorts & Entertainment Limited per share would have been increased by $0.057 per share.

In February 2024, MRM entered into an agreement with the Macau government in relation to payments in lieu of the Macau Complementary Tax which would otherwise be borne by the shareholders of MRM on dividend distributions from gaming profits for the period from January 1, 2023 to December 31, 2025 under the Concession. Such payments are required regardless of whether dividends are actually distributed or whether MRM has distributable profits in the relevant year. During the years ended December 31, 2025, 2024 and 2023, an estimated amount of $

7,843

, $7,021 and $5,650 was provided for such arrangement,

respectively. In October 2025, MRM submitted an application for an extension to the agreement for an annual payment for the period from 2026 through 2027

, and such application is currently under review by the Macau government

Certain jurisdictions in which the Ultimate Parent operates have enacted Global Anti-Base Erosion Model Rules (“Pillar Two”) that became effective on January 1, 2024. The Company and its Ultimate Parent are in scope of the enacted legislation and have performed an assessment of the Company’s potential exposure to Pillar Two income taxes, which is based on the most recent tax filings,

country-by-country

reporting and financial information for the constituent entities of the Ultimate Parent. Based on management’s best estimate, the Company does not have exposure to Pillar Two

top-up

taxes for the years ended December 31, 2025 and 2024.

The reconciliation of the Macau Complementary Tax rate and the Company’s effective tax rate of 1.9% for the year ended December 31, 2025 was disclosed in the table above under the new accounting standard. The effective

tax rates for the years ended December 31, 2024 and 2023 were

(340.37)

% and

(3.34)

respectively, such rates differ from the statutory Macau

Complementary Tax rate of

%, where the majority of the Company’s operations are located, primarily due to the effects of expired tax losses, expenses for which no income tax benefit is receivable, income for which no income tax expense is payable, changes in valuation allowances, profits generated by gaming operations being exempted from Macau Complementary Tax and Philippine Corporate Income Tax and different tax rates of subsidiaries operating in other jurisdictions for the years ended December 31, 2024 and 2023.

The components of income taxes paid, net of refunds, are as follows:


	Year Ended December 31,
	2025
Macau	$	7,270
The Philippines		6,199
Other		277

Total income taxes paid, net	$	13,746

The net deferred tax liabilities as of December 31, 2025 and 2024 consisted of the following:


	December 31,
	2025			2024
Deferred tax assets:
Net operating losses carried forward	$	191,685		$	216,542
Depreciation and amortization		247,982			247,041
Lease liabilities		42,373			39,101
Other		38,063			19,300

Sub-total		520,103			521,984
Valuation allowances		(472,493	)		(477,834	)

Total deferred tax assets		47,610			44,150

Deferred tax liabilities:
Right-of-use assets		(20,988	)		(20,366	)
Land use rights		(34,274	)		(35,546	)
Intangible assets		(11,220	)		(8,800	)
Unrealized capital allowances		(3,637	)		(3,446	)
Other		(12,081	)		(12,700	)

Total deferred tax liabilities		(82,200	)		(80,858	)

Deferred tax liabilities, net	$	(34,590	)	$	(36,708	)

As of December 31, 2025 and 2024, valuation allowances of $

472,493

and $477,834 were provided, respectively,

management believes it is more likely than not that these deferred tax assets will not be realized. As of December 31, 2025, adjusted operating tax losses carried forward of $

29,249

have no expiry date and the remaining amount of adjusted operating tax losses carried forward of $

1,172,790

will expire by

2026 through

2031.

Adjusted operating tax losses carried forward of $

532,028

expired during the year ended December 31, 2025.

Deferred tax, where applicable, is provided under the asset and liability method at the enacted statutory income tax rate of the respective tax jurisdictions, applicable to the respective financial years, on the difference between the consolidated financial statements carrying amounts and income tax base of assets and liabilities.

Aggregate undistributed earnings of certain of

Melco Resorts’

foreign subsidiaries available for distribution to

Melco Resorts of

approximately

$745,397

and $

745,397

as of December 31, 2025 and 2024, respectively, are considered to be indefinitely reinvested. Accordingly,

provision has been made for the dividend withholding taxes that would be payable upon the distribution of those amounts to Melco

Resorts

. If those earnings were to be distributed or they were determined to be no longer permanently reinvested,

Melco

Resorts

would have to record a deferred income tax liability in respect of those undistributed earnings of approximately

$89,448

and $

89,448

as of December 31, 2025 and 2024, respectively.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented as follows:


	Year Ended December 31,
	2025			2024			2023
At beginning of year	$	33,449		$	27,332		$	22,940
Additions based on tax positions related to current year		4,693			8,056			756
(Reductions) additions based on tax positions related to prior year		(9,940	)		50			4,984
Reductions due to expiry of the statute of limitations		(6,337	)		(1,989	)		(1,348	)

At end of year	$	21,865		$	33,449		$	27,332

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate were $21,865 and $33,449 as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, there were no interest

and

penalties related to uncertain tax positions recognized in the accompanying consolidated financial statements.

Melco Resorts and its subsidiaries’ major tax jurisdictions are Macau, Hong Kong, the Philippines, Cyprus and Sri Lanka. Income tax returns of Melco Resorts and its subsidiaries remain open and subject to examination by the local tax authorities of Macau, Hong Kong, the Philippines, Cyprus and Sri Lanka until the statute of limitations expire in each corresponding jurisdiction. The statute of limitations in Macau, Hong Kong, the Philippines, Cyprus and Sri Lanka are

five years, six years, three years, six years and

two and a half years

, respectively.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
The estimated fair value of long-term debt	$ 6,738,957	$ 6,883,455
The carrying value of long-term debt, excluding unamortized deferred financing costs and original issue premiums	$ 6,766,819	$ 7,180,185

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

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-Topic 825
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

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-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash Cash Equivalents And Restricted Cash

Cash, cash equivalents and restricted cash reported within the accompanying consolidated statements of cash flows consisted of the following:


	December 31,
	2025		2024
Cash	$	908,754	$	969,353
Cash equivalents		114,445		177,840

Total cash and cash equivalents		1,023,199		1,147,193
Current portion of restricted cash		—		368
Non-current portion of restricted cash (1)		125,235		125,511

Total cash, cash equivalents and restricted cash	$	1,148,434	$	1,273,072

(1)

As of December 31, 2025 and 2024, the

non-current

portion of restricted cash included bank time deposits of $125,046 and $125,331, respectively.

ACCOUNTS RECEIVABLE, NET - Additional Information (Detail)	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable [Line Items]
Percentage of allowances for casino credit losses	49.90%	48.20%

SEGMENT INFORMATION - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Region Segments	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segments	7
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses Adjusted property EBITDA for each segment as the measure of segment profit or loss to allocate resources to each segment and to compare the operating performance of the Company’s propertieswith those of its competitors as a way to assess performance.
Intersegment revenue \| $	$ 55,016	$ 44,917	$ 2,368
Geographic [Member]
Segment Reporting Information [Line Items]
Number of geographic areas \| Region	3

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Significant Related Party Transactions

During the years ended December 31, 2025, 2024 and 2023, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2025		2024		2023
Transactions with affiliated companies
Melco International and its subsidiaries	Revenues and income (services provided by the Company):
	Shared service fee income for corporate office	$	1,770	$	1,704	$	2,198
	Loan interest income		—		—		1,238
	Costs and expenses (services provided to the Company):
	Management fee expenses (1)		2,036		2,294		2,182
	Trademark license fees (2)		32,671		5,978		—
Irad Imaging and Diagnostic Medical Center Ltd. (“iRad”) (3)	Revenues (services provided by the Company):
	Mall and sales-type lease income		358		—		—
	Costs and expenses (services provided to the Company):
	Purchase of goods and services		174		—		—

(1)

The amount mainly represents management fee expenses for the services provided by the senior management of Melco International and for the operation of the office of

Melco Resorts’ Chief Executive Officer.

(2)

The amount represents the fees to use certain licensed marks granted by Melco International, as licensor, to the Company in the territories as defined in the trademark license agreement with a term of 10 years commenced on January 1, 2024 and the trademark license fees are payable at a percentage of the gross revenues of City of Dreams as agreed from time to time between both parties.

(3)

The Company entered into an operating agreement (the “Studio City Operating Agreement”) with iRad, an

affiliated

company of Mr. Lawrence Yau Lung Ho (“Mr. Ho”),

Melco Resorts’

Chief Executive Officer, to grant iRad the right to operate a private hospital focused on imaging and diagnostic medical services at Studio City and to utilize certain medical equipment for the operation of iRad at Studio City (the “Equipment”), for an initial period commencing from October 1, 2025 and ending on November 30, 2034, with an option to renew for two further periods of five years each by mutual agreement. As of December 31, 2025, a security

deposit of

MOP

15,652

(equivalent to $

1,953

)

received

rom iRad pursuant to the Studio City Operating Agreement, of which MOP

3,679

(equivalent to $

459

) was included in

accrued

expenses and other current

liabilities

and MOP

11,973

(equivalent to $

1,494

) was included in

other

long-term

liabilities

in the accompanying consolidated balance sheets.

Summary of Receivables from Affiliated Companies

(a)

Receivables from Affiliated Companies

The outstanding balances mainly arising from operating income or prepayment of operating expenses on behalf of the affiliated companies as of December 31, 2025 and 2024 are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2025		2024
Melco International and its subsidiaries and joint venture	$	364	$	2,357
iRad		450		—
Other		73		65

	$	887	$	2,422

Summary of Payables to Affiliated Companies

(b)

Payables to Affiliated

Companies

The outstanding balances mainly arising from operating expenses and expenses paid

affiliated companies on behalf of the Company

of December 31, 2025 and 2024, are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2025		2024
Melco International and its subsidiaries	$	669	$	39
iRad		50		—

	$	719	$	39

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

7.	LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS

Long-term prepayments, deposits and other assets consisted of the following:


	December 31,
	2025		2024
Input value-added tax, ne t	$	28,645	$	21,316
Other long-term asset s		26,891		15,194
Entertainment production costs , net (1)		25,562		16,833
Deferred financing costs , net		23,071		35,927
Deposits and advance payments for acquisition of property and equipment		10,899		23,482
Other deposits		9,139		11,129
Long-term prepayment s		1,881		603
Deferred rent assets		1,831		7,366
Investment in a sales-type lease		1,509		—
Long-term casino accounts receivable, net of allowances for credit losses of nil and $2,391 (2)		—		—

Long-term prepayments, deposits and other assets	$	129,428	$	131,850

(1)

Entertainment production costs represent amounts incurred and capitalized for the entertainment show in City of Dreams and are amortized

on a straight-line basis

over the estimated useful life of the entertainment show of 10

(2)

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Schedule of Land Use Rights, Net


	December 31,
	2025			2024
City of Dreams	$	399,517		$	400,427
Altira Macau		81,024			81,209
Studio City		653,464			654,954

		1,134,005			1,136,590
Less: accumulated amortization		(588,951	)		(570,239	)

Land use rights, net	$	545,054		$	566,351

SEGMENT INFORMATION - Reconciliation of Total Operating Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	$ 5,163,299	$ 4,638,213	$ 3,775,247
Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	5,152,997	4,627,207	3,771,818
Revenues from Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	10,302	11,006	3,429
City of Dreams [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	2,736,775	2,282,256	1,930,483
Studio City [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	1,478,362	1,390,345	958,354
Altira Macau [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	107,022	125,096	110,825
Mocha and Other [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	107,050	122,596	117,700
City of Dreams Manila [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	411,104	472,337	495,097
City of Dreams Mediterranean and Other [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	300,170	234,577	159,359
Other Operation [Member] \| Segment operating revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated operating revenues	$ 12,514	$ 0	$ 0

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash

$ 908,754

$ 969,353

Cash equivalents

114,445

177,840

Total cash and cash equivalents

1,023,199

1,147,193

Current portion of restricted cash

368

Non-current portion of restricted cash

^[1]

125,235

125,511

Total cash, cash equivalents and restricted cash

$ 1,148,434

$ 1,273,072

$ 1,435,836

$ 1,988,457

[1]

As of December 31, 2025 and 2024, the non-current portion of restricted cash included bank time deposits of $125,046 and $125,331, respectively. On December 9, 2022, as required under the Concession, MRM provided a bank guarantee in favor of the Macau government of Macau Patacas (“MOP”) 1,000,000 (equivalent to $124,319) to secure the fulfillment of performance of certain of its legal and contractual obligations, including labor obligations. As stipulated in the bank guarantee contract, the amount of MOP1,000,000 (equivalent to $124,319), or an equivalent amount in other currencies, is required to be held in a cash deposit account as collateral in order to secure the bank guarantee. The bank guarantee will remain in effect until 180 days after the earlier of the expiration or termination of the Concession. As of December 31, 2025 and 2024, Hong Kong dollars (“HK$”) 970,874 (equivalent to MOP1,000,000) held in the cash collateral bank account was translated to $124,772 and $125,056, respectively, and included in the non-current portion of restricted cash in the accompanying consolidated balance sheets.

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 210
-Topic 946
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-20

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2025
Freehold land [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	Not depreciated
Land improvements [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5
Buildings and improvements [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	4 years
Buildings and improvements [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	40 years
Transportation [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5 years
Transportation [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	10 years
Leasehold improvements [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	3 to 19 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	2 years
Furniture, fixtures and equipment [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	15 years
Gaming Equipment [Member] \| Minimum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	18 months
Gaming Equipment [Member] \| Maximum [Member]
Property and Equipment [Line Items]
Estimated Useful Lives	5 years

SEGMENT INFORMATION - Total Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated assets	$ 7,597,688	$ 7,985,343	$ 8,335,072
City of Dreams [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	2,583,130	2,691,228	2,720,571
Studio City [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	3,266,485	3,444,870	3,705,391
Altira Macau [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	51,886	45,697	77,631
Mocha and Other [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	58,663	139,511	135,256
City of Dreams Manila [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	374,540	376,244	418,594
City of Dreams Mediterranean and Other [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	720,225	682,937	742,450
Other Operation [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	157,914	83,653	0
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	$ 384,845	$ 521,203	$ 535,179

INCOME TAXES - Schedule of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating losses carried forward	$ 191,685	$ 216,542
Depreciation and amortization	247,982	247,041
Lease liabilities	42,373	39,101
Other	38,063	19,300
Sub-total	520,103	521,984
Valuation allowances	(472,493)	(477,834)
Total deferred tax assets	47,610	44,150
Deferred tax liabilities
Right-of-use assets	(20,988)	(20,366)
Land use rights	(34,274)	(35,546)
Intangible assets	(11,220)	(8,800)
Unrealized capital allowances	(3,637)	(3,446)
Other	(12,081)	(12,700)
Total deferred tax liabilities	(82,200)	(80,858)
Deferred tax liabilities, net	$ (34,590)	$ (36,708)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Number of Ordinary and Ordinary Equivalent Shares Used in Calculation of Basic and Diluted Net Loss (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Weighted average number of ordinary shares outstanding used in the calculation of basic net income (loss) attributable to Melco Resorts & Entertainment Limited per share	1,193,982,891	1,296,361,341	1,314,605,173
Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method	7,902,332	3,069,573	0
Weighted average number of ordinary shares outstanding used in the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share	1,201,885,223	1,299,430,914	1,314,605,173
Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share	12,835,178	19,537,045	26,921,336

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Effects of Changes in Company's Ownership Interest

The schedule below discloses the effects of changes in

Melco Resorts’

ownership interest in MRP on its equity:


	Year Ended December 31,
	2025		2024			2023
Net income (loss) attributable to Melco Resorts & Entertainment Limited	$	185,045	$	43,543		$	(326,920	)
Transfers to noncontrolling interests:
The Philippine subsidiaries
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the noncontrolling interests		—		(592	)		(582	)

Changes from net income (loss) attributable to Melco Resorts & Entertainment Limited’s shareholders and transfers to noncontrolling interests	$	185,045	$	42,951		$	(327,502	)

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

6.	GOODWILL AND INTANGIBLE ASSETS, NET

(a)

Goodwill

Goodwill relating to Mocha Clubs arose from acquisition by the Company in 2006 and is reported under the Mocha and Other segment. The changes in carrying amounts of goodwill represented the impairment of $

57,924

as disclosed in Note 2(k) and exchange differences arising from foreign currency translations at the balance sheet date.

(b)

Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31,
	2025			2024
Finite-lived intangible assets:
Trademarks of Mocha Clubs	$	4,219		$	4,229
Less: accumulated amortization		(311)			—

		3,908			4,229

Concession		213,038			211,929
Less: accumulated amortization		(67,395	)		(45,076	)

		145,643			166,853

Cyprus License		80,041			70,785
Less: accumulated amortization		(8,366	)		(4,449	)

		71,675			66,336

Sri Lanka License		16,127			17,089
Less: accumulated amortization		(360	)		—

		15,767			17,089

Internal-use software		71,689			66,601
Less: accumulated amortization		(47,971	)		(39,409	)

		23,718			27,192

Proprietary rights		16,371			11,996
Less: accumulated amortization		(6,179	)		(4,985	)

		10,192			7,011

Total intangible assets, net	$	270,903		$	288,710

Trademarks of Mocha Clubs

Trademarks relating to Mocha Clubs arose from acquisition by the Company in 2006. Effective from June 9, 2025, the estimated useful lives of Mocha Clubs trademarks were changed from indefinite useful lives to finite useful lives and the carrying amount is amortized on a straight-line basis over the remaining period of the Concession as disclosed in Note 2(k).

Concession

On December 16, 2022, the Macau government awarded the Concession to MRM. The term of the Concession commenced on January 1, 2023 and ends on December 31, 2032 and MRM is authorized to operate the City of Dreams Casino, the Altira Casino and the Studio City Casino as well as the Grand Dragon Casino and the

Mocha Clubs. On February 10, 2026, the Company entered into an amendment agreement to the concession agreement to reflect the permanent cessation of operations of the Grand Dragon Casino and three Mocha Clubs effective from January 1, 2026. Under

the Concession, MRM is obligated to pay the Macau government a fixed annual premium of MOP30,000 (equivalent to $3,743)

Concession

- continued

plus a variable annual premium calculated in accordance with the number and type

of g

aming tables (subject to a minimum of 500 tables) and electronic gaming machines (subject to a minimum of 1,000 machines) operated by MRM

. The variable annual premium is MOP300 (equivalent to $37) for each gaming table reserved exclusively to certain kinds of games or players, MOP150 (equivalent to $19) for each gaming table not so exclusively reserved and MOP1 (equivalent to $0.1) for each electronic gaming machine.

On December 30, 2022, in accordance with the obligations under the letters of undertakings dated June 23, 2022, MRM and certain subsidiaries of

Melco Resorts

, which hold the land lease rights for the properties on which the City of Dreams Casino, the Altira Casino and the Studio City Casino are located, executed a public deed pursuant to which the gaming and gaming support areas comprising the City of Dreams Casino, the Altira Casino and the Studio City Casino with an area of 31,227.3 square meters, 17,128.8 square meters and 28,784.3 square meters, respectively, and related gaming equipment and utensils (collectively referred to as the “Reversion Assets”), reverted to the Macau government, without compensation and free and clear from any charges or encumbrances, at the expiration of the previous gaming subconcession in accordance with the Macau gaming law. The Reversion Assets that reverted to the Macau government at the expiration of the previous gaming subconcession are currently owned by the Macau government. Under the terms of the Macau gaming law and the Concession, effective as of January 1, 2023, the Reversion Assets were transferred by the Macau government to MRM for use in its operations during the Concession for a fee of MOP0.75 (equivalent to $0.09) per square meter of the casino for years 1 to 3 of the Concession, subject to a consumer price index increase in years 2 and 3 of the Concession and such fee will increase to MOP2.5 (equivalent to $0.3) per square meter of the casino for years 4 to 10 of the Concession, subject to a consumer price index increase in years 5 to 10 of the Concession (the “Fee”).

On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP1,934,035 (equivalent to $239,588), representing the right to use and operate the Reversion Assets, the right to conduct games of fortunes and chance in Macau and the unconditional obligation to make payments under the Concession. This intangible asset comprises the contractually obligated annual payments of fixed premium and variable premiums, as well as the Fee without considering the consumer price index under the Concession. The contractually obligated annual variable premium payments associated with the intangible asset were determined using the total number of gaming tables and the total number of electronic gaming machines that MRM is currently approved to operate by the Macau government.

Changes in annual payments related to the consumer

price index will be recognized as an adjustment to the carrying amount of intangible asset and corresponding financial liability. In the accompanying consolidated balance sheet, the

non-current

portion of the financial liability of the Concession is included in other long-term liabilities and the current portion is included in accrued expenses and other current liabilities. The intangible asset is being amortized on a straight-line basis over the period of the Concession, being 10 years.

Cyprus License

On June 26, 2017, the Cyprus government granted a gaming license (the “Cyprus License”) to a subsidiary of Melco Resorts in Cyprus (the “Cyprus Subsidiary”) to develop, operate and maintain an

integrated casino resort in Limassol, Cyprus (and, up until completion and opening of

City of Dreams Mediterranean, a temporary casino facility) and up to four satellite casino premises in Cyprus for a term of 30 years, the first 15 years of which are exclusive. Pursuant to the Cyprus License agreement, the Cyprus Subsidiary is obligated to pay the Cyprus government an annual license fee for

the integrated casino resort (and prior to opening of City of Dreams Mediterranean, the temporary casino) and any operating satellite casinos (the “Cyprus License Fee”). The annual license fee for the integrated casino resort is Euros (“EUR”) 2,500 (equivalent to $2,941) for the first four years, and EUR5,000 (equivalent to $5,883) for the next four years. Upon the completion of the first eight years and thereafter every four years during the term of the Cyprus License, the Cyprus government may review the annual license fee, with minimum of EUR5,000 (equivalent to $5,883) per year and any increase in the annual license fee may not exceed 20% of the annual license fee paid annually during the previous four-year

period. Pursuant to the letter from the Cyprus

government

dated August 26, 2025, the annual gaming license fee for the integrated casino resort remains EUR5,000 (equivalent to $5,883) per year until the twelfth year following the date of grant of the Cyprus License.

On June 28, 2023, upon fulfillment of

certain requirements under

the Cyprus License, the Company recognized an intangible asset of EUR68,031 (equivalent to $73,928) and financial liability of EUR67,231 (equivalent to $73,059), representing the

future economic rights

under the Cyprus License and the unconditional obligation to pay i) a minimum annual license fee for City of Dreams Mediterranean of EUR5,000 (equivalent to $5,883) per year; and ii) an aggregate annual license fee for three operating satellite casinos of EUR2,000 (equivalent to $2,353), during the term of the Cyprus License from June 28, 2023. In the accompanying consolidated balance sheet, the

non-current

portion of the financial liability of the Cyprus License is included in other long-term liabilities and the current portion is included in accrued expenses and other current liabilities. The intangible asset is being amortized on a straight-line basis over the remaining period of the Cyprus License until June 2047. Prior to

June 28, 2023

, the Cyprus License Fee was expensed as incurred and included in gaming taxes and license fees as disclosed in Note 2(q).

Sri Lanka License

On March 27, 2024, the Sri Lanka government granted the Sri Lanka License to a subsidiary of Melco Resorts in Sri Lanka (the “Sri Lanka Subsidiary”), for a term of 20 years effective from April 1, 2024, to operate the Sri Lanka Casino in City of Dreams Sri Lanka developed by a subsidiary of John Keells which had an initial opening on August 1, 2025. Upon the signing of a lease agreement between the Sri Lanka Subsidiary and a subsidiary of John Keells (the “Sri Lanka Lease Agreement”) on July 10, 2024 which ends upon the expiry of the Sri Lanka License for the purpose of operating the Sri Lanka Casino, the Company recognized an intangible asset of Sri Lankan Rupees (“LKR”)

5,000,000 (equivalent to $16,600), representing

the casino license fee for the Sri Lanka License, and is amortized on a straight-line basis over the period from the commencement date of the operation of the Sri Lanka Casino on August 1, 2025 to the date of the expiry of the Sri Lanka License.

Proprietary rights

The proprietary rights related to an entertainment show in City of Dreams acquired by the Company in 2020 for a cash consideration of

$12,000

with

an estimated useful life of 10 years (the “2020 Proprietary Rights”). During the year ended December 31, 2025, the Company acquired additional trademarks in relation to the entertainment show for a cash consideration

of $4,400 and

will be amortized

on a straight-line basis

over 10 years after the commencement of show in May 2025. The estimated useful life of the 2020 Proprietary Rights was subsequently adjusted during the year ended December 31, 2025 to be amortized

on a straight-line basis

over 10 years

after the commencement of show in May 2025

. This

change in estimate had no material impact to net income for the year ended December 31, 2025.

The amortization expenses of finite-lived intangible assets recognized for the years ended December 31, 2025, 2024 and 2023 were $

34,444

, $33,326 and $37,216, respectively.

As of December 31, 2025, the estimated future amortization expenses of finite-lived intangible assets are as follows:


Year ending December 31,
2026	$	32,049
2027		29,862
2028		29,479
2029		29,135
2030		29,135
Over 2030		121,243

	$	270,903

LEASES - Schedule of lease income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Lease Income [Abstract]
Minimum operating lease income	$ 40,708	$ 47,394	$ 45,210
Contingent operating lease income	11,617	10,090	7,810
Sales-type lease income	70	0	0
Total lease income	$ 52,395	$ 57,484	$ 53,020

SEGMENT INFORMATION - Results of Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

$ 5,152,997

$ 4,627,207

$ 3,771,818

Adjusted property EBITDA

1,430,439

1,219,342

1,042,064

Payments to the Philippine Parties

(37,181)

(41,939)

(42,451)

Pre-opening costs

(46,390)

^[2]

(17,833)

^[2]

(43,994)

Development costs

(7,619)

(5,433)

(1,202)

Amortization of land use rights

(19,970)

(19,956)

(22,670)

Depreciation and amortization

(523,592)

(521,582)

(520,726)

Integrated resort and casino rent

^[3]

(12,714)

(8,436)

(1,911)

Share-based compensation

(29,270)

(27,368)

(35,473)

Property charges and other

(39,481)

(13,221)

(228,437)

Corporate and Other expenses

(113,796)

(78,947)

(80,241)

Operating income

600,426

484,627

64,959

Non-operating income (expenses):

Interest income

8,482

15,766

23,305

Interest expense, net of amounts capitalized

(464,904)

(486,721)

(492,391)

Other financing costs

(6,701)

(7,362)

(4,372)

Foreign exchange gains (losses), net

8,739

(15,492)

2,232

Other income, net

2,999

3,833

2,748

(Loss) gain on extinguishment of debt

(756)

(1,000)

1,611

Total non-operating expenses, net

(452,141)

(490,976)

(466,867)

Income (loss) before income tax

148,285

(6,349)

(401,908)

Income tax expense

(2,829)

(21,610)

(13,422)

Net income (loss)

145,456

(27,959)

(415,330)

Net loss attributable to noncontrolling interests

39,589

71,502

88,410

Net income (loss) attributable to Melco Resorts & Entertainment Limited

185,045

43,543

(326,920)

Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

4,247,025

3,772,655

3,077,312

Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

443,985

422,565

338,224

Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

290,718

285,933

208,885

Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

171,269

146,054

147,397

City of Dreams [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

2,736,775

2,282,256

1,930,483

Gaming taxes and license fees

^[4]

(1,199,050)

(1,019,075)

(864,529)

Employee benefits expenses

^[5]

(379,398)

(326,737)

(276,637)

Other segment items

^[6]

(336,193)

(314,802)

(213,004)

Adjusted property EBITDA

822,134

621,642

576,313

City of Dreams [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

2,370,998

1,957,079

1,649,551

City of Dreams [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

170,802

161,939

144,147

City of Dreams [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

105,741

102,293

77,142

City of Dreams [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

89,234

60,945

59,643

Studio City [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

1,478,362

1,390,345

958,354

Gaming taxes and license fees

^[4]

(553,156)

(526,250)

(365,220)

Employee benefits expenses

^[5]

(267,577)

(253,104)

(195,510)

Other segment items

^[6]

(263,829)

(269,752)

(190,834)

Adjusted property EBITDA

393,800

341,239

206,790

Studio City [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

1,163,917

1,076,619

714,680

Studio City [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

167,085

159,926

111,351

Studio City [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

84,730

83,881

56,948

Studio City [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

62,630

69,919

75,375

Altira Macau [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

107,022

125,096

110,825

Gaming taxes and license fees

^[4]

(44,274)

(52,834)

(48,914)

Employee benefits expenses

^[5]

(41,737)

(45,170)

(43,192)

Other segment items

^[6]

(25,064)

(29,014)

(19,996)

Adjusted property EBITDA

(4,053)

(1,922)

(1,277)

Altira Macau [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

86,605

104,686

91,556

Altira Macau [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

12,149

11,770

10,975

Altira Macau [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

8,106

8,507

8,194

Altira Macau [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

162

133

100

Mocha and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

107,050

122,596

117,700

Gaming taxes and license fees

^[4]

(43,927)

(50,959)

(49,137)

Employee benefits expenses

^[5]

(22,389)

(24,257)

(22,599)

Other segment items

^[6]

(18,566)

(20,406)

(18,678)

Adjusted property EBITDA

22,168

26,974

27,286

Mocha and Other [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

101,983

117,632

115,533

Mocha and Other [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

Mocha and Other [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

4,748

4,736

1,990

Mocha and Other [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

319

228

177

City of Dreams Manila [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

411,104

472,337

495,097

Gaming taxes and license fees

^[4]

(117,679)

(137,107)

(137,076)

Employee benefits expenses

^[5]

(64,132)

(62,314)

(61,176)

Other segment items

^[6]

(96,505)

(91,858)

(91,393)

Adjusted property EBITDA

132,788

181,058

205,452

City of Dreams Manila [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

308,418

357,315

378,475

City of Dreams Manila [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

50,329

53,494

57,652

City of Dreams Manila [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

43,369

52,345

50,459

City of Dreams Manila [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

8,988

9,183

8,511

City of Dreams Mediterranean and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

300,170

234,577

159,359

Gaming taxes and license fees

^[4]

(38,711)

(30,650)

(24,879)

Employee benefits expenses

^[5]

(99,473)

(78,484)

(54,009)

Other segment items

^[6]

(93,760)

(74,897)

(52,971)

Adjusted property EBITDA

68,226

50,546

27,500

City of Dreams Mediterranean and Other [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

205,526

159,324

127,517

City of Dreams Mediterranean and Other [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

43,620

35,436

14,099

City of Dreams Mediterranean and Other [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

42,645

34,171

14,152

City of Dreams Mediterranean and Other [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

8,379

5,646

$ 3,591

Other Operation [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

^[1]

12,514

Gaming taxes and license fees

^[4]

(2,422)

Employee benefits expenses

^[5]

(7,361)

(14)

Other segment items

^[6]

(7,355)

(181)

Adjusted property EBITDA

(4,624)

(195)

Other Operation [Member] | Casino [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

9,578

Other Operation [Member] | Rooms [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

Other Operation [Member] | Food and Beverage [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

1,379

Other Operation [Member] | Entertainment, Retail and Other [Member]

Segment Reporting Information [Line Items]

Total segment operating revenues

$ 1,557

$ 0

[1]	Revenues from the Corporate and Other category includes small charter flights and management services business during the years ended December 31, 2025, 2024 and 2023, which are insignificant and below the quantitative thresholds attributable to the operating segments, therefore are not included in the total for the reportable segment operating revenues. A reconciliation of segment operating revenues to total consolidated operating revenues is as follows:
[2]	Certain amounts of pre-opening costs are grouped and reported under the line item “Integrated resort and casino rent”.
[3]	“Integrated resort and casino rent” represents land rent and variable lease costs to Belle and casino rent to a subsidiary of John Keells.
[4]	The details of “Gaming taxes and license fees” are disclosed in Note 2(q) with certain amounts included in pre-opening costs.
[5]	“Employee benefits expenses” includes salaries, bonuses and incentives, benefits and allocated labor costs among segments. Certain amounts of “Employee benefits expenses” are included in Corporate and Other expenses, pre-opening costs, development costs, share-based compensation and property charges and other; and with certain amounts incurred during the construction and development stage of projects capitalized in property and equipment.
[6]	“Other segment items” mainly include cost of inventories, advertising and promotions expenses, repair and maintenance expenses, utilities and fuel expenses and other gaming operation expenses.

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	MLCO
Entity Registrant Name	MELCO RESORTS & ENTERTAINMENT LIMITED
Entity Voluntary Filers	No
Entity Central Index Key	0001381640
Entity File Number	001-33178
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	1,220,376,014
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	71 Robinson Road #04-03
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	068895
Document Registration Statement	false
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Accounting Standard	U.S. GAAP
Title of 12(b) Security	American depositary shares each representing three ordinary shares
Security Exchange Name	NASDAQ
Security Reporting Obligation	15(d)
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	1046
Auditor Location	Singapore
Document Financial Statement Error Correction [Flag]	false
Other Address [Member]
Document Information [Line Items]
Entity Address, Address Line One	38th Floor, The Centrium, 60 Wyndham Street
Entity Address, City or Town	Central
Entity Address, Country	HK
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Amy Kuzdowicz, Senior Vice President, Chief Accounting Officer
Entity Address, Address Line One	71 Robinson Road #04-03
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	068895
City Area Code	+65
Local Phone Number	8488 9770
Phone Fax Number Description	852 2537 3618

INCOME TAXES - Schedule of Income Tax Paid By Individual Jurisdiction (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Macau	$ 7,270
Total income taxes paid, net	13,746	$ 10,145	$ 1,001
The Philippines [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, Foreign, after Refund Received	6,199
Other [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, Foreign, after Refund Received	$ 277

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Assumptions Used to Estimate Fair Values of Stock Options

The fair values of share options granted under the 2021 Share Incentive Plan were estimated on the dates of grant using the following weighted average assumptions:


	Year Ended December 31,
	2025		2024		2023
Expected dividend yield		2.50%		2.50%		2.50%
Expected stock price volatility		59.67%		60.00%		58.67%
Risk-free interest rate		3.97%		4.36%		3.39%
Expected term (years)		5.1		5.1		5.1

Impact of Share Options and Restricted Shares

The share-based compensation expenses for the Company were recognized as follows:


	Year Ended December 31,
	2025			2024			2023
Share-based compensation expenses:

2011 Share Incentive Plan	$	—		$	1,883		$	10,343

2021 Share Incentive Plan		30,309			26,620			26,092


Total share-based compensation expenses		30,309			28,503			36,435

Less: Share-based compensation expenses capitalized in property and equipment		(1,039	)		(1,135	)		(962	)


Share-based compensation expenses recognized in general and administrative expenses	$	29,270		$	27,368		$	35,473

2011 Share Incentive Plan [Member]

Summary of Share Options Activity

A summary of the share options activity under the 2011 Share Incentive Plan for the year ended December 31, 2025, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2025		2,295,633		$	5.72
Expired		(198,411	)		5.79

Outstanding as of December 31, 2025		2,097,222		$	5.71		3.63	$	—

Fully vested and exercisable as of December 31, 2025		2,097,222		$	5.71		3.63	$	—

The following information is provided for share options under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Proceeds from the exercise of share options	$	—	$	—	$	58

Intrinsic value of share options exercised	$	—	$	—	$	7

Summary of Restricted Shares Activity

The following information is provided for restricted shares under the 2011 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Grant date fair value of restricted shares vested	$	—	$	12,359	$	28,638

2021 Share Incentive Plan [Member]

Summary of Share Options Activity

A summary of the share options activity under the 2021 Share Incentive Plan for the year ended December 31, 2025, is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2025		7,190,658		$	2.52
Granted		1,566,207			1.78
Exercised		(276,588	)		2.47
Forfeited		(1,714,788	)		2.47

Outstanding as of December 31, 2025		6,765,489		$	2.36		7.51	$	1,358

Fully vested and expected to vest as of December 31, 2025		6,765,489		$	2.36		7.51	$	1,358

Exercisable as of December 31, 2025		3,712,434		$	2.52		6.62	$	172

The following information is provided for share options under the 2021 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value	$	0.81	$	1.16	$	1.82

Proceeds from the exercise of share options	$	682	$	—	$	168

Intrinsic value of share options exercised	$	182	$	—	$	120

Summary of Restricted Shares Activity

A summary of the restricted shares activity under the 2021 Share Incentive Plan for the year ended December 31, 2025, is presented as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2025		20,253,867		$	2.83
Granted		19,717,509			1.78
Vested		(10,364,457	)		2.82
Forfeited		(829,515	)		2.14

Unvested as of December 31, 2025		28,777,404		$	2.14

The following information is provided for restricted shares under the 2021 Share Incentive Plan:


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value	$	1.78	$	2.49	$	4.12

Grant date fair value of restricted shares vested	$	29,220	$	24,996	$	36,732

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2025		2024
Advance deposits and ticket sales	$	268,353	$	253,338
Gaming tax and license fee accruals		162,427		171,014
Operating expense and other accruals and liabilities		162,236		165,975
Staff cost accruals		137,362		123,227
Interest expense payables		115,921		119,026
Outstanding gaming chips		84,853		83,414
Property and equipment payables		63,988		67,027
Intangible assets liabilities (1)		48,765		31,889
Loyalty program liabilities		31,732		39,108
Interest rate swap liabilities (2)		513		—

Accrued expenses and other current liabilities	$	1,076,150	$	1,054,018

(1)

As of December 31, 2025 and 2024, the

non-current

portion of the intangible assets liabilities of $

254,817

and $270,563, respectively, are included in other long-term liabilities in the accompanying consolidated balance sheets.

(2)

In June 2025,

the Company

entered into four

floating-for-fixed

interest rate swap arrangements to manage interest rate risk on its loans drawn under the MN1

2020

Revolving

Facilities

as defined in Note 10. Two of the interest rate swap arrangements will expire in July 2026, while the remaining two expire in April 2027. Under the interest rate swap arrangements,

the Company

pays fixed interest rates and receives variable interest based on the

notional amounts.

As of December 31, 2025, the aggregate notional amount of the outstanding interest rate swaps amounted to HK$5,880,000 (equivalent to $755,668).

These interest rate swaps are expected to remain highly effective in fixing the interest rate and qualify for cash flow hedge accounting. Therefore, there is no impact on the consolidated statements of operations from changes in the

fair value of the hedging instruments. Instead, the fair values of the hedging instruments are recorded as assets or liabilities on the consolidated balance sheets, with an offsetting adjustment to the accumulated other comprehensive losses until the hedged interest expenses are recognized in the accompanying consolidated statements of operations. As of December 31, 2025, the net fair values of interest rate swaps were recorded as liabilities, of which $

4 were included in prepaid expenses and other current assets, $513 were included in accrued expenses and other current liabilities and $236 were included in other long-term liabilities in the accompanying consolidated balance sheets. The Company estimates that over the next twelve months, $509 of the net unrealized losses on the interest rate swaps will be reclassified from accumulated other comprehensive losses into interest expenses and the actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions. The cash flow impact of the interest rate swaps is included in operating activities in the accompanying consolidated statements of cash flows.

LONG-TERM DEBT, NET (SCF Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands					12 Months Ended
	Jul. 15, 2025	May 20, 2021	Jan. 14, 2021	Jul. 15, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 24, 2024	Apr. 08, 2024	Nov. 28, 2023	Nov. 09, 2023
Long-Term Debt [Line Items]
Total long-term debt					$ 6,766,819	$ 7,180,185
Gain (loss) on extinguishment of debt					(756)	(1,000)	$ 1,611
Repayments of long-term debt					$ 2,093,985	1,169,579	2,201,562
2025 & 2028 SCF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt				$ 1,000,000
SCF 6.000% Senior Notes, due 2025 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt				$ 500,000
Interest rate per annum				6.00%
Maturity date					Jul. 15, 2025
Gain (loss) on extinguishment of debt						(1,000)	1,611
Purchase price as percentage of principal				100.00%
Repayments of long-term debt	$ 221,622
Debt instrument, repurchased face amount						$ 75,349	$ 3,000
SCF 6.000% Senior Notes, due 2025 [Member] \| Senior Unsecured Notes [Member] \| 2023 Tender Offer [Member]
Long-Term Debt [Line Items]
Tender offer amount accepted for purchase, maximum										$ 100,000	$ 75,000
Debt instrument, repurchased face amount										$ 100,000
SCF 6.000% Senior Notes, due 2025 [Member] \| Senior Unsecured Notes [Member] \| 2024 Tender Offer [Member]
Long-Term Debt [Line Items]
Tender offer amount accepted for purchase, maximum								$ 100,029	$ 100,000
Debt instrument, repurchased face amount								$ 100,029
SCF 6.500% Senior Notes, due 2028 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt				$ 500,000
Interest rate per annum				6.50%
Maturity date					Jan. 15, 2028
Purchase price as percentage of principal				100.00%
SCF 5.000% Senior Notes, due 2029 [Member] \| Initial 2029 SCF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt			$ 750,000
Interest rate per annum			5.00%
Maturity date					Jan. 15, 2029
Purchase price as percentage of principal			100.00%
SCF 5.000% Senior Notes, due 2029 [Member] \| Additional 2029 SCF Senior Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt		$ 350,000
Interest rate per annum		5.00%
Maturity date					Jan. 15, 2029
Purchase price as percentage of principal		101.50%
SCF Senior Notes [Member]
Long-Term Debt [Line Items]
Net assets restricted from distribution					$ 584,000

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES - Effects of Changes in Company's Ownership Interest (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to Melco Resorts & Entertainment Limited	$ 185,045	$ 43,543	$ (326,920)
Transfers to noncontrolling interests:
Changes from net income (loss) attributable to Melco Resorts & Entertainment Limited's shareholders and transfers to noncontrolling interests	185,045	42,951	(327,502)
Melco Resorts and Entertainment (Philippines) [Member]
Transfers to noncontrolling interests:
Decrease in additional paid-in capital resulting from purchases of common shares of MRP from the noncontrolling interests	$ 0	$ (592)	$ (582)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Total Assets

The Company’s segment information for total assets and capital expenditures is as follows:


Total Assets	December 31,
	2025		2024		2023
City of Dreams	$	2,583,130	$	2,691,228	$	2,720,571
Studio City		3,266,485		3,444,870		3,705,391
Altira Macau		51,886		45,697		77,631
Mocha and Other		58,663		139,511		135,256
City of Dreams Manila		374,540		376,244		418,594
City of Dreams Mediterranean and Other		720,225		682,937		742,450
Other Operations		157,914		83,653		—
Corporate and Other		384,845		521,203		535,179

Total consolidated assets	$	7,597,688	$	7,985,343	$	8,335,072

Capital Expenditures


Capital Expenditures	Year Ended December 31,
	2025		2024		2023
City of Dreams	$	162,672	$	83,988	$	22,259
Studio City		69,498		86,071		73,452
Altira Macau		10,550		5,614		3,892
Mocha and Other		4,072		6,549		4,590
City of Dreams Manila		10,597		17,940		24,970
City of Dreams Mediterranean and Other		14,920		11,815		108,214
Other Operations		65,470		28,298		—
Corporate and Other		5,411		3,206		15,113

Total capital expenditures	$	343,190	$	243,481	$	252,490

Results of Operations of Segments

with those of its competitors as a way to assess performance. Adjusted property EBITDA is net income (loss) before interest, taxes, depreciation, amortization,

pre-opening

costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses, and other

non-operating

income and expenses.


Year Ended December 31, 2025	City of Dreams			Studio City			Altira Macau			Mocha and Other			City of Dreams Manila			City of Dreams Mediterranean and Other			Other Operations			Total
Segment operating revenues:
Casino	$	2,370,998		$	1,163,917		$	86,605		$	101,983		$	308,418		$	205,526		$	9,578		$	4,247,025
Rooms		170,802			167,085			12,149			—			50,329			43,620			—			443,985
Food and beverage		105,741			84,730			8,106			4,748			43,369			42,645			1,379			290,718
Entertainment, retail and other		89,234			62,630			162			319			8,988			8,379			1,557			171,269

Total segment operating revenues (1)		2,736,775			1,478,362			107,022			107,050			411,104			300,170			12,514		$	5,152,997

Segment expenses:
Gaming taxes and license fees (2)		(1,199,050	)		(553,156	)		(44,274	)		(43,927	)		(117,679	)		(38,711	)		(2,422	)
Employee benefits expenses (3)		(379,398	)		(267,577	)		(41,737	)		(22,389	)		(64,132	)		(99,473	)		(7,361	)
Other segment items (4)		(336,193	)		(263,829	)		(25,064	)		(18,566	)		(96,505	)		(93,760	)		(7,355	)

Segment adjusted property EBITDA:
Adjusted property EBITDA	$	822,134		$	393,800		$	(4,053	)	$	22,168		$	132,788		$	68,226		$	(4,624	)	$	1,430,439

Other operating expenses:
Payments to the Philippine Parties																							(37,181	)
Pre-opening costs (5)																							(46,390	)
Development costs																							(7,619	)
Amortization of land use rights																							(19,970	)
Depreciation and amortization																							(523,592	)
Integrated resort and casino rent (6)																							(12,714	)
Share-based compensation																							(29,270	)
Property charges and other																							(39,481	)
Corporate and Other expenses																							(113,796	)

Operating income																							600,426

Non-operating income (expenses):
Interest income																							8,482
Interest expense, net of amounts capitalized																							(464,904	)
Other financing costs																							(6,701	)
Foreign exchange gains, net																							8,739
Other income, net																							2,999
Loss on extinguishment of debt																							(756	)

Total non-operating expenses, net																							(452,141	)

Income before income tax																							148,285
Income tax expense																							(2,829	)

Net income																							145,456
Net loss attributable to noncontrolling interests																							39,589

Net income attributable to Melco Resorts & Entertainment Limited																						$	185,045


Year Ended December 31, 2024	City of Dreams			Studio City			Altira Macau			Mocha and Other			City of Dreams Manila			City of Dreams Mediterranean and Other			Other Operations			Total
Segment operating revenues:
Casino	$	1,957,079		$	1,076,619		$	104,686		$	117,632		$	357,315		$	159,324		$	—		$	3,772,655
Rooms		161,939			159,926			11,770			—			53,494			35,436			—			422,565
Food and beverage		102,293			83,881			8,507			4,736			52,345			34,171			—			285,933
Entertainment, retail and other		60,945			69,919			133			228			9,183			5,646			—			146,054

Total segment operating revenues (1)		2,282,256			1,390,345			125,096			122,596			472,337			234,577			—		$	4,627,207

Segment expenses:
Gaming taxes and license fees (2)		(1,019,075	)		(526,250	)		(52,834	)		(50,959	)		(137,107	)		(30,650	)		—
Employee benefits expenses (3)		(326,737	)		(253,104	)		(45,170	)		(24,257	)		(62,314	)		(78,484	)		(14	)
Other segment items (4)		(314,802	)		(269,752	)		(29,014	)		(20,406	)		(91,858	)		(74,897	)		(181	)

Segment adjusted property EBITDA:
Adjusted property EBITDA	$	621,642		$	341,239		$	(1,922	)	$	26,974		$	181,058		$	50,546		$	(195	)	$	1,219,342

Other operating expenses:
Payments to the Philippine Parties																							(41,939	)
Pre-opening costs (5)																							(17,833	)
Development costs																							(5,433	)
Amortization of land use rights																							(19,956	)
Depreciation and amortization																							(521,582	)
Integrated resort and casino rent (6)																							(8,436	)
Share-based compensation																							(27,368	)
Property charges and other																							(13,221	)
Corporate and Other expenses																							(78,947	)

Operating income																							484,627

Non-operating income (expenses):
Interest income																							15,766
Interest expense, net of amounts capitalized																							(486,721	)
Other financing costs																							(7,362	)
Foreign exchange losses, net																							(15,492	)
Other income, net																							3,833
Loss on extinguishment of debt																							(1,000	)

Total non-operating expenses, net																							(490,976	)

Loss before income tax																							(6,349	)
Income tax expense																							(21,610	)

Net loss																							(27,959	)
Net loss attributable to noncontrolling interests																							71,502

Net income attributable to Melco Resorts & Entertainment Limited																						$	43,543


Year Ended December 31, 2023	City of Dreams			Studio City			Altira Macau			Mocha and Other			City of Dreams Manila			City of Dreams Mediterranean and Other			Total
Segment operating revenues:
Casino	$	1,649,551		$	714,680		$	91,556		$	115,533		$	378,475		$	127,517		$	3,077,312
Rooms		144,147			111,351			10,975			—			57,652			14,099			338,224
Food and beverage		77,142			56,948			8,194			1,990			50,459			14,152			208,885
Entertainment, retail and other		59,643			75,375			100			177			8,511			3,591			147,397

Total segment operating revenues (1)		1,930,483			958,354			110,825			117,700			495,097			159,359		$	3,771,818

Segment expenses:
Gaming taxes and license fees (2)		(864,529	)		(365,220	)		(48,914	)		(49,137	)		(137,076	)		(24,879	)
Employee benefits expenses (3)		(276,637	)		(195,510	)		(43,192	)		(22,599	)		(61,176	)		(54,009	)
Other segment items (4)		(213,004	)		(190,834	)		(19,996	)		(18,678	)		(91,393	)		(52,971	)

Segment adjusted property EBITDA:
Adjusted property EBITDA	$	576,313		$	206,790		$	(1,277	)	$	27,286		$	205,452		$	27,500		$	1,042,064

Other operating expenses:
Payments to the Philippine Parties																				(42,451	)
Pre-opening costs																				(43,994	)
Development costs																				(1,202	)
Amortization of land use rights																				(22,670	)
Depreciation and amortization																				(520,726	)
Integrated resort and casino rent (6)																				(1,911	)
Share-based compensation																				(35,473	)
Property charges and other																				(228,437	)
Corporate and Other expenses																				(80,241	)

Operating income																				64,959

Non-operating income (expenses):
Interest income																				23,305
Interest expense, net of amounts capitalized																				(492,391	)
Other financing costs																				(4,372	)
Foreign exchange gains, net																				2,232
Other income, net																				2,748
Gain on extinguishment of debt																				1,611

Total non-operating expenses, net																				(466,867	)

Loss before income tax																				(401,908	)
Income tax expense																				(13,422	)

Net loss																				(415,330	)
Net loss attributable to noncontrolling interests																				88,410

Net loss attributable to Melco Resorts & Entertainment Limited																			$	(326,920	)

(1)

Reconciliation of total operating revenues


	Year Ended December 31,
	2025		2024		2023
Segment operating revenues:
City of Dreams	$	2,736,775	$	2,282,256	$	1,930,483
Studio City		1,478,362		1,390,345		958,354
Altira Macau		107,022		125,096		110,825
Mocha and Other		107,050		122,596		117,700
City of Dreams Manila		411,104		472,337		495,097
City of Dreams Mediterranean and Other		300,170		234,577		159,359
Other Operations		12,514		—		—

Total segment operating revenues		5,152,997		4,627,207		3,771,818
Revenues from Corporate and Other		10,302		11,006		3,429

Total consolidated operating revenues	$	5,163,299	$	4,638,213	$	3,775,247

(2)

The details of “Gaming taxes and license fees” are disclosed in Note 2(q) with certain amounts included in

pre-opening

costs.

(3)

pre-opening

(4)

“Other segment items” mainly include cost of inventories, advertising and promotions expenses, repair and maintenance expenses, utilities and fuel expenses and other gaming operation expenses.

(5)

Certain amounts of

pre-opening

costs are grouped and reported under the line item “Integrated resort and casino rent”.

(6)

“Integrated resort and casino rent” represents land rent and variable lease costs to Belle and casino rent to a subsidiary of John Keells.

Reconciliation of Total Operating Revenues

Reconciliation of total operating revenues


	Year Ended December 31,
	2025		2024		2023
Segment operating revenues:
City of Dreams	$	2,736,775	$	2,282,256	$	1,930,483
Studio City		1,478,362		1,390,345		958,354
Altira Macau		107,022		125,096		110,825
Mocha and Other		107,050		122,596		117,700
City of Dreams Manila		411,104		472,337		495,097
City of Dreams Mediterranean and Other		300,170		234,577		159,359
Other Operations		12,514		—		—

Total segment operating revenues		5,152,997		4,627,207		3,771,818
Revenues from Corporate and Other		10,302		11,006		3,429

Total consolidated operating revenues	$	5,163,299	$	4,638,213	$	3,775,247

Long-Lived Assets

Long-lived Assets


	December 31,
	2025		2024		2023
Macau	$	5,224,203	$	5,522,756	$	5,752,786
The Philippines		78,641		88,950		118,495
Cyprus		618,678		586,753		663,633
Other		152,303		100,356		30,452

Total long-lived assets	$	6,073,825	$	6,298,815	$	6,565,366

Operating Revenues


	Year Ended December 31,
	2025		2024		2023
Macau	$	4,429,209	$	3,920,293	$	3,117,362
The Philippines		411,104		472,337		495,097
Cyprus		300,170		234,577		159,359
Other		22,816		11,006		3,429

Total operating revenues	$	5,163,299	$	4,638,213	$	3,775,247

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - BALANCE SHEETS (Detail) (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,351,540,382	1,351,540,382
Ordinary shares, outstanding	1,172,055,466	1,259,138,299
Treasury shares, shares	179,484,916	92,402,083
Parent Company [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,351,540,382	1,351,540,382
Ordinary shares, outstanding	1,172,055,466	1,259,138,299
Treasury shares, shares	179,484,916	92,402,083

CAPITAL STRUCTURE

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

CAPITAL STRUCTURE

13.	CAPITAL STRUCTURE

Treasury Shares

Melco Resorts’ treasury shares represent new shares issued by Melco Resorts and the shares repurchased by Melco Resorts under the respective share repurchase programs. The treasury shares are mainly held by the depositary bank to facilitate the administration and operations of Melco Resorts’ share incentive plans, and are to be delivered to the directors, eligible employees and consultants on the vesting of restricted shares and upon the exercise of share options.

No ordinary shares were issued by Melco

Resorts

to its depositary bank for future vesting of restricted shares and exercise of share options during the years ended December 31, 2025, 2024 and 2023. Melco

Resorts

issued

9,676,248

, 10,006,209 and 16,254,282 ordinary shares upon vesting of restricted shares; and

276,588, nil

and 82,242 ordinary shares upon exercise of share options during the years ended December 31, 2025, 2024 and 2023, respectively.

On June 3, 2024, the Board of Directors of Melco Resorts authorized the repurchase of Melco Resorts’ ordinary shares and/or ADSs of up to an

aggregate of $

500,000

over a

three-year

period which commenced on

June 3, 2024

and will expire on

June 3, 2027

under a share repurchase program (the “2024 Share Repurchase Program”) and replaced the previous share repurchase program which had expired. Purchases under the 2024 Share

Repurchase Program may be made from time to time on the open market at prevailing market prices, including pursuant to a trading plan in accordance with Rule

10b-18

and/or Rule

10b5-1

of the U.S. Securities Exchange Act, and/or in privately-negotiated transactions. The timing of the purchases and the amount of shares and/or ADSs purchased will be determined by

Melco Resorts’

management based on its evaluation of market conditions, trading prices, applicable securities laws and other factors. The 2024 Share Repurchase Program may be

suspended, modified or terminated at any time, and Melco Resorts has no obligation to repurchase any amounts under the program.

During the year ended December 31, 2025, 32,345,223 ADSs, equivalent to 97,035,669 ordinary shares were repurchased under the 2024 Share Repurchase Program, of which no ordinary shares repurchased were retired. During the year ended December 31, 2024, 20,712,895 ADSs, equivalent to 62,138,685 ordinary shares were repurchased under the 2024 Share Repurchase Program, of which 53,138,685 ordinary shares repurchased were retired.

On March 8, 2023, Melco Resorts, Melco International and Melco Leisure and Entertainment Group Limited (“Melco Leisure”), a subsidiary of Melco International, entered into a share repurchase agreement, pursuant to which Melco Resorts agreed to repurchase

40,373,076 ordinary shares of Melco

Resorts

from Melco Leisure (the “2023 Share Repurchase”). On March 10, 2023, the 2023 Share Repurchase was completed for an aggregate consideration of $169,836, which represents an average price of $4.2067 per share or $12.62 per ADS and 40,373,076 ordinary shares of Melco

Resorts

repurchased from Melco Leisure were retired on the same date (the “2023 Share Retirement”). Other than the 2023 Share Repurchase and the 2023 Share Retirement as described above, no ordinary shares were repurchased and retired during the year ended December 31, 2023.

As of December 31, 2

25 and 2024, Melco

Resorts

had

1,351,540,382

and 1,351,540,382 issued ordinary shares; and

179,484,916

and 92,402,083 treasury shares, with

1,172,055,466

and 1,259,138,299 ordinary shares outstanding,

respectively.

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Summary of Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31,
	2025			2024
Finite-lived intangible assets:
Trademarks of Mocha Clubs	$	4,219		$	4,229
Less: accumulated amortization		(311)			—

		3,908			4,229

Concession		213,038			211,929
Less: accumulated amortization		(67,395	)		(45,076	)

		145,643			166,853

Cyprus License		80,041			70,785
Less: accumulated amortization		(8,366	)		(4,449	)

		71,675			66,336

Sri Lanka License		16,127			17,089
Less: accumulated amortization		(360	)		—

		15,767			17,089

Internal-use software		71,689			66,601
Less: accumulated amortization		(47,971	)		(39,409	)

		23,718			27,192

Proprietary rights		16,371			11,996
Less: accumulated amortization		(6,179	)		(4,985	)

		10,192			7,011

Total intangible assets, net	$	270,903		$	288,710

Summary of Estimated Future Amortization Expenses of Finite-Lived Intangible Assets


Year ending December 31,
2026	$	32,049
2027		29,862
2028		29,479
2029		29,135
2030		29,135
Over 2030		121,243

	$	270,903

DISTRIBUTION OF PROFITS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reserve Quantities [Line Items]
Aggregate balance of legal reserves	$ 60,317	$ 36,793
Company Type One [Member]
Reserve Quantities [Line Items]
Allocation of profit after tax to legal reserve, minimum percentage	10.00%
Percentage of share capital as the limit of allocation of profit after tax to legal reserve	25.00%
Company Type Two [Member]
Reserve Quantities [Line Items]
Allocation of profit after tax to legal reserve, minimum percentage	25.00%
Percentage of share capital as the limit of allocation of profit after tax to legal reserve	50.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Form 20-F
-Number Part II
-Section Item 18
-Subparagraph (Instruction 2)
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477916/932-235-55-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(2)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 932
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
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-URI https://asc.fasb.org/1943274/2147477215/932-235-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-7

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-5

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-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 5
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+ Details

SHARE-BASED COMPENSATION - Impact of Share Options and Restricted Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	$ 30,309	$ 28,503	$ 36,435
Less: Share-based compensation expenses capitalized in property and equipment	(1,039)	(1,135)	(962)
Share-based compensation expenses recognized in general and administrative expenses	29,270	27,368	35,473
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	0	1,883	10,343
2021 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expenses	$ 30,309	$ 26,620	$ 26,092

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2025		2024
Advance deposits and ticket sales	$	268,353	$	253,338
Gaming tax and license fee accruals		162,427		171,014
Operating expense and other accruals and liabilities		162,236		165,975
Staff cost accruals		137,362		123,227
Interest expense payables		115,921		119,026
Outstanding gaming chips		84,853		83,414
Property and equipment payables		63,988		67,027
Intangible assets liabilities (1)		48,765		31,889
Loyalty program liabilities		31,732		39,108
Interest rate swap liabilities (2)		513		—

Accrued expenses and other current liabilities	$	1,076,150	$	1,054,018

(1)

As of December 31, 2025 and 2024, the

non-current

portion of the intangible assets liabilities of $

254,817

and $270,563, respectively, are included in other long-term liabilities in the accompanying consolidated balance sheets.

(2)

In June 2025,

the Company

entered into four

floating-for-fixed

interest rate swap arrangements to manage interest rate risk on its loans drawn under the MN1

2020

Revolving

Facilities

as defined in Note 10. Two of the interest rate swap arrangements will expire in July 2026, while the remaining two expire in April 2027. Under the interest rate swap arrangements,

the Company

pays fixed interest rates and receives variable interest based on the

notional amounts.

As of December 31, 2025, the aggregate notional amount of the outstanding interest rate swaps amounted to HK$5,880,000 (equivalent to $755,668).

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Gaming License in Cyprus (Detail)	Dec. 31, 2025
Cyprus License Agreement [Member]
Commitments and Contingencies [Line Items]
Percentage of gross gaming revenues as the casino tax during the exclusive period	15.00%

LEASES - Summary of Future Minimum Fees, Excluding the Contingent Fees to be Received under Non-Cancellable Operating Leases (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Lessor, Lease, Description [Line Items]
Year ending December 31, 2026	$ 28,178
Year ending December 31, 2027	9,524
Year ending December 31, 2028	5,876
Year ending December 31, 2029	2,251
Year ending December 31, 2030	1,622
Over year ending December 31, 2030	4,293
Total future minimum lease payments to be received	51,744
Year ending December 31, 2026	481
Year ending December 31, 2027	481
Year ending December 31, 2028	549
Year ending December 31, 2029	497
Year ending December 31, 2030	136
Over year ending December 31, 2030	545
Total future minimum lease payments to be received	2,689
Difference between undiscounted cash flow and present value	(957)
Investment in a sales-type lease	$ 1,732

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ 145,456	$ (27,959)	$ (415,330)
Other comprehensive income:
Other comprehensive income	28,327	13,969	13,310
Total comprehensive income (loss)	217,083	46,392	(313,550)
Parent Company [Member]
Condensed Statement of Income Captions [Line Items]
Net income (loss)	185,045	43,543	(326,920)
Other comprehensive income:
Foreign currency translation adjustments	32,038	2,849	13,370
Other comprehensive income	32,038	2,849	13,370
Total comprehensive income (loss)	$ 217,083	$ 46,392	$ (313,550)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

10.	LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:


	December 31,
	2025		2024
Melco Resorts Related
2025 MRF Senior Notes, 4.875% and due 2025 (net of unamortized deferred financing costs and original issue premiums of nil and $1,732, respectively)	$	—	$	998,268
2026 MRF Senior Notes, 5.250% and due 2026 (net of unamortized deferred financing costs of nil and $1,256, respectively)		—		498,744
2027 MRF Senior Notes, 5.625% and due 2027 (net of unamortized deferred financing costs of $1,568 and $2,488, respectively)		598,432		597,512
2028 MRF Senior Notes, 5.750% and due 2028 (net of unamortized deferred financing costs and original issue premiums of $1,294 and $1,865, respectively)		848,706		848,135
2029 MRF Senior Notes, 5.375% and due 2029 (net of unamortized deferred financing costs and original issue premiums of $ 1,073 and $1,407, respectively)		1,148,927		1,148,593
2032 MRF Senior Notes, 7.625% and due 2032 (net of unamortized deferred financing costs of $5,016 and $5,611, respectively)		744,984		744,389
2033 MRF Senior Notes, 6.500% and due 2033 (net of unamortized deferred financing costs of $4,454)		495,546		—
MRM 2015 Credit Facilities, due 2026
MRM 2015 Term Loan		129		129
MN1 2020 Revolving Facilit ies , due 2027 (1)		886,625		158,305


	December 31,
	2025		2024

Studio City Related
2025 SCF Senior Notes, 6.000% and due 2025 (net of unamortized deferred financing costs of nil and $253, respectively)		—		221,369
2027 SCC Senior Secured Notes, 7.000% and due 2027 (net of unamortized deferred financing costs of $1,596 and $2,862, respectively)		348,404		347,138
2028 SCF Senior Notes, 6.500% and due 2028 (net of unamortized deferred financing costs of $1,582 and $2,299, respectively)		498,418		497,701

2029 SCF Senior Notes, 5.000% and due 2029 (net of unamortized deferred financing costs and original issue premiums of $2,318 and $2,990, respectively)		1,097,682		1,097,010
SCC 2021 Credit Facilities, due 2029
SCC 2021 Term Loan		129		129
SCC 2021 Revolving Facility (2)		29,944		—
SCC 2024 Revolving Facilit ies , due 2029 (3)		49,992		—

		6,747,918		7,157,422
Less: Current portion of long-term debt, net		—		(21,597	)

Long-term debt, net	$	6,747,918	$	7,135,825

(1)

As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the MN1

2020

Revolving Facilit

ies

of $15,987 and $27,135, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

(2)

As of December 31, 2025 and 2024, the unamortized deferred financing costs related to the SCC

2021

Revolving Facility of $248 and $308, respectively, are included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets.

(3)

Melco Resorts

MRF Senior Notes

On June 6, 2017, Melco Resorts Finance Limited (“MRF”), a subsidiary of Melco

Resorts

, issued senior unsecured notes in an aggregate principal amount of $650,000 of 4.875% Senior Notes due June 6, 2025 at an issue price of 100% of the principal amount (the “Initial 2025 MRF Senior Notes”) pursuant to an indenture, dated June 6, 2017 (the “2025 MRF Indenture”) between MRF and a trustee; and on July 3, 2017 further issued senior unsecured notes in an aggregate principal amount of $350,000 of 4.875% Senior Notes due June 6, 2025 at an issue price of 100.75% of the principal amount (the “Additional 2025 MRF Senior Notes”) which were consolidated to form a single series with the Initial 2025 MRF Senior Notes (and together, the “2025 MRF Senior Notes”). The net proceeds from the offering of the Initial 2025 MRF Senior Notes were used to partly fund the redemption of the previous senior notes of MRF and the net proceeds from the offering of the Additional 2025 MRF Senior Notes were

used to fully repay the MRM’s prior

revolving credit facility. On June 6, 2025, MRF fully redeemed an aggregate principal amount

of $

1,000,000

under the 2025 MRF Senior Notes at maturity with drawdowns from the MN1 2020 Revolving Facilities (as defined below). The redemption of the 2025 MRF Senior Notes during the year ended December 31, 2025 included certain amounts purchased from a related party as disclosed in Note 21.

On April 26, 2019, MRF issued senior unsecured notes in an aggregate principal amount of $500,000 of 5.250% Senior Notes

which would have been due on

April 26, 2026 at an issue price of 100%

of the principal amount (the “2026 MRF Senior Notes”) pursuant to an indenture, dated April 26, 2019 (the “2026 MRF Indenture”) between MRF and a trustee. The net proceeds from the offering of the 2026 MRF Senior Notes were used to partially repay the MRM 2015 Revolving Facility (as defined below). On September 15, 2025, MRF initiated a conditional cash tender offer (the “

2026 MRF Senior Notes

Tender Offer”) which expired on September 19, 2025, subject to the terms and conditions, to purchase any or all of the outstanding 2026 MRF Senior Notes. MRF purchased an aggregate principal amount of $

142,060

the 2026 MRF Senior Notes that were validly tendered (and not validly withdrawn) pursuant to the

2026 MRF Senior Notes

Tender Offer, and settled the transaction on September 24, 2025. The remaining 2026 MRF Senior Notes with aggregate principal amount

of $

357,940

were redeemed in full on October 25, 2025.

The redemption of the 2026 MRF Senior Notes during the year ended December 31, 2025 included certain amounts purchased from a related party as disclosed in Note 21. In connection with the

2026 MRF Senior Notes

Tender Offer and the redemption of the 2026 MRF Senior Notes during the year ended December 31, 2025

, the Company recorded a loss on extinguishment of debt of $

756

during the year ended December 31, 2025.

On July 17, 2019, MRF issued senior unsecured notes in an aggregate principal amount of $600,000 of 5.625% Senior Notes due July 17, 2027 at an issue price of 100%

of the principal amount (the “2027 MRF Senior Notes”) pursuant to an indenture, dated July 17, 2019 (the “2027 MRF Indenture”) between MRF and a trustee. The net proceeds from the offering of the 2027 MRF Senior Notes were used to partially repay the MRM 2015 Revolving Facility.

On July 21, 2020, MRF issued senior unsecured notes in an aggregate principal amount of $500,000 of 5.750% Senior Notes due July 21, 2028 at an issue price of 100% of the principal amount (the “Initial 2028 MRF Senior Notes”) pursuant to an indenture, dated July 21, 2020 (the “2028 MRF Indenture”) between MRF and a trustee; and on August 11, 2020 further issued senior unsecured notes in an aggregate principal

amount of $350,000 of 5.750% Senior Notes due July 21, 2028 at an issue price of 101% of the principal amount (the “Additional 2028 MRF Senior Notes”) which were consolidated to form a single series with the Initial 2028 MRF Senior Notes (and together, the “2028 MRF Senior Notes”). The net proceeds from the offering of the 2028 MRF Senior Notes were partially used to

repay the MN1 2020 Revolving Facilities and with the remaining amount used for general corporate purposes.

On December 4, 2019, MRF issued senior unsecured notes in an aggregate principal amount of $900,000 of 5.375% Senior Notes due December 4, 2029 at an issue price of 100% of the principal amount (the “Initial 2029 MRF Senior Notes”) pursuant to an indenture, dated December 4, 2019 (the “2029 MRF Indenture”) between MRF and a trustee; and on January 21, 2021 further issued senior unsecured notes in an aggregate principal amount of $250,000 of 5.375% Senior Notes due December 4, 2029 at an issue price of 103.25%

of the principal amount (the “Additional 2029 MRF Senior Notes”) which were consolidated to form a single series with the Initial 2029 MRF Senior Notes (and together, the “2029 MRF Senior Notes”). The net

proceeds from the offering of the Initial 2029 MRF Senior Notes were used to repay the outstanding borrowing of the MRM 2015 Revolving Facility in full and to partially prepay the MRM 2015 Term Loan (as defined below). The net proceeds from the offering of the Additional 2029 MRF Senior Notes were used to fully repay the MN1 2020 Revolving Facilities.

On April 17, 2024, MRF issued senior unsecured notes in an aggregate principal amount of $

750,000

7.625

% Senior Notes due

April 17, 2032

at an issue price of

100

% of the principal amount (the “2032 MRF Senior Notes”) pursuant to an indenture, dated April 17, 2024 (the “2032 MRF Indenture”) between MRF and a trustee. The net proceeds from the offering of the 2032 MRF Senior Notes were used to partially repay the

MN1 2020 Revolving Facilities.

On September

24, 2025, MRF issued senior unsecured notes in an aggregate principal amount of $500,000 of 6.500% Senior Notes due September 24, 2033 at an issue price of 100%

of the principal amount (the “2033 MRF Senior Notes”) pursuant to an indenture, dated September 24, 2025 (the “2033 MRF Indenture”) between MRF and a trustee. The net proceeds from the offering of the 2033 MRF Senior Notes were used to settle the 2026 MRF Senior Notes Tender Offer and early redemption of the 2026 MRF Senior Notes as described above.

The 2027 MRF Senior Notes, the 2028 MRF Senior Notes, the 2029 MRF Senior Notes, the 2032 MRF Senior Notes and the 2033 MRF Senior Notes, are collectively referred to as the “MRF Senior Notes”. The 2027 MRF Indenture and, together with the 2028 MRF Indenture, the 2029 MRF Indenture, the 2032 MRF Indenture and the 2033 MRF Indenture, are collectively referred to as the “MRF Indentures”.

There are no interim principal payments on the MRF Senior Notes and interest is payable semi-annually in arrears on each January 17 and July 17 with respect to the 2027 MRF Senior Notes, on each January 21 and July 21 with respect to the 2028 MRF Senior Notes, on each June 4 and December 4 with respect to the 2029 MRF Senior Notes, on each April 17 and October 17 with respect to the 2032 MRF Senior Notes and on each March 24 and September 24 with respect to the 2033 MRF Senior Notes.

The MRF Senior Notes are general obligations of MRF. Each series of the MRF Senior Notes rank equally in right of payment to all existing and future senior indebtedness of MRF, rank senior in right of payment to any existing and future subordinated indebtedness of MRF and are effectively subordinated to all of MRF’s existing and future secured indebtedness to the extent of the value of the assets securing such debt and to the indebtedness of MRF’s subsidiaries. None of MRF’s subsidiaries guarantee the MRF Senior Notes.

Each of the MRF Indentures contains certain covenants, subject to certain exceptions and conditions, that limit the ability of MRF and its subsidiaries to, among other things, effect a consolidation or merger or sell assets. Each of the MRF Indentures also contains conditions and provides for customary events of default as well as early redemption options available to MRF during certain time periods and redemption options available to the MRF Senior Notes holders in certain events.

In September 2025, MRF entered into two cross-currency swap arrangements to manage the foreign currency exchange rate risk associated with the interest and principal payments under the outstanding 2033 MRF Senior Notes which are denominated in US$. The cross-currency swap exchange predetermined amounts of HK$ for US$ at contractual spot rates based on the aggregate notional amount of $

500,000

. The fair values of the cross-currency swaps are recorded as assets or liabilities in the accompanying consolidated balance sheets, with the changes in fair value recognized as other income, net in the accompanying consolidated statements of

operations, as cross-currency swaps are not designated as hedges. As of December 31, 2025, the net fair values of cross-currency swaps were recorded as liabilities, of which $

2,987

were included in prepaid expenses and other current assets and

with

5,889

were included in other long-term liabilities in the accompanying

consolidated

balance sheets. Change in fair value of cross-currency swaps

$2,902

for the year ended December 31, 2025 was reported as an adjustment of cashflow from operating activities in the accompanying consolidated statements of cash flows.

MRM

2015

Credit Facilities

On June 19, 2015, MRM (the “Borrower”) entered into a senior secured credit facilities agreement with Bank of China Limited, Macau Branch (in its capacity as the sole lender) (“BOC Macau”) (the “MRM

2015

Credit Facilities”), and following the cancellation of certain of its facilities commitments on May 7, 2020, the available commitments under the term loan facility (the “MRM

2015

Term Loan”) and the multicurrency revolving credit facility (the “MRM

2015

Revolving Facility”) are HK$1,000 (equivalent to $129) each. The MRM

2015

Term Loan and the MRM

2015

Revolving Facility are collateralized by a bank deposit of HK$2,130 (equivalent to $274).

Pursuant to the terms of a waiver letter from BOC Macau to the Borrower dated April 29, 2020 (

the “Waiver Letter”), compliance with certain provisions of the MRM 2015 Credit Facilities were waived and BOC Macau agreed, among other things, to (i) extend the maturity date of the MRM 2015 Credit Facilities to June 24, 2022; (ii) change the repayment date of the MRM 2015 Term Loan to require full repayment on June 24, 2022 from originally being repayable in quarterly installments according to an amortization schedule; (iii) change the interest rate of the borrowings; (iv) waive the requirement to comply with substantially all information undertakings, financial covenants, general undertakings and mandatory prepayment provisions; (v) waive the requirement to make substantially all of the representations; and (vi) waive certain current and/or future defaults and events of default that may arise under the terms of the MRM 2015 Credit Facilities, subject to certain conditions and terms.

Pursuant to the terms of certain extension request letters of the Waiver Letter dated April 6, 2022, December 14, 2022 and June 6, 2024, the maturity date of the MRM

2015

Credit Facilities, and the continuing applicability of the various waivers provided under the Waiver Letter, were further extended to December 31, 2022, June 24, 2024 and June 24, 2026, respectively (the “Extended Termination Date”). The MRM

2015

Term Loan, pursuant to the terms of the Waiver Letter (as amended and extended), is repayable in full on the Extended Termination Date (as amended and extended). Each loan made under the MRM

2015

Revolving Facility is repayable in full on the last day of an agreed upon interest period in respect of the loan, generally ranging from one to six months, or rolling over subject to compliance with certain covenants and satisfaction of conditions precedent.

Borrowings under the MRM 2015 Credit Facilities bore interest at

Hong Kong Interbank Offered Rate (“HIBOR”)

plus a margin ranging from

1.25% to 2.50%

per annum as adjusted in accordance with the leverage ratio in respect of the MRM Borrowing Group (as described below). The Borrower is permitted to select an interest period for borrowings under the MRM 2015 Credit Facilities ranging from one to six months or any other agreed period. Pursuant to the terms of the Waiver Letter, borrowings under the MRM 2015 Credit Facilities bear interest at HIBOR plus a margin of

% per annum. As of December 31, 2025 and 2024, the interest rate was approximately

4.53

and

5.35

% per annum,

respectively.

The indebtedness under the MRM 2015 Credit Facilities is guaranteed by MCO Nominee One Limited (“MN1”), a subsidiary of Melco Resorts and certain of its subsidiaries as defined under the MRM 2015 Credit Facilities (other than the Borrower). Security for the MRM 2015 Credit Facilities includes: a first-priority interest in substantially all assets of the borrowing group which includes the Borrower and certain of its subsidiaries as defined under the MRM 2015 Credit Facilities (the “MRM Borrowing Group”), the issued share capital and equity interests and certain buildings, fixtures and equipment of the MRM Borrowing Group and certain other excluded assets and customary security.

Pursuant to the terms of the Waiver Letter, the provisions that limited certain payments of dividends and other distributions by the MRM Borrowing Group to companies or persons who were not members of the MRM Borrowing Group were waived.

Under the MRM

2015

Credit Facilities, in the event of a change of control, the Borrower may be required, at the election of any lender under the MRM

2015

Credit Facilities, to repay such lender in full. In addition, termination or rescission of MRM’s concession contract or land concessions would constitute an event of default. As with substantially all of the undertakings and covenants under the MRM

2015

Credit Facilities, however, these provisions are subject to a continuing waiver under the terms of the Waiver Letter.

The Borrower is obligated to pay a commitment fee on the undrawn amount of the MRM

2015

Revolving Facility and recognized loan commitment fees of $1, $1 and $1 during the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the outstanding principal amount of the MRM 2015 Term Loan and the MRM 2015 Revolving Facility was HK

$1,000 (equivalent to $129) and nil,

respectively, and the available unused borrowing capacity under the MRM 2015 Revolving Facility was HK$

1,000 (equivalent to $129)

and the outstanding principal amount was included in the

non-current

portion of long-term debt as of December 31, 2025 given the Company has intent and ability to refinance this short-term obligation on a long-term basis.

MN1 2020 Revolving Facilities

On April 29, 2020, MN1 entered into a senior unsecured revolving credit facility agreement with a syndicate of banks (the “MN1 2020 Revolving Facilities”) for a HK$

14,850,000

(equivalent to $

1,915,947)

with a term of five years and a maturity date of April 29, 2025. On April 8, 2024, the lenders approved an extension of the maturity date by two years to

April 29, 2027

On February 25, 2025, pursuant to the terms under the MN1 2020 Revolving Facilities, an incremental facility of HK$

387,500

(equivalent to $

49,834

)

was established to increase the available commitments under the MN1 2020 Revolving Facilities from HK$

14,850,000

(equivalent to $

1,909,769

) to HK$

15,237,500

(equivalent to

1,959,603

), subject to the satisfaction of certain conditions precedent. Each loan made under the MN1 2020 Revolving Facilities is repayable in full on the last day of an agreed upon interest period in respect of the loan, generally ranging from one to six months, or can be rolled over subject to compliance with certain covenants and satisfaction of conditions precedent. MN1 is also subject to mandatory prepayment requirements in respect of various amounts as specified in the MN1 2020 Revolving Facilities. In the event of a change of control or if MRM’s concession contract or land concessions as defined under the MN1 2020 Revolving Facilities are terminated or otherwise expire on its terms, MN1 may be required, at the election of any lender under the MN1 2020 Revolving Facilities, to repay such lender in full.

The indebtedness under the MN1 2020 Revolving Facilities is guaranteed by MRM and MCO Investments Limited (“MINV”), a subsidiary of Melco Resorts.

The MN1 2020 Revolving Facilities contain certain covenants customary for such financings including, but not limited to, limitations on, except as permitted (i) incurring additional liens; (ii) incurring additional indebtedness (including guarantees); (iii) the disposal of certain key assets; and (iv) carrying on businesses which are not the permitted business activities of MINV and its subsidiaries. The MN1 2020 Revolving Facilities also contain conditions and events of default customary for such financings and the financial covenants including a leverage ratio, total leverage ratio and interest cover ratio.

On June 29, 2023 (the “Effective Date”), certain provisions of the MN1 2020 Revolving Facilities were amended and restated (the “MN1 2023 Amendment and Restatement”) such that borrowings under the MN1 2020 Revolving Facilities denominated in US$ bear interest at the term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit adjustment spread ranging from

0.06

% to

0.20

% per annum, as adjusted in accordance with the interest period, and a margin ranging from

1.00

% to

2.00

per annum as adjusted in accordance with the leverage ratio in respect of MN1 and certain of its specified subsidiaries. Prior to the Effective Date of the MN1 2023 Amendment and Restatement, borrowings under the MN1 2020 Revolving Facilities denominated in US$ bore interest at the London Interbank Offered Rate plus a margin ranging from

1.00

% to

2.00

per annum as adjusted in accordance with the leverage ratio in respect of MN1 and certain of its specified subsidiaries. Borrowings under the MN1 2020 Revolving Facilities denominated in HK$ bear interest at HIBOR plus a margin ranging from

1.00

% to

2.00

per annum as adjusted in accordance with the leverage ratio in respect of MN1 and certain of its specified subsidiaries. MN1 may select an interest period for borrowings under the MN1 2020 Revolving Facilities ranging from one to six months or any other agreed period. As of December 31, 2025 and 2024, the weighted average interest rate was approximately

4.27

% and

5.40

% per annum, respectively.

MN1 is obligated to pay a commitment fee on the undrawn amount of the MN1 2020 Revolving Facilities and recognized loan commitment fees of $

4,861, $6,769 and $3,954 during the years ended December 31, 2025, 2024 and 2023, respectively.

On August 16, 2022, MN1 received confirmation that the majority of lenders of the MN1 2020 Revolving Facilities consented and agreed to a waiver extension of certain financial condition covenants contained in the facility agreement under the MN1 2020 Revolving Facilities, in respect of the relevant periods ended on the following applicable test dates: (a) March 31, 2023; (b) June 30, 2023; (c) September 30, 2023; (d) December 31, 2023; and (e) March 31, 2024. Such consent became effective on August 17, 2022.

In June 2025, MN1 entered into four interest rate swap arrangements to hedge the interest rate exposure on loans under the MN1 2020 Revolving Facilities carried at variable interest rate. The Company’s outstanding interest rate swap arrangements as of December 31, 2025 are disclosed in Note 9.

As of December 31, 2025, the outstanding principal amount of the MN1 2020 Revolving Facilities was HK$

6,899,000 (equivalent to $886,625),

and the available unused borrowing capacity under the MN1 2020 Revolving Facilities was HK

$8,338,500 (equivalent to $1,071,622),

subject to the satisfaction of certain conditions precedent.

Studio City Related

SCF Senior Notes

On July 15, 2020, Studio City Finance Limited (“SCF”), a subsidiary of Melco

Resorts

, issued two series of senior unsecured notes in an aggregate principal amount of $

1,000,000

, consisting of $

500,000

6.000

Senior Notes due

July 15, 2025

at an issue price of

100

% of the principal amount (the “2025 SCF Senior Notes”) and $

500,000

6.500

% Senior Notes due

January 15, 2028

at an issue price of

100

% of the principal amount (the “2028 SCF Senior Notes”) pursuant to an indenture, dated July 15, 2020 (the “2025 SCF Indenture”) among SCF, the guarantors and the trustee. The net proceeds from the offering of the 2025 SCF Senior Notes and the 2028 SCF Senior Notes were partially used to redeem in full the previous senior secured notes of Studio City Company Limited (“SCC”), a subsidiary of Melco

Resorts

, with the remaining amount used for capital expenditures of the remaining development project at Studio City.

On November 9, 2023, SCF initiated a cash tender offer (the “

2025 SCF Senior Notes

Tender Offer

(2023)”)

which expired on December 8, 2023, subject to the terms and conditions, to purchase for up to an aggregate principal amount of $

75,000

of the 2025 SCF Senior Notes and was subsequently amended to increase to $

100,000

(the maximum tender amount). SCF purchased an aggregate principal amount of $

100,000

of the 2025 SCF Senior Notes that were validly tendered (and not validly withdrawn) pursuant to the

2025 SCF Senior Notes

Tender Offer

(2023),

as amended, and settled the transaction on November 28, 2023. On April 8, 2024, SCF initiated a cash tender offer (the “

2025 SCF Senior Notes

Tender Offer

(2024)”)

which expired on May 6, 2024, subject to the terms and conditions, to purchase for up to an aggregate principal amount of $

100,000

of the outstanding 2025 SCF Senior Notes and was subsequently amended to increase to $

100,029

(the maximum tender amount). SCF purchased an aggregate principal amount of $

100,029

of the 2025 SCF Senior Notes that were validly tendered (and not validly withdrawn) pursuant to the 2025 SCF Senior Notes Tender Offer (2024), as amended, and settled the transaction on April 24, 2024. Other than the 2025 SCF Senior Notes Tender Offer (2023) and the 2025 SCF Senior Notes Tender Offer (2024), SCF repurchased an aggregate principal amount of

75,349

and $

3,000

of the 2025 SCF Senior Notes during the years ended December 31, 2024 and 2023, respectively. The 2025 SCF Senior Notes Tender Offer (2023), the 2025 SCF Senior Notes Tender Offer (2024) and repurchases of the 2025 SCF Senior Notes during the years ended December 31, 2024 and 2023 included certain amounts purchased from related parties as disclosed in Note 21. In connection with the 2025 SCF Senior Notes Tender Offer (2023) and the 2025 SCF Senior Notes Tender Offer (2024), and the repurchases of the 2025 SCF Senior Notes during the years ended December 31, 2024 and 2023, the Company recorded a loss on extinguishment of debt of $

1,000

and a gain on extinguishment of debt of $

1,611

during the years ended December 31, 2024 and 2023, respectively. On July 15, 2025, SCF fully

redeemed

the outstanding principal amount of the 2025 SCF Senior Notes of $

221,622

at maturity with funds drawn from SCC Credit Facilities (as defined below) and cash on hand. The redemption of the 2025 SCF Senior Notes during the year ended December 31, 2025 included certain amounts purchased from a related party as disclosed in Note 21.

On January 14, 2021, SCF issued senior unsecured notes in an aggregate principal amount of $750,000 of 5.000% Senior Notes due January 15, 2029 at an issue price of 100% of the principal amount (the “Initial 2029 SCF Senior Notes”) pursuant to an indenture, dated January 14, 2021 (the “2029 SCF Indenture”); and on May 20, 2021 further issued senior unsecured notes in an aggregate principal amount of $350,000 of 5.000% Senior Notes due January 15, 2029 at an issue price of 101.50% of the principal amount (the “Additional 2029 SCF Senior Notes”) which were consolidated to form a single series with the Initial 2029 SCF Senior Notes (and together, the “2029 SCF Senior Notes”). The net proceeds from the offering of the Initial 2029 SCF Senior Notes were primarily used to fund the conditional tender offer and the remaining outstanding balance with accrued interest of previous senior notes of SCF in February 2021. The net proceeds from the offering of the Additional 2029 SCF Senior Notes were used to partially fund the capital expenditures of the remaining development project at Studio City and for general corporate purposes.

The 2028 SCF Senior Notes and the 2029 SCF Senior Notes, are collectively referred to as the “SCF Senior Notes”. The 2025 SCF Indenture and the 2029 SCF Indenture, are collectively referred to as the “SCF Indentures”.

There are no interim principal payments on the SCF Senior Notes and interest is payable semi-annually in arrears on each January 15 and July 15 with respect to each series of the SCF Senior Notes.

The SCF Senior Notes are general obligations of SCF. Each series of the SCF Senior Notes rank equally in right of payment to all existing and future senior indebtedness of SCF, rank senior in right of payment to any existing and future subordinated indebtedness of SCF and are effectively subordinated to all of SCF’s existing and future secured indebtedness (to the extent of the value of the property and assets securing such indebtedness).

All of the existing subsidiaries of SCF and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (the “SCF Senior Notes Guarantors”) jointly, severally and unconditionally guarantee the SCF Senior Notes on a senior basis (the “SCF Senior Notes Guarantees”). The SCF Senior Notes Guarantees are general obligations of the SCF Senior Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the SCF Senior Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the SCF Senior Notes Guarantors. The SCF Senior Notes Guarantees are effectively subordinated to the SCF Senior Notes Guarantors’ obligations under all existing and any future secured indebtedness (to the extent of the value of such property and assets securing such indebtedness).

Each of the SCF Indentures contains certain covenants, subject to certain exceptions and conditions, that limit the ability of SCF and its restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness; (ii) make specified restricted payments; (iii) issue or sell capital stock; (iv) sell assets; (v) create liens; (vi) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vii) enter into transactions with affiliates; and (viii) effect a consolidation or merger. Each of the SCF Indentures also contains conditions and provides for customary events of default as well as early redemption options available to SCF during certain time periods and redemption options available to the SCF Senior Notes holders in certain events.

There are provisions under each of the SCF Indentures that limit or prohibit certain payments of dividends and other distributions by SCF and its restricted subsidiaries to companies or persons who are not SCF or its restricted subsidiaries, subject to certain exceptions and conditions. As of December 31, 2025, the net assets of SCF and its restricted subsidiaries of approximately $

584,000

were restricted from being distributed under the terms of the SCF Senior Notes.

SCC Senior Secured Notes

On February 16, 2022, SCC issued senior secured notes in an aggregate principal amount of $350,000 of 7.000% Senior Notes due February 15, 2027 at an issue price of 100%

of the principal amount (the “2027 SCC Senior Secured Notes”) pursuant to an indenture, dated February 16, 2022 (the “2027 SCC Indenture”) among SCC, the guarantors and the trustee. The net proceeds from the offering of the 2027 SCC Senior Secured Notes were used to fund the capital expenditures of the remaining development project at Studio City and for general corporate purposes.

SCC Senior Secured Notes

- continued

There are no interim principal payments on the 2027 SCC Senior Secured Notes and interest is payable semi-annually in arrears on each February 15 and August 15.

The 2027 SCC Senior Secured Notes are senior secured obligations of SCC, rank equally in right of payment to all existing and future senior indebtedness of SCC (although any liabilities in respect of obligations under the SCC Credit Facilities that are secured by common collateral securing the 2027 SCC Senior Secured Notes will have priority over the 2027 SCC Senior Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral) and rank senior in right of payment to any existing and future subordinated indebtedness of SCC and are effectively subordinated to SCC’s existing and future secured indebtedness that is secured by assets that do not secure the 2027 SCC Senior Secured Notes, to the extent of the assets securing such indebtedness.

Studio City Investments Limited (“SCI”), a subsidiary of Melco Resorts, all of its existing subsidiaries (other than SCC) and any other future restricted subsidiaries that provide guarantees of certain specified indebtedness (including the SCC Credit Facilities) (the “2027 SCC Senior Secured Notes Guarantors”) jointly, severally and unconditionally guarantee the 2027 SCC Senior Secured Notes on a senior basis (the “2027 SCC Senior Secured Notes Guarantees”). The 2027 SCC Senior Secured Notes Guarantees are senior obligations of the 2027 SCC Senior Secured Notes Guarantors, rank equally in right of payment to all existing and future senior indebtedness of the 2027 SCC Senior Secured Notes Guarantors and rank senior in right of payment to any existing and future subordinated indebtedness of the 2027 SCC Senior Secured Notes Guarantors. The 2027 SCC Senior Secured Notes Guarantees are pari passu to the 2027 SCC Senior Secured Notes Guarantors’ obligations under the SCC Credit Facilities, and effectively subordinated to any future secured indebtedness that is secured by assets that do not secure the 2027 SCC Senior Secured Notes and the 2027 SCC Senior Secured Notes Guarantees, to the extent of the value of the assets.

The 2027 SCC Senior Secured Notes are secured, on an equal basis with the SCC Credit Facilities, by substantially all of the material assets of SCI and its subsidiaries (although obligations under the SCC Credit Facilities that are secured by the common collateral securing the 2027 SCC Senior Secured Notes will have priority over the 2027 SCC Senior Secured Notes with respect to any proceeds received upon any enforcement action of such common collateral); in addition, in line with the SCC Credit Facilities, the 2027 SCC Senior Secured Notes are also secured by certain specified bank accounts.

The 2027 SCC Indenture contains certain covenants, subject to certain exceptions and conditions, that limit the ability of SCC, SCI and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens; (vii) impair the security interests in the collateral; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with affiliates; and (xi) effect a consolidation or merger. The 2027 SCC Indenture also contains conditions and provides for customary events of default as well as early redemption options available to SCC during certain time periods and redemption options available to the 2027 SCC Senior Secured Notes holders in certain events.

SCC Senior Secured Notes

- continued

There are provisions under the 2027 SCC Indenture that limit or prohibit certain payments of dividends and other distributions by SCC, SCI and their respective restricted subsidiaries to companies or persons who are not SCC, SCI and their respective restricted subsidiaries, subject to certain exceptions and conditions. As of December 31, 2025, the net assets of SCI and its restricted subsidiaries of approximately $

511,000

were restricted from being distributed under the terms of the 2027 SCC Senior Secured Notes.

SCC Credit Facilities

On March 15, 2021, SCC (the “SC Borrower”) amended the terms of its prior senior secured credit facilities agreement entered into with a syndicate of banks, including the extension of the maturity date of the HK$234,000 (equivalent to $30,077) senior secured credit facilities (the “SCC

2021

Credit Facilities”), comprising a HK$1,000 (equivalent to $129) term loan facility (the “SCC

2021

Term Loan”) and a HK$233,000 (equivalent to $29,948)

revolving credit facility (the “SCC

2021

Revolving Facility”) to January 15, 2028. Changes have also been made to the covenants in order to align them with those of certain other financings at SCF, including amending the threshold sizes and measurement dates of the covenants. On November 29, 2024, SCC further amended the terms of the SCC

2021

Credit Facilities (the “

SCC 2024

Amendment and Restatement”), including but not limited to the extension of the maturity date to

August 29, 2029

and the change of interest margin. The SCC

2021

Term Loan shall be repaid on August 29, 2029 with no interim amortization payments. The SCC

2021

Revolving Facility is available up to the date that is one month prior to August 29, 2029.

Pursuant to the SCC 2024 Amendment and Restatement, borrowings under the SCC 2021 Credit Facilities denominated in US$ bear interest at term SOFR plus an applicable credit adjustment spread ranging from

0.06% to 0.20% per annum and a margin of 2.25%

per annum; borrowings under the SCC 2021 Credit Facilities denominated in HK$ bear interest at HIBOR plus a margin

of 2.25%

per annum. Prior to the effective of the SCC 2024 Amendment and Restatement, borrowings under the SCC 2021 Credit Facilities denominated in HK$ bore interest at HIBOR plus a margin

of 4%

per annum. The SC Borrower may select an interest period for borrowings under the SCC 2021 Credit Facilities ranging from one to six months or any other agreed period. As of December 31, 2025 and 2024, the weighted average interest rate was

approximately 5.23% and 6.83% per annum, respectively. The SC Borrower is obligated to pay a commitment fee on the undrawn amount of the SCC

2021

Revolving Facility and recognized loan commitment fees of $123, $403 and $417 during the years ended December 31, 2025, 2024 and 2023, respectively.

As of December

31, 2025, the outstanding principal amount of the SCC

2021

Term Loan and the SCC

2021

Revolving Facility were HK$1,000 (equivalent to $129) and HK$233,000 (equivalent to $29,944), respectively, and the available unused borrowing capacity under the SCC

2021

Revolving Facility was

nil

On November 29, 2024, SCC entered into a senior secured revolving credit facility agreement with a syndicate of banks (the “SCC 2024 Revolving

Facilities

”) for HK$1,945,000 (equivalent to $250,273) with a term of five years and maturity date of November 29, 2029, with an option to increase the commitments in an amount not exceeding $100,000, subject

to satisfaction of conditions precedent. The SCC 2024 Revolving Facilities are available up to the date that is one month prior to the maturity date.

Borrowings under the SCC 2024 Revolving

Facilities

can be denominated in US$ which bear interest at term SOFR or HK$ which bear interest at HIBOR, in both case plus an applicable margin ranging fro

1.95% to 2.55% per annum as adjusted in accordance with the leverage ratio.

The

SC Borrower may select an interest period for borrowings under the SCC 2024 Revolving Facilit

ies

ranging from one to six months or any other agreed period. As of December 31, 2025, the interest rate was approximately 5.33

per annum.

The SC Borrower is obligated to pay a commitment fee on the undrawn amount of the SCC 2024 Revolving

Facilities

and recognized loan commitment fees of $1,716 and $189 during the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the outstanding principal amount of the SCC 2024 Revolving

Facilities

was HK$389,000 (equivalent to $49,992), and the available unused borrowing capacity under the SCC 2024 Revolving

Facilities

was HK$1,556,000 (equivalent to $199,969) of which $119,935 is available to draw, subject to the satisfaction of certain conditions.

The SCC 2021 Credit Facilities and the SCC 2024 Revolving Facilities are collectively referred to as the “SCC Credit Facilities”.

The SCC 2021 Term Loan is collateralized by cash

of HK$1,013 (equivalent to $130). The SC Borrower is subject to mandatory prepayment requirements in respect of various amounts of the SCC

2021

Revolving

Facilit

and the SCC 2024 Revolving Facilit

ies

; in the event of the disposal of all or substantially all of the business and assets of the Studio City borrowing group which includes the SC Borrower and certain of its subsidiaries as defined under the SCC Credit Facilities (the “SC Borrowing Group”), the SCC Credit Facilities are required to be repaid in full. In the event of a change of control, the SC Borrower may be required, at the election of any lender under the SCC Credit Facilities, to repay such lender in full (other than the principal amount of the SCC

2021

Term Loan).

The indebtedness under the SCC Credit Facilities is guaranteed by SCI and its subsidiaries (other than the SC Borrower). Security for the SCC Credit Facilities includes a first-priority mortgage over any rights under the land concession contract of Studio City and an assignment of certain leases or right to use agreements; as well as other customary security. The SCC Credit Facilities contain certain affirmative and negative covenants customary for such financings, as well as affirmative, negative and financial covenants aligned with those of certain other financings at SCF. Certain specified bank accounts of MRM are pledged under SCC Credit Facilities and related finance documents. The SCC Credit Facilities are secured by substantially all of the material assets of SCI and its subsidiaries. Pursuant to the guarantee dated November 29, 2024 signed by SCIH, the indebtedness under the SCC 2024 Revolving Facilities is also guaranteed by SCIH.

The SCC Credit Facilities contain certain covenants that, subject to certain exceptions and conditions, limit the ability of SCC, SCI and their respective restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi) create or incur certain liens; (vii) impair the security interests in the collateral; (viii) enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into transactions with affiliates; and (xi) effect a consolidation or merger. The SCC Credit Facilities also contain conditions and events of default customary for such financings.

In addition, modification, expiry, or termination of the gaming concession of MRM in circumstances that have a material adverse effect on the SC Borrowing Group (as a whole) will allow lenders to elect for the mandatory prepayment of all outstanding loan amounts.

There are provisions that limit certain payments of dividends and other distributions by the SC Borrowing Group to companies or persons who are not members of the SC Borrowing Group. As of December 31, 2025, the net assets of SCI and its restricted subsidiaries of approximately $

511,000

were restricted from being distributed under the terms of the SCC Credit Facilities.

MRP Related

MRP Credit Facility

On October 14, 2015, Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), a subsidiary of Melco Resorts, entered into an

on-demand,

unsecured credit facility agreement of Philippine Pesos (“PHP”)

2,350,000 (equivalent to $49,824), as amended from time to time (the “MRP Credit Facility”) with a lender to finance advances to Melco Resorts Leisure (PHP) Corporation (“MRL”), a subsidiary of Melco

Resorts

. The available drawdown currencies under the MRP Credit Facility are PHP and US$. As of December 31, 2025, the MRP Credit Facility availability period, as amended from time to time, is up to June 30, 2026, and the maturity date of each individual drawdown, as amended from time to time, to be the earlier of: (i) the date which is 360 days from the date of drawdown, and (ii) the date which is 360 days after the end of the availability period. The individual drawdowns under the MRP Credit Facility are subject to certain conditions precedent, including issuance of a promissory note in favor of the lender evidencing such drawdown. As of December 31, 2025, borrowings under the MRP Credit Facility bear interest, as amended from time to time, at the higher of: (i) the PHP BVAL Reference Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, and (ii) Philippines Term Deposit Facility Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, such rate to be set one business day prior to the relevant interest period. The MRP Credit Facility includes a tax

gross-up

provision requiring MRP to pay without any deduction or withholding for or on account of tax.

As of December 31, 2025, the MRP Credit Facility had not yet been drawn and the available unused borrowing capacity was PHP

2,350,000 (equivalent to $39,920).

Scheduled Maturities of Long-term Debt

Scheduled maturities of the long-term debt (excluding unamortized deferred financing costs and original issue premiums) as of December 31, 2025 are as follows:


Year ending December 31,
2026	$	129
2027		1,836,625
2028		1,350,000
2029		2,330,065
2030		—
Over 2030		1,250,000

	$	6,766,819

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

21.	RELATED PARTY TRANSACTIONS

During the years ended December 31, 2025, 2024 and 2023, the Company entered into the following significant related party transactions:


		Year Ended December 31,
Related companies	Nature of transactions	2025		2024		2023
Transactions with affiliated companies
Melco International and its subsidiaries	Revenues and income (services provided by the Company):
	Shared service fee income for corporate office	$	1,770	$	1,704	$	2,198
	Loan interest income		—		—		1,238
	Costs and expenses (services provided to the Company):
	Management fee expenses (1)		2,036		2,294		2,182
	Trademark license fees (2)		32,671		5,978		—
Irad Imaging and Diagnostic Medical Center Ltd. (“iRad”) (3)	Revenues (services provided by the Company):
	Mall and sales-type lease income		358		—		—
	Costs and expenses (services provided to the Company):
	Purchase of goods and services		174		—		—

(1)

The amount mainly represents management fee expenses for the services provided by the senior management of Melco International and for the operation of the office of

Melco Resorts’ Chief Executive Officer.

(2)

(3)

The Company entered into an operating agreement (the “Studio City Operating Agreement”) with iRad, an

affiliated

company of Mr. Lawrence Yau Lung Ho (“Mr. Ho”),

Melco Resorts’

deposit of

MOP

15,652

(equivalent to $

1,953

)

received

rom iRad pursuant to the Studio City Operating Agreement, of which MOP

3,679

(equivalent to $

459

) was included in

accrued

expenses and other current

liabilities

and MOP

11,973

(equivalent to $

1,494

) was included in

other

long-term

liabilities

in the accompanying consolidated balance sheets.

Other Related Party Transactions

During the year ended December 31, 2025, an aggregate principal amount of

1,000

of the 2025 MRF Senior Notes and

1,386

the 2025 SCF Senior Notes held by an independent director of Melco Resorts, were redeemed at maturity by MRF and SCF, respectively. In September 2025, an independent director of Melco Resorts subscribed an aggregate principal amount of

4,000

the 2033 MRF Senior Notes through the offering. During the year ended December 31, 2025, an aggregate principal amount

$200 of

the 2026 MRF Senior Notes held by an executive officer of Melco Resorts was redeemed by MRF for a consideration of

$200.

As of December 31, 2025, Mr. Ho’s controlled entity; an independent director of Melco Resorts; and an executive officer of Melco Resorts held an aggregate principal amount of

30,000, $8,500 and $

1,800

senior notes issued by subsidiaries of Melco Resorts, respectively.

During the year ended December 31, 2024, an aggregate principal amount of $

30,000

and $

705

of the 2025 SCF Senior Notes held by Mr.

Ho and an independent director of Melco Resorts

were purchased by SCF for a consideration of $

30,000

and $

705

respectively. In April 202

, an independent director of Melco Resorts subscribed an aggregate principal amount of $1,000 of the 2032 MRF Senior Notes through the offering. As of December 31, 2024, Mr. Ho’s controlled entity; an independent director of Melco Resorts; and an executive officer of Melco Resorts held an aggregate principal amount

30,000

, $

3,886

and $

1,600

senior notes issued by subsidiaries of Melco

Resorts

, respectively.

During the year ended December 31, 2023, a principal amount of $909 of the 2025 SCF Senior Notes held by an independent director of Melco Resorts was purchased by SCF for a consideration of $886.

During the years ended December 31, 2025, 2024 and 2023, total interest expense of $

1,500

, $2,508 and $3,300, in relation to the senior notes issued by a subsidiary of Melco

Resorts

, were paid or payable to Mr. Ho and his controlled entity, respectively. During the years ended December 31, 2025, 2024 and 2023, total interest expense of $

307

, $486 and $519, in relation to the senior notes issued by subsidiaries of Melco

Resorts

, were paid or payable to an independent director of Melco

Resorts

, respectively. During the years ended December 31, 2025 and 2024, total interest expense of $

121

and $25, in relation to the senior notes issued by subsidiaries of Melco

Resorts

, were paid or payable to an executive officer of

Melco Resorts,

respectively.

(a)

Receivables from Affiliated Companies

The outstanding balances mainly arising from operating income or prepayment of operating expenses on behalf of the affiliated companies as of December 31, 2025 and 2024 are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2025		2024
Melco International and its subsidiaries and joint venture	$	364	$	2,357
iRad		450		—
Other		73		65

	$	887	$	2,422

(b)

Payables to Affiliated

Companies

The outstanding balances mainly arising from operating expenses and expenses paid

affiliated companies on behalf of the Company

of December 31, 2025 and 2024, are unsecured,

non-interest

bearing and repayable on demand with details as follows:


	December 31,
	2025		2024
Melco International and its subsidiaries	$	669	$	39
iRad		50		—

	$	719	$	39

(c)

Receivables from an Affiliated Company,

Non-current

On March 28, 2022, Melco Resorts entered into a facility agreement (the “Facility Agreement”) with Melco International pursuant to which a $250,000 revolving loan facility was granted by Melco Resorts as lender to Melco International as borrower for a period of 12 months after the first utilization date

(the last day of such period being the “Final Repayment Date”). Melco International could request utilization of all or part of the loan from the date of the Facility Agreement until one month prior to the Final Repayment Date for general corporate purposes of Melco International and its subsidiaries (excluding the Company). Principal amounts outstanding under the Facility Agreement bore interest at an annual rate of

with outstanding principal amounts and accrued interest payable by Melco International on the Final Repayment Date. On December 30, 2022, Melco Resorts and Melco International agreed to amend the Final Repayment Date to June 30, 2024, subject to certain conditions.

The outstanding principal amount of $200,000 under the Facility Agreement was fully repaid by Melco International on January 18, 2023. The Facility Agreement was terminated on March 10, 2023 following the settlement of the related accrued loan interest under the Facility Agreement due by Melco International to Melco

Resorts

on the same date.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CAPITAL STRUCTURE - Shares Repurchased by the Company - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jun. 03, 2024	Mar. 10, 2023	Mar. 08, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capital Structure [Line Items]
Treasury shares, shares				179,484,916	92,402,083
Ordinary shares, issued				1,351,540,382	1,351,540,382
Ordinary shares, outstanding				1,172,055,466	1,259,138,299
Shares repurchased by the Company				$ 166,010	$ 112,292	$ 169,836
Two Thousand And Twenty Four Repurchase Program [Member]
Capital Structure [Line Items]
Stock repurchase program authorized amount	$ 500,000
Stock repurchase program period	3 years
Share repurchase program expiration date	Jun. 03, 2027
Treasury Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)				97,035,669	62,138,685	40,373,076
Treasury shares, shares				(179,484,916)	(92,402,083)	(93,408,292)	(109,744,816)
Shares repurchased by the Company				$ 166,010	$ 112,292	$ 169,836
Treasury Shares [Member] \| Two Thousand And Twenty Four Repurchase Program [Member]
Capital Structure [Line Items]
Retirement of shares (in shares)				0	53,138,685
Treasury Shares [Member] \| Two Thousand And Twenty Four Repurchase Program [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)				32,345,223	20,712,895
Treasury Shares [Member] \| Two Thousand And Twenty Four Repurchase Program [Member] \| Equivalent Ordinary Shares for ADS [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)				97,035,669	62,138,685
Treasury Shares [Member] \| Two Thousand And Twenty Three Melco International Repurchase Program [Member]
Capital Structure [Line Items]
Shares repurchased by the Company (in shares)			40,373,076			0
Retirement of shares (in shares)		40,373,076				0
Shares repurchased by the Company		$ 169,836
Treasury stock acquired, Average cost per share		$ 4.2067
Treasury Shares [Member] \| Two Thousand And Twenty Three Melco International Repurchase Program [Member] \| American Depository Shares [Member]
Capital Structure [Line Items]
Treasury stock acquired, Average cost per share		$ 12.62

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

The accompanying consolidated financial statements include the accounts of

Melco

Resorts

and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

(b)

Use of Estimates

(c)

Fair Value of Financial Instruments

(d)

Cash and Cash Equivalents

(e)

Restricted Cash

non-current

(f)

Accounts Receivable and Credit Risk

Accounts receivable, including casino, hotel and other receivables, are typically

non-interest

(g)

Inventories

Inventories consist of retail merchandise, food and beverage items and certain operating supplies, which are stated at the lower of cost or net realizable value. Cost is calculated using the

first-in,

first-out,

weighted average and specific identification methods.

(h)

Prepaid Expenses and Other Current Assets

41,619

and $59,264, respectively, and the other current assets as of December 31, 2025 and 2024 were $

40,171

and $43,257, respectively.

(i)

Property and Equipment

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Freehold land		Not depreciated
Land improvements		5 years
Buildings and improvements		4 to 40 years
Transportation		5 to 10 years
Leasehold improvements		3 to 19 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment		2 to 15 years
Gaming equipment		18 months to 5 years

During the years ended December 31, 2025, 2024 and 2023, impairments of property and equipment of $

4,073

, $3,120 and $110,033,

(j)

Capitalized Interest

Total interest expense incurred amounted to $

466,127

, $487,000 and $518,255, of which $

1,223

, $279 and $25,864 were capitalized during the years ended December 31, 2025, 2024 and 2023, respectively.

(k)

Goodwill and Intangible Assets

internal-use

software are capitalized, while costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

13.2%. No impairment on goodwill and intangible assets with indefinite lives was recognized during the years ended December 31, 2024 and 2023.

(l)

Impairment of Long-lived Assets (Other Than Goodwill)

COVID-19

operating lease

right-of-use

assets

for Altira Macau of $30,435, $65,172 and $1,968, respectively.

During the years ended December 31, 2025 and 2024, the performance of Altira Macau had not improved and a further impairment of long-lived assets of $

4,145

4,073

and $3,120, and the full impairment of the finite-lived intangible assets for Altira Macau of $

14.0

%, 12.6% and 12.3%, respectively.

(m)

Deferred Financing Costs

non-current,

(n)

Land Use Rights

(o)

Leases

Finance and operating lease

right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The initial measurement of the

right-of-use

The Company’s lease contracts have lease and

non-lease

components. For contracts in which the Company is a lessee, the Company accounts for the lease components and

non-lease

components as a single lease component for all classes of underlying assets, except for real estate. For contracts in which the Company is a lessor, the lease components and

non-lease

components are accounted for separately.

During the year ended December 31, 2023, operating lease

right-of-use

assets for Altira Macau were fully impaired, as part of the impairment of long-lived assets as described in Note 2(l). No impairment on operating lease

right-of-use

assets was recognized during the years ended December 31, 2025 and 2024.

(p)

Revenue Recognition

The Company’s revenues from contracts with customers consist of casino wagers, sales of rooms, food and beverage, entertainment, retail and other goods and services.

non-discretionary

incentive programs (including loyalty programs).

The Company operates different

non-discretionary

provided to the customers. Revenues from contracts with multiple goods or services provided by the Company are allocated to each good or service based on its relative standalone selling price.

mark-up.

These reimbursements are included in other revenues and recognized over the period the cost incur.

Contract and Contract-Related Liabilities

In providing goods and services to customers, there may be a timing difference between cash receipts from customers and recognition of revenues, resulting in a contract or contract-related liability.

The following table summarizes the activities related to contract and contract-related liabilities:


	Outstanding Gaming Chips				Loyalty Program Liabilities					Advance Deposits and Ticket Sales
	2025		2024		2025			2024		2025		2024
Balance at January 1	$	83,414	$	83,012	$	39,108		$	36,000	$	253,338	$	250,955
Balance at December 31		84,853		83,414		31,732			39,108		268,353		253,338

Increase (decrease)	$	1,439	$	402	$	(7,376	)	$	3,108	$	15,015	$	2,383

(q)

Gaming Taxes and License Fees

certain terms under

the Cyprus License

on June 28, 2023),

(r)

Pre-opening

Costs

Pre-opening

costs represent personnel, marketing and other costs incurred prior to the opening of new or

start-up

operations and are expensed as incurred. During the years ended December 31, 2025 and 2024, the Company incurred

pre-opening

costs primarily in connection with the development of the Sri Lanka Casino and other enhancement projects at City of Dreams. During the year ended December 31, 2023, the Company incurred

pre-opening

costs primarily in connection with the development of Studio City Phase 2 and City of Dreams Mediterranean. The Company also incurs

pre-opening

costs on other

one-off

activities related to the marketing of new facilities and operations.

(s)

Development Costs

Development costs include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

(t)

Advertising and Promotional Costs

(u)

Interest Income

Interest income is recorded on an accrual basis at the stated interest rate and is recorded in interest income in the accompanying consolidated statements of operations.

(v)

Foreign Currency Transactions and Translations

(w)

Accounting for Derivative Instruments and Hedging Activities

The Company uses derivative financial instruments such as

floating-for-fixed

Further information on the Company’s interest rate swap and cross-currency swap arrangements is included in Note 9 and Note 10 respectively.

(x)

Comprehensive Income (Loss) and Accumulated Other Comprehensive Losses

Comprehensive income (loss) includes net income (loss) and other

non-shareholder

As of December 31, 2025 and 2024, the Company’s accumulated other comprehensive losses consisted of the following components, net of noncontrolling interests:

	$			$
	December 31,
	2025			2024
Foreign currency translation adjustments	$	(60,301	)	$	(92,658	)
Change in fair value of interest rate swaps, net (1)		(731	)		—
Other		(2,680	)		(3,092	)

Accumulated other comprehensive losses	$	(63,712	)	$	(95,750	)

(1)

The following table presents the net changes in accumulated other comprehensive losses associated with each year’s hedging activities from interest rate swaps designated as cash flow hedges.


	Year Ended December 31,
	2025			2024		2023
Change in fair value of interest rate swaps, net as of January 1	$	—		$	—	$	—
Change in fair value during the year		(2,761	)		—		—
Net loss reclassified from accumulated other comprehensive losses into earnings		2,030			—		—

Change in fair value of interest rate swaps, net as of December 31	$	(731	)	$	—	$	—

(y)

Share-based Compensation Expenses

Further information on the Company’s share-based compensation arrangements is included in Note 15.

(z)

Income Tax

The Company is subject to income taxes in Macau, Hong Kong, the Philippines, Cyprus, Sri Lanka and other jurisdictions where it operates.

two-step

(aa)

Net Income (Loss) Attributable to Melco Resorts

& Entertainment Limited Per Share


	Year Ended December 31,
	2025		2024		2023
Weighted average number of ordinary shares outstanding used in the calculation of basic net income (loss) attributable to Melco Resorts & Entertainment Limited per share		1,193,982,891		1,296,361,341		1,314,605,173

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		7,902,332		3,069,573		—

Weighted average number of ordinary shares outstanding used in the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share		1,201,885,223		1,299,430,914		1,314,605,173

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share		12,835,178		19,537,045		26,921,336

(ab)

Recent Changes in Accounting Standards

Newly Adopted Accounting Pronouncement

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2023-09,

2023-09

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of

Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU

No. 2025-01,

In July 2025, the FASB issued ASU

2025-05,

“Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. ASU

2025-05

provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. ASU

2025-05

PROPERTY AND EQUIPMENT, NET - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment, Net
Cost	$ 10,837,173	$ 10,567,373
Less: accumulated depreciation and amortization	(5,679,730)	(5,294,873)
Property and equipment, net	5,157,443	5,272,500
Buildings and improvements [Member]
Property and Equipment, Net
Cost	7,683,957	7,648,293
Furniture, fixtures and equipment [Member]
Property and Equipment, Net
Cost	1,292,018	1,215,688
Leasehold improvements [Member]
Property and Equipment, Net
Cost	1,276,778	1,175,252
Gaming Equipment [Member]
Property and Equipment, Net
Cost	319,464	274,301
Transportation [Member]
Property and Equipment, Net
Cost	198,221	196,080
Freehold land [Member]
Property and Equipment, Net
Cost	62,142	54,956
Land Improvements [Member]
Property and Equipment, Net
Cost	2,418	2,082
Construction in progress [Member]
Property and Equipment, Net
Cost	$ 2,175	$ 721

LONG-TERM DEBT, NET (SCC Senior Notes) - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 16, 2022	Dec. 31, 2025	Dec. 31, 2024
Long-Term Debt [Line Items]
Total long-term debt		$ 6,766,819	$ 7,180,185
SCC 7.000% Senior Notes, due 2027 [Member] \| Senior Secured Notes [Member]
Long-Term Debt [Line Items]
Total long-term debt	$ 350,000
Interest rate per annum	7.00%
Maturity date		Feb. 15, 2027
Net assets restricted from distribution		$ 511,000
Purchase price as percentage of principal	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

LONG-TERM DEBT, NET - Scheduled Maturities of Long-Term Debt (Excluding Unamortized Deferred Financing Costs and Original Issue Premiums) (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 129
2027	1,836,625
2028	1,350,000
2029	2,330,065
2030	0
Over 2030	1,250,000
Total long-term debt	$ 6,766,819	$ 7,180,185

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Gaming License in Sri Lanka (Detail) රු in Thousands, $ in Thousands	Jun. 28, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 LKR (රු)	Aug. 01, 2025 USD ($)	Aug. 01, 2025 LKR (රු)	Mar. 27, 2024 USD ($)
Sri Lanka License [Member]
Commitments and Contingencies [Line Items]
Minimum amount that has been invested in a casino which the company is required to operate						$ 500,000
Minimum amount to be invested in a casino						$ 100,000
Sri Lanka Agreement with the Board of Investment [Member]
Commitments and Contingencies [Line Items]
Obligated investment amount by the earlier of (i) the date which was 24 months from June 28, 2024; and (ii) the date that the casino commenced operation, and which ultimately took place on August 1, 2025	$ 100,000
Amount of loan investment made				$ 90,000
Amount of equity investment made				$ 24,535	රු 7,510,000
Percentage of committed investment amount to be funded by loan capital	80.00%
Percentage of committed investment amount to be funded by equity	20.00%
Sri Lanka Betting and Gaming Levy Act (as amended) [Member]
Commitments and Contingencies [Line Items]
Annual levy from the fiscal year in which it commences carrying on the business of gaming		$ 1,613	රු 500,000
Monthly gross collection levy threshold limit amount		$ 3	රු 1,000
Before January 1, 2026 [Member] \| Sri Lanka Betting and Gaming Levy Act (as amended) [Member]
Commitments and Contingencies [Line Items]
Monthly gross collection levy rate		15.00%	15.00%
Effective from January 1, 2026 [Member] \| Sri Lanka Betting and Gaming Levy Act (as amended) [Member]
Commitments and Contingencies [Line Items]
Monthly gross collection levy rate		18.00%	18.00%

SUBSEQUENT EVENTS - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands, $ in Thousands						2 Months Ended
	Mar. 06, 2026 USD ($)	Mar. 06, 2026 HKD ($)	Jan. 15, 2026 USD ($)	Jan. 01, 2026 USD ($)	Jan. 01, 2026 HKD ($)	Mar. 06, 2026 USD ($) shares
Subsequent Event [Line Items]
Stock repurchased during period, value \| $						$ 3,815
Equivalent Ordinary Shares for ADS [Member]
Subsequent Event [Line Items]
Stock repurchased during period, shares						2,101,755
American Depository Shares [Member]
Subsequent Event [Line Items]
Stock repurchased during period, shares						700,585
MN1 2020 Revolving Facilities [Member]
Subsequent Event [Line Items]
Debt instrument, repaid, principal	$ 59,756	$ 467,000	$ 59,756	$ 59,756	$ 467,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

ORGANIZATION AND BUSINESS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash and cash equivalents	$ 1,023,199	$ 1,147,193
Available unused borrowing capacity	1,311,640
Amount available to draw	$ 1,231,606
License term for operating business	20 years

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Detail) € in Thousands, රු in Thousands											12 Months Ended
	Nov. 30, 2025 USD ($)	Aug. 26, 2025 USD ($)	Aug. 26, 2025 EUR (€)	Jun. 28, 2023 USD ($)	Jun. 28, 2023 EUR (€)	Dec. 16, 2022 USD ($) ElectronicGamingMachines Table	Dec. 16, 2022 MOP (MOP$) ElectronicGamingMachines Table	Nov. 30, 2020 USD ($)	Jun. 26, 2017 USD ($)	Jun. 26, 2017 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 MOP (MOP$)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 27, 2024 USD ($)	Mar. 27, 2024 LKR (රු)	Jun. 28, 2023 EUR (€)	Jan. 01, 2023 USD ($)	Jan. 01, 2023 MOP (MOP$)	Dec. 30, 2022 m²
Goodwill And Intangible Assets [Line Items]
Amortization of finite lived intangible assets											$ 34,444,000		$ 33,326,000	$ 37,216,000
Finite-lived Intangible Assets Acquired	$ 4,400,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	10 years
Impairment of goodwill											57,924,000		0	$ 0
Gaming table reserved exclusively for certain kind of games or to certain players [Member]
Goodwill And Intangible Assets [Line Items]
Variable annual premium per unit						$ 37,000	MOP$ 300,000
Gaming table not reserved exclusively for certain kind of games or to certain players [Member]
Goodwill And Intangible Assets [Line Items]
Variable annual premium per unit						19,000	150,000
Electrical or mechanical gaming machine [Member]
Goodwill And Intangible Assets [Line Items]
Variable annual premium per unit						100	1,000
Four To Ten Years [Member]
Goodwill And Intangible Assets [Line Items]
Concession Fee Per Square Meter											300	MOP$ 2,500
One To Three Years [Member]
Goodwill And Intangible Assets [Line Items]
Concession Fee Per Square Meter											90.00	MOP$ 750
Altira Casino [Member]
Goodwill And Intangible Assets [Line Items]
Area of Land \| m²																				31,227.3
City of Dreams Casino [Member]
Goodwill And Intangible Assets [Line Items]
Area of Land \| m²																				17,128.8
Studio City Casino [Member]
Goodwill And Intangible Assets [Line Items]
Area of Land \| m²																				28,784.3
Gaming Concession Agreement [Member]
Goodwill And Intangible Assets [Line Items]
Finite lived intangible assets, gross																		$ 239,588,000	MOP$ 1,934,035,000
Financial liability																		$ 239,588,000	MOP$ 1,934,035,000
Fixed annual premium						$ 3,743,000	MOP$ 30,000,000
Gaming Concession Agreement [Member] \| Electronic Gaming Machine [Member]
Goodwill And Intangible Assets [Line Items]
Minimum number of electronic gaming machines \| ElectronicGamingMachines						1,000	1,000
Gaming Concession Agreement [Member] \| Gaming Table [Member]
Goodwill And Intangible Assets [Line Items]
Minimum number of tables \| Table						500	500
Cyprus License Agreement [Member]
Goodwill And Intangible Assets [Line Items]
Exclusive period commenced at the start of the license term									15 years	15 years
License term									30 years	30 years
Cyprus License Agreement [Member] \| After completion of the first eight years [Member]
Goodwill And Intangible Assets [Line Items]
Maximum increase in annual license fee compared to license fee paid annually during the previous four-year period									20.00%	20.00%
Duration that the license fee may be reviewed periodically									4 years	4 years
Minimum annual license fee				$ 5,883,000	€ 5,000				$ 5,883,000	€ 5,000
Cyprus License Agreement [Member] \| Temporary Casino And Integrated Casino Resort [Member] \| Third Four Years [Member]
Goodwill And Intangible Assets [Line Items]
Annual license fee		$ 5,883,000	€ 5,000
Cyprus License Agreement [Member] \| Temporary Casino And Integrated Casino Resort [Member] \| Second Four Years [Member]
Goodwill And Intangible Assets [Line Items]
Annual license fee									5,883,000	5,000
Cyprus License Agreement [Member] \| Temporary Casino And Integrated Casino Resort [Member] \| First Four Years [Member]
Goodwill And Intangible Assets [Line Items]
Annual license fee									$ 2,941,000	€ 2,500
Cyprus License Agreement [Member] \| Three operating satellite casinos [Member]
Goodwill And Intangible Assets [Line Items]
Annual license fee				2,353,000	€ 2,000
Mocha And Other Segment [Member]
Goodwill And Intangible Assets [Line Items]
Impairment of goodwill											57,924,000
Proprietary rights [Member]
Goodwill And Intangible Assets [Line Items]
Finite lived intangible assets, gross											16,371,000		11,996,000
Finite-lived Intangible Assets Acquired								$ 12,000,000
Sri Lanka License [Member]
Goodwill And Intangible Assets [Line Items]
Finite lived intangible assets, gross															$ 16,600,000	රු 5,000,000
Cyprus License [Member]
Goodwill And Intangible Assets [Line Items]
Finite lived intangible assets, gross				73,928,000							80,041,000		70,785,000				€ 68,031
Financial liability				$ 73,059,000													€ 67,231
Concession [Member]
Goodwill And Intangible Assets [Line Items]
Finite lived intangible assets, gross											$ 213,038,000		$ 211,929,000
Finite-Lived Intangible Asset, Useful Life											10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Significant Accounting Policies [Line Items]
Interest expenses incurred	$ 466,127	$ 487,000	$ 518,255
Interest expenses capitalized	1,223	279	25,864
Impairment loss recognized on goodwill and intangible assets	57,924	0	0
Gaming taxes and license fees	2,000,194	1,818,235	1,489,755
Advertising and promotional expenses	$ 168,100	$ 165,299	$ 100,245
Percentage Of Discount Rate For Income Approach	14.00%	12.60%	12.30%
Impairment of long-lived assets	$ 4,145	$ 3,316	$ 207,608
Amortization method	amortized on a straight-line basis over the estimated useful life of the entertainment show of 10years upon the commencement of the show in May 2025.
Other current assets	$ 40,171	43,257
Prepaid expenses	41,619	59,264
Impairment loss recognized on property and equipment	4,073	3,120	110,033
Altira Macau [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment of long-lived assets	4,145	3,316	207,608
Impairment loss recognized on property and equipment	4,073	3,120	110,033
Impairment of Land Use Rights			65,172
Impairment of intangible assets, finite-lived	$ 72	$ 196	30,435
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Property Charges And Other
Impairment loss on operating lease right of use assets			$ 1,968
Mocha And Other Segment [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment loss recognized on goodwill and intangible assets	$ 57,924
Goodwill And Intangible Assets [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Discount Rate For Income Approach	13.20%
Internal-use Software [Member] \| Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Internal-use Software [Member] \| Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years
Land Use Rights [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life	40 years
Amortization method	straight-line basis

REGULAR LICENSE, COOPERATION AGREEMENT, OPERATING AGREEMENT AND MRP LEASE AGREEMENT FOR CITY OF DREAMS MANILA - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025
Provisional License [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
Regular License [Member]
Agreements [Line Items]
Date of agreement	Apr. 29, 2015
Expected expiry date of agreement	Jul. 11, 2033
Cooperation Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
Operating Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
MRP Lease Agreement [Member]
Agreements [Line Items]
Effective date of agreement	Mar. 13, 2013
Expected expiry date of agreement	Jul. 11, 2033
Date of the second supplemental agreement adjusting rental payments from 2022 to 2033	Oct. 31, 2022
Date of the first supplemental agreement adjusting rental payments from 2022 to 2033	Aug. 19, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of contracts and contract-related liabilities with customers (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Outstanding Gaming Chips And Tokens [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	$ 84,853	$ 83,414	$ 83,012
Increase/ (Decrease), Contract with Customer Liability	1,439	402
Loyalty Program Liabilities [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	31,732	39,108	36,000
Increase/ (Decrease), Contract with Customer Liability	(7,376)	3,108
Advance Deposits And Ticket Sales [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer Liability	268,353	253,338	$ 250,955
Increase/ (Decrease), Contract with Customer Liability	$ 15,015	$ 2,383

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 1,023,199

$ 1,147,193

Restricted cash

368

Accounts receivable, net of allowances for credit losses of $118,938 and $128,010

$ 126,405

$ 144,211

Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

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 of allowances for credit losses of nil and $2,391

129,428

131,850

Restricted cash

^[1]

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

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

$ 0

$ 21,597

Other Liability, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

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

Commitments and contingencies (Note 20)

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

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

[1]

SEGMENT INFORMATION - Capital Expenditures (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total capital expenditures	$ 343,190	$ 243,481	$ 252,490
City of Dreams [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	162,672	83,988	22,259
Studio City [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	69,498	86,071	73,452
Altira Macau [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	10,550	5,614	3,892
Mocha and Other [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	4,072	6,549	4,590
City of Dreams Manila [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	10,597	17,940	24,970
City of Dreams Mediterranean and Other [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	14,920	11,815	108,214
Other Operation [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	65,470	28,298	0
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total capital expenditures	$ 5,411	$ 3,206	$ 15,113

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Changes in Accumulated Other Comprehensive Losses Associated with Hedging Activities (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Schedule Of net changes in accumulated other comprehensive losses associated with hedging activities [Abstract]

Change in fair value of interest rate swaps, net as of January 1

$ 0

^[1]

$ 0

Change in fair value during the year

(2,761)

Net loss reclassified from accumulated other comprehensive losses into earnings

2,030

Change in fair value of interest rate swaps, net as of December 31

$ (731)

^[1]

$ 0

^[1]

$ 0

[1]

During the year ended December 31, 2025, fair value loss on interest rate swaps designed as cash flow hedges of $[0] was reclassified from accumulated other comprehensive losses in the accompanying consolidated balance sheets into interest expense in the accompanying consolidated statements of operations.

GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Estimated Future Amortization Expenses of Finite-Lived Intangible Assets (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill And Intangible Assets [Line Items]
2026	$ 32,049
2027	29,862
2028	29,479
2029	29,135
2030	29,135
Over 2030	121,243
Finite lived intangible assets, net	$ 270,903

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenues:
Operating revenues	$ 5,163,299	$ 4,638,213	$ 3,775,247
Operating costs and expenses:
General and administrative	(657,358)	(568,701)	(488,127)
Payments to the Philippine Parties	(37,181)	(41,939)	(42,451)
Pre-opening costs	(50,562)	(20,852)	(43,994)
Development costs	(7,619)	(5,433)	(1,202)
Amortization of land use rights	(19,970)	(19,956)	(22,670)
Depreciation and amortization	(523,592)	(521,582)	(520,726)
Property charges and other	(39,481)	(13,221)	(228,437)
Total operating costs and expenses	(4,562,873)	(4,153,586)	(3,710,288)
Operating income	600,426	484,627	64,959
Non-operating income (expenses):
Interest income	8,482	15,766	23,305
Interest expense, net of amounts capitalized	(464,904)	(486,721)	(492,391)
Other financing costs	(6,701)	(7,362)	(4,372)
Foreign exchange gains (losses), net	8,739	(15,492)	2,232
Other income, net	2,999	3,833	2,748
(Loss) gain on extinguishment of debt	(756)	(1,000)	1,611
Total non-operating expenses, net	(452,141)	(490,976)	(466,867)
Income (loss) before income tax	148,285	(6,349)	(401,908)
Income tax expense	(2,829)	(21,610)	(13,422)
Net income (loss)	145,456	(27,959)	(415,330)
Net loss attributable to noncontrolling interests	39,589	71,502	88,410
Net income (loss) attributable to Melco Resorts & Entertainment Limited	$ 185,045	$ 43,543	$ (326,920)
Net income (loss) attributable to Melco Resorts & Entertainment Limited per share:
Basic	$ 0.155	$ 0.034	$ (0.249)
Diluted	$ 0.154	$ 0.034	$ (0.249)
Weighted average shares outstanding used in net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic	1,193,982,891	1,296,361,341	1,314,605,173
Diluted	1,201,885,223	1,299,430,914	1,314,605,173
Casino [Member]
Operating revenues:
Operating revenues	$ 4,247,025	$ 3,772,655	$ 3,077,312
Operating costs and expenses:
Cost of revenue	(2,736,452)	(2,524,565)	(2,034,848)
Rooms [Member]
Operating revenues:
Operating revenues	443,985	422,565	338,224
Operating costs and expenses:
Cost of revenue	(148,421)	(127,884)	(87,637)
Food and Beverage [Member]
Operating revenues:
Operating revenues	290,718	285,933	208,885
Operating costs and expenses:
Cost of revenue	(245,649)	(230,284)	(163,492)
Entertainment, Retail and Other [Member]
Operating revenues:
Operating revenues	181,571	157,060	150,826
Operating costs and expenses:
Cost of revenue	$ (96,588)	$ (79,169)	$ (76,704)

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

5.	PROPERTY AND EQUIPMENT, NET


	December 31,
	2025			2024
Buildings and improvements	$	7,683,957		$	7,648,293
Furniture, fixtures and equipment		1,292,018			1,215,688
Leasehold improvements		1,276,778			1,175,252
Gaming equipment		319,464			274,301
Transportation		198,221			196,080
Freehold land		62,142			54,956
Land improvements		2,418			2,082
Construction in progress		2,175			721

Sub-total		10,837,173			10,567,373
Less: accumulated depreciation and amortization		(5,679,730	)		(5,294,873	)

Property and equipment, net	$	5,157,443		$	5,272,500

The depreciation and amortization expenses of property and equipment recognized for the years ended December 31, 2025, 2024 and 2023 were $486,487

$487,349 and $482,574, respectively.

The cost and accumulated amortization of right-of-use assets held under finance lease arrangements were $140,301 and $106,401 as of December 31, 2025 and $142,305 and $102,632 as of December 31, 2024, respectively. Further information on the lease arrangements is included in Note 11.

In accordance with the Macau gaming law, the Reversion Assets (as defined in Note 6) that reverted to the Macau government at the expiration of the previous gaming subconcession are currently owned by the Macau government. Effective as of January 1, 2023, the Reversion Assets were transferred by the Macau government to MRM for the duration of the Concession, in return for annual payments for the right to use and operate the Reversion Assets as part of the Concession, as disclosed in Note 6. As MRM continues to be operated in and with the Reversion Assets in the same manner as under the previous gaming subconcession to operate a gaming business in Macau which expired on December 31, 2022 and obtains substantially all of the economic benefits and bears all of the risks arising from the operation of these assets, and assuming it will be successful in obtaining a new concession upon expiry of the Concession, the Company continues to recognize these Reversion Assets as property and equipment over their remaining estimated useful lives.

SHARE-BASED COMPENSATION - Summary of Share Options Activity (Detail) - Share options [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
2011 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance \| shares	2,295,633
Number of Share Options, Expired \| shares	(198,411)
Number of Share Options, Ending Balance \| shares	2,097,222
Number of Share Options, Fully vested and exercisable \| shares	2,097,222
Weighted-Average Exercise Price, Beginning Balance \| $ / shares	$ 5.72
Weighted-Average Exercise Price, expired \| $ / shares	5.79
Weighted-Average Exercise Price, Ending Balance \| $ / shares	5.71
Weighted-Average Exercise Price, Fully vested and exercisable \| $ / shares	$ 5.71
Weighted-Average Remaining Contractual Term, Outstanding	3 years 7 months 17 days
Weighted-Average Remaining Contractual Term, Fully vested and exercisable	3 years 7 months 17 days
Aggregate Intrinsic Value, Outstanding \| $	$ 0
Aggregate Intrinsic Value, Fully vested and exercisable \| $	$ 0
2021 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Share Options, Beginning Balance \| shares	7,190,658
Number of Share Options, Granted \| shares	1,566,207
Number of Share Options, Exercised \| shares	(276,588)
Number of Share Options, Forfeited \| shares	(1,714,788)
Number of Share Options, Ending Balance \| shares	6,765,489
Number of Share Options, Fully vested and expected to vest \| shares	6,765,489
Number of Share Options, Exercisable \| shares	3,712,434
Weighted-Average Exercise Price, Beginning Balance \| $ / shares	$ 2.52
Weighted-Average Exercise Price, Granted \| $ / shares	1.78
Weighted-Average Exercise Price, Exercised \| $ / shares	2.47
Weighted-Average Exercise Price, Forfeited \| $ / shares	2.47
Weighted-Average Exercise Price, Ending Balance \| $ / shares	2.36
Weighted-Average Exercise Price, Fully vested and expected to vest \| $ / shares	2.36
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 2.52
Weighted-Average Remaining Contractual Term, Outstanding	7 years 6 months 3 days
Weighted-Average Remaining Contractual Term, Fully vested and expected to vest	7 years 6 months 3 days
Weighted-Average Remaining Contractual Term, Exercisable	6 years 7 months 13 days
Aggregate Intrinsic Value, Outstanding \| $	$ 1,358
Aggregate Intrinsic Value, Fully vested and expected to vest \| $	1,358
Aggregate Intrinsic Value, Exercisable \| $	$ 172

SEGMENT INFORMATION - Long-Lived Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-lived Assets [Line Items]
Total long-lived assets	$ 6,073,825	$ 6,298,815	$ 6,565,366
Macau [Member]
Long-lived Assets [Line Items]
Total long-lived assets	5,224,203	5,522,756	5,752,786
The Philippines [Member]
Long-lived Assets [Line Items]
Total long-lived assets	78,641	88,950	118,495
Cyprus [Member]
Long-lived Assets [Line Items]
Total long-lived assets	618,678	586,753	663,633
Other [Member]
Long-lived Assets [Line Items]
Total long-lived assets	$ 152,303	$ 100,356	$ 30,452

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Parenthetical) (Detail) $ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 USD ($)
Non-current intangible assets liabilities	$ 254,817		$ 270,563
Interest Rate Swap [Member]
Derivative, notional amount	$ 755,668	$ 5,880,000

LONG-TERM DEBT, NET (MRM 2015 Credit Facilities) - Additional Information (Detail) $ in Thousands, $ in Thousands			12 Months Ended
	Apr. 29, 2020	Jun. 29, 2015	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 HKD ($)	May 07, 2020 USD ($)	May 07, 2020 HKD ($)
Long-Term Debt [Line Items]
Total outstanding borrowings			$ 6,766,819	$ 7,180,185
MRM 2015 Credit Facilities, due 2026 [Member] \| Senior Secured Credit Facilities [Member]
Long-Term Debt [Line Items]
Debt instrument, interest rate, effective percentage			4.53%	5.35%		4.53%	5.35%
Credit facility, bank collateral								$ 274	$ 2,130
Interest rate margin per annum added to applicable variable rate	1.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Hong Kong Interbank Offered Rate HIBOR [Member]
MRM 2015 Credit Facilities, due 2026 [Member] \| Senior Secured Credit Facilities [Member] \| Minimum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		1.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Hong Kong Interbank Offered Rate HIBOR [Member]
MRM 2015 Credit Facilities, due 2026 [Member] \| Senior Secured Credit Facilities [Member] \| Maximum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate		2.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Hong Kong Interbank Offered Rate HIBOR [Member]
MRM 2015 Credit Facilities, due 2026 [Member] \| Senior Secured Credit Facilities [Member] \| Pursuant to Wavier Letter [Member]
Long-Term Debt [Line Items]
Maturity date			Jun. 24, 2026
MRM 2015 Credit Facilities, due 2026 [Member] \| Revolving Credit Facility [Member] \| Senior Secured Credit Facilities [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity								129	1,000
Total outstanding borrowings							$ 0
Amount available for future drawdown			$ 129			$ 1,000
Loan commitment fees recognized			1	$ 1	$ 1
MRM 2015 Credit Facilities, due 2026 [Member] \| Term Loan Facility [Member] \| Senior Secured Credit Facilities [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity								$ 129	$ 1,000
Total outstanding borrowings			$ 129			$ 1,000

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Cash, cash equivalents and restricted cash reported within the accompanying consolidated statements of cash flows consisted of the following:


	December 31,
	2025		2024
Cash	$	908,754	$	969,353
Cash equivalents		114,445		177,840

Total cash and cash equivalents		1,023,199		1,147,193
Current portion of restricted cash		—		368
Non-current portion of restricted cash (1)		125,235		125,511

Total cash, cash equivalents and restricted cash	$	1,148,434	$	1,273,072

(1)

As of December 31, 2025 and 2024, the

non-current

portion of restricted cash included bank time deposits of $125,046 and $125,331, respectively.

On December 9, 2022, as required under the Concession, MRM provided a bank guarantee in favor of the Macau government of Macau Patacas (“MOP”)

1,000,000

(equivalent to $

124,319

) to secure the fulfillment of performance of certain of its legal and contractual obligations, including labor obligations. As stipulated in the bank guarantee contract, the amount of MOP

1,000,000

(equivalent to $

124,319

), or an equivalent amount in other currencies, is required to be held in a cash deposit account as collateral in order to secure the bank guarantee.

The bank guarantee

will

remain in effect until 180 days after the earlier of the expiration or termination of the Concession. As of December 31, 2025 and 2024, Hong Kong dollars (“HK$”)

970,874

(equivalent to MOP

1,000,000

) held in the cash collateral bank account was translated to $

124,772

and $

125,056

, respectively, and included in the

non-current

portion of restricted cash in the accompanying consolidated balance

sheets.

RELATED PARTY TRANSACTIONS - Schedule of Significant Related Party Transactions (Parenthetical) (Detail)1 MOP$ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 MOP (MOP$)	Dec. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Security deposit received, noncurrent	$ 309,799		$ 315,299
Irad Imaging and Diagnostic Medical Center Ltd [Member] \| Transactions with affiliated companies [Member] \| Security deposit Received [Member]
Related Party Transaction [Line Items]
Security deposit received, current	459	MOP$ 3,679
Security deposit received, noncurrent	1,494	11,973
Security deposit received	$ 1,953	MOP$ 15,652

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CAPITAL STRUCTURE - Shares Issued By Company - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Ordinary Shares [Member]
Capital Structure [Line Items]
Shares issued for future vesting of restricted shares and exercise of share options (in shares)	0	0	0
Treasury Shares [Member]
Capital Structure [Line Items]
Issuance of shares for restricted shares vested (in shares)	9,676,248	10,006,209	16,254,282
Exercise of share options (in shares)	276,588	0	82,242

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12.	FAIR VALUE MEASUREMENTS

Authoritative literature provides a fair value hierarchy, which prioritizes the input to valuation techniques used to measure fair values into three broad levels. The level in the hierarchy within which the fair value measurements in its entirety is based upon the lowest level of input that is significant to the fair value measurement as follows:

•

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•

Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

The carrying

values of cash equivalents, bank time

deposits

included in restricted cash, long-term deposits, long-term receivables and other long-term liabilities approximated fair values and were classified as level 2 in the fair value hierarchy.

The fair value of the reporting unit of Mocha and Other as of December 31, 2025 as described in Note 2(k) was estimated by using level 3 inputs based on income approach.

The fair values as of December 31, 2025 and 2024 for the long-lived assets impairment of Altira Macau as described in Note 2(l) were estimated by using level 3 inputs based on a combination of income and cost approaches.

The estimated fair values of long-term debt as of December 31, 2025 and 2024, were approximately $6,738,957 and $6,883,455, respectively, as compared to their carrying values, excluding unamortized deferred financing costs and original issue premiums, of $

6,766,819

and $7,180,185, respectively. Fair values for the senior notes were estimated based on recent trades, if available, and indicative pricing from market information and were classified as level 2 in the fair value hierarchy. Fair values for the credit facilities approximated their carrying values as the instruments carried variable interest rates that approximated the market rates and were classified as level 2 in the fair value hierarchy.

As of December 31, 2025, the fair values of interest rate swaps and cross-currency swaps approximated the amounts the Company would pay if these contracts were settled at the respective valuation dates. Fair value is estimated based on a discounted cash flow model that projects future cash flows and discounts those future cash flows to a present value by using level 2 inputs such as interest rate yields and foreign currency exchange rates. The fair values of the interest rate swaps and cross-currency swaps were disclosed in Note 9 and Note 10 respectively.

As of December 31, 2025 and 2024, the Company did not have any

non-financial

assets or liabilities that were recognized or disclosed at fair value in the accompanying consolidated financial statements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACCOUNTS RECEIVABLE, NET - Components of Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Accounts Receivable [Line Items]

Accounts receivable, gross

$ 245,343

$ 274,612

Less: allowances for credit losses

(118,938)

^[1]

(130,401)

^[1]

$ (156,240)

$ (217,244)

Accounts receivable, net

126,405

144,211

Non-current portion

Current portion

126,405

144,211

Casino [Member]

Accounts Receivable [Line Items]

Accounts receivable, gross

238,331

270,186

Hotel [Member]

Accounts Receivable [Line Items]

Accounts receivable, gross

4,623

3,903

Other [Member]

Accounts Receivable [Line Items]

Accounts receivable, gross

$ 2,389

$ 523

[1]	As of December 31, 2025 and 2024, the allowances for credit losses of nil and $2,391 as a reduction of the long-term casino accounts receivable, are recorded and included in long-term prepayments, deposits and other assets in the accompanying consolidated balance sheets, respectively.

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Concession (Detail) - Gaming Concession Agreement [Member] MOP$ in Thousands, $ in Thousands			12 Months Ended
	Dec. 16, 2022 USD ($)	Dec. 16, 2022 MOP (MOP$)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 MOP (MOP$)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 MOP (MOP$)	Dec. 31, 2025 MOP (MOP$)	Dec. 16, 2022 MOP (MOP$)
Commitments and Contingencies [Line Items]
Incremental non-gaming investment after the Incremental Investment Trigger was reached			$ 249,918	MOP$ 2,003,000
Total committed non-gaming investment after the Incremental Investment Trigger was reached			1,498,635	12,011,000
Total committed investment after the incremental investment trigger was reached			1,725,183	MOP$ 13,826,700
Total investment in gaming and non-gaming related projects			$ 714,218				MOP$ 5,724,193
Special Premium	the difference between the amount of the special gaming tax paid by MRM and the amount that would be paid under the annual minimum set average gross gaming revenue for gaming tables and electronic gaming machines	the difference between the amount of the special gaming tax paid by MRM and the amount that would be paid under the annual minimum set average gross gaming revenue for gaming tables and electronic gaming machines
Total committed investment amount including gaming and non-gaming related projects	$ 1,475,265	MOP$ 11,823,700
Total committed investment amount for non-gaming related projects	1,248,717	10,008,000
Incremental non-gaming investment in case the Incremental Investment Trigger is reached	249,918	2,003,000
Incremental Investment Trigger	$ 22,458,937	MOP$ 180,000,000
The approximate percentage of the initial committed non-gaming investment as incremental non-gaming investment in case the Incremental Investment Trigger is reached	20.00%	20.00%
Percentage of guarantee amount payable to bank	0.03%	0.03%
Amount that Macau's annual gross gaming revenue exceeded					$ 22,458,937	MOP$ 180,000,000
Special gaming tax [Member]
Commitments and Contingencies [Line Items]
Percentage of gross gaming revenues on a monthly basis	35.00%	35.00%
Public Fund [Member]
Commitments and Contingencies [Line Items]
Percentage of contributions of gross gaming revenue on a monthly basis	2.00%	2.00%
Urban Development, Touristic Promotion and Social Security [Member]
Commitments and Contingencies [Line Items]
Percentage of contributions of gross gaming revenue on a monthly basis	3.00%	3.00%
Electronic Gaming Machine [Member]
Commitments and Contingencies [Line Items]
The annual minimum amount of average gross gaming revenue that needs to be reached otherwise triggers a special premium	$ 37	MOP$ 300
Gaming Table [Member]
Commitments and Contingencies [Line Items]
The annual minimum amount of average gross gaming revenue that needs to be reached otherwise triggers a special premium	873	MOP$ 7,000
Guarantee until the 180th day after the earlier of the expiration or termination of the gaming concession [Member]
Commitments and Contingencies [Line Items]
Maximum beneficiary amount	$ 124,772							MOP$ 1,000,000

ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE 1 FINANCIAL INFORMATION OF PARENT COMPANY - NOTES TO FINANCIAL STATEMENT SCHEDULE 1 - Additional Information (Detail) - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Net assets restricted from distribution	$ 584,000
Cash dividend received	$ 20,035	$ 121,000	$ 0
Minimum [Member]
Condensed Financial Statements, Captions [Line Items]
Percentage threshold of restricted net assets of consolidated and unconsolidated subsidiaries	25.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 5
-Subsection 04
-Paragraph c
-Subparagraph Schedule I
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
-Subsection 06
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 7
-Subparagraph (SAB Topic 1.B.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480922/205-10-S99-7

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481003/205-10-S50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment are depreciated and amortized over the following estimated useful lives on a straight-line basis:


Freehold land		Not depreciated
Land improvements		5 years
Buildings and improvements		4 to 40 years
Transportation		5 to 10 years
Leasehold improvements		3 to 19 years or over the lease term, whichever is shorter
Furniture, fixtures and equipment		2 to 15 years
Gaming equipment		18 months to 5 years

Summary of Primary Liabilities Associated With Customer Contracts

The following table summarizes the activities related to contract and contract-related liabilities:


	Outstanding Gaming Chips				Loyalty Program Liabilities					Advance Deposits and Ticket Sales
	2025		2024		2025			2024		2025		2024
Balance at January 1	$	83,414	$	83,012	$	39,108		$	36,000	$	253,338	$	250,955
Balance at December 31		84,853		83,414		31,732			39,108		268,353		253,338

Increase (decrease)	$	1,439	$	402	$	(7,376	)	$	3,108	$	15,015	$	2,383

Schedule of Components of Accumulated Other Comprehensive Losses

As of December 31, 2025 and 2024, the Company’s accumulated other comprehensive losses consisted of the following components, net of noncontrolling interests:

	$			$
	December 31,
	2025			2024
Foreign currency translation adjustments	$	(60,301	)	$	(92,658	)
Change in fair value of interest rate swaps, net (1)		(731	)		—
Other		(2,680	)		(3,092	)

Accumulated other comprehensive losses	$	(63,712	)	$	(95,750	)

Weighted Average Number of Ordinary and Ordinary Equivalent Shares Used in Calculation of Basic and Diluted Net Income (Loss)


	Year Ended December 31,
	2025		2024		2023
Weighted average number of ordinary shares outstanding used in the calculation of basic net income (loss) attributable to Melco Resorts & Entertainment Limited per share		1,193,982,891		1,296,361,341		1,314,605,173

Incremental weighted average number of ordinary shares from assumed vesting of restricted shares and exercise of share options using the treasury stock method		7,902,332		3,069,573		—

Weighted average number of ordinary shares outstanding used in the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share		1,201,885,223		1,299,430,914		1,314,605,173

Anti-dilutive share options and restricted shares excluded from the calculation of diluted net income (loss) attributable to Melco Resorts & Entertainment Limited per share		12,835,178		19,537,045		26,921,336

Schedule of Net Changes in Accumulated Other Comprehensive Losses Associated with Hedging Activities

(1)

The following table presents the net changes in accumulated other comprehensive losses associated with each year’s hedging activities from interest rate swaps designated as cash flow hedges.


	Year Ended December 31,
	2025			2024		2023
Change in fair value of interest rate swaps, net as of January 1	$	—		$	—	$	—
Change in fair value during the year		(2,761	)		—		—
Net loss reclassified from accumulated other comprehensive losses into earnings		2,030			—		—

Change in fair value of interest rate swaps, net as of December 31	$	(731	)	$	—	$	—

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

24.	SUBSEQUENT EVENTS

(a)

During the period from January 1, 2026 through March

, 2026, 700,585 ADSs, equivalent to 2,101,755 ordinary shares were repurchased under the 2024 Share Repurchase Program for an aggregate consideration of $3,815.

(b)

During the period from

January 1, 2026

through March 6

, 2026, the Company repaid a total outstanding principal amount of HK$467,000 (equivalent to $59,756) along with accrued interest under the MN1 2020 Revolving Facilities.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Additional Information (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedges, Assets	$ 4
Derivative instruments and hedges, liabilities	513	$ 0
Derivative instruments and hedges, liabilities, noncurrent	236
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 509

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jan. 18, 2023	Mar. 28, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2024
Related Party Transaction [Line Items]
Debt principal amount			$ 6,766,819	$ 7,180,185
Interest Expense, Related Party			464,904	486,721	$ 492,391
Independent Director of Melco [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Debt principal amount			8,500	3,886
Interest Expense, Related Party			307	486	519
Independent Director of Melco [Member] \| 2033 MRF Senior Notes [Member]
Related Party Transaction [Line Items]
Debt aggregate principal amount			4,000
Independent Director of Melco [Member] \| 2032 MRF Senior Notes [Member]
Related Party Transaction [Line Items]
Debt aggregate principal amount						$ 1,000
Independent Director of Melco [Member] \| 2025 MRF Senior Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchased Face Amount			1,000
Independent Director of Melco [Member] \| 2025 SCF Senior Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchased Face Amount			1,386	705	909
Consideration paid for repurchase of senior notes				705	886
Lawrence Yau Lung Ho's Controlled Entity [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Debt principal amount			30,000	30,000
Lawrence Yau Lung Ho and his controlled entity [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Interest Expense, Related Party			1,500	2,508	$ 3,300
Executive Officer [Member] \| Senior Notes [Member]
Related Party Transaction [Line Items]
Debt principal amount			1,800	1,600
Interest Expense, Related Party			121	25
Executive Officer [Member] \| 2026 MRF Senior Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchased Face Amount			200
Consideration paid for repurchase of senior notes			$ 200
Mr. Ho [Member] \| 2025 SCF Senior Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchased Face Amount				30,000
Consideration paid for repurchase of senior notes				$ 30,000
Melco International [Member] \| Facility Agreement [Member]
Related Party Transaction [Line Items]
Proceeds from repayments of loans to an affiliated company	$ 200,000
Receivable face amount		$ 250,000
Related party transaction rate		11.00%

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Cash Equivalents (Parenthetical) (Detail)
MOP$ in Thousands, $ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

MOP (MOP$)

Dec. 31, 2025

HKD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2024

MOP (MOP$)

Dec. 31, 2024

HKD ($)

Dec. 09, 2022

USD ($)

Dec. 09, 2022

MOP (MOP$)

Cash and Cash Equivalents [Line Items]

Guarantee obligations collateral held directly or by third party

$ 124,772

MOP$ 1,000,000

$ 970,874

$ 125,056

MOP$ 1,000,000

$ 970,874

Non-current portion of restricted cash

^[1]

125,235

125,511

Bank Guarantee [Member]

Cash and Cash Equivalents [Line Items]

Cash Deposit

$ 124,319

MOP$ 1,000,000

Bank Time Deposits [Member]

Cash and Cash Equivalents [Line Items]

Non-current portion of restricted cash

$ 125,046

$ 125,331

[1]

COMMITMENTS AND CONTINGENCIES - Additional Information - Guarantees (Detail) ₱ in Thousands, $ in Thousands, $ in Thousands			12 Months Ended
	Aug. 31, 2025 USD ($)	Aug. 31, 2025 HKD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 PHP (₱)
PAGCOR [Member]
Commitments And Contingencies [Line Items]
Amount of surety bond required to ensure prompt and punctual remittance/payment of license fees			$ 1,699	₱ 100,000
City of Dreams [Member]
Commitments And Contingencies [Line Items]
Amount of a deed of guarantee entered with a third party to guarantee certain payment obligations			5,000
Studio City [Member] \| Trade Credit Facility [Member]
Commitments And Contingencies [Line Items]
Credit facility utilized			$ 643
Amount of a promissory note	$ 3,213	$ 25,000
Studio City [Member] \| Trade Credit Facility [Member] \| After amendment [Member]
Commitments And Contingencies [Line Items]
Amount entered with a bank to meet certain payment obligations	$ 3,213	$ 25,000
Studio City [Member] \| Trade Credit Facility [Member] \| Extended Maturity [Member]
Commitments And Contingencies [Line Items]
Credit facility, maturity date	Aug. 31, 2027	Aug. 31, 2027
Extension of maturity date	2 years	2 years

LONG-TERM DEBT, NET (MN1 2020 Revolving Facilities) - Additional Information (Detail) $ in Thousands, $ in Thousands						12 Months Ended
	Feb. 25, 2025 USD ($)	Feb. 25, 2025 HKD ($)	Apr. 08, 2024	Jun. 29, 2023	Apr. 29, 2020 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 HKD ($)	Feb. 25, 2025 HKD ($)	Feb. 24, 2025 USD ($)	Feb. 24, 2025 HKD ($)	Apr. 29, 2020 HKD ($)
Long-Term Debt [Line Items]
Total outstanding borrowings						$ 6,766,819	$ 7,180,185
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member]
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 1,959,603				$ 1,915,947					$ 15,237,500	$ 1,909,769	$ 14,850,000	$ 14,850,000
Maturity date			Apr. 29, 2027
Incremental facility, maximum borrowing capacity	$ 49,834	$ 387,500
Debt instrument, interest rate						4.27%	5.40%		4.27%
Loan commitment fees recognized						$ 4,861	$ 6,769	$ 3,954
Total outstanding borrowings						886,625			$ 6,899,000
Amount available for future drawdown						$ 1,071,622			$ 8,338,500
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| United States of America, Dollars \| Minimum [Member]
Long-Term Debt [Line Items]
Debt instrument credit adjustment spread				0.06%
Interest rate margin per annum added to applicable variable rate				1.00%
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| United States of America, Dollars \| Maximum [Member]
Long-Term Debt [Line Items]
Debt instrument credit adjustment spread				0.20%
Interest rate margin per annum added to applicable variable rate				2.00%
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member] \| London Inter bank Offered Rate [Member] \| United States of America, Dollars \| Minimum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate					1.00%
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member] \| London Inter bank Offered Rate [Member] \| United States of America, Dollars \| Maximum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate					2.00%
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Hong Kong, Dollars \| Minimum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate					1.00%
MN1 2020 Revolving Facility, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Revolving Credit Facility [Member] \| Hong Kong Interbank Offered Rate HIBOR [Member] \| Hong Kong, Dollars \| Maximum [Member]
Long-Term Debt [Line Items]
Interest rate margin per annum added to applicable variable rate					2.00%

ORGANIZATION AND BUSINESS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

(a)

LEASES - Additional Information (Detail) $ in Thousands	12 Months Ended
LEASES - Additional Information (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Operating leases - as lessor, last expiry date	2037-06
Macau Land Concession Contracts [Member]
Lessee, Lease, Description [Line Items]
Initial contract term (in years)	25 years
Renewable contract term	10 years
Estimated Lease Term	40 years
Studio City Operating Agreement [Member]
Lessee, Lease, Description [Line Items]
Investment in a sales-type lease, noncurrent	$ 1,509
Investment in a sales-type lease, current	$ 223

CONSOLIDATED STATEMENTS OF DEFICIT - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF DEFICIT - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Beginning balance	$ (939,964)	$ (840,050)	$ (314,362)
Beginning balance (in shares)	1,351,540,382
Beginning balance (in shares)	92,402,083
Net income (loss)	$ 145,456	(27,959)	(415,330)
Foreign currency translation adjustments	28,644	17,072	13,310
Change in fair value of interest rate swaps, net	(731)	0	0
Other	414	(3,103)	0
Share-based compensation	28,555	27,905	48,340
Shares repurchased by the Company	(166,010)	(112,292)	(169,836)
Issuance of shares for restricted shares vested	(449)	(590)	(1,549)
Exercise of share options	682		226
Dividends declared to noncontrolling interests	$ (226)	$ (204)	(177)
Ending balance (in shares)	1,351,540,382	1,351,540,382
Ending balance (in shares)	179,484,916	92,402,083
Ending balance	$ (903,629)	$ (939,964)	(840,050)
Philippine Subsidiaries [Member]
Changes in shareholdings of subsidiaries		(743)	(672)
Ordinary Shares [Member]
Beginning balance	$ 13,515	$ 14,047	$ 14,451
Beginning balance (in shares)	1,351,540,382	1,404,679,067	1,445,052,143
Retirement of repurchased shares (in shares)		(53,138,685)	(40,373,076)
Retirement of repurchased shares		$ (532)	$ (404)
Ending balance (in shares)	1,351,540,382	1,351,540,382	1,404,679,067
Ending balance	$ 13,515	$ 13,515	$ 14,047
Treasury Shares [Member]
Beginning balance	$ (216,626)	$ (255,068)	$ (241,750)
Beginning balance (in shares)	(92,402,083)	(93,408,292)	(109,744,816)
Shares repurchased by the Company (in shares)	(97,035,669)	(62,138,685)	(40,373,076)
Shares repurchased by the Company	$ (166,010)	$ (112,292)	$ (169,836)
Retirement of repurchased shares (in shares)		53,138,685	40,373,076
Retirement of repurchased shares		$ 121,521	$ 108,375
Issuance of shares for restricted shares vested (in shares)	9,676,248	10,006,209	16,254,282
Issuance of shares for restricted shares vested	$ 25,084	$ 29,213	$ 47,903
Exercise of share options (in shares)	276,588	0	82,242
Exercise of share options	$ 717		$ 240
Ending balance (in shares)	(179,484,916)	(92,402,083)	(93,408,292)
Ending balance	$ (356,835)	$ (216,626)	$ (255,068)
Additional Paid-in Capital [Member]
Beginning balance	2,985,730	3,109,212	3,218,895
Share-based compensation	28,552	27,902	48,336
Retirement of repurchased shares		(120,989)	(107,971)
Issuance of shares for restricted shares vested	(25,533)	(29,803)	(49,452)
Exercise of share options	(35)		(14)
Ending balance	2,988,714	2,985,730	3,109,212
Additional Paid-in Capital [Member] \| Philippine Subsidiaries [Member]
Changes in shareholdings of subsidiaries		(592)	(582)
Accumulated Other Comprehensive Losses [Member]
Beginning balance	(95,750)	(98,599)	(111,969)
Foreign currency translation adjustments	32,357	5,941	13,370
Change in fair value of interest rate swaps, net	(731)
Other	412	(3,092)
Ending balance	(63,712)	(95,750)	(98,599)
Accumulated Losses [Member]
Beginning balance	(4,013,329)	(4,056,872)	(3,729,952)
Net income (loss)	185,045	43,543	(326,920)
Ending balance	(3,828,284)	(4,013,329)	(4,056,872)
Noncontrolling Interests [Member]
Beginning balance	386,496	447,230	535,963
Net income (loss)	(39,589)	(71,502)	(88,410)
Foreign currency translation adjustments	(3,713)	11,131	(60)
Other	2	(11)
Share-based compensation	3	3	4
Dividends declared to noncontrolling interests	(226)	(204)	(177)
Ending balance	$ 342,973	386,496	447,230
Noncontrolling Interests [Member] \| Philippine Subsidiaries [Member]
Changes in shareholdings of subsidiaries		$ (151)	$ (90)

LAND USE RIGHTS, NET - Schedule of Land Use Rights, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Land Use Rights [Line Items]
Land use rights, gross	$ 1,134,005	$ 1,136,590
Less: accumulated amortization	(588,951)	(570,239)
Land use rights, net	545,054	566,351
City of Dreams - Cotai Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	399,517	400,427
Altira Macau - Taipa Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	81,024	81,209
Studio City - Studio City Land [Member]
Land Use Rights [Line Items]
Land use rights, gross	$ 653,464	$ 654,954

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowances for credit losses	$ 118,938	$ 128,010
Long-term prepayments, deposits and other assets, allowances for credit losses	$ 0	$ 2,391
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	7,300,000,000	7,300,000,000
Ordinary shares, issued	1,351,540,382	1,351,540,382
Ordinary shares, outstanding	1,172,055,466	1,259,138,299
Treasury shares, shares	179,484,916	92,402,083

LONG-TERM DEBT, NET - Summary of Long-term Debt, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
2025 MRF Senior Notes, 4.875% and due 2025 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	$ 0	$ 1,732
2026 MRF Senior Notes, 5.250% and due 2026 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	0	1,256
2027 MRF Senior Notes, 5.625% and due 2027 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	1,568	2,488
2028 MRF Senior Notes, 5.750% and due 2028 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	1,294	1,865
2029 MRF Senior Notes, 5.375% and due 2029 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	1,073	1,407
2032 MRF Senior Notes, 7.625% and due 2032 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	5,016	5,611
2033 MRF Senior Notes, 6.500% and due 2033 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	4,454
2025 SCF Senior Notes, 6.000% and due 2025 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	0	253
2027 SCC Senior Secured Notes, 7.000% and due 2027 [Member] \| Senior Secured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	1,596	2,862
2028 SCF Senior Notes, 6.500% and due 2028 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	1,582	2,299
2029 SCF Senior Notes, 5.000% and due 2029 [Member] \| Senior Unsecured Notes [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs and original issue premiums	2,318	2,990
Revolving Credit Facility [Member] \| SCC 2024 Revolving Facility, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Long-term Prepayments, Deposits and Other Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	6,836	8,484
Revolving Credit Facility [Member] \| MN1 2020 Revolving Facilities, due 2027 [Member] \| Senior Unsecured Credit Facilities [Member] \| Long-term Prepayments, Deposits and Other Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	15,987	27,135
Revolving Credit Facility [Member] \| SCC 2021 Credit Facilities, due 2029 [Member] \| Senior Secured Credit Facilities [Member] \| Long-term Prepayments, Deposits and Other Assets [Member]
Long-Term Debt [Line Items]
Unamortized deferred financing costs	$ 248	$ 308

LONG-TERM DEBT, NET (MRP Credit Facility) - Additional Information (Detail) - Philippine Credit Facility [Member] - Unsecured Credit Facility [Member] ₱ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 PHP (₱)	Oct. 14, 2015 USD ($)	Oct. 14, 2015 PHP (₱)
Long-Term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 49,824	₱ 2,350,000
Interest rate, description	interest, as amended from time to time, at the higher of: (i) the PHP BVAL Reference Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, and (ii) Philippines Term Deposit Facility Rate of the selected interest period plus the applicable margin to be mutually agreed by the bank and the borrower at the time of drawdown, such rate to be set one business day prior to the relevant interest period
Maturity date, description	the MRP Credit Facility availability period, as amended from time to time, is up to June 30, 2026, and the maturity date of each individual drawdown, as amended from time to time, to be the earlier of: (i) the date which is 360 days from the date of drawdown, and (ii) the date which is 360 days after the end of the availability period
Amount available for future drawdown	$ 39,920	₱ 2,350,000

GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets, Net (Detail) € in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 28, 2023 USD ($)	Jun. 28, 2023 EUR (€)
Goodwill And Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Net	$ 270,903
Total intangible assets, net	270,903	$ 288,710
Trademarks [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets	4,219	4,229
Finite-Lived Intangible Assets, Accumulated Amortization	(311)	0
Total Finite-Lived Intangible Assets, Net	3,908	4,229
Concession [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets	213,038	211,929
Finite-Lived Intangible Assets, Accumulated Amortization	(67,395)	(45,076)
Total Finite-Lived Intangible Assets, Net	145,643	166,853
Cyprus License [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets	80,041	70,785	$ 73,928	€ 68,031
Finite-Lived Intangible Assets, Accumulated Amortization	(8,366)	(4,449)
Total Finite-Lived Intangible Assets, Net	71,675	66,336
Gaming Subconcession [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets	16,127	17,089
Finite-Lived Intangible Assets, Accumulated Amortization	(360)	0
Total Finite-Lived Intangible Assets, Net	15,767	17,089
Software and Software Development Costs [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets	71,689	66,601
Finite-Lived Intangible Assets, Accumulated Amortization	(47,971)	(39,409)
Total Finite-Lived Intangible Assets, Net	23,718	27,192
Proprietary Rights [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets	16,371	11,996
Finite-Lived Intangible Assets, Accumulated Amortization	(6,179)	(4,985)
Total Finite-Lived Intangible Assets, Net	$ 10,192	$ 7,011

RELATED PARTY TRANSACTIONS - Summary of Receivables from Affiliated Companies (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 887	$ 2,422
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Melco International and its subsidiaries and joint venture [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 364	$ 2,357
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
iRad [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 450	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Other [Member] \| Transactions with affiliated companies [Member]
Related Party Transaction [Line Items]
Amounts due from affiliated companies	$ 73	$ 65
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember

INCOME TAXES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 01, 2026	Apr. 11, 2021	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income					12.00%	12.00%	12.00%
Expected increase (decrease) in net income attributable to the parent if taxes on casino gaming profits have been paid					$ 109,111	$ 92,463	$ 75,190
Income tax expense (benefit)					$ 21,650	$ 20,525	$ 19,899
Effective tax rate, Percent					1.90%	(340.37%)	(3.34%)
Valuation allowances				$ 472,493	$ 472,493	$ 477,834
Adjusted operating tax losses carried forwards, expired					532,028
Aggregate undistributed earnings of foreign subsidiaries				745,397	745,397	745,397
Provision related to tax withholding for dividends					0
Deferred income tax liability, undistributed earnings				89,448	89,448	89,448
Unrecognized tax benefits that would impact effective tax rate				21,865	21,865	$ 33,449
Operating Tax Loss Carry Forwards With Expiry Dates [Member]
Schedule of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards				1,172,790	1,172,790
Operating Tax Loss Carry Forwards With No Expiry Date [Member]
Schedule of Income Taxes [Line Items]
Adjusted operating tax losses carry forwards				$ 29,249	$ 29,249
Diluted [Member]
Schedule of Income Taxes [Line Items]
Expected increase in loss per share if taxes on casino gaming profits have been paid					$ 0.091	$ 0.071	$ 0.057
Philippine Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Income tax expense (benefit)					$ 28	$ 0	$ 4
Statute of limitation for tax return					3 years
Philippine Corporate Income Tax [Member] \| July 1, 2020 until June 30, 2023 [Member] \| Minimum [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income		1.00%
Philippine Corporate Income Tax [Member] \| Before July 1, 2020 [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income		30.00%
Philippine Corporate Income Tax [Member] \| Before July 1, 2020 [Member] \| Minimum [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income		2.00%
Philippine Corporate Income Tax [Member] \| After July 1, 2020 [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income		25.00%
Payments in lieu of Macau Complementary Tax on dividends [Member]
Schedule of Income Taxes [Line Items]
Income tax expense (benefit)					$ 7,843	$ 7,021	$ 5,650
Hong Kong Profits Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income					16.50%	16.50%	16.50%
Income tax expense (benefit)					$ 190	$ 185	$ 11,613
Statute of limitation for tax return					6 years
Cyprus Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income	15.00%				12.50%	12.50%	12.50%
Statute of limitation for tax return					6 years
Tax Authority Macau Complementary Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income					12.00%	12.00%	12.00%
Income tax expense (benefit)					$ 7,665	$ 7,773	$ 0
Statute of limitation for tax return					5 years
Sri Lanka Corporate Income Tax [Member]
Schedule of Income Taxes [Line Items]
Percentage of tax on estimated taxable income			40.00%	45.00%
Statute of limitation for tax return					2 years 6 months
Effective income tax rate on other sources				30.00%	30.00%

CHANGES IN SHAREHOLDINGS OF SUBSIDIARIES - Additional Information (Detail) - Melco Resorts and Entertainment (Philippines) [Member] ₱ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2024 PHP (₱) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 PHP (₱) shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock purchased During Period, Shares \| shares	0	11.816	11.816	10.111	10.111
Consideration of stock purchased		$ 743	₱ 42,833	$ 671	₱ 36,651
Decrease in additional paid-in capital resulting from stock purchased from noncontrolling interest \| $		$ 592		$ 582

COMMITMENTS AND CONTINGENCIES - Additional Information - Other Commitments - Regular License Philippines (Detail) ₱ in Thousands, $ in Thousands			12 Months Ended
	Mar. 15, 2022 USD ($)	Mar. 15, 2022 PHP (₱)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 PHP (₱)
Commitments And Contingencies [Line Items]
Cultural heritage fee percentage of casino revenues generated from non-junket operation tables payable to a foundation			2.00%	2.00%
Additional fee percentage on non-gaming revenues payable to PAGCOR			5.00%	5.00%
Grounds for revocation of the regular license - Number of days of failing to remit the license fees upon the receipt of notice of default			30 days	30 days
Grounds for revocation of the regular license - Exceeding the Debt-to-equity ratio			2.33	2.33
Melco Resorts Leisure (PHP) Corporation [Member]
Commitments And Contingencies [Line Items]
Franchise tax on the gross revenue or earnings			5.00%	5.00%
PAGCOR [Member]
Commitments And Contingencies [Line Items]
Amount of surety bond required to ensure prompt and punctual remittance/payment of license fees			$ 1,699	₱ 100,000
High Roller Tables [Member]
Commitments And Contingencies [Line Items]
License fees and franchise taxes range as a percentage of gross gaming revenue			15.00%	15.00%
Non-High Roller Tables [Member]
Commitments And Contingencies [Line Items]
License fees and franchise taxes range as a percentage of gross gaming revenue			25.00%	25.00%
The period that the monthly minimum guarantee fee on certain games discontinued			June 2022	June 2022
The date that the monthly minimum guarantee fee on certain games reinstated			March 2, 2023	March 2, 2023
Monthly minimum guarantee fee on certain games	$ 5	₱ 300
Slot Machines And Electronic Gaming Machines [Member]
Commitments And Contingencies [Line Items]
License fees and franchise taxes range as a percentage of gross gaming revenue			25.00%	25.00%
Junket Operation [Member]
Commitments And Contingencies [Line Items]
License fees and franchise taxes range as a percentage of gross gaming revenue			15.00%	15.00%