Melco Resorts and Entertainment Ltd ADR

MLCO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Melco Resorts Earnings: Margin Pressure and Trademark Fee Hike Disappoint; Reducing Valuation by 10%

Jennifer Song

Feb 13, 2026

Melco Resorts' fourth-quarter gross gaming revenue, or GGR, in Macao rose 2% quarter on quarter, while adjusted property EBITDA fell 13%. This implies a sequential GGR market share loss of 0.5 percentage point to 14.0%, and a 3.4 percentage-point decline in adjusted EBITDA margin.

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Melco Resorts and Entertainment Ltd ADR

Melco Resorts Earnings: Margin Pressure and Trademark Fee Hike Disappoint; Reducing Valuation by 10%

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