Melco Resorts & Entertainment develops and operates integrated casino resorts (IRs) in Asia and Europe. Macau is the dominant market, generating the significant majority of revenue, through two flagship properties on the Cotai Strip: City of Dreams, a premium-focused IR targeting high-end mass and VIP rolling chip patrons, featuring luxury hotels and the House of Dancing Water live entertainment show; and Studio City, a cinematically-themed mass-market IR with a broad non-gaming entertainment offering. Altira Macau is a smaller premium mass casino hotel, while Mocha Clubs are electronic gaming machine lounges serving casual day-trip customers, several of which have been closed in line with regulatory changes. Outside Macau, Melco operates City of Dreams Manila in the Philippines, City of Dreams Mediterranean in Cyprus (where Melco holds an exclusive gaming license through 2032), and City of Dreams Sri Lanka, which opened in mid-2025. Melco makes money primarily from casino gaming — the house edge on table games and slots generates gross gaming revenue, which in Macau is taxed at 35%. Mass market gaming is the more stable and primary profit driver, while VIP rolling chip play is more volatile. Non-gaming revenue from hotels, F&B, entertainment, and retail supports gaming traffic but is not the primary profit driver. Near-term growth is organic, focused on driving higher visitation at existing properties, including the relaunched House of Dancing Water and a planned ultra-luxury hotel renovation at City of Dreams Macau. Longer term, Melco is pursuing an asset-light model, growing through brand licensing and management agreements rather than owned developments.