Melco Resorts & Entertainment Limited (MLCO) Balance Sheet
MLCO balance sheet, 2025
December 31, 2025 · U.S. dollars$7.60B assets = $8.50B liabilities + −$903.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$903.6M).
Both columns are drawn to the same scale: what MLCO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MLCO financial health
Descriptive bands, not a rating. Fiscal 2025.
MLCO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.34B2016 | $7.60B2025 | −2.3%/yr | |
| Total liabilities | $5.52B2016 | $8.50B2025 | +4.9%/yr | |
| Shareholders’ equity | $3.34B2016 | −$1.25B2025 | — | |
| Cash & short-term investments | $1.91B2016 | $1.02B2025 | −6.7%/yr | |
| Total debt | $4.01B2016 | $7.02B2025 | +6.4%/yr | |
| Net cash (debt) | −$2.10B2016 | −$6.00B2025 | −$3.9B | |
| Working capital | $800.4M2016 | $84.9M2025 | −$715.5M | |
| Book value per share | $6.582016 | −$3.112025 | — | |
| Current ratio | 1.542016 | 1.072025 | −0.47 | |
| Debt / equity | 1.202016 | 28.752021 | +27.55 | |
| Shares outstanding | 508.4M2016 | 400.6M2025 | −2.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLCO assets
MLCO liabilities and equity
MLCO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MLCO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.02B | $1.15B | $1.31B | $1.81B | $1.65B | $1.76B | $1.44B | $1.53B | $1.51B | $1.91B |
| Cash & equivalents | $1.02B | $1.15B | $1.31B | $1.81B | $1.65B | $1.76B | $1.39B | $1.44B | $1.41B | $1.70B |
| Short-term investments | — | — | −$27,000 | — | — | $0 | $49.4M | $91.6M | $99.8M | $210.8M |
| Receivables | $126.4M | $146.6M | $92.4M | $56.6M | $54.9M | $130.4M | $284.8M | $329.5M | $178.9M | $226.5M |
| Inventory | $36.9M | $32.5M | $29.4M | $26.4M | $29.6M | $37.3M | $44.0M | $40.8M | $35.0M | $32.6M |
| Other current assets | $82.7M | $102.9M | $111.7M | $178.9M | $131.4M | $85.8M | $121.6M | $59.0M | $122.9M | $107.3M |
| Total current assets | $1.27B | $1.43B | $1.54B | $2.07B | $1.87B | $2.01B | $1.89B | $1.96B | $1.84B | $2.28B |
| Property, plant & equipment (net) | $5.23B | $5.36B | $5.60B | $5.93B | $5.98B | $5.84B | $5.83B | $5.66B | $5.73B | $5.66B |
| Goodwill & intangible assets | $839.4M | $937.2M | $969.0M | $796.1M | $854.9M | $947.3M | $1.01B | $1.07B | $1.13B | $1.21B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $568.9M | $0 | $0 | $0 |
| Other non-current assets | $254.7M | $257.4M | $217.7M | $501.4M | $181.3M | $220.1M | $180.2M | $189.6M | $189.8M | $195.2M |
| Total assets | $7.60B | $7.99B | $8.34B | $9.30B | $8.88B | $9.02B | $9.49B | $8.88B | $8.90B | $9.34B |
| Liabilities | ||||||||||
| Accounts payable | $25.9M | $24.8M | $11.8M | $6.7M | $6.0M | $9.5M | $21.9M | $25.0M | $16.0M | $17.4M |
| Short-term debt | $52.3M | $74.0M | $55.0M | $370.2M | $65.5M | $107.1M | $73.0M | $430.2M | $84.4M | $81.3M |
| Deferred revenue | — | $253.3M | $251.0M | $331.5M | $406.2M | $277.9M | $255.9M | $386.9M | $423.6M | $259.7M |
| Total current liabilities | $1.18B | $1.19B | $1.10B | $1.20B | $1.02B | $1.12B | $1.53B | $2.13B | $1.68B | $1.48B |
| Long-term debt | $6.75B | $7.14B | $7.47B | $8.09B | $6.56B | $5.65B | $4.66B | $3.92B | $3.77B | $3.93B |
| Lease obligations | $277.0M | $299.0M | $296.3M | $301.8M | $475.8M | $453.2M | $423.2M | $288.0M | $299.3M | $293.1M |
| Other long-term liabilities | $569.1M | $598.6M | $598.9M | $327.5M | $482.1M | $421.4M | $163.7M | $82.9M | $103.0M | $105.7M |
| Total liabilities | $8.50B | $8.93B | $9.18B | $9.62B | $8.06B | $7.18B | $6.35B | $6.13B | $5.56B | $5.52B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $13.5M | $13.5M | $14.0M | $14.5M | $14.6M | $14.6M | $14.6M | $14.8M | $14.8M | $14.8M |
| Retained earnings (deficit) | −$3.83B | −$4.01B | −$4.06B | −$3.73B | −$2.80B | −$1.99B | −$644.8M | −$703.6M | −$772.3M | $570.9M |
| Treasury stock | — | — | — | — | — | — | −$90.6M | −$657.4M | −$90,000 | −$108,000 |
| Accumulated other comprehensive income | −$63.7M | −$95.8M | −$98.6M | −$112.0M | −$76.0M | −$11.3M | −$18.8M | −$49.8M | −$26.6M | −$24.8M |
| Minority interest | $343.0M | $386.5M | $447.2M | $536.0M | — | — | — | — | — | — |
| Total shareholders' equity | −$1.25B | −$1.33B | −$1.29B | −$850.3M | $244.7M | $1.10B | $2.44B | $2.13B | $2.89B | $3.34B |
| Key figures | ||||||||||
| Total debt | $7.02B | $7.46B | $7.77B | $8.71B | $7.04B | $6.10B | $4.82B | $4.35B | $3.86B | $4.01B |
| Net cash (debt) | −$6.00B | −$6.31B | −$6.46B | −$6.90B | −$5.38B | −$4.34B | −$3.37B | −$2.82B | −$2.35B | −$2.10B |
| Working capital | $84.9M | $238.3M | $440.7M | $876.0M | $846.9M | $892.6M | $369.2M | −$172.5M | $160.8M | $800.4M |
| Tangible book value | −$2.09B | −$2.26B | −$2.26B | −$1.65B | −$610.2M | $154.8M | $1.43B | $1.06B | $1.76B | $2.13B |
| Book value per share | −$3.11 | −$3.06 | −$2.94 | −$1.83 | $0.51 | $2.31 | $5.07 | $4.21 | $5.79 | $6.58 |
| Shares outstanding | 400.6M | 433.1M | 438.2M | 463.7M | 478.0M | 477.4M | 481.1M | 505.5M | 498.7M | 508.4M |
| Current ratio | 1.07 | 1.20 | 1.40 | 1.73 | 1.83 | 1.80 | 1.24 | 0.92 | 1.10 | 1.54 |
| Quick ratio | 0.97 | 1.09 | 1.27 | 1.56 | 1.67 | 1.69 | 1.13 | 0.87 | 1.00 | 1.45 |
| Debt / equity | — | — | — | — | 28.75 | 5.53 | 1.98 | 2.04 | 1.34 | 1.20 |
| Equity / assets | −16.4% | −16.6% | −15.4% | −9.1% | 2.8% | 12.2% | 25.7% | 24.0% | 32.5% | 35.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $912.9M | $942.4M | $1.02B | $1.48B | $1.12B | $1.10B | $1.15B | $1.12B | $1.15B | $1.16B | $1.31B | $1.42B |
| Cash & equivalents | $912.9M | $942.4M | $1.02B | $1.48B | $1.12B | $1.10B | $1.15B | $1.12B | $1.15B | $1.16B | $1.31B | $1.42B |
| Receivables | $119.7M | $141.2M | $126.4M | $102.2M | $131.4M | $126.9M | $146.6M | $84.3M | $97.1M | $84.1M | $92.4M | $96.7M |
| Inventory | $36.2M | $36.2M | $36.9M | $35.3M | $32.9M | $33.2M | $32.5M | $32.0M | $31.3M | $29.6M | $29.4M | $28.1M |
| Other current assets | $85.8M | $77.7M | $82.7M | $96.6M | $102.4M | $109.7M | $102.9M | $120.5M | $108.0M | $113.8M | $111.7M | $131.0M |
| Total current assets | $1.15B | $1.20B | $1.27B | $1.72B | $1.39B | $1.37B | $1.43B | $1.36B | $1.39B | $1.39B | $1.54B | $1.67B |
| Property, plant & equipment (net) | $5.63B | $5.13B | $5.23B | $5.29B | $5.32B | $5.35B | $5.36B | $5.42B | $5.40B | $5.48B | $5.60B | $5.76B |
| Goodwill & intangible assets | $290.3M | $283.1M | $839.4M | $849.6M | $855.0M | $925.6M | $937.2M | $383.3M | $942.6M | $953.6M | $969.0M | $1.07B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $297.5M | $787.6M | $254.7M | $244.3M | $251.3M | $253.3M | $257.4M | $829.8M | $282.5M | $249.8M | $217.7M | $208.8M |
| Total assets | $7.37B | $7.40B | $7.60B | $8.10B | $7.81B | $7.90B | $7.99B | $7.99B | $8.01B | $8.08B | $8.34B | $8.71B |
| Liabilities | ||||||||||||
| Accounts payable | $19.5M | $18.6M | $25.9M | $17.4M | $16.9M | $18.8M | $24.8M | $22.1M | $22.5M | $13.6M | $11.8M | $12.5M |
| Short-term debt | $65.7M | $397.8M | $52.3M | $510.9M | $107.8M | $76.1M | $74.0M | $87.9M | $49.6M | $52.7M | $55.0M | $53.9M |
| Deferred revenue | — | — | — | — | — | — | $375.9M | $33.1M | $29.9M | $27.8M | $251.0M | — |
| Total current liabilities | $1.14B | $1.43B | $1.18B | $1.58B | $1.20B | $1.13B | $1.19B | $1.14B | $1.07B | $1.02B | $1.10B | $1.01B |
| Long-term debt | $5.07B | $6.32B | $6.75B | $6.89B | $7.11B | $7.14B | $7.14B | $7.13B | $7.22B | $7.32B | $7.47B | $7.77B |
| Lease obligations | $20.7M | $265.5M | $277.0M | $283.5M | $295.6M | $299.5M | $299.0M | $307.7M | $267.9M | $286.4M | $296.3M | $296.2M |
| Other long-term liabilities | $2.48B | $535.6M | $569.1M | $585.0M | $580.2M | $577.7M | $598.6M | $611.7M | $565.3M | $583.3M | $598.9M | $592.0M |
| Total liabilities | $8.70B | $8.29B | $8.50B | $9.06B | $8.89B | $8.85B | $8.93B | $8.89B | $8.86B | $8.93B | $9.18B | $9.37B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M |
| Retained earnings (deficit) | −$3.73B | −$3.75B | −$3.83B | −$3.89B | −$3.96B | −$3.98B | −$4.01B | −$3.99B | −$4.02B | −$4.04B | −$4.06B | −$3.85B |
| Accumulated other comprehensive income | −$113.4M | −$107.1M | −$63.7M | −$59.8M | −$94.8M | −$87.7M | −$95.8M | −$78.2M | −$116.7M | −$116.5M | −$98.6M | −$130.5M |
| Minority interest | $311.3M | $324.9M | $343.0M | $357.2M | $354.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$1.64B | −$1.22B | −$1.25B | −$1.31B | −$1.43B | −$1.33B | −$1.33B | −$1.30B | −$1.26B | −$1.28B | −$1.29B | −$1.12B |
| Key figures | ||||||||||||
| Total debt | $7.31B | $6.94B | $7.02B | $7.63B | $7.46B | $7.46B | $7.46B | $7.47B | $7.49B | $7.61B | $7.77B | $8.07B |
| Net cash (debt) | −$6.40B | −$6.00B | −$6.00B | −$6.15B | −$6.34B | −$6.36B | −$6.31B | −$6.35B | −$6.34B | −$6.45B | −$6.46B | −$6.65B |
| Working capital | $15.5M | −$233.7M | $84.9M | $132.2M | $190.6M | $239.2M | $238.3M | $215.4M | $314.7M | $369.8M | $440.7M | $662.2M |
| Tangible book value | −$1.93B | −$1.50B | −$2.09B | −$2.16B | −$2.28B | −$2.25B | −$2.26B | −$1.68B | −$2.20B | −$2.24B | −$2.26B | −$2.19B |
| Book value per share | −$4.21 | −$3.10 | −$3.16 | −$3.32 | −$3.42 | −$3.17 | −$3.16 | −$3.00 | −$2.85 | −$2.92 | −$2.95 | −$2.57 |
| Shares outstanding | 388.7M | 393.5M | 395.1M | 394.7M | 417.6M | 417.6M | 419.7M | 431.9M | 440.7M | 439.6M | 437.1M | 437.1M |
| Current ratio | 1.01 | 0.84 | 1.07 | 1.08 | 1.16 | 1.21 | 1.20 | 1.19 | 1.29 | 1.36 | 1.40 | 1.65 |
| Quick ratio | 0.91 | 0.76 | 0.97 | 1.00 | 1.05 | 1.08 | 1.09 | 1.06 | 1.16 | 1.22 | 1.27 | 1.50 |
| Equity / assets | −22.2% | −16.5% | −16.4% | −16.2% | −18.3% | −16.8% | −16.6% | −16.2% | −15.7% | −15.9% | −15.4% | −12.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 13, 2026); data from EODHD.
MLCO financial position
At the end of fiscal 2025 (December 31, 2025), Melco Resorts & Entertainment had total assets of $7.6 billion (down 4.9% from a year earlier), total liabilities of $8.5 billion and shareholders' equity of -$1.2 billion. It held $1.0 billion in cash and short-term investments against $7.0 billion of debt, net debt of $6.0 billion. Its current ratio was 1.07. In the latest quarter (ended June 30, 2026) total assets were $7.4 billion and equity -$1.6 billion.
Related: MLCO income statement, MLCO cash flow statement, MLCO key metrics. See the MLCO stock overview for the latest quote and news.
MLCO balance sheet FAQ
What are Melco Resorts & Entertainment's total assets?
Melco Resorts & Entertainment reported total assets of $7.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.0 billion a year earlier.
How much debt does Melco Resorts & Entertainment have?
Melco Resorts & Entertainment had $7.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Melco Resorts & Entertainment have?
Melco Resorts & Entertainment held $1.0 billion in cash and short-term investments at the end of fiscal 2025; with $7.0 billion of debt that is net debt of $6.0 billion.
What is Melco Resorts & Entertainment's book value?
Melco Resorts & Entertainment's shareholders' equity (book value) was -$1.2 billion at the end of fiscal 2025, or −$3.11 per share.
What is Melco Resorts & Entertainment's current ratio?
Melco Resorts & Entertainment had current assets of $1.3 billion and current liabilities of $1.2 billion, a current ratio of 1.07 (it can cover its short-term obligations).
How much goodwill does Melco Resorts & Entertainment have?
Melco Resorts & Entertainment carried $839.4 million of goodwill and intangible assets, 11.0% of total assets, at the end of fiscal 2025.