Modified · Macao

Our Macao operations showed improvement continue to face a competitive operating environment, with net revenues increasing adjusted property EBITDA decreasing $39938 million, or 23.53.5%, and adjusted property EBITDA compared with the six months ended June 30, 2025, despite net revenues increasing $98388 million, or 18.311.1%, compared with the threesix months ended March 31June 30, 2025. The improvement was driven by our properties where new and refreshed premium suites and hospitality offerings have been introduced, such as the Londoner Grand. Despite the improvement, we continue to face a competitive operating environmentAlthough net revenues showed growth year over year, this was offset by increased costs on patron reinvestment and increased payroll costs related to the competitive environment and an increase in table game hours and service levels.