
Melco Resorts & Entertainment remains a BUY despite a 37% YTD stock decline and weaker-than-expected 2Q26 results driven by World Cup headwinds. MLCO is positioned for market share gains in 2H26, leveraging the REM hotel reopening and anticipated peak October visitation. The stock trades at a 6.5x forward EV/EBITDA, an 18% discount to peers, with stronger forward EBITDA growth forecasts.










