Scientific Game

Lawrence Ho reveals Melco Resorts will drop Crown hotel brand

Monday, 15 May 2017 14:19
Share
Visit us

Melco Resorts & Entertainment Ltd will look to replace the Crown Towers hotel brand at its City of Dreams properties in Macau and Manila by 2018, according to Chairman and CEO Lawrence Ho.

In an exclusive interview with Inside Asian Gaming, which will appear in full in the upcoming June edition, Mr Ho said that Melco Resorts would instead look at introducing its own brand next year after long-time partner Crown Resorts announced last week it would sell off its remaining shares in the Melco-Crown joint venture.

“With Crown no longer being a shareholder, we are going to replace the Crown brand as well next year at City of Dreams,” he revealed. “It’s a big exercise for us once Morpheus opens to really unveil City of Dreams and the new hotel towers that will be part of City of Dreams.”

Asked if Melco Resorts planned to do the same at City of Dreams Manila, Mr Ho replied, “That is the intention. We do have a year on the shareholders’ agreement to figure out what we want. I think they would be open minded to continuing the use of the brand, but at this stage, the fact that they are no longer a shareholder [suggests] that we offer our own brand going forward.”

The decision to drop Crown Towers comes amid a broad repositioning of City of Dreams as a top tier luxury offering, led by the Dame Zaha Hadid-designed Morpheus hotel tower which is due to open on 31 March 2018.

Earlier this year Melco Resorts announced it will also drop the Hard Rock Hotel brand at City of Dreams Macau from July, temporarily renaming it “The Countdown” in the lead-up to the Morpheus launch.

“For Macau, what I felt was important with the Morpheus tower opening next year, we felt that it was time for City of Dreams 2.0 – a whole new version of City of Dreams,” Mr Ho told IAG this week. “You look at City of Dreams today with all the retail offerings, it’s completely different from before. The new mall that we opened, the new department store, we’re very excited about it.

“We wanted to continue the facelift effectively. The truth is that with City of Dreams’ positioning – and we want it to compete with the Wynns of the world and the high-end operators, we just felt the Hard Rock brand was no longer relevant for City of Dreams.”

Mr Ho said Melco Resorts would continue to work with Hard Rock on their integrated resort project in Cyprus.

 

* Inside Asian Gaming’s full exclusive interview with Lawrence Ho, in which he discusses the reasons behind the Crown split, the impact of the arrest of 18 Crown Resorts employees last October, Japan IRs and Melco Resorts’ boardroom strategy, will appear in our upcoming June edition.

 

 

 

 

What's new

IGT forms joint venture to provide lottery products in China Global gaming giant IGT has formed a Chinese-foreign equity joint venture with Shenzhen Tian Lian Cai Investment Co Ltd – a subsidiary of Chinese conglomerate Telling Telecommunication Holding Co Ltd – to provide innovative lottery products to regulated Lottery Centers in the People’s Republic... Thursday, 27 July 2017 22:53

Genting Singapore tipped to outperform MBS in mass

Genting Singapore tipped to outperform MBS in mass Genting Singapore is tipped to outperform its Singapore rival Marina Bay Sands (MBS) in the mass market segment, according to Morgan Stanley analysts, with property EBITDA estimated to come in at SG$270 million when the former releases its 2Q revenue results in the coming weeks. The prediction foll... Thursday, 27 July 2017 22:43

Pachinko leader Dynam sees revenue decline as high limit players stay away

Pachinko leader Dynam sees revenue decline as high limit players stay away Japan’s pachinko market leader, Dynam Japan Holdings, saw its revenues decline in the three months to 30 June 2017 due to “a harsh environment” that has seen a fall in the number of customers playing in its high playing cost halls. In its 2Q earnings release, filed with the Hong Kong Stock Ex... Thursday, 27 July 2017 22:14

City of Dreams Manila, Studio City growth behind Melco Resorts revenue surge

City of Dreams Manila, Studio City growth behind Melco Resorts revenue surge A massive 80.6% increase in revenue at Studio City in Macau and 46.6% growth at City of Dreams Manila has propelled Melco Resorts & Entertainment Ltd’s strong 2Q results, with revenue for the company up 21% year-on-year to US$1.3 billion. On a US GAAP basis, operating income for the second qu... Thursday, 27 July 2017 21:56

Current Issue

Shining Star- Matt Bekier

Shining Star- Matt Bekier When Matt Bekier was appointed CEO of Star growth expected when 2017 results are released later this year and entertainment Group – then known as echo entertainment – in 2014, the company was reeling from a 30.5% fall in profits, plunging share prices and ongoing public relations nightmares incl... Wednesday, 26 July 2017 08:08

Beating the odds, changing the game

Beating the odds, changing the game By Muhammad CohenWith customers literally breaking down the doors at its May 2004 opening, Sands Macao demonstrated Macau’s untapped mass market potential. Thirty-eight months later, the Venetian Macao tapped that potential – and it was a gusher. The success of the Venetian, which instantly beca... Wednesday, 26 July 2017 07:54

View from the top

View from the top Inside Asian Gaming speaks to Aristocrat’s recently promoted CEO Trevor Croker about his first few months in the top job and his plans for maintaining the slots giant’s winning momentum.   Inside Asian Gaming: You’ve been CEO for a little over four months now. How have you found the role so... Wednesday, 26 July 2017 07:37

From Uber to Amazon

From Uber to Amazon By: Dr Peter T Treadway In his latest column for Inside Asian Gaming, Dr Peter T Treadway explains why regions like Macau and Hong Kong must support tech business as the way of the future.   Since issuing the last Dismal Optimist in May, tech stocks roared upward. That is until the afternoon of... Wednesday, 26 July 2017 07:19