Scientific Game

Melco’s Studio City granted Macau development period extension

Tuesday, 13 February 2018 05:28
Visit us

Melco Resorts and Entertainment Ltd has been granted an extension by the Macau government of the development period for expansion of its Macau integrated resort Studio City under the property’s land concession contract.

The extension, announced late Monday, sees the development period for the land of Studio City extended to 24 July 2021 with the company stating that the additional development will likely included a hotel and related amenities. The previous deadline for Phase 2 to be fully developed was 24 July 2018.

Melco Resorts Chairman and CEO Lawrence Ho revealed during last week’s 2017 earnings call that the company was still undecided on its exact plans for Studio City’s Phase 2 development, adding that it had “gone through many iterations of what we wanted to build at Studio City” over the years.

However, he noted that the “timing would be quite good” to build new hotel rooms sooner rather than later.

“I think the Lotus Bridge border and the footpath that leads to Studio City, we are doing all that we can to try to ask the government to open it sooner, but hopefully it's going to be opened sometime within this year,” he said. “The walk from the Lotus Bridge to our property in the future would be literally less than one minute.”

Studio City was the star performer for Melco Resorts in 4Q17, with net revenue rising 49.9% year-on-year to US$369 million thanks to a huge increase in rolling chip volume following the implementation of VIP gaming on 5 November 2016. The property generated Adjusted EBITDA of US$91.5 million in 4Q17 compared with Adjusted EBITDA of US$56.7 million 12 months earlier.


What's new

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 22 June 2018 07:06

Melco hosts workshop on Occupational Safety and Health Management for SMEs

Melco hosts workshop on Occupational Safety and Health Management for SMEs Melco Resorts & Entertainment Limited has conducted a workshop in which it shared with local SMEs the latest trends in Occupational Safety & Health Management Certification and Melco’s experience and expertise in the matter. The workshop attracted SME representatives from various industr... Friday, 22 June 2018 06:55

SJM grants Ina Chan 3 million ordinary shares

SJM grants Ina Chan 3 million ordinary shares Ina Chan, a newly appointed executive director at SJM Holdings and third wife of former Chairman Stanley Ho, has been granted share options totaling 3 million ordinary shares, the company has announced. The shares have an exercise price of HK$10.26 per share. Dr Chan was voted to the board at SJM... Friday, 22 June 2018 06:51

Korea’s foreigner-only casino turnover down 5.4% in 2017

Korea’s foreigner-only casino turnover down 5.4% in 2017 Korea’s foreigner-only casinos saw turnover fall 5.4% to KRW1.2 trillion (US$1.1 billion) in 2017 according to figures released this week by the National Gambling Control Commission (NGCC). The fall in casino gaming activity was linked to a similar 6.2% decline in casino visitation to 2.2 million... Friday, 22 June 2018 06:35

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27