Melco Resorts & Entertainment subsidiary Studio City International Holdings Limited (SCIHL) has been granted an seven-month extension to its government-imposed deadline to complete development of Phase 2 of its Cotai integrated resort, Studio City.
The company announced Thursday that the Macau government has granted the extension to the development period under Studio City’s land concession contract from 27 May 2022 until 27 December 2022.
The extension comes after Melco revealed last August that it was unlikely to meet its previous Studio City deadline due to COVID-19 delays.
“Prior to the COVID-19 outbreak, we estimated a construction period of approximately 32 months for the remaining project,” Melco said at the time. “With the disruptions from the COVID-19 outbreak, the construction period has been delayed and is expected to extend beyond the estimated 32 months and the current development period.
“In the event that additional time is required to complete the development of the remaining project for Studio City, we will have to apply for an extension of the relevant development period which shall be subject to Macau government review and approval at its discretion.”
Expected to come in at a total cost of between US$1.25 billion and US$1.3 billion, Melco recently announced that its new Studio City Water Park would open later this month as the first new attraction of its Phase 2 development.
The expansion project will also see another 900 luxury hotel rooms added plus more gaming space, a multi-screen cinema, fine-dining restaurants and MICE space.