Melco Resorts & Entertainment has announced that the Golden Dragon Group’s satellite casino, Grand Dragon Casino, will continue to operate after June 27, 2022 and will continue to employ employees.
Information about the 6-month extension provided to the Game Concessionaire yesterday (Thursday) was provided on the Hong Kong Stock Exchange.
This month, it was revealed that two satellite casinos under the concessions of Galaxy Entertainment Group (Rio Casino and President Casino in downtown Macau Peninsula) were closed on June 15.
The same statement added that Melco Resorts Macau and Studio City Entertainment Limited, a subsidiary of Merco Resorts, have amended the contract that Merco Resorts Macau will operate Studio City Casino in line with the amendments to the newly enacted gaming law in Macau. rice field.
“In addition, certain terms imposed by the Macau Government in connection with existing contracts, including those related to certain direct and indirect shareholder shareholding requirements of Studio City Entertainment Limited, no longer apply.” The statement states.
Studio City International Holdings, which is listed in the United States, is virtually 55% owned by Melco Resorts & Entertainment and the rest of the company that operates Studio City is owned by external shareholders.
Studio City International Holdings had previously warned that Macau’s new gaming law would require all casinos to be housed in concessionaire-owned real estate, which could affect real estate.
In a previous statement, Studio City stated that the site of Studio City Casino must be transferred to game operators in order for the gaming business to comply with the legal requirements proposed to continue at Studio City Casino. ..
“To do so, we need to seek amendments to Studio City’s land grant conditions and comply with and complete various other administrative procedures subject to the consent, approval and approval of the Macau Government,” said Studio City. I am.