The opening of Phase 2 of Studio City, an integrated gaming resort in Cotai, has been delayed from the second half of this year to the second quarter of 2023, the operator confirmed in a statement overnight.
“Construction of Studio City Phase 2 continues to progress,” Studio City International Holdings Limited (SCIHL) said in a statement announcing its second quarter 2022 financial results.
“We have been monitoring the market closely to determine an appropriate time to open and now expect to open in phases beginning in the second quarter of 2023,” said game operator Melco Resorts & Entertainment. said the company, which is majority owned by
SCIHL previously announced that Studio City Phase 2, which will offer approximately 900 additional luxury hotel rooms and suites, a six-screen Cineplex, over 2,300 square meters of new gaming floors and 1,100 square meters of new MICE space, will be completed within this time frame. was saying Year.
In its latest statement, the company said it had been granted another extension by the Macau government from December 27, 2022 to June 30, 2023 for the development of the Studio City land plot. The development deadline for the project has been extended once from May 27, 2022 to the end of this year.
Studio City’s US$1.2 billion (MOP9.6 billion) expansion will include two new hotel towers, including ‘W Macau – Studio City’ with 557 rooms and suites. Kevin Benning, senior vice president and general manager of Studio City Macau, said in an interview with Macau Business in May that another new hotel tower in Phase 2 would be an extension of Studio City’s existing Celebrity Tower and Star Tower. As such, it is said to be self-managed by the resort operator. .
During the quarterly earnings conference call held yesterday (Thursday), Melco Resorts Chairman and Chief Executive Officer Lawrence Ho Yau Lung announced that Studio City Phase 2 and the gaming resort currently under construction We also confirmed the delay in opening the City of Dreams Mediterranean. Built by the Group in Cyprus, an island nation in the eastern Mediterranean.
The City of Dreams Mediterranean project was “delayed due to some issues we had with our contractors,” Ho said on a conference call.
“At the moment, we plan to open at the beginning of the second quarter. [of] 2023, regulatory approval required. However, this remains a fluid situation and we continue to look at how we can help move forward,” he continued.
Melco Resorts yesterday reported a net loss of approximately US$251.5 million for the second quarter of 2022, up 35.4% year-on-year and 37.2% quarter-on-quarter.
Moreover, in the earnings call, Ho said he was looking forward to the project’s performance in Macau during China’s National Day Golden Week in early October, following “terrifying” performances in Macau in June and July. Recent community COVID-19 outbreaks.
The 44-day outbreak in Macau began on June 18, with the government imposing a 12-day partial lockdown in July to control the situation and shut down all casinos.