Studio City Phase II to be completed by September, says Melco chairman
Lawrence Ho Yau Lung, chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, has said he expects Studio City’s Phase II construction to be finished by September.
Macau.- Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts and Entertainment Ltd, has said he expects the second phase of construction of Melco’s majority-owned Studio City casino resort in Cotai to be complete September.
Studio City Phase II will include Macau’s first W hotel from Marriott International, which is scheduled to open in December along with the rest of Phase II facilities. The expanded two luxury hotel towers will have a total of 900 rooms. W Macau – Studio City will have 557 guest rooms, including 127 suites.
Studio City’s Phase II budget has been reduced to US$1.2bn from a previously reported US$1.3bn, according to a February corporate filing from casino resort operator Studio City International Holdings Ltd.
The company stated: “As of November 30, 2021, we had incurred US$661.2m of aggregate costs relating to the development of our remaining project, primarily… the initial design and planning costs and construction costs.”
Ho Yau Lung also confirmed that Melco has applied for a six-month extension of its current concession. Media in Macau have reported that casino operators must pay between MOP50m and MOP80m (US$10m) for the extension of their current licences until the end of the year, with retenders expected in the last quarter.
