Studio City International Holdings has received a seven-month extension to finish the phase 2 expansion at Studio City casino resort.
Macau.- The Macau government has approved Studio City casino resort‘s request for a seven-month delay to complete its phase 2 expansion.
Studio City casino resort’s deadline to finish the phase 2 expansion has been extended until December 27, 2022, instead of the original date of May 31, 2022.
Melco Resorts and Entertainment Ltd, the majority investor in Studio City, noted that the company could ask for another extension due to delays caused by the Covid-19 pandemic and government countermeasures.
In its financial results for the first quarter of 2021, Studio City stated: “Before the Covid-19 outbreak, we estimated a construction period of approximately 32 months for Phase 2.
“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.”
Studio City casino resort reported gross gaming revenues (GGR) of US$98.5m for the first quarter of 2021, a decrease from US$146.7m in the same period in 2020.
Mass market table games revenues decreased from US$352.8m to US$309.3m, while the gaming machine handle for the first quarter of 2021 was US$278.3m, compared with US$311.1m in the same period of the previous year.