Melco Resorts announces Macau 10-year investment plan
The company has committed to invest MOP11.82bn (US$1.5bn) in Macau in the next 10 years.
Macau.- Melco Resorts and Entertainment Ltd has announced details of its plans for Macau after being granted a new 10-year casino concession, which was signed on Friday. Melco Resorts and Entertainment chairman and chief executive Lawrence Ho Yau Lung said the company will invest MOP11.82bn (US$1.5bn) in the next 10 years, including MOP10bn in non-gaming.
The company will allocate MOP1.91bn to increase foreign tourist visits to Macau and to the convention and exhibition business. Melco will also use its convention and exhibition offices in Hong Kong, Singapore, Manila and Cyprus to promote non-gaming facilities for international clients, with a focus on Europe, the Middle East, Japan, Korea, Malaysia, Singapore and Thailand.
It also said it will use its private jets to organise trips to the city for high-end international travellers. For non-gaming entertainment, The House of Dancing Water show, which has been suspended since 2020 due to the Covid-19 pandemic, will return to Melco in late 2024.
An iRad Polyclinic is scheduled to open in Studio City in 2024 in partnership with a Hong Kong entity. Also in 2024, the company expects to open a new Cineplex and a skateboard park at Studio City.
Macau casinos to increase non-gaming investment if GGR reaches US$22.45bn
The six gaming operators in Macau will be required to increase their non-gaming investment by around 20 per cent of their initial pledge if Macau’s annual gross gaming revenue reaches MOP180bn (US$22.45bn) by 2027. If that figure is reached in 2028, 2029, 2030, or 2031, the increment will be reduced to 16 per cent, 12 per cent, 8 per cent or 4 per cent respectively.
There will be no need for additional non-gaming investment if the MOP180bn target is only achieved in 2032, the last year of the new concessions.
