Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, has said that the opening has been pushed back to 2023.
Macau.- Melco Resorts and Entertainment chairman and chief executive Lawrence Ho Yau Lung has said that the scheduled opening Studio City Phase II has been pushed back to Q2 2023. In March, Melco had said Studio City’s Phase II construction could be finished by September, but delays have been caused due to Covid-19 restrictions.
Sharing the company’s Q2 results, Ho Yau Lung said: “We will be monitoring the markets closely to determine the appropriate time to open and currently anticipate phasing the opening beginning in the second quarter of 2023.”
He said Melco’s City of Dreams Mediterranean integrated resort has also experienced delays due to some difficulties with contractors.
He said: “At this point in time, we expect to open in early second quarter 2023, subject to regulatory approvals. However, this remains a fluid situation and we continue to look at ways to expedite the progress.”
Studio City Phase II will include Macau’s first W hotel from Marriott International. W Macau – Studio City will have 557 guest rooms, including 127 suites.
In Cyrpus, the company is currently licenced to operate a temporary casino and four satellite casinos. The temporary casino will close once City of Dreams Mediterranean is complete. Operating revenue at Cyprus for the quarter ended June 30 was US$21.7m and adjusted EBITDA US$5.6m, a year-over-year increase due to the relaxation in Covid-19 related restrictions.