Studio City’s expansion likely to be delayed further

Melco says construction has been delayed due to the Covid-19 pandemic.
Melco says construction has been delayed due to the Covid-19 pandemic.

The project was originally scheduled to complete in July 2019 and had already been extended to May 2022.

Macau.- Melco Resorts & Entertainment has announced its Hollywood-themed Studio City expansion might be delayed once again beyond the current deadline of May 2022.

The original deadline was July 24 2019. That had already been put back when the Covid-19 outbreak caused Melco to suspend work on development of Phase 2 of the project.

Now, the company believes the deadline of May 31 2022 is unlikely to be met.

Melco said in a filling that “in the event that additional time is required to complete the development of the remaining project for Studio City, we will have to apply for an extension of the relevant development period which shall be subject to Macau government review and approval at its discretion.”

Also with the goal of finishing the project, Melco announced this week that its subsidiary in Macau, MCO Cotai Investments Limited will purchase series A shares offered by Studio City’s operator, Studio City International Holdingsto. For this transaction, the operator will receive between US$450 million and US$500 million for the project.

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