Studio City resort will continue VIP rolling chip operations for another year<\/p>\n\n\n\n\n\n\n\n
Macau.- Studio City will extend its VIP rolling chip operations at its integrated resort casino in Macau’s Cotai district until January 15, 2021. The decision was revealed in a filing delivered to the press by parent company Melco International Development Limited.<\/p>\n\n\n\n
This is something of a u-turn after the company announced last year that VIP rolling chip operations at Studio City would be terminated by January 15 2020.<\/p>\n\n\n\n
Melco International holds a 54.3 per cent share in Studio City International, with the remaining held by New Cotai Holdings LLC, a company backed by investment funds Silver Point Capital LP and Oaktree Capital Group LP but which filed for bankruptcy in May last year.<\/p>\n\n\n\n
Melco Resorts CEO Lawrence Ho said October that the company was to start construction of Studio City Phase 2 before the end of the year, with a budget between US$1.35 billion to US$1.4 billion that would include two hotel towers, a Cineplex, one of the world\u2019s largest indoor water parks and additional gaming space.<\/p>\n\n\n\n
Macau\u2019s casino gross gaming revenue (GGR) contracted 3.4 percent year-on-year in 2019 according to data from the Gaming Inspection and Coordination Bureau. According to Macau\u2019s Secretary for Economy and Finance, Lei Wai Nong, the overall decline was related to a contraction in GGR generated by VIP play, down by 18.5 percent year-on-year.
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Studio City resort will continue VIP rolling chip operations for another year<\/p>\n","protected":false},"author":2,"featured_media":2334,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Studio City has reversed its prior decision, extending its VIP rolling chip operations in Macau's Cotai district until January 15, 2021. This strategic pivot by parent company Melco International Development Limited occurs amidst a significant 18.5% year-on-year contraction in Macau's VIP GGR for 2019, even as Melco proceeds with a US$1.35-1.4 billion expansion for Studio City Phase 2.","focusai_entities":"Studio City, Melco International Development Limited, Melco Resorts, New Cotai Holdings LLC, Silver Point Capital LP, Oaktree Capital Group LP, Lawrence Ho, Gaming Inspection and Coordination Bureau, Lei Wai Nong","focusai_location":"Macau, Cotai","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"VIP Strategy Impact?","query":"What is the projected impact of Studio City's VIP rolling chip operations extension on its NGR contribution and market share within Macau's contracting VIP segment?"},{"label":"Phase 2 ROI Analysis?","query":"How does the continued focus on VIP operations align with the long-term ROI projections for Studio City Phase 2, given the significant capital outlay and broader market shift?"}],"footnotes":""},"categories":[160,28,16338],"tags":[29,257],"class_list":["post-2330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-east-asia-news","tag-casino","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=2330"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2330\/revisions"}],"predecessor-version":[{"id":2377,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2330\/revisions\/2377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/2334"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=2330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=2330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=2330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}