Melco Resorts Chairman and CEO Lawrence Ho says the company expects to launch substantial new VIP space at its flagship Macau IR, City of Dreams, by early 2019.
Confirmation of the new VIP gaming space, to be located in the second floor expanse formerly occupied by PokerStars LIVE Macau, follows a 13.9% year-on-year decline in rolling chip volume to US$10.5 billion at the property in 2Q18, as announced by the company on Tuesday. PokerStars vacated the space in April after four years as part of a multi-million dollar renovation of City of Dreams which includes the recent opening of luxury hotel Morpheus.
Discussing Melco’s short-term plans during its 2Q18 earnings call this week, Ho said that, “Renovation in the VIP area on the second floor of City of Dreams is ongoing and we plan to open these upgraded VIP gaming spaces over the next nine months.”
However, expectations remain mooted until the first quarter of 2019, with City of Dreams Property President David Sisk adding, “We’ll still have some future gaming disruption or construction disruption related to some of our VIP business as we continue to review our junket spaces.”
Ho also revealed that Melco will commence redevelopment of The Countdown Hotel at City of Dreams, to be rebranded Libertine, in the second half of 2019. The redevelopment will include a “complete overhaul of the interior” with the timeline suggesting completion in early 2021.
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