Melco Resorts & Entertainment has confirmed it will postpone the opening of its US$1.3 billion Studio City Phase 2 development by around six months as it waits for the pandemic situation in Macau to ease.
And there could be similar delays on the cards to the company’s €550 million (US$555 million) City of Dreams Mediterranean project in Cyprus due to issues with its contractors.
Both properties are now targeting a 2Q23 launch.
Melco subsidiary Studio City International Holdings Limited (SCIHL) revealed in May that it had been granted a six-month extension to the construction deadline of Studio City Phase 2 from 27 December 2022 until 30 June 2023, although it did not offer any details around its planned opening date at the time.
However, in announcing the company’s 2Q22 financial results overnight, Chairman and CEO Lawrence Ho said, “The construction of Studio City Phase 2 is progressing well. 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.”
In Cyprus, “The City of Dreams Mediterranean project has experienced delays due to some difficulties that we have encountered with our contractors. 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.”
When complete, Studio City Phase 2 will include Asia’s largest indoor and outdoor water parks, a six-screen Cineplex and a state-of-the-art MICE space, plus around 2,300 square meters of new gaming floor.
City of Dreams Mediterranean will offer a 7,500-square meter casino with 100 gaming tables and 1,000 slot machines, plus a 500-room, 5-star hotel, MICE space and restaurants.
RelatedPosts
