Located to the south of Macau’s Cotai Strip, Studio City has traditionally been Melco Resorts & Entertainment’s problem child – in part due to the isolated nature of its land plot. But, under the watch of Kevin Benning and with the benefit of its recent Phase 2 expansion, green shoots have emerged.
The property reported its best quarter since the pandemic in Q1, citing the completion of major upgrade works of the main entrance, hotel lobbies and high limit areas on the main casino floor and in Epic tower. Three months later those records fell again, with Studio City generating GGR of US$360 million and Adjusted EBITDA of US$105 million. This after winding down its VIP gaming offerings to focus on the mass market – a decision that seems in keeping with the resort’s more family friendly positioning.
Under Benning, Studio City appears to have discovered its identity and as such has finally become a meaningful contributor to the company’s bottom line. The addition of further amenities – most recently Melco announced plans for a private hospital focused on imaging and diagnostic medical services – may further broaden Studio City’s appeal.
Benning, who joined Melco in 2016, boasts almost 20 years of industry experience, first with Caesars in the US, then with Sands China and briefly with Singapore’s Resorts World Sentosa.
