Melco Resorts & Entertainment has announced that operation in its satellite casino under the Golden Dragon group, Grand Dragon Casino, will continue beyond June 27, 2022 with its employees remaining employed on the property.
The information was provided in a Hong Kong Stock Exchange concerning the six-month extension provided to the gaming concessionaire yesterday (Thursday).
This month was revealed that two satellite casinos under the Galaxy Entertainment Group concession — Rio Casino and President Casino in the downtown Macau peninsula — have ceased operations on June 15.
The same statement added that Melco Resorts Macau and Studio City Entertainment Limited, a subsidiary of Melco Resorts, have amended the agreement under which Melco Resorts Macau operates the Studio City Casino to align such agreement with the newly enacted amendments to the gaming law in Macau.
‘In addition, certain conditions imposed by the Macau government relating to the previously existing agreement, including in relation to shareholding requirements for certain direct and indirect shareholders of Studio City Entertainment Limited, are no longer applicable,’ the statement reads.
US-listed Studio City International Holdings is effectively 55 per cent owned by Melco Resorts & Entertainment, with the remainder of the company, which operates Studio City, is owned by external shareholders.
Studio City International Holdings had previously warned that Macau’s new gaming laws, which require all casinos to be housed in property owned by the concessionaire could impact the property.
In a previous statement, Studio City had noted that in order to comply with the requirements of the proposed law in order for the gaming business to continue at the Studio City Casino it would be required to transfer the Studio City Casino premises to the gaming operator.
“For that purpose, we would need to seek an amendment to the terms of the Studio City land grant and comply with and complete various other administrative procedures which are subject to Macau government’s consents, approvals and authorizations,’ Studio City noted.