Melco’s property Studio City Phase 2 located in Cotai is expected to open in the second quarter of 2023, chairman and chief executive officer of Melco International Development, Lawrence Ho Yau Lung, has said in a stock filing.
The US$1.2-billion (MOP9.6 billion) expansion of Studio City will boast two fresh hotel towers of 920 rooms, including the ‘W Macau – Studio City’ of 557 guest rooms and suites, a six-screen Cineplex, a new gaming floor of more than 2,300 square metres, new 1,100 square metres of MICE space, and one of Asia’s largest indoor & outdoor water parks.
According to Mr. Ho’s remarks, the first stage of its opening will feature one hotel tower and an indoor water park, while the second phase is scheduled for the third quarter of the year.
In a stock filing sent to the Hong Kong Exchange yesterday (Wednesday), Melco announced that its operating revenues for the fourth quarter of 2022 were US$337.1 million, representing a decrease of 30 per cent from US$480.6 million reported in the same period in 2021.
The fall in total operating revenues was primarily attributed to heightened Covid-19 travel restrictions in Macau and mainland China, which led to softer performance in the segments of rolling chips and mass market table games, the company noted.
The group’s net loss for the fourth quarter of 2022 stood at US$251.9 million, compared with US$159.9 million in the same period a year earlier.
Although the pandemic was blamed for the fourth quarter results, however, Mr. Ho said that the group was “encouraged by the increased visitation and volume that we have seen since the travel restrictions were relaxed”.
He added that the recent performance “reinforces our belief in the return of pent-up demand” and Macau will continue to develop as “a leading international destination for entertainment and leisure”.
Meanwhile, gaming volumes at the group’s casino resort in the Philippines have reached close to pre-pandemic levels, and the volumes in the company’s property in Cyprus were also said to have exceeded pre-pandemic levels.
Melco is licensed to operate a temporary casino, which is the first casino in the Republic of Cyprus, and four satellite casinos.
Upon the completion and opening of City of Dreams Mediterranean in the country, the company will continue to operate the satellite casinos but the temporary operation will then be brought to a halt.
