Holding company, Studio City International Holdings Limited, the developer and owner Studio City announced that it has renewed its agreement with Melco Resorts for VIP rolling chip operations to continue in the property until December 31, 2021, subject to termination by 30-day notice.
VIP operations at the property are conducted by Melco Resorts (Macau) Ltd, a unit of gaming operator Melco Resorts and Entertainment Ltd., which holds a majority stake in the Cotai property, with New Cotai Holdings LLC, backed by investment funds Silver Point Capital LP and Oaktree Capital Group LP, the minority partner in the property’s management.
Last year Studio City had announced that it would discontinue VIP operations by January 2020 however operations ended up being extended again.
In July Melco announced that it was unlikely the completion of Phase 2 of Studio City’s expansion would meet its deadline for May 31, 2022 due to the impact of the pandemic in the group’s operations.
Upon completion, Studio City will offer approximately 900 additional luxury hotel rooms and suites, one of the world’s largest indoor/outdoor water parks, a Cineplex, fine-dining restaurants and MICE space.
Studio City’s rolling chip volume was US$0.15 billion in the third quarter of 2020, versus US$2.77 billion in the third quarter of 2019
