Studio City Phase 2 opening 2Q23, in stages: Lawrence Ho

Melco Resorts and Entertainment Ltd expects to launch the second phase of its majority-owned Studio City casino resort in Cotai only in the second quarter of 2023. The full opening of that phase is likely to take place is stages.

The information was provided by the firm’s chairman and chief executive, Lawrence Ho Yau Lung (pictured in a file photo), speaking on the group’s earnings call following its second-quarter results issued on Thursday.

“The construction of Studio City Phase 2 is progressing well,” despite challenges posed by restrictions linked to the Covid-19 pandemic, Mr Ho said. “We will continue to monitor the markets closely to determine the appropriate time to open, and currently anticipate phasing the opening, beginning in the second quarter of 2023”.

The company had previously stated it planned to begin operating the second phase within this calendar year.

The Studio City extension is due to have 900 rooms shared between two luxury hotel towers. The “W Macau – Studio City” is due to have 557 guest rooms, including 127 suites.

During the conference call, Melco Resorts’ management indicated a likely spend of US$250 million for the completion of the second phase of Studio City: the majority of it would be disbursed this year.

According to a note issued by brokerage Sanford C. Bernstein Ltd after the conference call, the casino operator had previously stated it expected “to use a large amount of existing staffing” to run the second phase of Studio City. “But there will be some additional staff cost increases once Phase 2 is fully up and running,” wrote analysts wrote analysts Vitaly Umansky, Louis Li and Shirley Yang.

Source: https://www.ggrasia.com/studio-city-phase-2-opening-2q23-in-stages-lawrence-ho/