Melco’s ‘Studio City’ launch set for Q1 2024 following record casino success
Melco Resorts & Entertainment Limited has announced that its dazzling Macau complex, called Studio City, is set for launch in the first quarter (Q1) or early in the second quarter (Q2) of 2024, representing the exhilarating Phase 2 of the gambling-friendly facility's reopening following the magnificent debut of the W Macau Hotel in September this year.
Plans for the relaunch of the facility were recently unveiled by Lawrence Ho Yau Lung, the Chairman & Chief Executive Officer (CEO) of Melco Resorts & Entertainment Ltd. This strategic move comes hot on the heels of impressive financial success of the already opened segment of the Studio City complex and the City of Dreams flagship facility in Macau, both of which generated remarkable revenues in October 2023.
Expressing enthusiasm about the facility in question, Ho Yau Lung explained that the gradual launch of the project is intentional, as the company wanted to methodically introduce more offerings to the market. He went on the explain that the property still requires significant renovation work, with most retail facilities expected to be launched within the next two or three months.
David Sisk, Chief Operating Officer (COO) of Macau resorts, noted that the W Macau Hotel’s appeal to a distinct demographic, and it is particularly popular among women, which encouraged the management to move ahead with the project. The seasoned executive stressed that the facility would be able to further expand its customer base in the future.
Speaking on the topic, Sisk said, chief operating officer of Macau resorts, reportedly added, “The W also skews to a much different demographic and is particularly popular with women. This, hopefully, over time, will allow us to continue to expand our database.”
The company representatives also highlighted the historic achievement of Studio City's casino gaming floor, which reached an all-time high in its history. The City of Dreams flagship property in the former Portuguese colony also reached a similar milestone. Capitalizing on this positive trend, the company is also gearing up for the relaunch of the popular show, The House of Dancing Water, which is slated for late in the fourth quarter of 2024.
To boost its growth, Melco has successfully trimmed down its debt pile by repaying US$100 million during Q3 period of this year and another US$100 million in late October. Approx. US$1.2 billion has been utilized from the company’s revolving credit facility, leaving nearly US$750 million available and untapped.