Melco is currently developing the remaining project for Studio City which will consist of two hotel towers with 900 rooms approximately, cineplex, MICE, gaming area and water park. Prior to the Covid-19 outbreak the
company anticipated a 32 month build time. However the project exists under the terms of a land concession which has to be fully completed by May 2022.
2009 and includes four hotels with a total of 2,230 suites and rooms between them. Te gaming area has 516 tables and 862 slots plus around 35 restaurants on the complex plus shopping and nightclub. In 2018 Melco opened Morpheus the third phase of City of Dreams with 770 rooms and suites. Total operating revenue for City of Dreams by end 2019 was US$3.05bn (53 per cent of total group net revenues). Operating revenue for H1 2020 was US$573m ($1.5bn in H1 2019).
Altira Casino is a luxury resort in Taipa with a 38 storey hotel tower offering 230 rooms and suites. Gaming area offers 103 tables and 178 slots located in the Mocha Club Altira. Total operating revenues for 2019 were US$465.1m (eight per cent of total group net revenues). H1 2020 operating revenues were $69.9m ($237.3m in H1 2019).
Studio City is a large scale resort on Cotai which opened in 2015 operating a four star hotel, shopping and entertainment area and attractions. Te gaming area has 295 tables and 947 slots. Studio City focuses on mass market gaming although VIP rolling chip operations were introduced in 2016 and a VIP rolling chip area was built with up to 45 VIP tables authorised from December 2019 which are due to cease by January 2021. Total operating revenues in 2019 were US$1.35bn (23.6 per cent of total group net revenues). H1 2020 operating revenues were US$147.5m (US$659.3m in H1 2019).
Melco is currently developing the remaining project for Studio City which will consist of two hotel towers with 900 rooms approximately, cineplex, MICE, gaming area and water park. Prior to the Covid-19 outbreak the company anticipated a 32 month build time. However the project exists under the terms of a land concession which has to be fully completed by May 2022 and if not could cause an issue with the Macau government if an extension is not granted.
total revenues of HK2.4bn. Overall occupancy was 19.8 per cent. MGM Macau saw a total GGR of HK$1.3bn and MGM Cotai with HK$1.1bn.
As part of their business re-launch MGM has introduced the Mixy-Go-Matchy offerings to include bespoke hospitality packages, enhanced food and drink options and entertainment.
At the end of July, Hubert Wang, President and CEO of MGM China said: “We are encouraged to see the lifting of quarantine measures for visitors from Macau into Guangdong province as
an important first step of business normalisation.
“While we focus to contain our costs, we are rolling out programs to drive traffic and prepare for gradual recovery. Te trend setting holistic non gaming offerings at both MGM Macau and MGM Cotai have been well received. We are confident about the prospects of Macau gaming and hospitality market in a longer term.”
Finally Melco Resorts operates the iconic City of Dreams which is located in Cotai and opened in
Mocha Clubs began operating in 2003 and today there are eight clubs with 1,478 slots. Tey are mostly located within four and five star hotels and offer electronic tables and slots. Total operating revenues in 2019 were US$117.5m (two per cent of total group net revenues.) Mocha operating revenues for H1 2020 were US$41.2m compared to US$60m for H1 2019.
Melco H1 2020 results for the Macau casinos amounted to HK$6.5bn compared to HK$19.4bn during the same half year period in 2019.
A statement said: “We remain bullish on the long term growth prospects of the group.
NEWSWIRE / INTERACTIVE / MARKET DATA P93
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