Melco confirms Studio City Phase 2 and City of Dreams Mediterranean opening delays – IAG

Melco Resorts & Entertainment has confirmed that it will postpone the opening of its US$1.3 billion Studio City Phase 2 development for approximately six months until the pandemic situation in Macau subsides.

And there could be similar delays to maps for the company’s 550 million euro ($555 million) City of Dreams Mediterranean project in Cyprus due to problems with its contractors.

Both properties are now targeting a 2Q23 launch.

Melco subsidiary Studio City International Holdings Limited (SCIHL) revealed in May that it had been granted a six-month extension to the construction deadline for Studio City Phase 2 from December 27, 2022 to June 30, 2023, although it will not provided no details of its planned opening date at the time.

However, announcing the company’s 2Q22 financial results overnight, Chairman and CEO Lawrence Ho said, “Construction of Studio City Phase 2 is progressing well. We will be watching the markets closely to determine the appropriate time for the opening and currently expect a gradual opening from the second quarter of 2023.”

In Cyprus, “The City of Dreams Mediterranean project experienced delays due to some difficulties we encountered with our contractors. At this time, we expect to open early in the second quarter of 2023, subject to regulatory approvals. However, this remains a fluid situation and we continue to look for ways to accelerate progress.

When complete, Studio City Phase 2 will include Asia’s largest indoor and outdoor water parks, a state-of-the-art six-screen Cineplex and MICE space, and approximately 2,300 square meters of new gaming floor. .

City of Dreams Mediterranean will offer a 7,500 square meter casino with 100 gaming tables and 1,000 slot machines, as well as a 5-star hotel with 500 rooms, a MICE space and restaurants.