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Hollywood-themed Studio City opened on the Cotai Strip on October 27, 2015. The resort features a twin tower hotel with 1,600 rooms. It has the world’s first and highest figure-8 Ferris wheel, a Batman-themed ride, the Pacha Macau nightclub and the 40,000 sq ft Warner Bros fun zone among other attractions. There are 30 food and beverage outlets including the Michelin-starred Pearl Dragon from chef Tam Kwok Fung.Melco was granted 250 gaming tables for the property, half the 500 it had originally requested. On opening, it was the first operator to assign all tables to the mass market. Melco owns 60 percent in the project.
Studio City Finance Limited has announced that it has priced its international offering of senior notes due 2029 at US$750 million. The 5 percent senior notes will be due 2029.
Studio City's gross gambling revenue in October and November was up about 146 percent compared with the third quarter and parent company Studio City Finance says it sees breakeven on an adjusted EBITDA level on reaching between 30 and 35 percent of historical GGR run rates.
Studio City Finance Limited has announced that it may soon conduct an international offering of senior notes. The interest rate and other terms of the new notes will be determined at the time of pricing of the notes offering.
Studio City International Holdings announces the continuation of VIP rolling chip operations at the Studio City Casino until December 31, 2021.
Melco International Resorts & Entertainment’s holding in the company that owns the Studio City Resort in Macau has edged higher following a recent share transaction.
Melco Resorts & Entertainment said one of its units will take up all of its entitlement to shares in a $500 million private placement from Studio City International Holdings and will also buy up any remaining shares that are unsubscribed.
Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.
Melco Resorts’ hotels at City of Dreams Macau and Studio City are allowing guests to reschedule or refund their hotel reservations at no additional charge, in the wake of casino closures across Macau. The notices were given on both of the hotels’ casino websites – stating those hotel reservations from now until February 29 will […]
Melco Resorts’ Studio City has announced it will be extending its VIP operations for another year. In a filing from Melco International Development to the Hong Kong Stock Exchange on Monday, VIP rolling chip operations will continue to be run until January 15, 2021, subject to termination by a 30-day notice. The Hollywood-themed resort opened […]
One of the key shareholders in the joint venture that runs Macau’s Studio City has filed for bankruptcy, although the move is unlikely to prompt majority investor, Melco Resorts & Entertainment, to launch a buyout of minorities, analysts at Bernstein Research said.
Only two casinos in Macau have had their smoking rooms approved to start operating in 2019, according to a report from Macau TDM. The two casinos are Ponte 16 and Studio City, which have been granted approval for ten smoking rooms. Next year, all smoking rooms will be required to abide by new smoking room […]
Melco Resorts & Entertainment said its Studio City International Holdings venture is continuing to prepare for an initial public offering, which will commence as soon as market conditions permit and it receives the necessary clearance from the U.S. Securities and Exchange Commission.
Garena has announced the 2018 League of Legends Master Series Spring Playoffs will take place on Saturday April 14, Sunday April 15 for the semi-finals in Taipei, followed by the finals on Sunday April 22 at Melco Resorts & Entertainment’s Studio City in Macau. The playoffs will comprise a best-of-five match format and will be […]
Melco International Development said its EBITDA for 2017 soared 80 percent after benefiting from full control of its Melco Resorts & Entertainment unit. Adjusted EBITDA came in at HK$9.8 billion ($1.24 billion), while revenue jumped 70 percent to HK$41.2 billion. The results included a full year of consolidated results from Melco Resorts, compared with eight […]
Melco Resorts & Entertainment Chairman and CEO Lawrence Ho said he would favor maintaining the status quo in Macau when it comes to renewing the concessions for the gambling hub’s six operators. “It’s really up to the government in terms of – is it the same number of licenses – I would support that,” he […]
LED sign products are beginning to dominate the casino landscape, providing versatile digital media for clients, but also resulting in significant cost savings for operators. Casinos are finding that going green can be good for the bottom line. According to the U.S. Environmental Protection Agency, the Monte Carlo casino in Las Vegas was able to […]
Melco Resorts & Entertainment has announced a major management reshuffle, with David Sisk named as property president for City of Dreams Macau, replacing Gabe Hunterton, who will leave the company. Geoff Andres, who is currently president of of City of Dreams Manila, will replace Sisk as property president at Studio City in Macau. Kevin Benning, who […]
Studio City, the Hollywood-inspired, cinematically themed resort, today signed the Macau Labour Affairs Bureau (DSAL)’s Occupational Safety and Health (OSH) Charter, a step further to strengthen its commitment to occupational safety. At the signing ceremony hosted at Studio City, Mr. David Sisk, property president of Studio City, signed the Charter on behalf of the establishment, […]
Macau has lost two of its non-gaming attractions this past weekend, with Sands Cotai Central hosting its final Po’s Kung Fu Feast Character Breakfast on Sunday and Studio City closing its House of Magic attraction. Sands announced at the end of September that it ended a deal with Dreamworks Animation to use cartoon characters from […]
The opening of the 780-room Morpheus, continued ramp up of Studio City, and forecasted GGR growth at City of Dreams Manila is set to drive growth for Melco Resorts and Entertainment, according to Bernstein analysts. In a Monday note, the brokerage said it tips the company to outperform, pointing out that City of Dreams Macau […]
Melco International Development reported nearly a four-fold rise in net revenue for the first half of 2017, attributed mainly to strong performance from its gaming business. In February, Melco Intl became a majority owner of Melco Resorts & Entertainment and Entertainment Gaming Asia. In July, Melco Resorts reported an 18 percent increase in revenue in […]
Studio City International Holdings, the holding company Macau’s Hollywood-themed Studio city, has reportedly filed with the U.S. Securities and Exchange Commission for an initial public offering. Studio City is a joint venture between Melco Resorts and Entertainment, which has 60 percent and New Cotai Holding, which has the remainder. New Cotai is a private company […]
Casino operator Melco Resorts & Entertainment Ltd. reported better-than-expected adjusted EBITDA and net revenue in the first quarter of 2017, attributed to strong performance in rolling chip and mass market table games segments. Group wide adjusted property EBITDA was US$353.3 million, representing an increase of 42 percent year-on-year from US$248.8 million in 16Q1. Total net […]
Morgan Stanley analysts are estimating Macau property EBITDA to reach US$1.8 billion in 17Q1, representing a 20 percent year-on-year growth. March GGR grew 5 percent quarter-on-quarter and 13 percent year on year to MOP 63.5 billion (US$7.9 billion), said the brokerage in a note on Thursday. Looking at the quarter, the brokerage expects Melco Resorts […]
Melco Crown Entertainment has followed Macau rivals in announcing a pay rise for non-management employees, as analysts warn cost pressures in the territory are on the rise again. The company, which operates the City of Dreams and Studio City, said pay will rise from 2.5 percent to 7 percent for all eligible employees from April […]
China’s economy is seeing renewed strength in premium activity, driving demand for luxury cars and VIP gaming in Macau, though longer term the outlook for the high roller segment is muted, according to research from Bernstein. The firm said the strength is being driven by resurgent liquidity growth; improved consumer sentiment; strong property prices and […]
Melco Crown Entertainment posted a 13 percent gain in Q4 revenue as an improved performance at Studio City and City of Dreams Manila offset declines at its older properties. Revenue came in at $1.19 billion, up from $1.05 billion a year earlier, in line with consensus estimates. Adjusted property EBITDA was $304.3 million as compared […]
Casino operator Melco Crown Entertainment (MPEL) will likely post strong results for 16Q4 as a result of Studio City ramp up and a rebound of City of Dreams, said a note from Morgan Stanley on Sunday. The brokerage said it expects MPEL to report 5 percent quarter-on-quarter EBITDA growth, ahead of the industry average, due […]
Studio City has announced the completion of its international offering of senior secured notes, according to a press release from the operator. The senior secured notes, as previously announced, are to redeem and refinance its existing US$1.4 billion credit facility. The offering consisted of US$350 million aggregate principal amount of 5.875 percent senior secured notes […]
Wynn Palace will see gradual ramp up in the short term as it increases marketing efforts and connectivity enhances, said a note from Morningstar over the weekend. “We have seen more aggressive marketing at Wynn Palace, which has increased foot traffic and should help with gaming revenue,” noted Chelsea Tam, equity analyst at Morningstar. As […]
Studio City Co Ltd. has announced the pricing of its senior secured notes due 2019 and senior secured notes due 2021. The senior secured notes, as previously announced, are to redeem and refinance its existing US$1.4 billion credit facility. The 2019 notes have a value of $350 million at 5.875 percent interest, while the 2021 notes […]
Tak Chun Group officially launched its Studio City Tak Chun VIP Club on Tuesday, marking the first of two junket operators to open VIP rooms in the casino resort. Located on the second floor of Star Tower at the Studio City Hotel, the brand new 1000 square meter VIP gaming facility has 4 VIP rooms […]
Macau’s gross gaming revenue in 16Q4 is forecast to hit +7 percent year-on-year, as new projects continue to ramp up, said Bernstein in a note on Monday. GGR results in 16Q3 reaffirmed the view that the sector’s profitability had finally returned to growth, said the brokerage. “…late spring finally brought growth in mass and more […]
Melco Crown’s Studio City has announced it will conduct a bond offering to redeem and refinance its existing US$1.4 billion credit facility. The bond structure will consist of senior secured notes due 2019, and senior secured notes due 2021. “From our initial read of the press release, the two new notes will be pari passu […]
SEGA SAMMY CREATION INC. announced today that installation of their first electronic gaming machine “SICBO BONUS JACKPOT” in Studio City, Macau. Following an exciting year of operation in Macau, SICBO BONUS JACKPOT was installed at Studio City on Oct 20, 2016. “With its thrilling gameplay and captivating physical presentation, SICBO BONUS JACKPOT is sure to […]
Melco Crown Entertainment Q3 results beat analysts’ expectations, helped by an improved performance from its Hollywood-themed Studio City resort. Adjusted EPS was $0.13 per ADS, up from $0.11 per ADS a year earlier and above the $0.07 per ADS consensus. Revenue for Q3 rose 22 percent to $1.15 billion and beat estimates for $1.1 billion. […]
Melco Crown Entertainment’s Studio City will begin VIP operations on November 5 along with two junket rooms to open on November 8, said Bernstein in a note on Wednesday. Quoting a local media source, the brokerage says SunCity and Tak Chun Group will be the two junket room operators – with 33 VIP tables in […]
The Gaming Inspection and Coordination Bureau (DICJ) has confirmed it is analyzing an application submitted by Melco Crown Entertainment to install VIP tables at its Studio City resort, Macau Business Daily reports. In a response to the news outlet, the gaming regulator said that Melco Crown hadn’t specified “if they want to [get] new tables […]
New supply is pressuring down Macau hotel rates, with ‘same-store’ rates down 13 percent year-on-year in September, according to Wells Fargo analysts in a note on Friday. “For the past 18 months, we have been tracking forward hotel room rates in Macau, much like our weekly Vegas Roominations. Our forward survey is showing material pressure […]
While a number of analysts have made observations on the impact of new properties, Wells Fargo says it’s too early to make any definitive calls. “We definitely don’t agree with the (recent) view that the new properties haven’t shown any major cannibalization, and therefore ‘supply growth’ can be ruled out as a ‘risk’. While we […]
Sands China’s Parisian has seen strong foot traffic since opening, according to Union Gaming in a note on Monday. The French-themed casino resort opened its doors on September 13, marketed as a high-quality but affordable offering with a focus on the mass market. “We think Parisian is the right product targeting the right market segments […]
VIP rooms at Studio City may open sometime this month, according to Melco Crown’s chief operating officer Ted Chan Ying Tat. “We have one to two [junket operator] partners, plus our own in-house VIP play. Hopefully the VIP facilities will be opened this month,” said Chan, who was speaking on the sidelines of a press […]
Macau gaming operator Melco International Development has reported more than 90-fold increase in net profit for the six months ended June 30, 2016 – derived from a special gain from taking majority control of Melco Crown Entertainment Limited (MCE). The company became the single largest shareholder of MCE after Australian-listed Crown Resorts reduced its stake […]
Wynn Palace’s cannibalization of its Peninsula casino’s premium mass and VIP businesses is underestimated, said brokerage Morgan Stanley in a note on Sunday. In its recent Macau trip, the brokerage said it was also concerned with the ramp up of Wynn Palace, which could be slower than expected due to slow market growth and a […]
Ratings agency S&P Global Ratings has lowered its outlook for Studio City Casino Macau bonds, warning the project could soon default on its loan. According to Bloomberg, S&P cut the rating outlook on Studio City’s separate 2020 notes to “negative” last week on slower revenue and refinancing risk. Earlier this month, Casino operator Melco Crown […]
Casino operator Melco Crown Entertainment Ltd’s revenue missed the mark in the 2016 second quarter at $1.07 billion, falling short of analyst estimates of $1.09 billion. Revenues represented a 17 percent increase from $916.8 million for the second quarter of 2015. “Macau continues to face challenges in gaming demand,” CEO Lawrence Ho said in a […]
Macau has been working hard to rebrand itself into a “party capital” amidst declining gaming revenue, and pressure for the city to diversify its economy. In an interview with South China Morning Post, Paco Chan, director of a Hong Kong-based entertainment and talent booking agency said that Chinese gamblers were not yet taking advantage of […]
Melco Crown’s Studio City is set to open its first VIP gambling rooms targeting Chinese high rollers, Bloomberg reports. The integrated resort is said to be planning three VIP rooms to open as early as this quarter. According to local sources, junket operators Suncity Group and Tak Chun Group are among the gaming promoters that […]
Melco Crown is considering adding VIP gambling facilities to its Studio City integrated resort, local media reports. Melco Crown’s chief operating officer, Ted Chan reportedly made the comments on the side lines of Melco Crown’s Local SME Open Day while discussing Studio City’s performance. Chan reportedly also suggested he has not been satisfied with the […]
Studio City’s slower than expected ramp up has caused some investor concerns on a potential breach of debt covenants, said Bernstein in a note on Monday. Whilst Melco Crown’s Studio City does have a margin of safety against a covenant breach the operator would be wise to buy out the 40 percent minority, said the […]
Macau’s 16Q1 industry EBITDA was down 7 percent year on year, driven by weak retail and hotel performance, bad debt and mix change, say Morgan Stanley analysts. In a report released on Monday from the brokerage, industry EBITDA was down 3 percent quarter on quarter, lower than previous expectations (+1 percent). According to its analysts, […]
SJM Holdings executive Angela Leong has said Macau needs to introduce more flexibility in its policy of capping the number of table games. Speaking at a meeting of the Macau government and Legislative Assembly on Wednesday to discuss the city’s five-year plan, Leong said the current table cap policy in Macau would “not be able […]
Melco Crown Entertainment said Q1 revenue rose, boosted by income from its new Studio City project in Macau and its operations in Manila, but its net profit fell by just over a third. Analysts also said that despite the contribution to Q1 revenue, the ramp up from Studio City has been slower than expected, while […]
Casino mogul Lawrence Ho has warned Macau’s tough operating environment is to persist, reports The Australian. As part of Melco International Development Group’s annual report, Ho said despite the tough conditions in Macau, he remains optimistic about the region’s outlook, and that Macau was undergoing a transition towards a more mass market-focused business model. “Looking […]
Construction disruptions next to Melco Crown’s new Studio City are continuing to hurt the property’s ramp up, said Sterne Agee CRT in a note on Monday. The U.S. based brokerage said it continues to believe Studio City is best positioned for the longer-term, however “ongoing construction on both sides of the property combined with a […]
Melco Crown says it expects to buy out minority hedge fund partners in its Studio City complex, but is mindful of the reaction of shareholders, local media reports. Melco Crown chief executive Lawrence Ho told investors at its first-half results that it was to look into a buyout of Studio City so it could assume […]
Melco Crown Entertainment shares rose after the casino operator posted better-than-expected Q4 earnings on in line revenue and said it will pay a special dividend. The net loss attributable to Melco Crown was $12.3 million, or $0.02 per ADS, compared with net income of $92.9 million, or $0.17 per ADS, in the fourth quarter of […]
Melco Crown Entertainment’s Studio City was awarded Casino/Integrated Resort of the Year by the 9th International Gaming Awards (IGA) for 2016. The win was the third time the operator has won the award, with the City of Dreams Manila receiving the honor in 2015, and City of Dreams, Macau which won the award in 2013. […]
Casino operator Wynn Macau could see short term outperformance ahead of the opening of the new Wynn Palace in Jun. 2016, according to Morgan Stanley. Morgan Stanley analysts have looked into the openings of Galaxy Macau Phase Two, and Melco Crown’s Studio City, where Melco Crown saw an outperformance following its announcement of the opening […]
Chinese mass gamblers are interested in visiting the U.S., but show little inclination to travel to other Asian destinations outside of Macau, according to a UBS survey. UBS Evidence Lab released its survey on the movement trends of Chinese mass gamblers on Nov. 30. In its survey, which interviewed 510 mainland Chinese gamblers from Macau’s […]
The agreement to amend certain of the covenants on its $1.4 billion facility are credit positive to Studio City Finance, Moody’s Investors Service says. However, the ratings firm has maintained the company’s B2 family rating, B3 senior unsecured rating and its negative outlook. “The amendment to lower the required number of gaming tables is credit […]
Studio City’s The House of Magic attraction, which will showcase magicians from around the world, will have its grand opening on December 2. Studio City, a new resort and casino which opened on October 27, is aiming to boost the city’s appeal as a multifaceted tourism destination and attract more visitors seeking leisure and entertainment […]
Melco Crown Entertainment said its Studio City Co. unit has reached an accord with lenders allowing it to amend the covenants on a $1.4 billion loan. The amendments, which are in effect as of Wednesday, include changing the Studio City project opening date condition from 400 to 250 tables, consequential adjustments to the financial covenants, […]
The head of the Small and Medium Enterprises Association cast a skeptical eye on the impact of the new Cotai casinos to the local economy, TDM Macau reports. Stanley Au said the gaming operators were too ambitious and the new investments will result in losses. After Galaxy Phase 2 and Studio City this year, more […]
Gross gambling revenue in the first week of November is pointing to a weak start for the month, prompting analysts to revise down their forecasts. According to Bernstein Research average daily revenue in the week through to Nov. 8th was MOP 525 million ($66 million), lower than October’s MOP 647 million rate, mainly due to […]
Melco Crown Entertainment posted mixed Q3 results, with a sharp drop in earnings that still narrowly beat forecasts and revenue that missed as growth at its Manila property was outweighed by slumping gambling volumes in Macau. Net income was $33.2 million, or US$0.06 per ADS, sharply lower than the $132.2 million, or $0.24 per ADS, […]
Moody’s Investors Services has revised to ‘negative’ from ‘stable’ the outlook of Studio City Finance Limited’s B2 corporate family rating and B3 senior unsecured rating. At the same time, Moody’s has affirmed Studio City Finance’s corporate family and senior unsecured ratings. “The revision in the outlook reflects Moody’s concerns that a lower-than-expected allocation of only […]
AGB had the privilege of attending the official launch of Studio City in Macau this week. At the press conference on Monday 26 October, Melco Crown Entertainment (MCE) CEO Lawrence Ho and co-chairman James Packer explained what makes the project special. Co-chairman Lawrence Ho and James Packer were in attendance, alongside Hollywood celebrities Leonardo di […]
Macau is at a crossroads with the opening of Studio City, which will either result in supply-driven demand or competition and low margins, Morgan Stanley said in a research note. The U.S. firm analyses previous openings in Macau to look at factors such as the impact on the industry overall and how fast it took […]
Melco Crown co-chairman James Packer sidestepped confirming the price tag of the 15-minute film/advertisement directed by Martin Scorsese that was screened at the opening of Studio City this week. In an interview with the Los Angeles Times, Packer declined to say whether the film cost $70 million – which is the figure that has been […]
Macau’s Studio City delivered a solid opening as the new Hollywood-themed casino unveiled its non-gaming amusements, UBS said, and though not housing any junket business currently could see some VIP operations in the future. Along with showcasing the premiere of a star-studded short movie, The Audition, and its Batman Dark Flight ride, Studio City unveiled […]
Melco Crown Entertainment’s $3.2 billion Studio City resort opens today with many hoping the cinema-themed attraction will provide the catalyst to revive sagging gambling revenues in Macau. The company says it will be hosting a “once in a lifetime” gala dinner to guests at the opening to serve up a taste of some of the […]
Studio City, the $3.2 billion cinematically-themed leisure resort and casino developed by Melco Crown Entertainment, opened its doors today, marking the start of a “new era” for Macau and Asia, MCE CEO Lawrence Ho said at the launch. “Today marks the start of a new era of leisure destination entertainment for Macau and Asia,” said […]
Lenders to Melco Crown’s Studio City face debt renegotiations as the company does not have enough gaming tables for the $3.2 billion project ahead of requirements that it must meet next year, Bloomberg reports. The company, controlled by billionaires Lawrence Ho and James Packer, said it “intends to proactively engage” lenders after Macau’s government authorized […]
Macau’s Secretary for Economy and Finance Leong Vai Tac has decided to allocate 100 tables to Galaxy Macau phase 2’s mass gaming operations, with 50 being deployed immediately and the remainder in January. In a government press release, Leong said the government welcomed the company’s partnership with local small- and medium-sized enterprises and that additional […]
Melco Crown Entertainment has announced that the Macau government has allocated 250 gaming tables to its new Studio City resort, which is scheduled to open next week. The company has won permission for 1,233 new gaming machines. At the open, there will be 200 gaming tables and 1,233 gaming machines, with the remaining 50 gaming […]
Melco Crown Entertainment unveiled its Studio City Event Center to over 8,500 employees last week at three staff rallies. The rally was officiated by MCE’s co-chairman and CEO Lawrence Ho, COO Ted Chan and other senior company executives. More than 8,500 employees joined the rally to cheer the countdown of the grand opening of Studio […]
Studio City, the $3.2 billion Hollywood-inspired integrated resort in Macau, unveiled that its October 27 grand launch party will be headlined by singer Mariah Carey and other high-profile entertainers. The concert at the Studio City Event Center will feature the American diva, who has sold more than 200 million records worldwide in a career that […]
October gross gaming revenues are expected to decline between 28 percent and 31 percent year-on-year, with the month possibly being the first month since January to post better “less bad” results, Bernstein Research said. In a note, Bernstein analyst Vitaly Umansky said business has been strong over October Golden Week, with GGR average daily rate […]
Melco Crown Entertainment may get more tables than originally anticipated for its upcoming Studio City launch, Sterne Agee wrote in a note. The market is currently anticipating an allocation of just 150, but they may get 200, with that number rising to 250 by year end, it said, citing unnamed sources. The rumours also follow […]
Melco Crown Entertainment’s new $3.2 billion Studio City resort has confirmed that Madonna will be playing at the venue as part of her “Rebel Heart Tour.” The Queen of Pop will be playing in Macau on Feb. 20 and 21st next year. The Hollywood-inspired Studio City is set to open on October 27th. “We […]
Studio City International Holdings announced that with the possibility that the table allocation for Studio City’s gaming area may be lower than anticipated it has formed a contingency plan. The company said in a press release it has engaged Kirkland & Ellis LLP as its counsel and Moelis & Company LLC as its investment banker […]
Melco Crown CEO Lawrence Ho said the casino operator’s mass market strategy for Studio City is dependent upon the number of gaming tables granted by the government. The government’s wish to move Macau into a more family friendly tourism location is dependant on operators catering to the mass market, which for Studio City, ultimately depends […]
Melco Crown Entertainment announced that its highly anticipated $3.2 billion Hollywood-themed Studio City will officially open on October 27, 2015. Melco Crown made the announcement during a ceremony offering a tour of the property, while also launching sales for two of its packages. “We are just a few months away from the realization of our […]
Melco Crown’s Studio City may receive roughly 150 gaming tables from the government for its Hollywood-themed Studio City resort, a number that will now “serve as the baseline for expectations” for future openings in Cotai, said Deutsche Bank Securities. Analysts Carlo Santarelli and Danny Valoy said, “while not necessarily a big surprise, we do believe […]
Martin Scorsese’s short film advertising Studio City and starring Robert De Niro and Leonardo DiCaprio will be unveiled at the Venice Film Festival next month. The Audition, a 16-minute film, in which the actors are playing themselves and realise they are vying for the same role in a film directed by Scorsese, reportedly cost $70 […]
Melco Crown Entertainment has changed the date for the announcement of the “Grand Opening” of its Hollywood-themed Studio City property to August 5. The company said it has rescheduled the date from August 3 as initially planned to Wednesday and will still offer “an exclusive sneak preview of key attractions” in a hard-hat tour of […]
Melco Crown Entertainment said it will announce the date for the “Grand Opening” of its Hollywood-themed Studio City property on August 3rd. The company said in an invitation that it is offering “an exclusive sneak preview of key attractions” in a hard-hat tour of the resort followed by a grand opening date announcement ceremony. The […]
The stunning $3.2 billion Studio City, Macau’s new cinematically-themed entertainment and leisure destination, unveiled the first wave of its comprehensive meeting, incentive, conference and exhibition (“MICE”) packages. Studio City offers over 4,000 square meters of indoor event space with flexible configurations, allowing meeting and event planners to host anything from an exclusive banquet to an […]
Melco Crown Entertainment said a giant figure-of-eight ferris wheel, which it claims is a world first, is nearing completion at its $3.2 billion Studio City resort in Cotai. The ride features prominently on the facade of the art-deco-style integrated resort, which is scheduled to open later this year. Melco claims that 95 percent of the […]
Melco Crown Entertainment Limited , a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, today revealed an all-star line-up of top international magicians for ‘The House of Magic’ at Studio City, the first and only permanent magic extravaganza in Macau. Designed, curated and hosted by world-acclaimed illusionist Franz Harary, ‘The […]
Standard & Poor’s Ratings Services said that its rating and outlook on Studio City Co. Ltd. is BB- and “stable” due to the resort not being immediately affected by the uncertainty of gaming table allocation. Following the Macau government’s allocation of 150 gaming tables to Galaxy Macau Phase 2, which opened on May 27, S&P […]
The Macau government said it has granted 150 tables to a new resort scheduled to open soon, according to Lionel Leong, Macau’s Secretary for Economy and Finance. He didn’t name the resort in the statement, however, Galaxy Entertainment is scheduled to open its new project on May 27th. The 150 number is far short of […]
Ratings agency Fitch said it has turned more negative on Macau in the near term after a recent visit by analysts and has cut its estimate for gross gambling revenue in 2015 to a drop of 29 percent from a decline of 22 percent previously. The revision reflects continued revenue weakness in April and an […]
Melco Crown Entertainment officially launched a three-day cinema-themed Studio City Experience in Shanghai, the second event in its China roadshow initiative. The Shanghai event showcased the features from the world’s first flight simulation ride based on the DC Comics superhero Batman, in “Batman Dark Flight,” the company said in a media release. The company also […]
Melco Crown CEO Lawrence Ho said he expects Galaxy Phase II’s table allocation to reflect future allocations but stressed his Studio City project and Galaxy’s should not be seen as in the same situation. Studio City, which is hoped will get a minimum of 400 tables, is the first integrated-resort to open in the city […]
Moody’s Investors Service says that the continued decline in Macau gaming revenue is “credit negative” for rated gaming companies. Following Macau’s Gaming Inspection and Coordination Bureau announcement that year-on-year GGR declined 38.8 percent in April, Moody’s analysts say overall GGR is expected to remain weak for the rest of the year. “The decline is credit […]
Melco Crown Entertainment announced plans with Pacha to open Macau’s first megaclub, Pacha Macau, at Studio City, the cinematically-themed integrated gaming resort due to open next year. Lawrence Ho, CEO of Melco Crown, said teaming up with the internationally-renowned brand is a step towards creating more non-gaming entertainment options and diversifying the economy. “We […]
Standard and Poor’s rating services has affirmed its BB- long-term corporate credit rating for Melco Crown subsidiary Studio City Co. Ltd, with a stable outlook. “The affirmation reflects our view that Studio City’s improved cash flows after its casino opening in late 2015 should offset its potentially diminished debt covenant headroom over the next 18 months,” […]
Melco Crown Entertainment Ltd. said there is a possibility it could default on its $1.4 billion Studio City project if it cannot secure certain conditions such as a minimum of 400 tables, the company said in its annual report filed on the Nasdaq. The company said it must satisfy certain conditions prior to the formal […]
Melco Crown Entertainment posted Q4 results that missed expectations as both rolling chip revenue and mass market revenue declined. Net revenue for the fourth quarter of 2014 was US$1.12 billion, representing a decrease of approximately 20 percent and slightly behind forecasts for $1.13 billion. Casino revenue was $1.08 billion down from $1.35 billion. Adjusted net […]
Australian investors reacted favourably on the outlook for Crown Resorts, as share prices rallied after reports of gains in revenue at the Macau based offshoot, Melco Crown Entertainment. The Australian stocks rose by as much as 11 per cent, the biggest jump since 2009 buoyed by the revenue gains in Macau after across the board […]
Macau may choose to hike gaming taxes, already the highest in Asia, once the government renews the licenses for concessionaires, CLSA analyst Aaron Fischer was cited as saying. He said he expects all six current operators to see their licenses renewed and the possibility of one extra license perhaps being granted to a local company. […]
Melco Crown Entertainment has unveiled details of its new $3.2 billion Hollywood-themed Studio City resort, which is scheduled to open later this year. Studio City, which has art-deco inspired architecture, claims to offer the most diverse collection of entertainment offerings ever seen in Macau, including a two-tower hotel and “highly sophisticated” shopping and dining experiences. […]
Melco Resorts and Entertainment’s decision to file for an initial public offering for its Studio City joint venture took analysts by surprise, with many speculating the proposed listing is being used to fish for a valuation for the resort. Melco owns the Hollywood-themed IR through a partnership with New Cotai Holdings. Analysts have long expected Melco to buy out its partner’s 40 percent stake to gain full ownership, giving it access to the full revenue stream and the potential for operational synergies. However, in August, it filed for an IPO in the U.S.
Ask many mainland Chinese what their dream travel destination is and the answer is unlikely to be Macau. According to a survey by CLSA, Macau came bottom out of a list of 21 destinations, with Europe, the U.S. and Australia topping the list. So, could Sheldon Adelson have hit upon a winning formula with his latest resort -- the $2.8 billion Parisian? The property, like its sister next door, aims to bring a little bit of Europe to the Cotai strip, providing a taste of all things French without the lengthy voyage and language complexities.
The multi-billion properties opening up on Macau’s Cotai strip are still likely to be viable, despite the slump in gaming revenue in the territory, though returns will fall far short of the levels expected when the resorts were first planned, analysts say. The six operators are set to almost double their room capacity over the next two years at a time of unprecedented uncertainty for the revenue outlook.
Macau, whose meteoric success was fueled by the high-spending VIP gambler, needs to improve its branding and tourism planning if it is to transform to a majority non-gaming model and replace income from the missing high rollers. The government is determined to effect a Las Vegas-style shift to a destination resort, but experts say it will be a difficult road.
With the opening of Galaxy Entertainment’s Phase II development seemingly doing little to generate additional traffic in Macau, the focus has now shifted to the launch of Melco Crown Entertainment’s $3.2 billion Studio City property later this year.Most analysts see the cinematic-themed property as the true game changer when it comes to boosting non-gaming facilities in Macau and therefore a better indicator as to whether the territory can diversify and attract a wider tourist base.
The central topic of the G2E Asia conference 2015, around which the most interesting discussions revolved, was the state of gaming in Macau in light of the recent severe downtrend in gross gaming revenue and the VIP market.It was a bipolar conference. Two key panels could not have been more contradictory. Anyone attending just one would get an extremely one-sided message, as two seemingly divergent narratives were aired.
China has no intention of killing the goose that lays the golden egg and the fallout from its anti-corruption campaign, which has sent GGR down for the past 11 months, is collateral damage rather than a deliberate attempt to harm business in Macau. This was the message from panelists at the G2E Asia show this week, although most agree prospects for a short-term rebound are slim.
Will the new supply coming to the Cotai resort district set Macau back on the road to growth and if it does will operators be allocated enough tables to make the new multi-billion dollar resorts profitable? They are billion-dollar questions with no ready answer as operators and investors adjust to an adverse political climate in China and the chilly “new normal” this has imposed on the world’s largest casino market.
Macau Chief Executive Fernando Chui Sai On sent a clear message to the casino industry in the first policy address of his second term in office this week - the government is no longer just paying lip service to diversifying the economy away from gambling. The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for about 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The government has cut its projected revenue from gambling receipts this year to average 20 billion patacas ($2.5 billion) a month from 27.5 billion patacas, while analysts are forecasting a second year of contraction, possibly by as much as 30 percent, according to Deutsche Bank.In his address, Chui said the government will strengthen its oversight of the casino industry as licenses come up for renewal and may require the companies to regularly submit their investment and development plans for review, in particular with regard to non-gaming activities. A tourism panel, under Chui’s supervision, will draft a five-year plan for stable casino growth that will make the region less reliant on casino revenue. Macau, Chui said, will become a center of tourism and leisure travel.