Melco Resorts chairman and CEO, Lawrence Ho Yau Lung, has stated that he aims for the company to begin construction of Phase Two of its Studio City integrated resort by the third quarter of this year in order to meet its July 2021 government deadline.
The company was granted a three-year extension by the Macau government in February, beyond the previous completion date of 24 July 2018.
“We have to work alongside some government departments, plus the shareholding structure for Studio City is a bit different so we have to work with two shareholders,” Ho stated, speaking at the opening press conference for Melco’s new luxury hotel, Morpheus.
“We are still negotiating so hopefully in the second half we will commence work because by July 2021 we need to complete everything. Q3 or Q4 we want to commence work.”
Ho also confirmed that Phase Two would be completely non-gaming. “In regards to our minority shareholders’ views, it is subject to their approval but in any case our gaming area in Phase One is enough,” he added.
“We can add slot machines if we want but in Phase Two the business model needs to be a bit different. We can already accommodate the gaming needs in Phase One.”