Melco Crown officially opened Macau’s newest casino and integrated resort on Oct 27 which has created a buzz in the market. This is not just a place for gambling but it has much more than it and is focussed to its guest entertainment in the best possible way. The opening itself witnesses the presence of famous celebrities including Martin Scorsese, Robert De Niro, and Leonardo DiCaprio and an amazing guest performance by Mariah Carey. This opening has literally created a big buzz in the gambling market in Macau’s which has already suffered a slump. Though the journey will be tough, however, there are a lot of expectations from Melco Crown city to turn around and bring back the golden days of gambling here in Macau for a long term growth.
Melco Crown Entertainment CEO Lawrence Ho said “Today marks the start of a new era of leisure destination entertainment for Macau and Asia,”It is the realization of our long-held vision to develop a leisure and entertainment destination that has no equal in Macau.”
However, the ongoing construction disruptions next to Melco Crown new Studio City is causing a big hurdle in the property ramp up. With a vision to grow and mark a big impact in long term Studio City is facing lot of problems because of ongoing construction on the both sides of the property and to add more to it there is a relatively flattish (+2 percent QoQ) sequential revenue environment which is an added burden which can stall the ramp up plan.
U.S. based brokerage Sterne Agee CRT stated in a note that it has adjusted 1Q16 property EBITDA for Studio City from $40.2 million to $22.6 million. Studio City opened it doors for its guests in October 2015. The resort is known for its focus on developing the market and adds value to the gambling industry by increasing tourist base in the city. It is complying with government’s push to broaden tourism here in Macau through its $3.2 billion cinematically themed leisure resort. The resort is also adding up a facility for some VIP action on its 2nd floor as per their future plan.
With a large focus on the mass market, Studio City has partnered with Time Warner-owned Warner Bros to develop a family friendly fun centre at the resort with a Batman flight simulator to ensure more and more families visit this resort with complete entertainment in their mind.
