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’s indirectly held MCO Cotai unit now owns 54.7 percent of Studio City International Holdings, up from 54.1 percent previously. MCO bought shares worth $280.8 million in the company at a price of $3.89 a share.
The other major shareholder is New Cotai, which increased its share to 37.22 percent from 36.8 percent through the subscription offer. New Cotai is a Delaware-registered firm indirectly owned by investment funds.
Melco said that following the share issue Studio City will have about $500 million to complete the next phase in the resort’s development. It will also repay certain debts.
Phase 2 is scheduled to feature more non-gaming entertainment, including a giant water park.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
The US Department of Labor has filed a notice with the US District Court for the NMI informing the court of Imperial Pacific International’s failure to comply with a court judgement that dates back to 2019. According to the notice, IPI cannot continue to disregard the federal court judgment, its employees, and the Fair Labor Standards Act or FLSA.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.