Melco Announces Commencement of New Gaming Concession
Melco Resorts & Entertainment Limited (Nasdaq: MLCO) ('Melco' or the 'Company'), a developer, owner and operator of integrated resort facilities in Asia and
/EIN News/ -- MACAU, Jan. 01, 2023 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) ('Melco' or the 'Company'), a developer, owner and operator of integrated resort facilities in Asia and Europe, today announces that the ten-year concession to operate games of fortune and chance in casinos in Macau ('Concession') granted to Melco Resorts (Macau) Limited ('Melco Resorts Macau'), a subsidiary of the Company, has commenced today. In addition, the Company further announces that Melco Resorts Macau and each of Altira Resorts Limited, COD Resorts Limited and Studio City Developments Limited, the subsidiaries of the Company holding the land lease rights for the properties on which the Altira Casino, City of Dreams Casino and Studio City Casino are located, respectively, have executed a public deed pursuant to which the gaming and gaming support areas comprising the Altira Casino, City of Dreams Casino and Studio City Casino with an area of 17,128.8 square meters, 31,227.3 square meters and 28,784.3 square meters, respectively, and related gaming equipment and utensils, have reverted to the Macau SAR in accordance with the Macau gaming law.
Under the terms of the Macau gaming law and the Concession, such areas and equipment and utensils have been transferred by the Macau SAR to Melco Resorts Macau for usage in its operations during the Concession for a fee of MOP750.00 per square meter of the casino for years 1 to 3 of the Concession, subject to a consumer price index increase in years 2 and 3 of the Concession. The fee will increase to MOP2,500.00 per square meter of the casino for years 4 to 10 of the Concession, subject to a consumer price index increase in years 5 to 10 of the Concession. Mr.
Lawrence Ho, Chairman and Chief Executive Officer of Melco said, 'We are honored and thankful to be awarded a ten-year gaming Concession by the Macau SAR government. The Company is grateful for the Central government's leadership and guidance in supporting Macau's continued integration with mainland China. We pledge our full support to the sustainable and diversified development of the tourism and leisure industry in Macau, and will continue to work with the government, the community and stakeholders to benefit and contribute to the city's development as a key global tourism destination.' Safe Harbor Statement This press release contains forward-looking statements.
These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the 'Company') may also make forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the 'SEC'), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement.
These factors include, but are not limited to, (i) the global COVID-19 outbreak, caused by a novel strain of the coronavirus, and the continued impact of its consequences on our business, our industry and the global economy, (ii) risks associated with the newly adopted gaming law in Macau and its implementation by the Macau government, (iii) growth of the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as 'may', 'will', 'expect', 'anticipate', 'target', 'aim', 'estimate', 'intend', 'plan', 'believe', 'potential', 'continue', 'is/are likely to' or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC.
All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. About Melco Resorts & Entertainment Limited The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau (URL, an integrated resort located at Taipa, Macau and City of Dreams (URL, an integrated resort located in Cotai, Macau.
Its business also includes the Mocha Clubs (URL, which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (URL, a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (URL, an integrated resort in the Entertainment City complex in Manila.
In Europe, the Company is currently developing City of Dreams Mediterranean (URL in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos ('Cyprus Casinos'). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease.
For more information about the Company, please visit URL. The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.
For the investment community, please contact:Jeanny KimSenior Vice President, Group TreasurerTel: +852 2598 3698Email: EMAIL For media enquiries, please contact:Chimmy LeungExecutive Director, Corporate CommunicationsTel: +852 3151 3765Email: EMAIL