Wednesday, August 17, 2022

Studio City forms back-up plan over table allocation


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 to assist it with contingency planning ahead of any table allocation decision for Studio City.

Studio City, which is on track to open as scheduled on October 27, is a joint venture in which Melco Crown Entertainment Limited owns a 60 percent interest. 

Melco Crown CEO Lawrence Ho hopes Studio City will be granted 400 tables, a figure he said was “realistic” in an earnings call last week.

After Galaxy Entertainment Group was granted 150 tables for its expanded property, Galaxy Macau Phase 2, Deutsche Bank analysts said in a note that it was likely Studio City would be allocated the same number of tables.

Analysts in the past have speculated that Melco may seek to buy out its venture partner in the project in order to make it worthwhile to reallocate tables from other casinos in the group. 

 

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