It’s an interesting time for casino operators in Macau. For the first several months of 2019, gambling revenue dropped in this city. Interestingly, major companies continue to invest here. Reports are now surfacing that the Libertine Hotel construction in Cotai is being officially delayed.
This project has been discussed for years, yet several issues have pushed its completion back. Today, we’re looking into the details of this major expansion project. Let’s get into it!
City of Dreams is a major casino resort located in Cotai, Macau. It’s owned and operated by Melco Crown Entertainment, one of the most powerful casino companies in the world. City of Dreams opened its doors ten years ago and has grown to become one of Macau’s premier gaming establishments.
In recent years, officials in Melco have worked to renovate and expand the City of Dreams. They’ve created new hotels within the resort complex, including the Morpheus hotel finished in 2018. Recently, Melco has been working to expand and rebrand the former Hard Rock Hotel.
The Hard Rock will be officially converted to the Libertine Hotel. At the moment, the Hard Rock is being named the Countdown, in anticipation of the new hotel establishment. Unfortunately, the Libertine hotel construction will not begin for years.
CEO of Melco Crown Entertainment, Lawrence Ho, recently spoke at a company event. He’s informed the public that the hotel expansion will not begin until 2021.
Melco plans to upgrade the City of Dreams’ Nuwa Tower. Ho has made it clear that this upgrade is first on the company’s agenda.
“I think in 2020, we will actually renovate Nüwa first. Then in 2021, we will do the Countdown [redevelopment] project. Because we don’t want to have too many hotel rooms to go offline at the same time,” Ho said.
The Libertine upgrades will decrease the number of rooms at the Countdown. Rooms will, however, become larger.
As we mentioned earlier, 2019 hasn’t been a great year for Macau. During the first four months of the year, revenue dropped considerably. Trade wars between the US and China have led to a major decrease in gamblers visiting Macau.
Luckily for casino operators here, things are finally beginning to bounce back. In May, gambling revenue in Macau increased by 1.8%. In June, this revenue increased once again to 5.9%. It’s not an increase that casino operators are ecstatic about, yet it’s a serious improvement.
A number of US and Asian casino operators are continuing to invest here. Las Vegas Sands is putting more than $2 billion into this city for hotel expansion projects. Melco continues to upgrade its City of Dreams resort.
The Libertine hotel construction plans will not begin until 2021. The next project coming to this popular resort is the Nuwa Tower upgrade.
Do you think Macau’s revenue will continue to increase for the rest of 2019? Let us know in the comment section below!
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