Melco Crown increases budget for Studio City development

    Melco Crown Entertainment said it’s increasing the budget for its Studio City development in Cotai by about $300 million, taking the total cost to $2.3 billion.
    The company said the resort is on track for a mid-2015 opening.
    Studio City International Holdings, which is the unit developing the project, will make available additional equity to partially fund the budget increase. The remainder of the increase will come from previous equity commitments.
    Melco Co-Chairman and Chief Executive Officer Lawrence Ho said the resort’s cinematic theme and other attractions will boost Macau’s appeal as a tourist destination.
    “Studio City’s prime location directly adjacent to the Lotus Bridge immigration border and proposed light rail stop is one of the property’s key competitive advantages given the anticipated growth and widespread development plan for Hengqin Island,” Ho said.
    “We look forward to working closely with the Macau government to bring this unique property to realization.”