The deal gives Melco Crown a new completion deadline
City of Dreams’ completion extension to get green light
2013-04-19
Reading time 29 seg
(Macau).- Melco Crown Entertainment is expecting to be given an extension by the government on the completion deadline for the entire City of Dreams project on Cotai. Melco Crown is still authorized to build an additional four-star apartment hotel at the site. But the company is looking to build one other five-star hotel tower instead.
The gaming operator said in its annual report for 2012 released to the Hong Kong Stock Exchange, that a deal with the government was struck in March, but it has yet to be published in the Official Gazette.
Depending on when gazetting occurs, the deal will give Melco Crown a new completion deadline, extending it by as much as four years from the original deadline of August 2013.
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