he company said it needs the extra time to review development plans and evaluate market conditions on the peninsula in light of recently imposed travel restrictions there.
Macau, a Chinese territory next to the Guangdong province, has exploded into a gambling area in recent years after Las Vegas Sands Corp. and Wynn Resorts Ltd. built casinos there.
But the Guangdong government has started to enforce a strict visa application process, put tighter limits on the amount of times residents can travel to Macau and in some cases, is restricting permits altogether.
Melco PBL agreed to purchase the site in May of last year by acquiring the shares of Sociedade de Fomento Predial Omar, Limitada. Other than the extension, all other provisions of the agreement remain in force. No fees were associated with the extension.