{"id":142054,"date":"2020-07-19T00:55:46","date_gmt":"2020-07-19T07:55:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=142054"},"modified":"2020-07-20T13:02:25","modified_gmt":"2020-07-20T20:02:25","slug":"billionaire-lawrence-ho-loans-studio-city-60-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/","title":{"rendered":"Lawrence Ho Loans Studio City $60 Million, Money Will Be Used for Phase 2 Construction"},"content":{"rendered":"

Billionaire Lawrence Ho has purchased $60 million worth of senior notes offered by Studio City — the Macau integrated resort casino — saying the funds will help continue its Phase 2 construction.<\/p>\n

\"Lawrence
Lawrence Ho, seen here during his father’s funeral this month, is betting heavily on Macau’s continued success. (Image: Kim Cheung\/AP)<\/figcaption><\/figure>\n

Studio City International Holdings Limited (SCIHL) announced earlier this month that the company was looking to raise $1 billion through the offering of senior notes. The capital is needed, as revenue has plummeted during the COVID-19 pandemic, and Studio City is required under Macau law to complete its second phase of construction by May of 2022.<\/p>\n

\n

A loan note is an extended form of a generic ‘I Owe You’ document from one party to another,”<\/strong> explains Investopedia<\/i>. <\/a><\/p>\n<\/blockquote>\n

“A loan note denotes a type of contract that typically outlines the legal obligations of the lender and the borrower,” Investopedia’s<\/em> article continues. “A proper loan note will include a set of contractual penalties, including the right to sue or seek arbitration if either party to the contract fails to meet or otherwise defaults on financial obligations.”<\/p>\n

Ho’s senior notes are due in 2025 and come with an interest rate of six percent. The disclosures were made through filings with the Hong Kong Stock Exchange.<\/p>\n

SCIHL is offering $500 million in senior notes at six percent interest due in 2025, and another $500 million at 6.5 percent interest due in 2028.<\/p>\n

Ho Bullish on Macau<\/b><\/h2>\n

The global gaming industry has been crippled by the coronavirus, and Macau — the world’s richest gaming hub — continues to reel. Gross gaming revenue (GGR) in the Chinese Special Administrative Region (SAR) totaled just $90 million last month, a 97 percent year-over-year loss.<\/p>\n

However, there’s a reason for optimism. GGR is trending higher in the early weeks of July, and the recent easing of mandatory 14-day quarantine for people coming and going between Macau and Guangdong is allowing visitors to more freely return.<\/p>\n

\n

Melco Resorts warned investors this month<\/a> that because of COVID-19, Studio City likely won’t meet the May 2022 deadline to finish the $1.4 billion Phase 2 expansion. But Ho believes the Macau government will be lenient and provide the resort with an extension.<\/p>\n<\/div>\n

Melco Resorts holds a 54.3 percent stake in Studio City. Along with Ho lending the development $60 million, Melco says it plans to purchase up to half of a billion dollars in new Class A ordinary shares in SCIHL. That will increase the casino company’s position in Studio City.<\/strong><\/p>\n

Melco Ups Macau Stake<\/b><\/h2>\n

Melco Resorts controlled a 21.4 percent market share<\/a> in Macau during the first quarter of 2020. That’s up from 15 percent in the first quarter of 2019, and up from 17 percent at the end of last year.<\/p>\n

Analysts at Bernstein say Melco has increased its share in the VIP and mass markets.<\/p>\n

In Macau, Melco fully owns and operates City of Dreams and Altira — both integrated resorts on the Cotai Strip — as well as eight Mocha Clubs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Billionaire Lawrence Ho has purchased $60 million worth of senior notes offered by Studio City — the Macau integrated resort casino — saying the funds will help continue its Phase 2 construction. Studio City International Holdings Limited (SCIHL) announced earlier this month that the company was looking to raise $1 billion through the offering of […]<\/p>\n","protected":false},"author":25,"featured_media":142063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nBillionaire Lawrence Ho Loans Studio City $60 Million<\/title>\n<meta name=\"description\" content=\"Lawrence Ho has purchased $60 million worth of senior notes offered by Studio City, the Macau casino saying the funds will help continue construction.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Lawrence Ho Loans Studio City $60 Million\" \/>\n<meta property=\"og:description\" content=\"Lawrence Ho has purchased $60 million worth of senior notes offered by Studio City, the Macau casino saying the funds will help continue construction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-19T07:55:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-20T20:02:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/AP20192286418144.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/\",\"name\":\"Billionaire Lawrence Ho Loans Studio City $60 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/AP20192286418144.jpg\",\"datePublished\":\"2020-07-19T07:55:46+00:00\",\"dateModified\":\"2020-07-20T20:02:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"Lawrence Ho has purchased $60 million worth of senior notes offered by Studio City, the Macau casino saying the funds will help continue construction.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-lawrence-ho-loans-studio-city-60-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/AP20192286418144.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/AP20192286418144.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Lawrence Ho, seen here during his father's funeral last month, is betting heavily on Macau's continued success. 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