GGRAsia – Club Cubic ex-op says he asked CoD for rent concessions


Club Cubic ex-op says he asked CoD for rent concessions

Hong Kong-listed Luk Hing Entertainment Group Holdings Ltd, which until Friday was the designated operator of Club Cubic nightclub (photo on file) at the City of Dreams (CoD) casino complex in Macau, said in a file that night, she had stopped doing “because of differences between City of Dreams and the group”.

“The group is seeking legal advice regarding its rights in the aforementioned case,” the file added.

Luk Hing said he “tried to get in touch with City of Dreams Resorts Ltd, the cooperative partner of Club Cubic Macau, for rent reductions or concessions, but the result was not very successful. “.

City of Dreams Macau, on Cotai, operates under the gaming license of Melco Resorts and Entertainment Ltd, a listed company in the United States.

Luk Hing said in his announcement that due to the Covid-19 pandemic, the operation of Club Cubic has been “significantly and negatively affected by lockdowns, business closures and social distancing measures, resulting in loss of income or slower income growth ”.

The record indicated that for the six months up to June 30 – as noted in Luk Hing’s interim report published in August – Club Cubic had accounted for “around 17% of the group’s total revenue” for the period.

The company said its other businesses, including a nightclub in Zhuhai in mainland Guangdong Province, and catering businesses in Hong Kong, remain in “normal operation and are unaffected” by the company’s exit. of Club Cubic activity at City of Dreams Macau. .

Earlier on Friday, Melco Resorts said in a statement that it was take over management Club Cubic that day and would close, then reopen, under a new name.

Currently, entertainment venues in Macau, including nightclubs, are closed as a Covid-19 countermeasure, by order of the city government, following recently confirmed Covid-19 infections.

Leave A Reply

Your email address will not be published.