Opened in 1976 by the late casino tycoon Stanley Ho, in its glory days it embodied the height of luxury, reportedly costing more than HK$30 million (US$3.8 million) to build. The 76m vessel could house 2,300 diners.
It was also featured in several films - including Steven Soderbergh's Contagion, about a deadly global pandemic.
Melco said last month the business had not been profitable since 2013 and cumulative losses had exceeded HK$100 million.
It was still costing millions in maintenance fees every year and about a dozen businesses and organisations had declined an invitation to take it over at no charge, Melco added.
