Melco to Open City of Dreams Mediterranean
The Lawrence Ho-controlled Melco Resorts and Entertainment announced the opening of a casino resort on the island of Cyprus. According to online casino platform experts, it will be Melco’s first European venture. Also, the company called it the City of Dreams Mediterranean.
Melco invested over $662 million in the construction of the integrated resort. According to casino pay per head sources, it will open on Monday.
It is the largest casino resort in Cyprus and Europe. Melco says it combines local culture and hospitality with new entertainment and experience.
City of Dreams Mediterranean
Limassol, on the island’s south coast, is home to the resort’s 14 stories and 500 rooms and suites. According to casino news reports, it also has a casino, a huge pool area, high-end shops, fine dining, and a convention center.
Initially, the resort was expected to draw 300,000 tourists annually. In addition, it would bring up to 700 million euro ($772 million) to Cyprus’ treasury annually. In addition to offering world-class entertainment, Melco Resorts plans to turn Cyprus into a hub for international business and conferences.
Melco Resorts, listed on the Nasdaq, owns and operates four casinos in Macau and one in the Philippines’ capital city of Manila. The company’s first foray into the Japanese market involved plans for an integrated resort in Yokohama, the country’s second-largest city. However, in 2021, Yokohama’s municipal leaders pulled the plug on the chase by withdrawing the city’s request to host a casino construction. The Japanese government granted permission to a group led by Melco’s competitor MGM Resorts International to construct Japan’s first casino in Osaka in April.
After Covid limitations were loosened and the gates of Macau reopened earlier this year, Melco Resorts began to recover. The casino operator reported a 51 percent increase in revenue to $716 million in the first quarter compared to the same period in 2022 and a 42 percent decrease in its net loss to $81 million.
