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Melco Resorts Announces the Opening of City of Dreams Mediterranean in Cyprus

Melco Resorts has announced that its next casino will open in the island nation of Cyprus in July.

Melco Resorts Announces the Opening of City of Dreams Mediterranean in Cyprus

Cyprus is geographically located in Western Asia, yet its culture and political principles are more closely associated with Southeastern Europe. Melco, a Hong Kong-based company that owns an integrated resort in the Philippines and one of six casino operators in Macau, says its €550 million (US$602 million) investment in Cyprus is nearly ready to welcome its first visitors.

City of Dreams Mediterranean, Melco officials say, will open on July 10 in Limassol. Dubbed the largest integrated resort in Europe, the property features “Europe’s grandest casino,” plus fine dining, extensive entertainment, and exposition facilities.

The on-site hotel offers 500 rooms and suites. Each room has a private balcony with unobstructed views of Akrotiri Salt Lake, the Troodos Mountain range, and the world-famous Lady's Mile Beach.

"We are overjoyed to finally welcome our valued guests to City of Dreams Mediterranean." It will introduce Melco's award-winning standards of entertainment and leisure, as well as welcome innovation, to Cyprus' luxury hotel sector, making it a historic project and our first investment in Europe. "We are excited to wow our guests with cutting-edge design, first-rate entertainment, and immersive experiences," said Grant Johnson, general manager of City of Dreams Mediterranean.

Melco's History

Melco Resorts was founded in May 2017 when billionaire Lawrence Ho terminated commercial connections with fellow billionaire James Packer and his Crown Resorts. Ho paid $1.16 billion for Crown's interest in Melco Crown Entertainment and renamed the company Melco Resorts.

Ho made the choice to split with Packer after China charged Crown Resorts with illegally promoting gambling on the mainland. At the time, Ho described Crown's activities as "deliberate spitting" in the face of Chinese law.

Ho, one of 17 children of the late Stanley Ho, the "King of Gambling" who had a monopoly on casino gaming in Macau for decades until the region was returned to China around the start of the twenty-first century, saw the necessity of being in China's good graces. Melco has dramatically increased its footprint in Macau since its separation from Crown, with the inauguration of Morpheus, a non-gaming resort on the Cotai Strip, and the more recent opening of Studio City, an indoor and outdoor water park. Melco will also open the W Macau in Studio City in September.

Melco has a significant presence in Manila's Entertainment City, where it owns and manages City of Dreams Manila. Melco's third City of Dreams-branded integrated resort property is City of Dreams Cyprus.

Expansion of the Portfolio

Melco Resorts is expanding its reach even again, this time to the Mediterranean. Ho is placing a large bet on attracting gamblers, recreational tourists and families, and business travellers to the island nation.

"We're excited to open City of Dreams Mediterranean and demonstrate our expertise with the region's first integrated resort of its kind," Ho said last week during the company's earnings call.

Melco officials said City of Dreams Mediterranean will be an ideal destination for a variety of events, including weddings, concerts, and large-scale conferences, with over 86,000 square feet of indoor and outdoor event space. Indoor facilities include a Grand Ballroom with seating for over 1,000 people, the Forum, a flexible area, and an outdoor Roman-style Amphitheatre with seating for up to 300 visitors.



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