In a Tuesday press conference, Investment holding firm Melco International Development Ltd (200:Hong Kong) revealed that on June 8, 2018, a groundbreaking ceremony would precede the start of building work on Europe’s first integrated casino resort. City of Dreams Mediterranean, as it’s been dubbed, will be created from the city of Limassol, situated on the southern shore of Cyprus.
We will have a press event on June 8 … about the revolutionary [service] in Cyprus.
Founded in Macau in the Grand Hyatt, the press conference was regarding the June 15, 2018, targeted starting of their US$1.1 billion Morpheus, the new ultra-luxurious hotel at City of Dreams in Macau. The Hong-Kong listed firm is reportedly working closely with the government of Macau to see it obtains all of the required licenses for your hotel made by late Dame Zaha Hadid.
Announced in January (pdf), City of Dreams Mediterranean will reportedly feature luxury villas, a five-star hotel with 500 hotel rooms, 11 restaurants and cafeterias and 9,600-square meters (103,333 square feet) of meetings, incentives, conferences and exhibitions (MICE), along with a 70,000 square foot casino that offers roughly 136 tables and 1,200 gaming machines. The center, which reportedly comes with a €550 million (US$651.8 million) price tag, is being developed by a 75 percent — 25 percent consortium, Integrated Casino Resorts Cyprus Consortium, comprising Melco International Development Limited and The Cyprus Phassouri (Zakaki) Limited.
Throughout the press conference, Ho reportedly said that Melco would likewise be launching a temporary gaming center in Cyprus this summer, two and a half a year ahead of their permanent IR, based on GGRAsia.
From the January press release, Melco informed the Mediterranean style resort is projected to bring 300,000 tourists annually and after its second year of operation, is projected to have an effect on Cyprus economy that amounts to that around 4% of the nation’s yearly gross domestic product (GDP).
GGRAsia reports that last week during the Japan Gaming Congress in Tokyo, it was told by Melco International CFO Geoffrey Davis a temporary gaming facility would be launched in Cyprus from the company in June.
“City of Dreams Mediterranean will display our ability to customise our integrated resort development in a means that makes the integrated resort appropriate for your individual market,” Davis reportedly told GGRAsia.
Earlier this month, Melco International named gambling and entertainment industry veteran Craig Ballantyne as land president of those forthcoming Cyprus IR where he will be responsible for ensuring the place’s day to day operations are conducted in keeping with the regulations and laws of Cyprus, according to the Cyprus Mail online news outlet.