Called the “City of Dreams Mediterranean,” it is one of the largest development projects of its kind undertaken in Cyprus and Europe’s biggest integrated resort, according to Melco.
Melco Resorts said it hopes to turn Cyprus into a “year-round destination for premium tourism, world-class entertainment, as well as a hub for international business and conference tourism.” Authorities of the Mediterranean island had projected earlier that the resort could attract an additional 300,000 tourists annually and bring in up to 700 million euro to Cyprus’ treasury a year.
Nasdaq-listed Melco Resorts runs three casinos in Macau and an integrated resort in Manila, the Philippines. The company had previously tried to enter Japan with an integrated resort development in Yokohama, the country’s second-largest city. The pursuit, however, was put to an end by local officials who in 2021 withdrew Yokohama’s bid to host a casino development. A consortium led by Melco’s peer MGM Resorts International in April won government approval to build Japan’s first casino in Osaka.
Melco Resorts has been recovering from the pandemic after Macau relaxed its Covid restrictions and reopened its borders to tourists earlier this year. In the first quarter, the casino operator saw its revenue rise by 51% from the same period in 2022 to $716 million and halved its net loss to $81 million.
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