Melco Cyprus to launch Mediterranean IR this year despite delays

The new Melco Cyprus casino is expected to open by the end of this year.
The new Melco Cyprus casino is expected to open by the end of this year.

Lawrence Ho, group chairman and CEO, said the City of Dreams Mediterranean integrated resort is still expected to open by the end of this year.

Cyprus.- Melco’s City of Dreams Mediterranean integrated resort could still open this year, despite multiple delays. During the presentation of financial results for the first quarter of the year, Lawrence Ho, Melco’s CEO, said the company had encountered difficulties with its contractor, who had struggled to meet its labour resourcing plans and maintain progress.

However, he added: “We are actively dealing with these difficulties as we remain fully committed towards delivering Europe’s first integrated resort in Cyprus.”

Melco hopes to create an estimated 4,000 local job opportunities and approximately 2,500 permanent jobs once opened.

Ho also confirmed that Studio City’s Phase II construction is expected to be finished by September. Studio City Phase II will include Macau’s first W hotel from Marriott International, which is scheduled to open in December along with the rest of Phase II facilities.

The expanded two luxury hotel towers will have a total of 900 rooms. W Macau – Studio City will have 557 guest rooms, including 127 suites.

Ho stated: “Construction is on schedule; we are very confident that we are going to meet the timeline, in terms of getting the necessary occupational permit, and for the various government departments to do the inspections and give us the relevant licences.”

Melco Resorts posts net loss of US$183.3m for Q1

The casino operator has reported a reduction of first-quarter net losses from US$232.9m to US$183.3m year-on-year. However, operating revenues were US$474.9m, down 8.5 per cent year-on-year and down 1.2 when compared to the previous quarter.

The company attributed the decline to “heightened border restrictions in Macau related to Covid-19 which led to a softer performance in the mass-market table games segment.” (EBITDA) came in at US$56m. Adjusted property EBITDA declined by 40.4 per cent.

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Melco Resorts & Entertainment