Melco opens Europe’s first integrated resort

Melco’s City of Dreams Mediterranean has opened in Limassol.
Melco’s City of Dreams Mediterranean has opened in Limassol.

Lawrence Ho says City of Dreams Mediterranean will open up new markets.

Cyprus.- Melco’s City of Dreams Mediterranean integrated resort opened on Tuesday. The €600m resort in Limassol, Cyprus, has a casino, 500 guest rooms and suites, sports facilities, shopping, art, an outdoor amphitheatre, a family adventure park, conference and exhibition space and dining options.

Lawrence Ho, chairman and chief executive officer of Melco Resorts & Entertainment, says it will “unlock new markets in the region and beyond.” The resort is expected to create an estimated 2,500 permanent jobs in the IR.

Melco had been operating a temporary casino in Cyprus and is licensed to run four satellite casinos. With the opening of City of Dreams Mediterranean, the company will continue operating the satellite casinos while discontinuing the temporary casino.

Melco Resorts posts revenue of US$716.5m for Q1

The casino operator shared its financial results for the first quarter of 2023. Operating revenues hit US$716.5m, up 51 per cent compared to the first quarter of 2022 ( US$474.9m).

Melco attributed the growth to improved performance across all gaming segments, primarily due to the relaxation of Covid-19 restrictions in Macau. The company reported adjusted property EBITDA of US$190.8m, compared to US$56m in the first quarter of last year.

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Melco Resorts