Sanctions could affect the launch of the City of Dreams Mediterranean integrated resort.
Cyprus.- Melco has warned that international financial sanctions against Russia due to its invasion of Ukraine could adversely affect its plans for Melco Cyprus. According to the company, the sanctions could affect operations in Cyprus, where historically a significant number of tourists come from Russia.
Melco Cyprus is a joint venture between Melco Resorts and Cyprus-based conglomerate Cyprus Phassouri (Zakaki) Ltd. The partnership has an exclusive jurisdictional licence for 30 years. The City of Dreams Mediterranean integrated resort is expected to open in the second half of the year.
Melco hopes to create an estimated 4,000 local job opportunities and approximately 2,500 permanent jobs. Last November, the company announced it was going to increase its staff by almost 260 per cent as a result of the development.