{"id":29677,"date":"2022-05-09T08:41:21","date_gmt":"2022-05-09T11:41:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29677"},"modified":"2026-04-23T08:54:21","modified_gmt":"2026-04-23T11:54:21","slug":"melco-cyprus-to-launch-mediterranean-ir-this-year-despite-delays","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/melco-cyprus-to-launch-mediterranean-ir-this-year-despite-delays","title":{"rendered":"Melco Cyprus to launch Mediterranean IR this year despite delays"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n\n\n\n\n

Cyprus.-\u00a0Melco’s City of Dreams Mediterranean\u00a0<\/strong>integrated resort could still open this year, despite\u00a0multiple delays<\/a>. During the presentation of financial results for the first quarter of the year,\u00a0Lawrence Ho<\/strong>, Melco’s CEO, said the company had encountered difficulties with its contractor, who had struggled to meet its labour resourcing plans and maintain progress. <\/p>\n\n\n\n

However, he added: “We are actively dealing with these difficulties as we remain fully committed towards delivering Europe\u2019s first integrated resort in Cyprus.”<\/p>\n\n\n\n

Melco hopes to create an estimated\u00a04,000 local job opportunities<\/a>\u00a0and approximately 2,500 permanent jobs once opened. <\/p>\n\n\n\n

Ho also confirmed that\u00a0Studio City\u2019s Phase II construction<\/a>\u00a0is expected to be finished by September. Studio City Phase II<\/strong>\u00a0will include Macau\u2019s first W hotel from Marriott International, which is scheduled to open in December along with the rest of Phase II facilities. <\/p>\n\n\n\n

The expanded two luxury hotel towers will have a total of 900 rooms. W Macau \u2013 Studio City will have 557 guest rooms, including 127 suites.<\/p>\n\n\n\n

Ho stated: \u201cConstruction 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.”<\/p>\n\n\n\n

Melco Resorts posts net loss of US$183.3m for Q1<\/h2>\n\n\n\n

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<\/a>.<\/p>\n\n\n\n

The company attributed the decline to \u201cheightened border restrictions in Macau related to Covid-19 which led to a softer performance in the mass-market table games segment.\u201d (EBITDA) came in at US$56m.\u00a0Adjusted property EBITDA declined by 40.4 per cent.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":176,"featured_media":25856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Melco Resorts reported a Q1 net loss of US$183.3m, an improvement year-on-year, despite an 8.5% decline in operating revenues attributed to Macau's COVID-19 restrictions. Group Chairman and CEO Lawrence Ho confirmed that the City of Dreams Mediterranean in Cyprus is still slated for a late 2022 opening despite contractor challenges, while Studio City Phase II in Macau, including the W Macau hotel, remains on schedule for completion by September.","focusai_entities":"Melco, Lawrence Ho, Marriott International","focusai_location":"Cyprus, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Melco Q1 Revenue Impact","query":"What specific mass-market table game segments in Macau were most affected by the Q1 border restrictions, and what is Melco's projected recovery timeline for these segments?"},{"label":"Cyprus IR Contractor Risk","query":"Beyond labor resourcing, what specific contractual or supply chain risks are being mitigated to ensure the City of Dreams Mediterranean's revised Q4 2022 opening, and what are the potential financial penalties for further delays?"}],"footnotes":""},"categories":[157,16331,158],"tags":[23970],"class_list":["post-29677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-elsewhere-news","category-slider-home","tag-melco-resorts-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29677"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29677\/revisions"}],"predecessor-version":[{"id":29694,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29677\/revisions\/29694"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}