Melco opens new satellite casino in Cyprus

Melco’s Cyprus Casinos has opened a fourth satellite facility in the territory, called C2 Paphos.

Cyprus.- Cyprus Casino, has announced the opening of its fourth and last licenced satellite casino, Cyprus Casinos Paphos (C2 Paphos). Melco Resorts’ company is the only one that has authorisation to operate casinos in Cyprus.

C2 Paphos officially opened its doors on Monday in Geroskipou at 9, Theas Afroditis Avenue, near the Paphos Airport.

The facility will be open on weekdays from 4 pm to 3 am, on Saturdays from 4 pm to 6 am and Sundays from 6 am to 3 am. During public holidays it will remain open for 24 hours.

Craig Ballantyne, Property President of City of Dreams Mediterranean and Cyprus Casinos “C2”, commented: “We are delighted to be launching our fourth and last satellite casino, after the opening of C2 Limassol, the first licensed casino on the island, in June 2018. We strongly believe that C2 Paphos will further enhance the local touristic experience and attract more visitors to the district not only from Cyprus but also from abroad.”

Cyprus Casinos registers revenue increase

Melco Resorts & Entertainment has released its fourth-quarter financial results from its operations in Cyprus. The company is currently operating a temporary casino and three satellite casinos ahead of the launch of City of Dreams Mediterranean in 2021.

For the quarter ended December 31, 2019, total operating revenues at Cyprus Casinos were US$24.7 million compared to US$15.6 million in the fourth quarter of 2018. Cyprus Casinos generated Adjusted EBITDA of US$8.6 million in the fourth quarter of 2019 compared with Adjusted EBITDA of US$2.3 million in the fourth quarter of 2018.

Rolling chip volume was US$22.8 million for the fourth quarter of 2019. The rolling chip win rate was 3.61% in the fourth quarter of 2019. The expected rolling chip win rate range is 2.85% – 3.15%.