Melco Cyprus received an extension of the target opening date for its City of Dreams Mediterranean Sea to June 30, 2023, still within the aforementioned Q2 2023 target date. When the current temporary casino moves to the permanent site, the gaming complex is expected to be Europe’s largest integrated holiday resortas well as the most requested location.
As construction continues, the company is currently operates three permanent satellite casinos and a temporary casino which will cease to exist when the main page opens its arcade.
According to a report by the local Cyprus Post, the operator is aware of the huge impact a successful integrated resort will have on development the island’s tourism industrywhich was one of the main reasons it became the first and only casino resort on the island to be licensed when a license was granted in 2017. Other operators can apply for future tenders after a license has expired. 30-year moratorium about the granting of additional licenses.
Recognition of the operator’s responsibility to the Cypriot community was expressed by Grant Johnson, Senior Vice President of Casino Sales and Marketing, at a recent event fifth anniversary of the first casino license Issued in the country since it was separated from the Turkish-occupied northern part of the country by a United Nations Blue Zone after a 4-week war in 1974.
Illegal casinos operate outside of Cyprus
Several casinos operate in the north Cyprus, in a sort of gray area apparently exempt from Turkey’s strict anti-gambling laws. Also other emerging and temporary casinos operate briefly in the Blue Zone, where laws have been easily rigged and unlicensed operators can make a lot of money before being shut down by laws that are difficult to enforce and prosecute.
At the event, 57 of the licensed operations’ original employees received plaques to commemorate their early service to the complex. Johnson said Melco will continue to work to ensure the country becomes a global business and entertainment destination.
“Melko Cyprus operates the temporary casino in Limassol and three satellite casinos in Nicosia, Ayia Napa and Paphos, while at the same time developing the Mediterranean casino complex City of Dreams, a project aimed at changing the rules of the game in the US tourist industry from the island”according to a company announcement.
Speaking directly to team members at the event, Johnson said: “Five years ago, City of Dreams Mediterranean Sea It was a distant dream, but we are now just a few months away from opening.”
“You have helped us grow this organization and soon another 2,500 colleagues will join our team and follow in your footsteps.”he added.
He also noted that the company and the team are trying to create a sustainable future for Cyprus.
The former president visited in February
Last month, Melco received the former President of Cyprus, Nicos Anastasiades, in the tourist center of Limassol.
Anastasiades said then: “The creation of a multi-thematic complex was one of the government’s objectives, as we know that its creation would help enrich our tourism product, increase tourist arrivals and create new jobs, with obvious benefits for the Cypriot economy.”
according to a Unaudited earnings report for Q4 2022 According to recently published and comments from company head Lawrence Ho, the company is currently struggling with pandemic-related losses, but the Cyprus temporary casino has surpassed 2019 revenue and City of Dreams Manila is catching up. The company also received a new 10-year concession for its gaming and entertainment properties in Macau.
For all facilities operations in Cyprus, the Company reported operating income of $28.7 million in the fourth quarter of last year compared to $22.4 million in the fourth quarter of last year. The Company’s fourth quarter Adjusted EBITDA of $10.5 million for its Cyprus operations was almost double the prior quarter.
The company kept $5 out of every $100 it invested in slots in the last quarter of 2022, up from $5.10 in 2021. Bit volume increased to 38 million this year from $30.5 million in the fourth quarter of 2021 $ in the fourth quarter of 2022.
Spring: Cyprus has the potential to become a global tourism and entertainment destinationCyprus Mail, March 5, 2023
