In a groundbreaking leap towards European grandeur, Melco Resorts & Entertainment, the eminent Asian casino enterprise under the stewardship of the illustrious Hong Kong tycoon Lawrence Ho, has triumphantly inaugurated an opulent haven of hospitality and gaming splendor on the Mediterranean island of Cyprus. This monumental achievement marks Melco Resorts’ maiden foray into the captivating realms of the European continent.
A statement released by the distinguished casino operator elucidated that the awe-inspiring integrated resort, aptly christened the “City of Dreams Mediterranean,” came to fruition through a staggering investment of over 600 million euro ($662 million). Emanating a resplendent radiance as it unfolded its majestic gates on Monday, this visionary project stands as a testament to Melco Resorts’ commitment to pioneering unparalleled excellence. Moreover, it proudly claims the distinction of being the most ambitious development endeavor ever undertaken on the enchanting island of Cyprus, emerging as Europe’s unrivaled titan among integrated resorts.
Capturing the essence of Cyprus’ cultural tapestry and embracing its innate beauty, the City of Dreams Mediterranean weaves an enthralling tale of enchantment, seamlessly melding local traditions, unrivaled hospitality, and alluring aesthetics with a transcendent paradigm of entertainment and experiential marvels. Lawrence Ho, the esteemed Chairman and CEO of Melco Resorts, resplendently vocalized this epochal moment at the unveiling ceremony held on Tuesday, where he proclaimed, “City of Dreams Mediterranean endows Cyprus with a captivating narrative, effortlessly fusing indigenous culture, warm hospitality, and breathtaking aesthetics with an unparalleled realm of entertainment and immersive encounters. It bestows upon Cyprus the key to unlocking untapped markets within the region and beyond.”
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Nestled serenely in the sun-drenched embrace of Limassol, the resort boasts a majestic 14-story edifice adorned with an assortment of 500 exquisite guest rooms and opulent suites. Moreover, this palatial retreat encompasses a lavish casino that promises to be a haven for high rollers, an expansive aquatic oasis that entices with its sheer magnitude, exclusive boutiques exuding luxury, a delectable array of gastronomic delights, and a versatile conference venue, among a plethora of other extraordinary amenities.
Elevated by an unwavering vision to transform Cyprus into a perennial destination for discerning connoisseurs of premium tourism and world-class entertainment, Melco Resorts aspires to establish the island as an international nexus for business and conference tourism. Projections by the authorities of this Mediterranean utopia envision the resort attracting an additional 300,000 tourists annually, while embellishing the treasury of Cyprus with a staggering influx of up to 700 million euro ($772 million) per annum.
Melco Resorts, listed on the illustrious Nasdaq exchange, commands an eminent presence in the domain of opulence, operating three prestigious casinos in the captivating enclave of Macau and an extraordinary integrated resort in the vibrant capital city of Manila, the Philippines. The intrepid pursuit to enter the Japanese market with an ambitious integrated resort development in Yokohama, the nation’s second-largest city, was, however, met with an untimely demise when local officials rescinded Yokohama’s bid to host a casino development in 2021. Meanwhile, a consortium spearheaded by Melco Resorts’ esteemed counterpart, MGM Resorts International, secured governmental approval in April to construct Japan’s inaugural casino venture in Osaka.
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Emerging resiliently from the chasms of the pandemic, Melco Resorts has experienced a remarkable recovery as Macau relaxed its stringent COVID-19 restrictions and flung open its borders to tourists earlier this year. The casino operator, witnessing a meteoric surge in revenue by an astounding 51% in the first quarter of this year compared to the same period in 2022, amassed a staggering $716 million in revenue and effectively halved its net loss to $81 million.
