Melco Resorts & Entertainment, the Asian casino operator controlled by Hong Kong billionaire Lawrence Ho, has made its first venture into Europe with the launch of a new hospitality and gaming complex in Cyprus. The integrated resort, named “City of Dreams Mediterranean,” has officially opened its doors after an investment of over 600 million euros ($662 million). It is considered one of the largest development projects in Cyprus and Europe’s largest integrated resort, according to the company.
Lawrence Ho, the Chairman and CEO of Melco Resorts, expressed his excitement about the project, stating: “City of Dreams Mediterranean gives Cyprus a new story to tell by blending local culture, hospitality and beauty with a new form of entertainment and experience. It allows Cyprus to unlock new markets in the region and beyond.”
Lawrence Ho, the Chairman and CEO of Melco Resorts
The resort aims to offer premium luxury with a touch of local flavor. Situated in Limassol on the sunny south coast of Cyprus, the resort features a 14-story hotel with 500 guest rooms and suites. In addition to the hotel, it boasts a casino, a pool complex, luxury retail stores, restaurants, and a conference venue, among other amenities.
At center stage is its gaming area, which operators say is the largest casino in Europe at just over the size of a FIFA World Cup soccer pitch. The 7,500-square-meter (81,000-foot) casino contains 100 tables and 1,000 slot machines.
Melco Resorts has high hopes for the property, aiming to turn Cyprus into a year-round destination for premium tourism, world-class entertainment, and international business and conference tourism. The resort is projected to attract an additional 300,000 tourists annually and contribute up to 700 million euros ($772 million) to Cyprus’ treasury each year.
Grant Johnson
Resort Property Manager Grant Johnson highlighted the significance of the project and its potential impact on the region, saying: “Cyprus is now ready to compete across Europe and the Middle East in luxury tourism and large-scale conferences.”
“Cyprus’s geographical location, at the crossroads of three continents with its proximity to Israel, North Africa and the rest of Europe was a bonus, as was its “climate and lovely beaches,” Ho added, as reported by Reuters.
Melco Resorts envisions the City of Dreams Mediterranean as a catalyst for economic growth and a showcase of the island’s appeal to travelers seeking exceptional experiences. The resort’s grand opening marks a milestone for Melco Resorts, which already operates three casinos in Macau and an integrated resort in Manila, the Philippines.
While the company had previously pursued a casino development in Yokohama, Japan, the bid was withdrawn by local officials. However, a consortium led by Melco Resorts’ peer MGM Resorts International recently obtained government approval to build Japan’s first casino in Osaka.
Melco Resorts has been gradually recovering from the impact of the COVID-19 pandemic as travel restrictions ease. In the first quarter of this year, the company witnessed a significant increase in revenue, rising by 51% compared to the same period in 2022, reaching $716 million.
