ShareHong Kong billionaire Lawrence Ho's Melco Resorts & Entertainment has expanded its presence into Europe with the launch of a new hospitality and gaming complex in Cyprus. The "City of Dreams Mediterranean" marks the company's first venture in the region, with an investment of over €600 million ($662 million).
Biggest Casino Resort in Europe
The integrated resort is one of the largest development projects in Cyprus and is considered the biggest of its type in Europe.Located in Limassol on the island's south coast, the City of Dreams Mediterranean features a 14-story hotel with 500 guest rooms and suites, a casino, a massive pool complex, luxury retail stores, restaurants, and conference venues. Melco Resorts aims to transform Cyprus into a year-round destination for premium tourism, world-class entertainment, and a hub for international business and conference tourism.
The Mediterranean island's authorities have projected that the resort could attract an additional 300,000 tourists annually and bring in up to €700 million ($772 million) to Cyprus' treasury each year.
Melco Resorts also runs three casinos in Macau, the gambling paradise of the East, and an integrated resort in Manila, the Philippines. After a rough few years, the company has finally been recovering from the pandemic after Macau relaxed its COVID restrictions and reopened its borders to tourists earlier this year. In the first quarter of 2023, the firm saw its revenue rise by 51% from the same period in 2022 to $716 million and halved its net loss to $81 million.
Lawrence Ho, chairman and CEO of Melco Resorts, said: “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. City of Dreams Mediterranean provides premium luxury, inspired and infused with local flavor. It allows Cyprus to unlock new markets in the region and beyond."
The resort is expected to contribute significantly to countering seasonality, a major challenge for the Cypriot tourism industry, and establish the island as a year-round all-season destination. With tourism-related activities generating approximately 20% of the Republic of Cyprus' GDP, the City of Dreams Mediterranean is poised to make a substantial impact on the local economy and tourism sector.
