Hong Kong-listed Melco International Development has confirmed it will launch a temporary casino complex in Cyprus this year, near the southern city of Limassol.
This $573 million facility, which could also include up to four satellite venues, is purportedly due to feature 500 hotel rooms alongside a 70,000 sq ft casino offering approximately 1000 slots and some 100 gaming tables.
“In 2018, we will commence operating a temporary casino facility while we work towards a 2021 targeted opening for the permanent integrated casino resort,” said the firm’s CEO Lawrence Ho.
“Last year we completed several critical steps to advance our long-term strategy in the market. After unveiling the inspiration in February of 2017 for an initial design concept for an original integrated resort unique to the market, Melco Resorts established a Japanese subsidiary, opened an office in Tokyo and appointed a local leadership team in the last quarter of the year.”
Regarding its financials for the twelve months to the end of December, Melco explained that adjusted earnings before interest, tax, depreciation and amortization had improved by over 80% year-on-year to reach $1.24 billion while net revenues rose by 70% to hit $5.24 billion.
“The increase was due to stronger results in 2017,” read the statement from Melco International Development Limited. “Additionally, the prior year results reflected approximately eight months of consolidated results of Melco Resorts and Entertainment Limited compared to a full year of consolidated results in 2017.”
