Melco Resorts and Entertainment has entered into a definitive agreement to secure a 75 per cent in the equity interest in the Cyprus-based €550m City of Dreams Mediterranean construction, after acquiring all of the ordinary shares of ICR Cyprus Holdings held by its majority shareholder Melco International Development.
ICR Cyprus and its subsidiaries are developing City of Dreams, with the project currently under development and scheduled to open in 2021, upon which it is expected to become “the largest and premier integrated destination resort in Europe”.
Subject to customary closing conditions, including the approval by certain Cyprus regulatory authorities, pursuant to the share purchase agreement, “Melco will acquire the acquisition shares in exchange for 55.5m ordinary shares of Melco, which are equivalent to approximately 18.5m American depository shares of the company, or 4 per cent of Melco’s outstanding shares as of the date hereof, representing approximately US$375m to be issued at the closing of the transaction”.
During construction, due to an exclusive agreement with Cyprus’ government, the company is able to open one temporary and four satellite establishments.
Limassol was the first to witness a grand opening in June of last year, with its temporary entity set to remain in operation until the larger casino resort is complete.
Following this, Cyprus Casinos Nicosia, or C2 Nicosia, was the initial satellite casino to swing open its doors, doing so in early December, before Cyprus Casinos Larnaca, also known as C2 Larnaca, situated at its International Airport – Glafcos Clerides, opened later in the same month, with Paphos and Ayia Napa to come later this year.
City of Dreams’ gaming area is set be installed with 36 tables and 1,200 gaming machines, with the complex also featuring a five-star hotel with luxurious villas and 500 hotel rooms, 11 restaurants and cafeterias, a wellness centre, a sports centre, an extensive pool area with river woods and surf pools, a high-end retail area and an outdoor amphitheatre with extensive green areas.