Casino and hospitality giant Melco Resorts & Entertainment has recently been recognized at the 8th Invest Cyprus International Investment Awards (ICIIA) for its contribution to the economy of the Mediterranean island nation.
Melco is currently developing City of Dreams Mediterranean, Cyprus’ first integrated casino resort. The property is slated to open doors in late 2021.
The 8th Invest Cyprus International Investment Awards were held under the auspices of the President of the Republic of Cyprus, Nicos Anastasiades. The ceremony took place at the Presidential Palace in the capital Nicosia on July 3.
The event was organized by Invest Cyprus, known to be the nation’s investment promotion agency, and the Gold Magazine and aims to honor international investors and businesses for their substantial contribution to the Cypriot economy.
Melco’s Chairman and CEO Lawrence Ho accepted the prestigious award. The executive said after being presented with his company’s latest recognition that Cyprus “has tremendous economic potential and is now firmly on the radar of international investors.”
Of their operations on the island, Mr. Ho said that “they have already seen a huge surge of interest in the island as a premium tourism destination” and that they expect the opening of their integrated resort to “have a huge positive impact on the nation’s economy, attracting tens of thousands of luxury tourists, creating hundreds of new jobs, and tackling the tough issue of seasonality head on.”
First Cyprus Casinos On Track to Welcome Millionth Visitor in August
It emerged earlier this month that Melco’s first casinos in Cyprus welcomed 880,000 visitors between late June 2018, when the first such facility opened, and June 2019. The Hong Kong-listed company debuted last summer a temporary casino in Limassol not far from where City of Dreams Mediterranean is currently being developed.
The temporary facility will remain operational until the main resort, which will feature a larger gaming floor, among multiple other amenities, is under construction. The casino recorded 710,000 visits during its first year of operation. Melco also launched late last year two of its four planned satellite casinos in Cyprus.
The first one, which opened doors in the capital Nicosia this past December, welcomed 130,000 visitors in the months after its launch. The second satellite casino had its ribbon cut weeks after its Nicosia sister property. It is located at Larnaca International Airport and was announced to have recorded 40,000 visits since its opening.
Officials for Cyprus Casinos, Melco’s Cypriot casino brand, said that they expect to welcome their millionth visitor sometime in August. The three facilities currently employ more than 800 people, with the vast majority of the workforce being represented by Cypriot citizens.
Melco is slated to open two more satellite casinos by the end of the year. One of them will be located in Ayia Napa and is set to welcome its first patrons later this month. The final satellite casino will be launched in late 2019 in the city of Paphos.
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