Melco Resorts is buying all of parent company Melco International’s 75 per cent stake in its Cyprus operations for $375m in shares.
The Cyprus operations include the City of Dreams Mediterranean project, which is scheduled to open in 2021. It also includes multiple satellite casinos. The transaction requires multiple approvals, including that of the minority local stakeholder. Melco expects the transaction to close no later than September 20.
The opening date of the City of Dreams Mediterranean main casino was recently delayed as Melco wants to add more gaming areas and guest rooms, local outlet Phileleftheros reported. The project will reportedly cost well more than the planned €550m initial cost.
The casino is expected to be the largest in Europe. The consortium holds a 30-year gaming licence which began in 2017 and is exclusive for the first 15 years. Melco CEO Lawrence Ho has a majority stake in both companies. He owns 55.8 per cent of Melco Resorts and 54.05 per cent of Melco International.
Source: Fantini's Gaming Report
