Melco Resorts & Entertainment Limited (Nasdaq: MLCO), operator of City of Dreams Mediterranean and Cyprus Casinos (C2), announced its preliminary financial results for the second quarter of 2023, which ended June 30, 2023.
City of Dreams Mediterranean, the first multi-theme resort in Europe, officially opened its doors to the general public on July 10, 2023. With an investment exceeding €600 million, the multi-theme resort is one of the largest development projects ever undertaken in Cyprus . With its high-level services and amenities, it aims to establish our island as a year-round destination for high-quality tourism and world-class entertainment, as well as a hub for international business and conference tourism. City of Dreams Mediterranean will contribute to the sustainable development of the Cypriot economy, attracting thousands of tourists every year, while creating hundreds of jobs and developing a value chain for the local community through important partnerships with Cypriot suppliers and businesses.
Commenting on the results, Mr. Lawrence Ho, Melco's President and Chief Executive Officer, said: “In Cyprus, we successfully opened City of Dreams Mediterranean, initially in June, for a certain number of guests, and officially to the general public in July. We are excited about its prospects as we grow our business. Environmental sustainability is embedded in the core of our group and in all our actions. We are also continuing our work to secure BREEAM certification for City of Dreams Mediterranean once construction is complete.”
Based on the financial results for the second quarter of the year ended June 30, 2023, Cyprus Casinos' turnover amounted to $30.9 million compared to $21.7 million in the corresponding quarter of 2022. Cyprus Casinos recorded earnings before interest , taxes and depreciation (EBITDA) for the second quarter of 2023 of $6.9 million, compared to earnings of $5.6 million in the corresponding period of 2022. The year-over-year increase in EBITDA is mainly due to the result of better performance in the mass segment purchase.
As the first multi-theme resort in Europe, City of Dreams Mediterranean features a 14-story luxury hotel with 500 rooms and suites, exhibition and conference spaces, an outdoor amphitheater, a family-friendly adventure park, as well as an array of fine dining restaurants and luxury retail outlets.< /p>
City of Dreams Mediterranean is the first development project in Cyprus to receive the distinction 'BREEAM Excellent rating', which is the leading method of evaluating and certifying the sustainability of integrated construction projects, infrastructures and buildings worldwide, during its planning stage. Melco aims for an overall rating of “Excellent” for City of Dreams Mediterranean.
Melco Resorts & Entertainment Limited
The Company, with its American stock custodian listed on the NASDAQ Global Select Market (NASDAQ: MLCO ), is a developer, owner and operator of multi-themed resorts in Asia and Europe. The Company currently operates a multi-themed hotel in Taipa, Macau under the brand name Altira Macau (www.altiramacau.com), and the multi-themed resort City of Dreams (www.cityofdreamsmacau.com) located in Cotai, Macau. The Company's operations also include Mocha Clubs (www.mochaclubs.com), the largest non-casino electronic gaming facilities in Macau. She is also the majority owner and operator of Studio City (www.studiocity-macau.com), a film studio-themed resort in Cotai, Macau. In the Philippines, a subsidiary company operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), a multi-themed hotel and retail resort within the Entertainment City complex in Manila. In Europe, the Company is developing the multi-theme resort (IR) City of Dreams Mediterranean (www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is expected to be the largest luxury multi-theme resort in Europe. The Company currently operates a temporary casino, the first licensed casino in the Republic of Cyprus, and four satellite casinos, under the Cyprus Casinos brand. With the operation of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while the operation of the temporary casino will be terminated. For more information about the Company visit the website www.melco-resorts.com.
The Company is majority owned by Melco International Development Limited, a company listed on the Main Market of the Hong Kong Stock Exchange with the main owner being the Chairman of the Board, Chief Executive Officer and Chief Executive Officer of the Company, Mr. Lawrence Ho.
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