Melco Resorts & Entertainment Limited (Nasdaq: MLCO), a developer, owner and operator of multi-themed resorts in Asia and Europe, today announced its preliminary financial results for the fourth quarter and full year ended December 31, 2022.
Regarding the company's operations in Cyprus, it is worth mentioning that City of Dreams Mediterranean, the first multi-theme resort in Europe, is due to be completed soon. The company has secured an extension from the government until June 30, 2023 to open the resort. Construction works are progressing smoothly and the resort is expected to open its doors to the public this summer.
With the high-level services and amenities it will offer, City of Dreams Mediterranean aspires to be a game-changer in tourism sector of Cyprus attracting hundreds of thousands of additional visitors and significantly strengthening the country's economy. With more than 2,500 employees at the resort, the company will also become one of the largest employers in Cyprus.
The Mr. Lawrence Ho, Melco's Chairman and Chief Executive Officer, said: “Gambling volume in Cyprus last year has surpassed pre-pandemic levels. With the travel sector returning to normality internationally, we expect this upward trend to continue. We have been informed that the Council of Ministers has approved the extension of the deadline for the operation of City of Dreams Mediterranean until June 30, in accordance with the terms of the project's licensing. In collaboration with our contractors we are working to have the resort operating on schedule.
We remain committed to achieving our 2030 targets for environmental sustainability. We are also working to secure BREEAM certification for the completed City of Dreams Mediterranean project, after being certified with an 'Excellent rating,' for its sustainable design”.
Based on the financial results for the fourth quarter of the year ended 31 December 2022, Cyprus Casinos' turnover amounted to $28.7 million compared to $22.4 million in the corresponding quarter of 2021. Cyprus Casinos recorded earnings before interest , taxes and depreciation (EBITDA) for the fourth quarter of 2022 of $10.5 million, compared to a profit of $5.2 million in the corresponding period of 2021.
An investment exceeding €600 million, the City of Dreams Mediterranean multi-theme resort is one of the largest development projects ever undertaken in Cyprus. It is a unique combination of a luxury hotel, high-quality entertainment, conference and sports facilities, luxury shops, excellent restaurants and bars, an adventure park for young and old, as well as a 200-seat outdoor amphitheater.
BREEAM is the leading method of assessing and certifying the sustainability of integrated construction projects, infrastructures and buildings worldwide. It assesses the sustainability of the building, examining with a holistic approach, a series of environmental, social and economic factors. City of Dreams Mediterranean is the first building in Cyprus to receive the distinction 'BREEAM Excellent rating', achieving a rating of 80.4%, during its design stage.
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.
The Cyprus Phassouri (Zakaki ) Limited
The Cyprus Phassouri (Zakaki) Limited Company is a member of the CNS Group, which, among other things, operates in the sectors real estate, telecommunications, dairy, agriculture, exports and mining in Cyprus. For more information about CNS Group, visit http://www.cns.com.cy/