Melco Opens Fourth Satellite Casino In Cyprus

Melco Resorts and Entertainment opened its fourth satellite casino in Cyprus, a week after the company lauded the advance of its € 550 m City of Dreams Mediterranean under construction.

This week, after the closure of the temporary casino in Limassol and fellow satellite entities in Nicosia, Larnaca and Ayia Napa, Cyprus Casinos Paphos started welcoming guests.

Situated in Geroskipou’s main tourist area, close to Paphos International Airport and the city centre, the property, which employs 25 people, contains 50 state-of-the-art gaming machines.

The firm notes that the Cyprus Casinos Paphos “operates in strict compliance with Cypriot law and relevant legislation,” as well as adhering to a continued commitment to the highest standards of operation, efficiency and responsible gaming.

Craig Ballantyne, City of Dreams Mediterranean property president, and Cyprus Casinos C2, commented: “We are delighted to be launching our fourth and last satellite casino, after the opening of C2 Limassol, the first licensed casino on the island, in June 2018. We strongly believe that C2 Paphos will further enhance the local touristic experience and attract more visitors to the district not only from Cyprus but also from abroad”.

Melco illustrated last week’s dedication to achieving articulated expansion across Asia and Europe as the company publishes a fourth quarter and full-year plan for 2019.

Revenue for the final period of the previous year rose by 3 per cent to $1.45bn (2018: $1.41bn), primarily attributable to improved performance in the segment of mass market table games.

Revenues across Melco’s Cyprus Casinos assets rose by 58.3 percent to $24.7 million (2018: $15.6 million), with adjusted EBITDA growing dramatically from $8.6 million to $2.3 million.

The company will also continue to operate the four satellite casinos once the City of Dreams Mediterranean integrated resort is completed in 2021, while the temporary properties will cease to operate.