Insider Business Coronavirus outbreak won’t affect Cyprus casino implementation process

Coronavirus outbreak won’t affect Cyprus casino implementation process

Melco Resorts & Entertainment Limited, the casino group behind City of Dreams Mediterranean in Limassol, has announced that the outbreak of coronavirus does not affect the grand project’s implementation process in Cyprus.

Macau-based Melco has taken a number of preventive measures, including abandoning expansion plans, over the past recent days because of the fatal outbreak.

Due to the severe drop in tourism in Asia to casino facilities in the region, and the recent decision by the government to close all casinos in Macau, Melco decided to reassess all non-core investments to be made in 2020, the announcement also said.

Melco’s key investments include control and operation of casinos in Macau, the Philippines and Cyprus.

The company’s goal remains the continuation of operations in the above areas, the announcement added, before pointing out that the second phase of the City of Dreams Mediterranean is now under implementation.

On the other hand, Melco has abandoned its plans to buy shares in Australia’s Crown Resorts. The move leaves Melco with its existing 10% stake in Crown.

In May last year, Melco agreed to buy almost 20% of Crown from the company’s biggest shareholder, James Packer, in a transaction spread across two tranches.

City of Dreams Mediterranean casino’s construction will employ some 4,000 people and, upon its completion, it will create 2,400 permanent jobs. The casino resort is expected to create a total of 6,500 direct and indirect jobs.

The project’s impact on the economy of Cyprus, after the second year of operation, is estimated at €700 million or 4% of GDP annually.

 

Read more:

https://in-cyprus.com/melco-affirms-commitment-to-responsible-gaming/

 

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