Tue, Jul 16, 9:52am by Staff Writer
Casino and hospitality giant Melco Resorts & Entertainment has recently been recognised at the 8th Invest Cyprus International Investment awards for its contribution to the economy of the Mediterranean island nation.
Casino News Daily reports that Melco is currently developing City of Dreams Mediterranean, Cyprus’ first integrated resort.
The property is slated to open doors in late 2021.
The 8th Invest Cyprus International Awards were held under the auspices of the President of the Republic of Cyprus, Nicos Anastasiades.
The ceremony took place at the Presidential Palace in the capital Nicosia on July 3.
Melco’s chairman and chief executive officer Lawrence Ho accepted the prestigious award.
The executive said after being presented with his company’s latest recognition that Cyprus “has tremendous economic potential and is now firmly on the radar of international investors.”
Of their operations on the island, Mr Ho said that “they have already seen a huge surge of interest in the island as a premium tourist destination” and that they expect the opening of their integrated resort to “have a huge positive impact on the nation’s economy, attracting tens of thousands of luxury tourists, creating hundreds of new jobs, and tackling the tough issue of seasonality head on.”
It emerged earlier this month that Melco’s first casinos in Cyprus welcomed 880,000 visitors between late June 2018, when the first such facility opened and June 2019.
The Hong Kong-listed company debuted last summer a temporary casino in Limassol not far from where City of Dreams Mediterranean is currently being developed.
The temporary facility will remain operational until the main resort, which will feature a larger gaming floor, among multiple other amenities, is under construction.
The casino recorded 710,000 visits during its first year of operation.
Melco also launched two of its four planned satellite casinos in Cyprus late last yar.
The first one, which opened doors in the capital Nicosia this past December, welcomed 130,000 visitors in the months after its launch.
The second satellite casino had its ribbon cut weeks after its Nicosia sister property.
It is located at Larnaca International Airport and was announced to have recorded 40,000 visits since opening.
— David James (@realmoneyaction) July 15, 2019
Officials for Cyprus Casinos, Melco’s Cypriot casino brand, said that they expect to welcome their millionth visitor sometime in August.
The three facilities currently employ more than 800 people, with the vast majority of the workforce being represented by Cypriot citizens.
Melco is slated to open two more satellite casinos by the end of the year.
One of them will be located in Ayia Napa and is set to welcome its first patrons later this month.
The final satellite casino will be launched in late 2019 in the city of Paphos.
A dealer at a Melco Resorts casino in Cyprus has been embroiled in an alleged cheating scandal, Calvin Ayre reported in March.
The dealer is accused of assisting a player to win at roulette on 18 different occasions over a one-month period.
The 44-year-old dealer, whose name has not been released, had been aiding a 53-year-old man win on the roulette table.
Staff at the Cyprus casino found that he was acting suspiciously around the security cameras on the property.
The man was arrested immediately and has been in jail for the past four days.
The casino issued a statement saying they “won’t tolerate such behaviour.”
The dealer is currently facing fraud charges, which could be expanded as the investigation continues.
Melco Resorts opened their casino in Cyprus in June as part of the development of four separate casinos across the Mediterranean.
$621.25 million had been spent on the City of Mediterranean resort and casino facility that is expected to be complete in 2021.
A temporary structure is in place until it can be completed.
The Larnaca project, known as C2, is the third of four casino projects to be spread across the region by Melco.
The company was given a 30 year license to create the four resorts and casinos. Despite this recent turmoil, there is no discussion of any action being taken to remove the license as a result of the fraudulent behaviour of one employee.
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