36.8 C
Dubai
Saturday, May 18, 2024
spot_img

Casino operator Melco Crown launches Cyprus resort to target new market

[ad_1]

LIMASSOL, Cyprus (Reuters) – Asian casino operator Melco Crown Entertainment has launched an entertainment and gaming center in Cyprus, marking its first foray into Europe as it seeks to tap into new markets.

With a total investment of more than EUR 600 million (US$ 659.46 million), the City of Dreams Mediterranean is one of the largest developments of its kind in Cyprus. The operator said it hopes to attract an additional 300,000 tourists to Cyprus each year.

Macau-based Melco Crown has been seeking to diversify geographically. In addition to its Macau property, it also owns a so-called integrated resort in Manila, Philippines.

Lawrence Ho, chairman and chief executive of Melco Crown, said: “City of Dreams in the Mediterranean … enables Cyprus to tap into new markets in the region and beyond.”

Ho told Reuters that Cyprus’ geographical location at the crossroads of three continents, with its proximity to Israel, North Africa and the rest of Europe, was an advantage, as was its “climate and beautiful beaches”.

Located on the outskirts of the southern city of Limassol, the resort is a sprawling complex comprising a luxury hotel, grounds spaces, eight restaurants, a large pool complex, spa and retail outlets.

Center stage is its gaming area, which operators say is the largest casino in Europe, slightly larger than a FIFA World Cup football stadium.

Ho said Melco is now focusing on fully developing the Cyprus project before considering whether to expand to other parts of Europe.

Ho said the impact of the coronavirus pandemic has been severe, but the industry is bouncing back.

“We’re seeing tourists coming back to Macau. Our business in Manila is recovering very well … but even in Macau, things are recovering, I think it’s back to around 90% of pre-COVID levels,” he said.

(1 USD = 0.9098 EUR)

Reporting by Michelle Cambas; Editing by Sharon Singleton

Our standards: Thomson Reuters Trust Principles.

[ad_2]

Source link

Related Articles

Disney and Warner Bros Unveil Powerhouse Bundle for Ultimate Entertainment Access

Disney and Warner Bros to Offer Streaming Bundle of Disney+, Hulu, and HBO Max In a strategic move aimed at reshaping the streaming landscape, entertainment...

Alia Bhatt Steals the Spotlight at Met Gala

Alia Bhatt Triumphs Over Global Icons at Met Gala: Crowned 'Most Visible Attendee' in Empowering Fashion Alia Bhatt Steals the Spotlight at Met GalaAlia Bhatt,...

FIMM Events & Exhibition LLC- Dubai Presented Dubai Poetry Festival 2024 became one of the most historical poetry event of Dubai with a Twist...

The poetry lovers of Dubai witnessed something spectacular this weekend (20th of April -Saturday) in ‘Dubai Poetry Festival’ which was held at Glendale International...

Akshay Kumar Set to Ignite Telugu Screens with Debut, Breaking Boundaries

Akshay Kumar Set to Blaze a Trail with Telugu Debut Alongside Prabhas and Mohanlal Excitement mounts in the world of cinema as Bollywood's beloved actor,...

Salim Khan Condemns Threats Against Son Salman Khan as ‘jaahil’, Assures Enhanced Police Protection by Eknath Shinde.

Salim Khan Speaks Out on Threats Against Son Salman Khan Amidst Recent Firing Incident Following a visit by Maharashtra Chief Minister Eknath Shinde to their...

Latest Articles