Melco Resorts & Entertainment Limited (Nasdaq: MLCO), operator of City of Dreams Mediterranean and Cyprus Casinos (C2), reported its unaudited financial results for the quarter ended 30 June 2023.
Europe’s first integrated resort, City of Dreams Mediterranean, officially opened its doors on 10 July. With a total investment value of over €600 million, City of Dreams Mediterranean is one of the largest development projects of its kind ever undertaken in Cyprus and is ready to redefine the island’s tourism and entertainment industries with its premium offerings and establish itself as a reference point in the region and beyond. The integrated resort will contribute towards the sustainable growth of the Cyprus economy by attracting thousands of tourists each year while creating hundreds of jobs and developing a chain of value for the local community through collaborations with Cyprus suppliers and businesses.
Commenting on the company’s financial results, Mr. Lawrence Ho, Chairman and Chief Executive Officer, said, ''In Cyprus, we opened City of Dreams Mediterranean to the public in July after a successful soft opening in June, and we’re excited for its prospects as we ramp up our operations. And environmental sustainability is built into the core of our business and embedded in our operations. We are continuing our work towards achieving BREEAM certification for City of Dreams Mediterranean following the construction completion of the property.''
Total operating revenues at the Cyprus Casinos for the quarter ended 30 June 2023 were US$30.9 million, compared with US$21.7 million in the second quarter of 2022. The Cyprus Casinos generated Adjusted EBITDA of US$6.9 million in the second quarter of 2023, compared with Adjusted EBITDA of US$5.6 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment.
As Europe’s largest and premier integrated resort, City of Dreams Mediterranean delivers an incomparable experience to satisfy every taste, ranging from luxury hospitality – with its fourteen-storey hotel featuring 500 guest rooms and suites – to designer-brand shopping, sporting facilities, outdoor amphitheatre, family adventure park, as well as world-class conference and exhibition space, spacious and contemporary gaming experience, and premium dining.
Being Cyprus’ first development to achieve a BREEAM Excellent rating – the world’s leading sustainability assessment method for master planning projects, infrastructure, and buildings – at its design stage, Melco is aiming for an overall “Excellent” rating for City of Dreams Mediterranean.