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Cyprus – Melco completes 75 per cent acquisition of City of Dreams Mediterranean

By - 31 July 2019

Melco Resorts & Entertainment has completed its acquisition from Melco International Development Limited of all of Melco International’s holding of ordinary shares of ICR Cyprus Holdings and the issuance of 55.5m ordinary shares of the company, which are equivalent to approximately 18.5m American depositary shares of the company, to Melco International as consideration for the Acquisition Shares.

The Acquisition Shares represent a 75 per cent equity interest in ICR Cyprus. ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated destination resort project in Cyprus, which is currently under development and scheduled to open in 2021, upon which it is expected to be the largest and premier integrated destination resort in Europe.

The news follows close on the milestone of Cyprus Casinos C2 welcoming its one-millionth visitor. Mrs. Oana Georgiana Luca, who is also a registered C2 Rewards Club member, was the lucky one-millionth visitor to go through the doors of C2 and specifically at C2 Limassol on July 18 2019. She was presented with a fine jewellery sponsored by Michalis Diamond Gallery worth five thousand euros as well as receiving a complimentary dinner for four at the well-regarded Columbia Bistro at C2 Limassol.

Craig Ballantyne, Property President of City of Dreams Mediterranean and Cyprus Casinos, said: “Following the recent launch of our third satellite casino C2 Ayia Napa and the upcoming launch of C2 Paphos, Cyprus Casinos will attract even more visitors from Cyprus and abroad and enhance the entertainment offerings in those cities. At the same time, we believe that when City of Dreams Mediterranean opens in 2021, the Integrated Casino Resort will offer a wide range of attractions and entertainment options beyond gaming, which will enhance Cyprus’ regional and global position as an important entertainment and tourist destination.”

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