Operator News
Cyprus – Melco increases share in Cypriot project
By Phil - 19 December 2017
Future Cypriot casino operator Melco International Development has increased its stake in the planned integrated resort project increase to 75 per cent.
The move follows Melco’s purchase of all the shares in the project owned by its previous partner in it; Hard Rock.
The resort style venue to be built in the coastal town of Limassol, will operate 136 gambling tables and 1,200 slots, alongside a 500-room hotel, a health spa and 1,500-seat concert hall. Melco also has the right to operate up to four smaller, satellite casinos.
The company stated: “Melco Resorts is pleased to announce that on 18 December 2017 the Company entered into definitive joint venture investment agreements with CPZ for the development and operation of the integrated casino resort in Limassol, Cyprus and up to four satellite casino premises in Cyprus.. On completion of the Subscription Agreement, the company will own 75 per cent of the equity in the Project holding company and CPZ will hold the remaining 25 per cent. The company believes Cyprus is an attractive business opportunity for the Melco Group, consistent with the Melco Group’s broader objective of establishing itself as a global entertainment and gaming operator. Partnering with CPZ, a strong local partner and member of the CNS Group, is expected to be highly beneficial to the development of the project.”
“The company is confident that its solid track record and unique experience in creating the most spectacular integrated
