MACAU, July 12, 2019 (GLOBE NEWSWIRE) -- The 8th Invest Cyprus International Investment Awards (ICIIA) organized by Invest Cyprus presented an award to Melco in recognition of its significant investment in Cyprus. Melco is developing Cyprus' first licensed Integrated Casino Resort (ICR), City of Dreams Mediterranean, due to open its doors to international and local guests in late 2021.
The ICIIA award was accepted by Melco Group Chairman and CEO, Mr Lawrence Ho, who thanked the Government of Cyprus for trusting his organisation with the creation and operation of what will be Europe's largest ICR. Speaking after being presented with the award by the Minister of Finance, Mr. Harris Georgiades, Mr Ho said: "It's a great honour to receive this award on behalf of the entire team at Melco. Cyprus has tremendous economic potential and is now firmly on the radar of international investors. The country's beauty, ideal geographical location, and Government's progressive approach towards regulation and governance, means that it's perfectly placed to attract significant inbound investment of the highest calibre."
Mr Ho also noted that: "Today marks the first anniversary of us opening our Cyprus C2 Casinos, and we have already seen a huge surge of interest in the island as a premium tourism destination. The opening of City of Dreams Mediterranean will 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."
Chairman of the Board of Directors of Invest Cyprus, Michalis P. Michael said: "Melco's commitment to Cyprus is particularly valued and recognized, both by the government, and the island's community. The decision by Melco to build Europe's largest Integrated Casino Resort here sends a strong message around the world about the long term potential for this nation. This premium development will significantly boost Cyprus' overall economy, whilst at the same time enhancing our tourist product in the most sustainable, long-term manner. Melco are pioneers in their industry, and this is evident in their support for the communities into which they invest. Melco is partnering with our Department of Antiquities to support national Archaeological Heritage Management, as they see the preservation and promotion of Cyprus' cultural heritage as a key element to their investment in tourism here."
Melco Group is a world leader in the international luxury leisure and entertainment sector with operations in Hong Kong, Macau, the Philippines, Australia and the United Kingdom. Melco is part of the consortium "Integrated Casino Resort Cyprus Ltd" (ICR Cyprus) along with "The Cyprus Phassouri (Zakaki) Limited", a member of the CNS Group. The Consortium is responsible for the construction and operation of the integrated casino-resort in Cyprus as well as four satellite casinos across the island.
The prestigious Awards, organised by Invest Cyprus and Gold magazine, reward foreign investment in Cyprus, by honoring international investors and businesses in recognition of their substantial contribution to the Cyprus economy. This year, the 8th Invest Cyprus International Investment Awards, which were held under the auspices of the President of the Republic of Cyprus, Mr Nicos Anastasiades, took place at the Presidential Palace on 3 July 2019.
About Melco Resorts & Entertainment Limited
The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MLCO), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (https://www.cityofdreamsmanila.com/), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. The Company holds equity interests in Crown Resorts Limited, a company listed on the Australian Securities Exchange and which operates two of Australia's leading integrated resorts, Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex. In the UK, Crown operates Crown Aspinalls, a high-end licensed casino in London. Crown's development projects include the Crown Sydney Hotel Resort at Barangaroo on Sydney Harbour. Crown also holds equity interests in the Aspers Group and Nobu and has interests in various digital businesses. For more information about the Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.
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Source: Melco Resorts & Entertainment Limited