Melco, the renowned casino empire led by billionaire Lawrence Ho, makes its grand entrance into the European market with the inauguration of an opulent $660 million luxury resort in Cyprus.

 Melco Resorts & Entertainment, the prominent Asian casino operator under the leadership of Hong Kong billionaire Lawrence Ho, has made its inaugural foray into the European market by unveiling a captivating hospitality and gaming complex on the idyllic Mediterranean island of Cyprus.

This remarkable undertaking, known as the "City of Dreams Mediterranean," represents Melco Resorts' significant investment of over 600 million euros ($662 million) to create one of Cyprus' largest and most ambitious development projects, as well as Europe's most expansive integrated resort, according to the company.

The grand opening of the resort took place on Monday, as Melco Resorts proudly showcased its latest creation. Reflecting on the significance of the project, Lawrence Ho, Chairman and CEO of Melco Resorts, emphasized the fusion of local culture, hospitality, and natural beauty with a fresh form of entertainment and experience. In his remarks during the opening event, Ho stated, "City of Dreams Mediterranean gives Cyprus a new story to tell... It allows Cyprus to unlock new markets in the region and beyond."

Situated in the sun-soaked city of Limassol on the southern coast of Cyprus, this extravagant resort boasts a magnificent 14-storey hotel housing 500 luxurious guest rooms and suites. Complementing the accommodations, the complex features a captivating casino, an expansive pool complex, high-end retail outlets, a variety of exquisite dining establishments, and a state-of-the-art conference venue, among other impressive amenities.

Melco Resorts envisions the "City of Dreams Mediterranean" as a catalyst for transforming Cyprus into a year-round destination for discerning tourists seeking premium experiences, world-class entertainment, and a thriving hub for international business and conference tourism. Prior estimations from Cypriot authorities anticipate an additional influx of 300,000 visitors annually, which could potentially contribute up to 700 million euros ($772 million) per year to the country's treasury.

As a Nasdaq-listed company, Melco Resorts currently operates three casinos in Macau and an integrated resort in Manila, the Philippines. While the company's previous aspirations to establish an integrated resort in Yokohama, Japan were thwarted, it remains at the forefront of the industry, with its peer MGM Resorts International recently gaining approval to develop Japan's first casino in Osaka.

Melco Resorts' fortunes have been on the rise as Macau gradually eases COVID-19 restrictions and reopens its borders to tourists. In the first quarter of this year, the casino operator witnessed a remarkable 51% increase in revenue compared to the same period in 2022, reaching $716 million, and managed to halve its net loss to $81 million, marking a positive trajectory in its recovery from the pandemic's impact.