Melco International Development Chairman and CEO Lawrence Ho believes Asian tourists will form an important part of the customer base at his company’s new Cyprus integrated resort, City of Dreams Mediterranean.
Melco unveiled its plans for the US$650 million resort, due to open in 2021, early last week at a lavish ceremony held at Cyprus’ Presidential Palace. The joint venture project with local firm Cyprus Phassouri Ltd (CPZ) – of which Melco holds a 75% stake – will be Europe’s biggest integrated casino resort, with 136 gaming tables and 1,200 gaming machines plus a five-star hotel with 500 hotel rooms, 11 restaurants and cafeterias, a wellness center, sports center, extensive pool area, high-end retail area, an outdoor amphitheater and 9,600 square meters of MICE space.
In an interview with Bloomberg, Ho said the name City of Dreams Mediterranean would reverberate with the company’s traditional Asian clientele following the success of its Macau flagship City of Dreams and Philippines counterpart City of Dreams Manila.
“Asian tourists will be able to recognize our brand and as time develops they could be attracted to Cyprus,” he said. “Melco as a company attracts sophisticated customers, middle and upper class customers.”
Ho said that City of Dreams Mediterranean would initially target customers from the Middle East as well as Cyprus’ two primary tourist source markets, Russia and Britain – part of Melco’s plan to become a truly international operator.
“Traditionally we’ve been Asia based, but we have global aspirations and want to be a 21st century gaming operator,” he said. “Cyprus is a fast growing market with a lot of potential.”
