City of Dreams Mediterranean Opens In Cyprus

Melco Resorts & Entertainment, the Macau based casino operator, has made a ground breaking move in the tourism industry by venturing into Europe with the opening of its first integrated resort in Cyprus. The highly anticipated “City of Dreams Mediterranean” is set to redefine luxury, entertainment, and business opportunities, propelling Cyprus’ tourism industry into a new era.

Located in the city of Limassol, the resort is one of Cyprus’ largest development projects and the largest integrated resort in all of Europe. With its impressive 14-story hotel boasting 500 guest rooms and suites, the resort is poised to captivate visitors from around the world.

Lawrence Ho, the chairman and CEO of Melco Resorts, envisions the resort as a harmonious fusion of local culture, hospitality, and natural beauty, intertwined with a new form of entertainment and experience. The ultimate goal is to establish Cyprus as a year-round destination for premium tourism, world-class entertainment, and international business and conference tourism.

The grand opening event, held on Tuesday, July 11, 2023, marked a significant milestone in Cyprus’ tourism industry. Lawrence Ho emphasized that the resort not only showcases the best of Cyprus but also opens up new markets in the region and beyond, injecting new life into the island’s tourism landscape.

Melco Resorts’ ambitious investment of over 600 million euros ($662 million) in constructing the resort demonstrates the company’s unwavering commitment to Cyprus’ growth and potential. The resort’s impact on the local economy is expected to be substantial, with Cyprus authorities projecting an additional 300,000 tourists annually and an impressive 700 million euros ($772 million) flowing into the country’s treasury each year.

However, the allure of the “City of Dreams Mediterranean” extends beyond its luxurious hotel. The resort offers a plethora of attractions, including a state-of-the-art casino, a sprawling pool complex, upscale retail stores, fine dining restaurants, and a world-class conference venue. With this diverse range of amenities, the resort aims to attract a broad spectrum of visitors, from leisure travelers seeking relaxation to business professionals in search of networking opportunities.

Melco Resorts’ expansion into Cyprus follows its successful ventures in the Asian market, where it currently operates three casinos in the gambling mecca of Macau and a renowned integrated resort in Manila, the Philippines. The company’s entry into Europe demonstrates its ambition to diversify its portfolio and tap into new and emerging markets.

Interestingly, Melco Resorts had previously attempted to enter the Japanese market with a resort development in Yokohama. However, the bid was ultimately withdrawn in 2021, allowing a consortium led by MGM Resorts International to secure government approval for building Japan’s first casino in Osaka. This setback only fueled Melco Resorts’ determination to succeed in other international destinations, ultimately leading to the birth of the “City of Dreams Mediterranean.”

With the resort’s official opening on July 10, 2023, Melco Resorts aims to position Cyprus as a thriving hub for international business and conference tourism. By hosting major events and conferences, the resort endeavors to attract global industry players, fostering economic growth and establishing Cyprus as a premier business destination.

Notably, Melco Resorts’ first-quarter financial results indicate a remarkable upward trend, with a staggering 51% increase in revenue compared to the same period in 2022, reaching an impressive $716 million. This promising performance not only reflects the growing demand for premium entertainment experiences but also confirms the “City of Dreams Mediterranean” as a must-visit destination for high-spending visitors.

The “City of Dreams Mediterranean” is more than just a luxurious escape; it symbolizes a catalyst for growth and transformation in Cyprus’ tourism industry. As the resort becomes seamlessly integrated into the fabric of the country, it is expected to significantly contribute to the expansion and diversification of Cyprus’ tourism offerings, creating a ripple effect that will elevate the island nation’s standing in the global tourism arena.