Pre-EBITDA earnings for Cyprus Casinos at $6.9m in Q2 2023
08:07 - 02 August 2023
Melco Resorts & Entertainment Limited (Nasdaq: MLCO), operator of City of Dreams Mediterranean and Cyprus Casinos (C2), announced its preliminary financial results for the second quarter of 2023, which ended 30 June, 2023.
City of Dreams Mediterranean, the first integrated resort in Europe, officially opened its doors to the general public on 10 July, 2023. With an investment exceeding €600 million, the integrated resort is one of the largest development projects ever undertaken in Cyprus. With its high-level services and amenities, it aims to establish our island as a year-round destination for high-quality tourism and world-class entertainment, as well as a hub for international business and conference tourism. The City of Dreams Mediterranean is anticipated to contribute to the sustainable development of the Cypriot economy, attracting thousands of tourists every year.
Commenting on the results, Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment Limited, said, "In Cyprus, we opened City of Dreams Mediterranean to the public in July after a successful soft opening in June, and we’re excited for its prospects as we ramp up our operations."
He also added that, “Environmental sustainability is built into the core of our business and embedded in our operations...We are also continuing our work towards achieving BREEAM certifications for Studio City Phase 2 (in Macau) and City of Dreams Mediterranean following the construction completion of these properties."
Based on the financial results for the second quarter of the year ended 30 June, 2023, Cyprus Casinos' turnover amounted to $30.9 million compared to $21.7 million in the corresponding quarter of 2022. Cyprus Casinos recorded earnings before interest , taxes and depreciation (EBITDA) for the second quarter of 2023 of $6.9 million, compared to earnings of $5.6 million in the corresponding period of 2022. The year-over-year increase in EBITDA is mainly due to the result of better performance in the mass segment purchase.
As Europe's first integrated resort, City of Dreams Mediterranean features a 14-story luxury hotel with 500 rooms and suites, exhibition and conference spaces, an outdoor amphitheater, a family-friendly adventure park, as well as a variety of fine dining restaurants and luxury retail outlets.
City of Dreams Mediterranean is the first development project in Cyprus to receive the 'BREEAM Excellent rating' distinction, which is the leading method of evaluating and certifying the sustainability of integrated construction projects, infrastructures and buildings worldwide, during its planning stage. Melco aims for an overall rating of "Excellent" for City of Dreams Mediterranean.