“With unique experience in creating the most spectacular integrated resorts in Asia, Melco is looking forward to continue exploring the emerging gaming jurisdiction and collaborating with the Cyprus Government for what it considers to be in the best interest of Cyprus,” Lawrence Ho, Group Chairman and Chief Executive Officer (CEO) of Melco said in a recent statement.

Melco International is part of a multinational consortium with Hard Rock International and Cyprus Phasouri (Zakaki) Limited that has been shortlisted for the next phase of the casino tender process in Cyprus.

“The Cyprus premium integrated resort project, along with the Group’s latest business development in Spain, showcase Melco’s focus on further strengthening the Group’s presence in overseas markets to build a sustainable growth company,” Ho said.

Expansion abroad is attractive to an industry that has seen profits under pressure as China’s economy slows. Macao saw its 23rd consecutive decline in gaming revenues in April according to the South China Morning Post.

Ho’s statement was made as part of a company announcement that Melco Crown Entertainment, an associate of the group, has entered into a share repurchase agreement with Crown Asia Investments Pty Ltd, a wholly-owned subsidiary of Crown Resorts Limited in what is being seen as a consolidation of assets.

Under the agreement, Melco Crown Entertainment agreed to repurchase 155,000,000 ordinary shares from Crown Asia Investment $800,838,500 (more than $800 million).

“This is a tremendous milestone for Melco. It demonstrates Melco’s positive outlook for Macau’s long-term future. It will also enhance the Group’s overall portfolio of high-quality assets and facilitate our efforts in realising Melco’s global expansion vision,” said Ho.

Melco owns and operates properties under the ‘City of Dreams’, ‘Studio City’, ‘Altira’, and ‘Tigre de Cristal’ brands, while generating $4.8 billion in revenues.

Hard Rock International, Melco’s partner in the bid for the Cyprus casino, has venues in 68 countries, including 162 cafes, 23 hotels and 11 casinos, and is one of the most recognised companies globally.

Apart from the Melco – Hard Rock Resort consortium, the other two contenders for the Cyprus casino are Bloomberry Resorts Corporation, owned by the Philippine billionaire Enrique Razon, and the Cambodian NagaCorp, a rising star on the gambling scene.

Bloomberry Resorts and Hotels, Inc owns, among others, Solaire Resort & Casino in Manila – an investment that cost over $1.2 billion.

NagaCorp Ltd is the largest hotel, gaming and leisure operator in Cambodia. NagaWorld is the company’s ‘flagship’ as it is Phnom Penh’s only integrated hotel-casino entertainment complex. Its main customers come from the Chinese market and recently the company introduced three more flights from the country.

All three companies have been asked to submit comprehensive development plans by July 5 2016.

Source: InCyprus