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Melco to launch casino in Cyprus

Niji Narayan

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Melco Resorts & Entertainment, a Hong Kong-based gaming and hospitality company, is all set to launch its first casino resort outside Asia.  The company has announced its €550-million City of Dreams Mediterranean integrated resort in Limassol, Cyprus. It will be a full-blown, Las Vegas-style casino – the first of its kind in Cyprus.

The ground-breaking ceremony was attended by Melco CEO and Chairman Lawrence Ho, Melis Shiakolas of CNS Group, Melco’s local partner, and Cypriot President Nicos Anastasiades, among a number executives and officials.

Melco was selected as the preferred developer of an integrated resort with a casino floor in the Republic of Cyprus in the fall of 2016, and received the necessary gaming license and other related permissions last year.

Its plan includes the development of a mixed-use complex in the Zakaki area of the city of Limassol. Construction work is expected to be completed in 2021. Melco has said that the resort’s development will annually create 4000 jobs. City of Dreams Mediterranean will also employ more than 6500 people directly and indirectly once fully operational.

The gaming portion of the resort will occupy 7500 square meters and will feature 1200 slot machines and 140 gaming tables. Aside from its casino, the first one on the territory of the Republic of Cyprus, the complex will also include a 500-room hotel, a 1200-square-meter retail area, 9600 square meters of convention, event, and meeting space, and a number of food and beverage facilities and attractions.

Melco has previously said that it would look to attract tourists all year round, instead of relying on the summer months during which the island nation sees the largest flow of international visitors. The company expects that the UK, Russia, Germany, and Israel will represent its largest markets.

Under the terms of its gaming license, Melco was allowed to operate a temporary casino in Limassol, while the main resort is under development. It was announced during today’s ground-breaking ceremony that the temporary facility will launch June 28 and will feature 33 gaming tables, 242 gaming machines, and a VIP gaming area.

The property cost €12 million to be built on a plot not far from the main resort’s construction site. The temporary casino will be closed once the larger casino opens doors. Staff will be transferred to the main gaming floor.

Melco and its local partner are also set to open four satellite casinos across the island nation, the first two of which – one in the capital Nicosia and the other in Paphos – are expected to be ready by November. A satellite facility will then launch in Larnaca in January 2019. The fourth such venue will be located in Ayia Napa and will be opened in May 2019.

 

 

Source: CasinoNewsDaily

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Compliance Updates

Swedish Court Reduces Casino Cosmopol’s AML Penalty

Niji Narayan

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Swedish Court Reduces Casino Cosmopol’s AML Penalty
Photo Source: casinocosmopol.se
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Sweden’s Administrative Court has reduced the penalty issued to Casino Cosmopol in 2018 from SEK8m to SEK3m.

The fine was issued by Lotteriinspektionen in relation to systematic deficiencies in Casino Cosmopol’s policies related to money laundering and terrorist financing in November 2018.

Casino Cosmopol submitted an appeal against this in December 2018, which was heard in Sweden’s Administrative Court last week. The hearing found that while the court agreed that the casino had breached its licence conditions, there should be a reduction in the penalty fee paid.

In response to the ruling, Lotteriinspektionen has said it will consider launching an appeal of its own against the Administrative Court decision.

“Casino Cosmopol AB has applied for a license to operate games when the new Gaming Act comes into force at the turn of the year. The Lottery Inspectorate has now informed Casino Cosmopol that they need to supplement their application with a description of the measures planned to comply with the money laundering regulations,” the regulator said.

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Asia

Analysts Predict Decline in Macau’s Casino Revenue for Q4 2019

Niji Narayan

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Analysts Predict Decline in Macau’s Casino Revenue for Q4 2019
Photo Source: scroll.in
Reading Time: 1 minute

 

Analysts have predicted a decline in Macau’s casino revenue for the fourth quarter of 2019. Financial giant Morgan Stanley said that casino gross gaming revenue (GGR) is likely to be down every month of Q4 in Macau.

Analysts Praven Choudhary, Thomas Allen and Gareth Leung said that October GGR would be 6% down year-on-year. November and December would both register a 9% decline year-on-year, ending Q4 on a bad note.

“We expect Q4 revenue growth for both mass and VIP to decelerate compared to the first nine months in Macau. Driven by high [2018] base, lower [tally of] overnight visitors and general economic slowdown,” the analysts said.

The Morgan Stanley analysts also said that they expect third-quarter property EBITDA to be down 1%. “Also weaker than seasonality of an 8% increase quarter-on-quarter,” they said.

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Gambling in the USA

GAN Partners with Agua Caliente Band of Cahuilla Indians

Niji Narayan

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GAN Partners with Agua Caliente Band of Cahuilla Indians
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GAN plc has partnered with the Agua Caliente Band of Cahuilla Indians. As per the deal, GAN will supply its Simulated Gaming software to the Agua Caliente Band of Cahuilla Indians.

The Agua Caliente Band of Cahuilla Indians owns and operates three locations: Agua Caliente Casino in Palm Springs, Agua Caliente Resort Casino Spa in Rancho Mirage and Indian Canyons Golf Resort in Palm Springs. The agreement with GAN will enable the Client to provide an expanded suite of online gaming and services throughout the region and beyond.

“We are enormously privileged to bring one of America’s largest and most vibrant Native American casino resort operators online with our Simulated Gaming solution. Southern California is a significant regional US gaming market, with the largest population concentration in the US, reinforcing GAN’s market position as the leading B2B enterprise software solution provider to ‘brick and mortar’ US casinos,” Jeff Berman, CCO of GAN said.

“We selected GAN for its proven success in helping casino properties launch online gaming and for its ability to embed our on-property rewards programme into an online experience. Equipped with GAN’s Simulated Gaming, we will now introduce our casino properties online to a wider audience of casino enthusiasts located in adjacent regional markets,” Bill Oliver, CIO of the Agua Caliente Band of Cahuilla Indians said.

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