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Melco to acquire 75 pct equity interest in Cyprus’ City of Dreams Mediterranean project

Published

6 years ago

June 27, 2019

Niji Narayan

Melco to acquire 75 pct equity interest in Cyprus’ City of Dreams Mediterranean project

Image Source: Melco Resorts

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Melco International Development has agreed to sell its entire stake in the City of Dreams Mediterranean project being built in Cyprus to Melco Resorts & Entertainment. This will give Melco Resorts & Entertainment a 75% equity interest in ICR Cyprus Holdings.

ICR Cyprus, along with its subsidiaries, is developing the City of Dreams Mediterranean integrated destination resort project in Cyprus. The casino is currently under construction and is expected to open in 2021. After opening its doors to the public, it will be the largest integrated resort (IR) in Europe.

Melco Resorts & Entertainment will acquire the Acquisition Shares in exchange for 55.5 million ordinary shares of Melco worth €330 million.

The transaction will be subject to customary closing conditions, including the approval by certain Cyprus regulatory authorities. It will also be subject to the execution of a new shareholders’ agreement.

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Niji Narayan

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.