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

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.