• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Cyprus temporary casino this year: Lawrence Ho

Apr 03, 2018 Newsdesk Japan, Latest News, Macau, Philippines, Top of the deck, World  


Cyprus temporary casino this year: Lawrence Ho

Hong Kong-listed Melco International Development Ltd has confirmed it will launch a temporary casino facility in Cyprus this year.

Late last year the firm – which is also majority owner of Macau casino operator Melco Resorts and Entertainment Ltd – increased to 75 percent its share in a consortium awarded an exclusive casino licence by the Republic of Cyprus, which controls the ethnic Greek portion of that Mediterranean island.

In January the firm flagged it would have a temporary gaming facility prior to the main venue launching in 2021, but didn’t mention a time frame. Local media reports had said the interim casino might launch in June this year.

“In 2018, we will commence operating a temporary casino facility while we work towards a 2021 targeted opening for the permanent integrated casino resort,” said Melco International’s chairman Lawrence Ho Yau Lung (pictured in a file photo), in comments in the annual report filed on Thursday.

Mr Ho said the group hoped also to be able to “secure a gaming licence in Japan”.

Melco International has been – since February 2017 – majority owner of Nasdaq-listed Melco Resorts, which Mr Ho also chairs. Melco Resorts operates several large-scale casino complexes in Macau and one in the Philippines, and is a suitor for a permit in Japan’s casino liberalisation process. As of December 31, Melco International held a 51.22-percent stake in Melco Resorts, said Thursday’s filing by the parent.

China consumers

Mr Ho also stated in Melco International’s results that while infrastructure improvements in the tourism markets in Macau and the Philippines were likely to support gaming industry growth in those places, he was “conscious of our exposure to stricter capital controls in mainland China and ongoing structural changes in the consumption of outbound Chinese tourists in all markets and particularly Macau.”

He added: “We will closely manage against these risks, supported by our strong financials, management team, and laser-sharp focus on building a sustainable advantage for the long term.”

Melco International stated in its announcement to the Hong Kong Stock Exchange that in 2017 its group profit declined 95.4 percent, year-on-year, to HKD474.1 million (US$60.4 million), from just under HKD10.37 billion in 2016. It said the fall was mainly because in 2016 the group had benefited from a “one-off gain on deemed disposal of previously-held interest in an associate,” amounting to nearly HK$10.39 billion. That related to the purchase by Melco Resorts of shares previously held in a legacy business – Melco Crown Entertainment Ltd – by a unit of Australian casino operator Crown Resorts Ltd. The purchase and cancellation of those shares by Melco Resorts benefited Melco International.

Notwithstanding the contraction in 2017 profit, the parent group’s board recommended the payment of a final dividend of HKD0.04 per share, an aggregate payout of approximately HKD61.5 million, for the year ended December 31. It is likely to be paid on July 4.

Full-year net revenue at Melco International grew by more than 70 percent, to nearly HKD41.2 billion, from nearly HKD23.9 billion in 2016. Adjusted group earnings before interest, taxation, depreciation and amortisation were HKD9.8 billion, up by more than 80 percent compared to the HKD5.3 billion achieved in the prior year.

The 2016 results had reflected approximately eight months of consolidated results from Melco Resorts, compared to a full year of such consolidated results in 2017, stated Thursday’s filing.

Brokerage Sanford C. Bernstein said in a Thursday note on Melco Resorts that there had been a “turnaround” in business at its flagship Cotai resorts City of Dreams Macau, after it had lagged the market in 2017.

The launch at that venue of the Morpheus hotel tower – which Melco Resorts is still saying will be in the first half this year – would “expand the property’s room base by  approximately 50 percent,” leading to improvement in the volume of gambling by premium mass players,” said analysts Vitaly Umansky, Zhen Gong and Cathy Huang.


  • tweet
Related articles
  • 2 more Cotai resort hotels join Covid quarantine effort
    2 more Cotai resort hotels join Covid...

    Jul 12, 2022  

  • 2 more hotels at Macau casino resorts for quarantine use
    2 more hotels at Macau casino resorts...

    Jul 07, 2022  

More news
  • Covid entry tests for mainlanders to Macau, except Zhuhai
    Covid entry tests for mainlanders to...

    Aug 09, 2022  

  • SOFTSWISS affiliate platform Affilka opts for cost-per-lead
    SOFTSWISS affiliate platform Affilka...

    Aug 09, 2022  


Latest News

Covid entry tests for mainlanders to Macau, except Zhuhai

Covid entry tests for mainlanders to Macau, except Zhuhai

Aug 09, 2022  

Starting from 1am on Tuesday (August 9), most travelling directly by air or sea to Macau from mainland China are required to take a nucleic acid test (NAT) upon arrival, plus another such test within...
Read More
SOFTSWISS affiliate platform Affilka opts for cost-per-lead

SOFTSWISS affiliate platform Affilka opts for cost-per-lead

Aug 09, 2022  

SOFTSWISS Sportsbook offering iFrame function

SOFTSWISS Sportsbook offering iFrame function

Aug 09, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”I believe it will take more than the offered concession term, 10 years, to see an appreciable increase in inflows of tourists [to Macau] from countries outside the existing tourist catchment areas”

David Green

Gaming and governance consultant at Newpage Consulting



Most Popular

  • More biz from foreigners hard for Macau casinos say expertsMore biz from foreigners hard for Macau casinos say experts August 8, 2022
  • Court tells Philippine AML body end bank heist cash freezeCourt tells Philippine AML body end bank heist cash freeze August 8, 2022
  • Microchip lack felt by slot makers says MGEMA boss ChunMicrochip lack felt by slot makers says MGEMA boss Chun August 5, 2022
  • Bloomberry 2Q net income more than doubles q-o-qBloomberry 2Q net income more than doubles q-o-q August 8, 2022
  • Japanese get visa-free S.Korea entry for August: reportJapanese get visa-free S.Korea entry for August: report August 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us