GGRAsia – Melco Intl appoints Ballantyne to lead Cyprus casino project

Melco Intl appoints Ballantyne to lead Cyprus casino project

May 10, 2018 Newsdesk Latest News, Top of the deck, World

Casino investor Melco International Development Ltd has appointed Craig Ballantyne as property president of City of Dreams Mediterranean (pictured in a rendering), a casino project to be developed in the Republic of Cyprus. Mr Ballantyne will oversee the resort’s daily operations, according to a Wednesday press release quoted by the Cyprus Mail news outlet.

“I am honoured that Melco has entrusted me with this challenging project,” Mr Ballantyne was quoted as saying in a statement.

Before joining Melco International in September last year, Mr Ballantyne was chief operating officer of Russian operations at Summit Ascent Holdings Ltd. Both casino investment firms were at the time controlled by gaming entrepreneur Lawrence Ho Yau Lung.

Mr Ho has since sold his entire stake in Summit Ascent and stepped down in December as chairman and non-executive director of the company.

City of Dreams Mediterranean – to be developed by a consortium involving a local partner – is scheduled to open in “early 2021”, it was announced in January. The 75 percent-25 percent consortium is led by Melco International and includes Cyprus Phasouri (Zakaki) Ltd, a Cyprus-based conglomerate.

The casino resort has a price tag of EUR550 million (US$651.8 million), according to its developers. The consortium received in June 2017 a 30-year casino licence from the Republic of Cyprus government.

The partners are expected to launch a temporary gaming facility this year, Melco International’s Mr Ho said in April.