The opening date of Melco Resorts’ €550 million Cyprus integrated resort development, City of Dreams Mediterranean, is likely to be delayed further with the company citing labor and supply shortages.
According to details announced by Melco during release of its 1Q22 financial results, the opening date of City of Dreams Mediterranean could be pushed back by almost six months from a previous date of mid-2022 until the end of the year.
In a statement, Melco Chairman and CEO Lawrence Ho said construction of the integrated resort continues “with a target to open by year-end.
“However, we are encountering difficulties with our contractor who has struggled with meeting its labor resourcing plans and maintaining progress, which has led to delays. We are actively dealing with these difficulties as we remain fully committed towards delivering Europe’s first integrated resort in Cyprus.”
Melco, which owns 75% of CoD Mediterranean developer ICR Cyprus, had originally been targeting a late 2021 launch but had pushed that date back to mid-2022 early last year as a result of the COVID-19 pandemic.
When complete, the property is planned to boast a 7,500-square meter casino with 100 gaming tables and 1,000 slot machines, plus a 500-room, 5-star hotel, MICE space and restaurants.
Melco currently operates four satellite casinos across Cyprus under the C2 brand, including a temporary facility in Limassol near where City of Dreams will eventually open.
A 30-year license held by ICR Cyprus, including a 15-year exclusivity period, was initiated in 2017.
While CoD Mediterranean looks to be delayed, Melco said it faces no such issues in Macau where Studio City Phase 2 construction is “progressing.”
“We continue our efforts to complete construction by the deadline set in the land concession of December 27, 2022,” Ho said.