Melco Announces Completion of Acquisition for 75% Equity Interest in City of Dreams Mediterranean Project
July 31 2019 - 6:40AM
Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (the
“
Company”), a developer, owner and operator of
casino gaming and entertainment casino resort facilities in Asia,
today announces the completion of its acquisition from Melco
International Development Limited (“
Melco
International”) of all of Melco International’s holding of
ordinary shares of ICR Cyprus Holdings Limited (“
ICR
Cyprus” and such ordinary shares of ICR Cyprus, the
“
Acquisition Shares”) and the issuance of 55.5
million ordinary shares of the Company, which are equivalent to
approximately 18.5 million American depositary shares of the
Company, to Melco International as consideration for the
Acquisition Shares. The Acquisition Shares represent a 75% equity
interest in ICR Cyprus. ICR Cyprus and its subsidiaries are
developing the City of Dreams Mediterranean integrated destination
resort project in Cyprus, which is currently under development and
scheduled to open in 2021, upon which it is expected to be the
largest and premier integrated destination resort in Europe.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the
“Company”) may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) growth of the gaming market
and visitations in Macau and the Philippines, (ii) capital and
credit market volatility, (iii) local and global economic
conditions, (iv) our anticipated growth strategies, (v) gaming
authority and other governmental approvals and regulations, and
(vi) our future business development, results of operations and
financial condition. In some cases, forward-looking statements can
be identified by words or phrases such as “may”, “will”, “expect”,
“anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”,
“believe”, “potential”, “continue”, “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
undertakes no duty to update such information, except as required
under applicable law.
About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a
developer, owner and operator of casino gaming and entertainment
casino resort facilities in Asia and Europe. The Company currently
operates Altira Macau (www.altiramacau.com), a casino hotel located
at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an
integrated urban casino resort located in Cotai, Macau. Its
business also includes the Mocha Clubs (www.mochaclubs.com), which
comprise the largest non-casino based operations of electronic
gaming machines in Macau. The Company also majority owns and
operates Studio City (www.studiocity-macau.com), a
cinematically-themed integrated entertainment, retail and gaming
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), a casino, hotel, retail and
entertainment integrated resort in the Entertainment City complex
in Manila. In Europe, the Company is currently developing the City
of Dreams Mediterranean integrated destination resort project
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
scheduled to open in 2021 and expected to be the largest and
premier integrated destination resort in Europe. The Company is
currently operating a temporary casino, Cyprus Casinos, the first
casino in the Republic of Cyprus and three satellite casinos with a
fourth satellite casino scheduled to open by the end of 2019. Upon
the opening of City of Dreams Mediterranean, the Company will
operate the City of Dreams Mediterranean integrated resort and
continue to operate the four satellite casinos. The Company also
holds equity interests in Crown Resorts Limited
(“Crown”), a company listed on the Australian
Securities Exchange and which operates two of Australia’s leading
integrated resorts, Crown Melbourne Entertainment Complex and Crown
Perth Entertainment Complex. In the United Kingdom, Crown operates
Crown Aspinalls, a high-end licensed casino in London. Crown’s
development projects include the Crown Sydney Hotel Resort at
Barangaroo on Sydney Harbour. Crown also holds equity interests in
the Aspers Group and Nobu and has interests in various digital
businesses. For more information about the Company, please visit
www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For investment community, please
contact: Richard HuangDirector, Investor RelationsTel:
+852 2598 3619Email: richardlshuang@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
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