The City of Dreams Mediterranean, Melco Resorts’ newest integrated resort project, will launch on July 10, 2023, the company confirmed in a recent press release. The casino resort, located in Limassol in the Republic of Cyprus, features a wide range of offerings, including a hotel, a casino, entertainment and leisure facilities, conference areas, as well as a dining and shopping center.

Soft Launch on June 12

The City of Dreams Mediterranean is a landmark project for Melco and will become Europe’s first integrated resort. Company officials consider the US$600 million project a game-changing development in Cyprus’ tourism and hospitality sectors.

The property’s key offerings include a 500-room hotel, a 7,500-square-meter casino, and an 8,000-square-meter indoor and outdoor event area. It is also home to Cyprus’ largest expo center. Ahead of the property’s full launch, it will have a soft opening for special guests beginning June 12. 

Strong Q1 Performance for Melco

City of Dreams Mediterranean is a great addition to Melco’s portfolio of casino resorts, most of which are in Asia. The company performed well during the first quarter of 2023, reporting total operating revenues of US$716.5 million, a year-over-year increase of 50.9%. A portion of those earnings came from the operation of its temporary and satellite casinos in Cyprus.

Genting Malaysia Bhd will let go of its entire ownership interests in its subsidiary Resorts World Miami LLC (RW Miami) which owns parcels of land in Miami.

Existing Deal to Be Converted into 100% Purchase Agreement   

In a recent announcement, the casino operator disclosed that a deal involving RW Miami and Smart Miami City LLC, which allows the latter to purchase four parcels of land for nearly US$1.23 billion, would be updated to convert it into a 100% purchase agreement.

Under the original deal signed in April, Genting Malaysia, through its Miami unit, would sell four parcels of land measuring 15.47 acres for US$1.225 billion to Smart Miami, a subsidiary of real estate development company Terra Group.

According to Genting Malaysia, Smart Miami decided to exercise its right to purchase 100% of the ownership interests in RW Miami instead of just acquiring four parcels of land. The amended agreement will see Genting Malaysia dispose of RW Miami, with the majority of the cash proceeds from the deal set to be used for future investments. 

More Details of the Updated Deal to be Announced Soon

Genting Malaysia said RW Miami and Smart Miami will now enter into negotiations to introduce the necessary changes to the sale and purchase agreement (SPA). The company will release further details once the amendments have been finalized and agreed by both parties.

Sands China Ltd will ramp up its efforts to attract more foreign customers to its properties in Macau in line with the government’s goal of reducing the region’s reliance on Chinese visitors. Organizing private flights for high rollers, running overseas promotions, and expanding its overseas offices are among the initiatives planned by the company to increase foreign visitor numbers.

Sands China Targeting Customers from Southeast Asia

In a statement to local media, Wilfred Wong Ying Wai, President of Sands China Ltd, said they’re looking to bring in more customers from Southeast Asia, as well as South Korea and Japan. 

To help them do that, they will expand their overseas offices and launch multiple promotions targeted at customers located in those countries. They will also continue to use private jets to transport high rollers to Macau.

Macau Govt. Reviewing Sands’ Q1 Results for Potential Tax Breaks

A foreigner-only gaming zone has been operating at Sands’ casino properties in Macau and in other gaming venues in the city as early as February. The exclusive area will be used to determine the amount of gaming revenue generated by non-Chinese customers. Authorities will then use the data in calculating the tax reduction that will be awarded to casino operators. 

Mr. Wong said the Macau government is currently reviewing its Q1 results on the operation of its exclusive zone for foreign customers to determine the tax reduction.

The Victorian Gambling and Casino Control Commission (VGCCC) has ordered Crown Casino to introduce spending limits and carded play for its electronic gaming machines by December 2023. 

New Measure Aimed at Preventing Money Laundering and Gambling Harm

The new measures will allow the venue to identify individuals playing on their electronic machines by linking a person’s games to their identity via their gaming card. Additionally, customers will also be required to set a spending limit and a maximum playing time before they start their games. Crown must implement the measures by the end of the year, as per the direction from the VGCCC.

The Melbourne venue is also required to remove all unrestricted gaming machines from general areas and make them available only in high-roller zones. The casino has also been ordered to terminate the continuous play function across all of its gaming machines and set maximum credit limits at just $1,000 per machine. Crown Casino has pledged to comply with the new requirements which the VGCCC commended.

Crown Melbourne Aims to be “World Leader” in Responsible Gambling

The VGCCC order, aimed at reducing gambling harm and preventing money laundering, was announced just a week after the Melbourne casino was slapped with a $30 million fine over its bank cheque practice.   

Mike Volkert, Crown Melbourne’s Chief Executive, said the new changes are in line with the company’s goal of becoming a “world leader” in safe and responsible gambling and entertainment.

Wynn Resorts has provided some key updates on its US$3.9 billion integrated resort project in the United Arab Emirates (UAE). The casino complex on Al Marjan Island, which is now under construction, will be aptly named “Wynn Al Marjan Island”, according to a recent press release from the company.

Wynn Al Marjan Island to Open in Early 2027

Wynn Al Marjan Island, which is being developed in partnership with local firms RAK Hospitality Holding LLC and Marjan LLC, will be home to UAE’s first casino. Additionally, the integrated resort will feature 1,500 hotel rooms, suites, and villas.

Wynn Resorts CEO Craig Billings said that Wynn Al Marjan Island, the casino’s first beachfront resort, will launch in early 2027. The company released some images of the design of the casino resort, featuring the natural landscape of the island.

Wynn Anticipates GGR Tax of Between 10% and 12%

The gaming space will occupy 224,000 sq. ft. or around 4% of the total floor area, more than double that of Wynn Las Vegas, according to John DeCree, an analyst at CBRE Securities LLC.

The regulatory regime for the casino operation has yet to be announced, but gross gaming revenue tax is expected to be set at between 10% and 12%, DeCree stated in a recent memo. While Wynn Resorts will only have 40% ownership of the business, it is poised to receive just over 40% of the economics because of license and management fees, DeCree added.