Melco gets nod to increase stake in Cyprus project

Melco International Development has received approval from the Cyprus government to increase its interest in its Cyprus integrated resort project.

In June, Melco announced it had entered into an agreement to purchase Hard Rock’s 35.4 percent interest in the consortium company, completion of which would be subject to obtaining the necessary approval from the Cyprus gaming authority.

After completion, Melco will assume a majority stake of 70.74 percent shareholding in the Cyprus integrated resort project.

Completion of the purchase is expected to take place on or about September 13, 2017.

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