Melco International Development has announced it has completed the disposal of its entire shareholdings of ICR Cyprus Holdings, to its listed subsidiary Melco Resorts & Entertainment.
The transaction was first announced on June 24 to the Hong Kong Stock Exchange, which sees Melco Resorts & Entertainment as the purchaser of Melco International’s 75 percent shareholding in the company, which is developing an integrated resort in Cyprus.
The shareholding has been exchanged for $375 million in stocks of Melco Resorts, which boosts Melco International Developments shareholdings in Melco Resorts to 55.8 percent of total issued shares, it said.
ICR Cyprus holds a 30-year casino gaming license in Cyprus, which commenced from June 2017 and for which the first 15 years are exclusive.
ICR Cyprus is currently operating one casino and two satellite casinos in Cyprus, the first of which opened in Limassol in June 2018 as the first licensed casino in Cyprus and will continue to operate until the opening of the City of Dreams Mediterranean.
The main Cyprus IR is scheduled to open in 2021 and Melco expects the resort to become the largest integrated destination resort in Europe.
City of Dreams Mediterranean is currently expected to have a 7,500-square-meter gaming area comprising over 100 tables and over 1,000 state-of-the-art slot machines, a five-star hotel with approximately 500 rooms, world-class international restaurants and cafeterias, an outdoor amphitheater and MICE and other facilities.
Following the completion of the transaction, ICR Holdings will continue to be a subsidiary of the company and the financial results of ICR Holdings will continue to be consolidated with the financial statements of the Group via the Group’s equity holdings in Melco Resorts.