Melco Resorts & Entertainment Limited has reported a robust increase in its operations in Cyprus for the third quarter of 2023. The Cyprus Casinos, which include the recently opened City of Dreams Mediterranean, contributed significantly to the company's overall success.

The opening of City of Dreams Mediterranean, the first integrated casino resort in the region, on July 10, 2023, following a soft opening in June, has brought a new wave of tourism and gaming interest to the island. Despite the geopolitical disturbances affecting the region, notably the conflict in Israel, Melco's Cyprus Casinos saw total operating revenues climb to US$53.4 million, up from US$24.8 million in the same quarter of the previous year.

The Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the Cyprus Casinos stands at US$7.2 million for the quarter, slightly up from US$6.7 million in 2023, indicating a steady operational performance. The company's focus has not just been on financial growth but also on sustainability, with efforts to reduce food waste as a part of their broader environmental strategy.

The Melco Chairman and CEO, Mr. Lawrence Ho, expressed optimism about the Cypriot market, noting the solid earnings and strong margin profile despite the regional conflicts. In response to these challenges, Melco is re-aligning its marketing strategies to ensure sustained growth and commitment to the region.

This positive trend in Cyprus is a part of Melco's broader narrative of recovery and growth, with the company reporting a staggering 321% increase in total operating revenues across all operations, marking a significant turnaround from the pandemic's impact on the global gaming and hospitality sectors.