City of Dreams Mediterranean
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Melco Resorts & Entertainment Press Release, 27 February 2025
https://ir.melco-resorts.com/news-releases/news-release-details/melco-announces-unaudited-fourth-quarter-2024-earnings

City of Dreams Mediterranean and Other Fourth Quarter Results


The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended December 31, 2024 were US$59.2 million, compared with US$47.3 million in the fourth quarter of 2023. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$11.8 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$4.7 million in the fourth quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily attributable to the continued ramp up of operations following the opening of City of Dreams Mediterranean in mid-2023, which led to a better performance in the mass market segment and non-gaming operations.

Rolling chip volume was US$5.2 million for the fourth quarter of 2024 versus US$6.4 million in the fourth quarter of 2023. The rolling chip win rate was 3.06% in the fourth quarter of 2024, compared with negative 8.85% in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop was US$126.5 million in the fourth quarter of 2024, compared with US$87.6 million in the fourth quarter of 2023. The mass market table games hold percentage was 21.8% in the fourth quarter of 2024, compared with 22.1% in the fourth quarter of 2023.

Gaming machine handle for the fourth quarter of 2024 was US$567.3 million, compared with US$492.8 million in the fourth quarter of 2023. The gaming machine win rate was 5.2% in the fourth quarter of 2024 versus 5.0% in the fourth quarter of 2023.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the fourth quarter of 2024 was US$19.4 million, compared with US$13.0 million in the fourth quarter of 2023.

At the end of 2023, the casino had to dismiss 181 employees four months after its grand opening.
The conflicts in Russia's war in Ukraine, ensuing sanctions, and the recent war in Israel further exacerbated the hurdles faced by the mega-project. The decline in casino traffic, attributed to the loss of tourists from Russian and Israeli markets, prompted the company to issue a statement acknowledging the necessity of difficult decisions.

However, since February 2024, they are on the recovery path after a recent slowdown due to the Gaza-Israel conflict, with business volumes in both its casino and hotel showing strong growth.

Source: https://knews.kathimerini.com.cy/en/business/city-of-dreams-mediterranean-faces-bumpy-start-with-181-job-losses
Source: https://cdcgaming.com/brief/cyprus-melcos-city-of-dreams-mediterranean-integrated-resort-busy-as-impact-of-israel-conflict-abates/

Check out this timelapse for City of Dreams Mediterranean!

Guest images from the open casino and hotel.





Source: Google Images

The official opening is 10th July but you can already stay at the hotel, they are taking bookings now on the official website .




Source: https://www.cityofdreamsmed.com.cy/en

Did it already open? Official opening date is July 10th, but you can already book a room at the resort.

Any pictures of the casino floor? Should be one of the biggest and best in Europe then!

Melco Resorts & Entertainment is pleased to announce City of Dreams Mediterranean will open on Monday, July 10, 2023. Bringing a one-of-a-kind development to Cyprus, City of Dreams Mediterranean is the first integrated resort in Europe, showcasing an unparalleled array of offerings, including Europe’s grandest casino, fine dining, extensive entertainment, and the biggest expo center in Cyprus.

Mr. Grant Johnson, General Manager of City of Dreams Mediterranean, commented: “We are thrilled to finally open the doors of City of Dreams Mediterranean to our valued guests. A landmark project and our first venture in Europe, it will bring Melco’s award-winning standards of entertainment and leisure and welcome innovation to Cyprus’ luxury hotel scene. We look forward to captivating our guests with contemporary design, first-class entertainment, and immersive experiences.”
Melco also announced a special soft opening period for hotel and invited guests will commence on June 12, 2023, followed by the public opening on July 10, 2023.

Source: https://www.globenewswire.com/news-release/2023/05/12/2667539/0/en/Melco-announces-City-of-Dreams-Mediterranean-is-to-open-in-Limassol-Cyprus-on-July-10-2023.html