Posted on: December 16, 2021, 11:40h.
Last updated on: December 16, 2021, 02:32h.
The subsidiary created by Melco Resorts & Entertainment (MRE) to oversee its casino operations in Cyprus has achieved a first. Melco Cyprus has received responsible gambling accreditation from RG Check, an initiative of Canada-based Responsible Gambling Council (RGC).
Melco Cyprus said today that it became the first European gaming operator to receive a seal of approval from RG Check. The accreditation covers the company’s four properties in Cyprus under the Cyprus Casinos (C2) – the casinos in Ayia Napa, Limassol, Nicosia and Paphos.
Throughout this process, Melco has demonstrated its transparency as an operator and has made duty of care a priority in its operations,” said a statement RGC CEO Shelley White.
Melco is still hard at work on its major Cyprus property, City of Dreams Mediterranean. Construction on that project continues. In the meantime, Melco is using the other properties to build up interest.
The mammoth, US$667-million property was to open this year, but had to be delayed due to COVID-19. It is now expected to open in 2022.
Melco Familiar with RG Check Process
RG Check was created to help operators evaluate and monitor their responsible gambling initiatives. It is extended to both land-based and online operators.
“The sustainable development and continued implementation of a Responsible Gaming culture is prioritized within every jurisdiction that we operate,” MRE Chairman and CEO Lawrence Ho said earlier this year when Melco received accreditation for other operations.
This past April, MRE announced that it had been certified by RG Check for its entire integrated resort portfolio in Macau and the Philippines. This included, among others, Altira Macau, City of Dreams Macau, Studio City, and City of Dreams Manila.
Ready to Rebound
Melco claims it is still in rebound mode following the COVID-19 pandemic.
Its operations took a solid hit and it has fallen further behind financially. Recently, Moody’s Investors Services indicated that it expected the company to have a debt of US$7.6 billion within 18 months, an increase of US$1.5 billion from its position a year ago.
It hasn’t been all bad, though. The operating revenue for the third quarter was US$446.4 million. That was a 110% increase from its US$212.9 million in the third quarter of last year.
A return to normal activity in Macau is seen as the biggest catalyst for improvement by the company.