Russia and Ukraine Conflict could Impact Cyprus Casino

Russia and Ukraine Conflict could Impact Cyprus Casino

Melco Resorts & Entertainment cautioned in its annual report of the “negative impact” on business because of the sanctions against Russia.

The company was referring to Western sanctions against the Russian economy and “certain entities and persons” linked to that nation, because of the “military conflict between Russia and Ukraine”.

On the one hand, an immediate financial consequence is that we may cease to have access to certain customers such as Russian resident customers who are currently part of our customer base.

Melco International Development Ltd, a Hong Kong-listed casino operator which counts among its shareholders the billionaire Lawrence Ho Yau Lung and has its core operations in Macau, is building a large new casino complex called City of Dreams Mediterranean at Limassol in the Republic of Cyprus.

Melco Cyprus is a venture between Melco Resorts and Cyprus-based conglomerate Cyprus Phassouri (Zakaki) Ltd. The partnership has an exclusive licence for the country’s first integrated casino resort development which includes hotels, restaurants, spa and entertainment facilities, retail and conference space.


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