Melco shutters Cyprus casinos

Melco Resorts & Entertainment-backed Cyprus Casinos is closing down its five properties on the Mediterranean island for a month to help prevent the spread of the coronavirus.

Cyprus President Nicos Anastasiades on Sunday announced a lockdown, forcing anyone entering the country into 14 days of quarantine. He also ordered the closure of department stores, bars and clubs as well as a EU700 million economic stimulus package.

Melco operates four satellite casinos and one temporary casino and is building an integrated resort under its City of Dreams brand, which was scheduled to open next year. 

For Q4, the Cyprus operations generated revenue of $24 million, up from $15.6 million the prior year  Adjusted EBITDA of US$8.6 million in the fourth quarter of 2019 compared with adjusted EBITDA of US$2.3 million in the fourth quarter of 2018.