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City of Dreams Mediterranean recovers after downturn due to Gaza-Israel conflict

February 15, 2024 World Casino & HotelIndustry Updates

After a recent lull brought on by the Israel-Gaza conflict, Melco Resorts & Entertainment’s City of Dreams Mediterranean in Cyprus is getting back to normal. There are signs that the casino and hotel businesses are seeing significant growth in business volumes, as reported by Inside Asian Gaming.

Our on-site evaluations show a different picture, contrary to industry supposition that the hotel’s low occupancy was caused by geopolitical concerns harming major feeder markets. The main gaming floor has been bustling with activity lately, with full roulette tables, open table games, and a steady stream of patrons playing slot machines. There has also been a lot of action over the week, including a crowded poker area, and a consistent flow of play.

Sources close to City of Dreams Mediterranean said that the company’s business has increased recently, particularly with Israeli customers who are expressing a willingness to go again after their initial concerns following the violence in October.

The 500-room City of Dreams Mediterranean hotel is reportedly operating at over 80% occupancy on weekends and 40% occupancy during the week, which is fantastic for February and Cyprus’ off-season.

Looking forward, City of Dreams Mediterranean is getting ready for its first full summer of operations in Cyprus, which is typically a busy time with twice as many flights into the country.

Before the end of the month, Melco Resorts & Entertainment is expected to release its financial results for the fourth quarter and fiscal year 2023.

Original story by: IAG

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