Melco Announces Completion of Acquisition for 75% Equity Interest in City of Dreams Mediterranean Project

Unspecified, HONG KONG

MACAU, July 31, 2019 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (the “Company”), a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia, today announces the completion of its acquisition from Melco International Development Limited (“Melco International”) of all of Melco International’s holding of ordinary shares of ICR Cyprus Holdings Limited (“ICR Cyprus” and such ordinary shares of ICR Cyprus, the “Acquisition Shares”) and the issuance of 55.5 million ordinary shares of the Company, which are equivalent to approximately 18.5 million American depositary shares of the Company, to Melco International as consideration for the Acquisition Shares. The Acquisition Shares represent a 75% equity interest in ICR Cyprus. ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated destination resort project in Cyprus, which is currently under development and scheduled to open in 2021, upon which it is expected to be the largest and premier integrated destination resort in Europe.