Casino-investor Melco International Development Ltd has appointed Craig Ballantyne head of the Cyprus object City of Dreams Mediterranean. The press service of the company said that the responsibilities of Ballantyne will include monitoring the daily operations of the resort. "It's a great honor for me that Melco was entrusted with such a complex project," Ballantyne commented.
Before Craig Ballantyne joined the Melco International team last September, he served as Executive Director of Summit Ascent Holdings Ltd in Russia. Both investment casino companies at that time worked under the leadership of Lawrence Ho, who later sold his entire stake in Summit Ascent and resigned as chairman and non-executive director of the company.
The opening of City of Dreams Mediterranean, the construction of which will be carried out by a consortium, including a local partner, is scheduled for the beginning of 2021 year. Melco International with a share of 75% headed by the consortium; conglomerate Cyprus Phasouri (Zakaki) Ltd, based in Cyprus, has the remaining 25%.
The cost of the casino-resort is € 550 million ($ 651,8 million). In June 2017, the government of the Republic of Cyprus issued a consortium 30-year license for the casino.