Melco Resorts acquires 75% stakes in ICR Cyprus from Melco International for $375m.

Melco Resorts & Entertainment Limited, a developer and owner of casino gaming and entertainment casino resort facilities in Asia acquire 75% stake in ICR Cyprus Holdings from Melco International Development Limited for $375m. ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated destination resort project in Cyprus. The City of Dreams Mediterranean project 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. Pursuant to the Share Purchase Agreement, Melco will acquire the Acquisition Shares in exchange for 55.5m ordinary shares of Melco, which are equivalent to approximately 18.5m American depositary shares of the Company, or 4.0% of Melco’s outstanding shares as of the date hereof, representing approximately US$375m.