Melco stress overseas expansion focus

In a statement announcing the company’s 2016 annual audited financial results, the recently renamed Melco International Development Ltd. stressed its interest in continuing to develop opportunities in several overseas locations which include Japan, South Korea, the Philippines and Cyprus.

“We have been actively exploring opportunities in new markets, such as South Korea, Cyprus and Japan,” noted the company’s CEO, Lawrence Ho, according to Friday’s statement.

The announcement stated that the multinational consortium formed between Melco, Hard Rock International and Cyprus Phasouri (Zakarai) Ltd. has now entered the final stage in the process of obtaining a 30-year license for the operation of the new casino resort with a 15-year exclusivity period, from the Cypriot government.

“Riding on the ongoing recovery of Macau underpinned by a pivot of the market towards the mass market segment, Melco continues to further develop our operations in Macau as well as in overseas markets, including the Philippines, Russia, South Korea, mainland China and the Pan-Asian region,” said Ho, according to the statement.

“We are also resolved to advance our expansion plan in Cyprus, and to explore new opportunities in other countries, such as Japan,” he added, “[as] the legalization of casinos in December 2016 has paved the way for tremendous business opportunities in this wealthy and populous country.”

As previously reported, Melco recorded profit attributable to shareholders of HKD10.4 billion.