Monthly Archives: June 2018

Melco Int’l’s temporary Cyprus casino to open this month

Europe’s largest casino project broke ground on Friday, while its temporary stand-in will open later this month.

On Friday, Melco International Development execs, including CEO Lawrence Ho, assembled on a plot of land near Limassol in the Republic of Cyprus, for the ceremonial groundbreaking of City of Dreams Mediterranean. The €550m project’s first phase is scheduled to open by 2021.

Accompanying the Melco execs were Cypriot President Nicos Anastasiades and Melis Shiakolas, CEO of Melco’s local partner CNS Group. Ho said he was “honored and grateful for the trust the Cypriot government has placed’ in the “ambitious and exciting project.”

Ho told local media that the company has already hired 500 staff, of which 75% were local residents. Around 4k individuals will find work during the construction process, and around 2,500 will find permanent employment once the resort opens to the public.

UK racing making out like bandits under new betting Levy scheme

The UK’s racing industry is raking in record sums after the government rejigged the mandatory race betting Levy to compel contributions from online gambling operators.

On Friday, the British Horseracing Authority (BHA), Horsemen’s Group and Racecourse Association agreed on the structure of a new body that will oversee responsibility for the distribution of Levy proceeds as of April 2019.

In January 2017, the UK government announced that it would dismantle the Horserace Betting Levy Board while confirming plans to require all betting operators — particularly the internationally-based betting sites of UK companies – to contribute 10% of their race betting revenue to the Levy scheme.

The new Levy setup was expected to dramatically up racing’s share of betting revenue and the BHA’s Friday announcement confirms that assumption. While the old Levy brought in £54.5m for racing in 2015-16, the BHA said it expects the 2017-18 haul “will exceed £90 million and possibly reach £95 million.”