Hong Kong-listed casino investor Melco International Development Ltd. is punting big on its casino project in the Republic of Cyprus as it increases its stake by more than 4 percent.

In a regulatory filing, the Lawrence Ho-led company announced on Monday that it has entered a joint venture agreement with Cyprus-based conglomerate Cyprus Phasouri Zakaki Ltd. (CPZ) for the issuance of new shares in ICR Cyprus Holdings Ltd (ICR Holdings). Melco already holds 70.74 percent of ICR Holdings after acquiring Hard Rock International’s stake in the company back in September.

Under the new investment agreement, Melco will now own 75 percent of the equity in the holding company, while CPZ’s shares will decrease from 29.26 percent to 25 percent.

Both parties agreed that Melco will have to pay an aggregate amount of €160 million (US$188.7 million) for the newly acquired shares of ICR Holdings. The Hong Kong-listed company said that it plans to make the first payment of €25 million (US$29.5 million) upon the completion of the Subscription Agreement.