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Melco pulls out of bid for the Spanish project

melco resortMelco International Development Limited has officially abandoned its Spanish project. This news comes a week after they signed a contract to bring the first integrated casino resort  to Cyprus. Melco International Development Limited, formerly known as The Macao Electric Lightning Company Limited, is one of the 100 oldest companies in Hong Kong. It was established in 1910 and was among one of the first companies established in Hong Kong. They have a number of subsidiaries, including Melco Resorts and Entertainment Limited which currently operates in Macau.They also own Melco Services Limited, Melco Finance Limited and Vc Finance Limited. Melco International Development Limited is recognised as a world leader in the leisure and entertainment sector. They have operations in Russia, China, as well as the Philippines.

Tourist and Recreation

Melco International Development Limited’s competitors are American counterpart Hard Rock International. Melco had been up against them for the right to run one of two casinos – which would be located at the Tourist and Recreation Complex near Barcelona. Melco initially called the project an “exciting tourist opportunity in Europe” but have since pulled out of the bidding process because they have “other committed development projects in the pipeline”.The decision to abandon the project was made via a statement to the NASDAQ stock exchange. The Tourist and Recreation Complex was first known as BCN World. It will be located south of the Catalan capital. It is important to note that the possibility of development offering any gambling at all is in huge doubt. This is due to the fact that Malaysian giant Genting Group have also abandoned the process, which only leaves Hard Rock International as the sole bidder.

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