Pursuant to the share purchase agreement, Melco will acquire approximately 18.5 million American depositary shares in the company, representing US$375m.

The development is marked for a 2021 completion date, upon which it is expected to become the largest integrated resort in Europe.

City of Dreams’ gaming area is set to have 36 tables and 1,200 gaming machines. The project will also feature a five-star hotel with villas, 500 rooms, 11 restaurants, cafeterias and a pool area with river woods and surf pools.

In May, Melco acquired 135.4 million shares in operator Crown Resorts at a price of A$13 (US$9) per share.

This works out to 19.99% of the Australian casino, with the transaction to close in two equal tranches on 6 June and 30 September.