Melco Resorts & Entertainment, operator of Cyprus Casinos (C2) and the upcoming integrated resort City of Dreams Mediterranean, Europe’s first integrated resort, has published its fifth sustainability strategy for 2022 – RISE to go Above & Beyond.
Adhering to four key material topics that underpin Melco’s sustainability commitment, including “Restoring our World”, “Inspiring our Communities”, “Sustaining our Supply Chain” and “Empowering our Business”, the strategy continues to drive performance and sustainability initiatives to help the Company reach its ambitious goals.
The report also lays out Melco Cyprus’ management strategy of specific social and environmental initiatives focusing on climate resilience, clean energy, sustainable sourcing of materials from local vendors, waste elimination and water management, among others.
“Action with positive engagement has been key to our approach to sustainability,” said Melco Resorts and Entertainment Chairman and CEO Lawrence Ho.
“While our operations and communities have confronted many sustainability trials and tribulations in the past three years, it is evident that these challenges also present many meaningful opportunities,” he continued.
“Our latest sustainability strategy is testament to an integrated resort business operating to the highest standards and for the long term. Melco will continue to sharpen its focus on the needs of the planet and those around us, and to act upon our role in creating shared value through our commitment to Rise to go Above & Beyond.”
Below are some key performance highlights concerning Melco Cyprus, covered in Melco’s latest ‘RISE to go Above & Beyond’ sustainability strategy.
On energy and climate resilience:
- Our integrated resort (IR) City of Dreams Mediterranean has adopted various measures to promote energy efficiency across all categories of equipment and systems, as well as passive design measures, including 4,000 PV solar panels capable of generating 1.2 MWh at full capacity once in operation, and façade shading and glass with low-shading coefficients;
- Expanded our climate-related risk assessment, and with the rigor of the Task Force on Climate-related Financial Disclosures (TCFD) framework to guide our carbon-neutral resort commitments and to address physical and transition risks;
- Extended our greenhouse gas (GHG) emissions inventory to encompass Scope 1 & 2 and all relevant Scope 3 categories, with verification for all scopes.
On material use and waste:
- At City of Dreams Mediterranean, a plan for the reuse, recycling and recovery of materials throughout the construction process is in place, guided by the following targets:
- Reducing construction waste by ≥ 12.5 tonnes per 100 m2 generated. Procedures are in place to minimise waste, including wastage of raw materials by ordering construction materials “just in time” and through their proper handling and storage;
- Diverting ≥ 70% by weight or 60% by volume of construction waste from landfill.
- In addition, 28% of the total volume of material required for sub-bases and building foundations, as well as for gravel landscaping uses, comprises recycled material captured from site excavation during the construction phase.
Community, engagement & investment:
- Conducted forest, underwater and beach clean-ups in the Akrotiri area, Limassol and Ayia Napa Harbour, aimed at reducing land and marine litter and raising awareness about the impact of pollution on the country’s ecosystem;
- Organised the “No Child Without a Present This Year” Christmas charity campaign for the third consecutive year, in collaboration with the newspaper, Efimerida Lemesos, where employees donated toys, clothing, electronics and supermarket vouchers to ensure less privileged children received Christmas presents.
On engagement of our people:
- Women comprise 27 per cent of Melco’s boards and 34 per cent of senior management;
- Melco Cyprus was recognised by the Cyprus HR Awards 2021 for “Most Effective Recruitment Strategy” and “Best CSR Initiative with Employees’ Involvement” categories – Silver Awards, and a Bronze Award for HR Corporate Event of the Year.
On ethical and sustainable supply chain:
- Supporting local farmers and communities and the humane treatment of livestock, Melco has committed to sourcing 100 per cent cage-free eggs by 2025 across all properties;
- 50 per cent of Melco Cyprus’ purchases were from local companies, while sustainability training courses have been included in the Absorb Learning Academy, which includes modules that address global sustainability issues and where they intersect with Melco’s supply chain goals and objectives.
On ethics and integrity:
- 97 per cent completion rate of our Corporate Governance induction training on Melco’s Code of Conduct in 2022;
- No material incidents of corruption, anti-competitive behavior or monopolistic practices reported;
- Continued ethics training and capacity-building programs for our suppliers that include business conduct, conflict of interest management, confidentiality and anti-bribery offered in 2022.
On privacy and cybersecurity:
- Procured cyber insurance to protect Melco against financial losses caused by potential cybersecurity incidents.
The report also highlights Melco’s commitment to developing City of Dreams Mediterranean in accordance with the highest environmental standards. City of Dreams Mediterranean is the first development in Cyprus to achieve a BREEAM Excellent rating – the world’s leading sustainability assessment method for master planning projects, infrastructure, and buildings – at its design stage which includes metrics on material use and waste management during construction.
The IR plans to remove invasive species and grow native plants with low water needs that are well-suited to the island’s climate. Habitats for birds, bats and insects will also be implemented to support the site’s environmental food chain, while carefully applying environmentally-friendly pest management to effectively protect the sensitive area.