LIMASSOL, Cyprus (Reuters) – Asian casino operator Melco Crown Entertainment has launched an entertainment and gaming center in Cyprus, marking its first foray into Europe as it seeks to tap into new markets. With a total investment of more than EUR 600 million (US$ 659.46 million), the City of Dreams Mediterranean is one of the largest developments of its kind in Cyprus. The operator said it hopes to attract an additional 300,000 tourists to Cyprus each year. Macau-based Melco Crown has been seeking to diversify geographically. In addition to its Macau property, it also owns a so-called integrated resort in Manila, Philippines. Lawrence Ho, chairman and chief executive of Melco Crown, said: "City of Dreams in the Mediterranean … enables Cyprus to tap into new markets in the region and beyond." Ho told Reuters that Cyprus' geographical location at the crossroads of three continents, with its proximity to Israel, North Africa and the rest of Europe, was an advantage, as was its "climate and beautiful beaches".