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“City of Dreams Mediterranean”, an integrated casino resort, considered to be the one of its kind in Europe will be operational by 2021, generating an annual contribution of €700 million to the Cypriot economy, Joint Venture ICRC said on Tuesday.
 
The joint venture, Integrated Casino Resorts Cyprus (ICRC), composed of Melco Resorts & Entertainment (“Melco”) and The Cyprus Phassouri (Zakaki) Limited (member of the CNS Group) presented the finalised plan on Cyprus’ first integrated casino resort during an event held at the presidential palace.
 
The project is expected to be completed by 2021 and will cost €550 million.
 
Addressing the ceremony, President of the Republic Nicos Anastasiades said that the casino resort “due to its size justifiably is included among the biggest projects in our country.”
 
Anastasiades said the project fully secures the government’s aims, mainly the setting of the highest standards to protect vulnerable groups from gambling, the improvement and enrichment of Cyprus’ tourism product, as well as the reduction of its seasonal nature, while generating fiscal revenue supporting the industries associated with the casino and to create new jobs and attract investments.
 
“Our aim was to create an integrated casino-resort which would be the best in Europe and one of the best in the world,” he added.
 
Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism said the project will constitute the biggest investment ever made in Cyprus.
 
Lawrence Ho, Chairman and Chief Executive Officer of Melco, said with City of Dreams Mediterranean, Meclo is expanding its flagship brand name outside Asia for the first time, adding that the project in Cyprus is a top priority for the giant casino operator.
 
According a press release issued by Melco, Ho said in statement that Cyprus’s first Integrated Resort which “will place Cyprus on the world tourism map and attract visitors, not just from the surrounding region but also from the whole of Europe and around the world.”
 
According to the ICRC, the €550 million project is expected to create around 4,000 jobs annually during the construction period and will eventually contribute in the creation of approximately 6,500 direct, indirect and induced full-time jobs in Cyprus when the resort is fully operational.
 
City of Dreams Mediterranean will be developed in western Limassol, and is expected to be launched by early 2021. The Integrated Resort is designed in the Mediterranean style, and will be built according to the principles of sustainable development and be tailored to fit Cyprus’s natural environment and landscape. It will be Europe’s biggest Integrated Casino Resort, with gaming areas of a total of 136 tables and 1,200 gaming machines, a five-star hotel with luxurious villas and 500 hotel rooms, 11 restaurants and cafeterias, a wellness centre, a sports centre, an extensive pool area with river woods and surf pools, a high-end retail area and an outdoor amphitheatre with extensive green areas. Also, in order to attract conference tourism, City of Dreams Mediterranean will offer 9,600-sq. metres of MICE facilities with a convention expo centre.
 
By the first half of 2018, a temporary casino will operate in Limassol until the casino resort is completed. The project also includes the operation of four satellite casinos in Nicosia, Larnaca, the Free Famagusta Area and Paphos.

Source: Stockwatch