First Cypriot casino to generate €800 million

The Government of the Mediterranean island nation and developers signed the final agreement that authorized the project at a special ceremony in late June. The mega-scale plan will include the construction of an integrated resort in the city of Limassol, of a satellite casino in the capital Nicosia, and of three slot parlors in the districts of Larnaca, Famagusta, and Paphos.

Hong Kong developer Melco International Development will be in charge of the scheme. It will manage the gambling properties together with local partner CNS Group. Melco submitted its bid for a casino license last year together with fellow operator Hard Rock International. The latter company quietly pulled out of the multi-million-euro project last week.

Iacovos Galanos, a spokesperson for the investment group behind the casino plan, told the Cypriot House Committee on Trade that 4,000 jobs will be created during construction and 2,400 permanent ones will be generated once all facilities are fully operational.

Under the development plan, the main complex will feature a 500-room hotel, reception areas, a pool, dining facilities, and conference rooms. The casino floor will offer 1,200 slot machines and 135 table games.

The temporary casino and the satellite facilities are expected to open doors sometime in the early 2018, possibly in February 2018. Melco representatives also revealed that the foundations for the integrated resort will, too, be laid in the first quarter of 2018, if everything goes according to initial plan. The property will target 2020 opening.

Source: GMB / Casino News Daily