Construction on the 37-hectare site in Limassol on the south coast of the country is “set to begin in early April 2019 and is scheduled to be completed within 2021,” said Melco International in a press release.
“I am confident given the experience and success of both parties to the joint venture, that Avax – Terna will deliver the project to the highest construction standards and will enable us to bring an extraordinary integrated casino resort to Cyprus,” said Lawrence Ho Yau Lung, chairman of Melco International.
The company is the main shareholder of Asian casino developer Melco Resorts and Entertainment. The Limassol scheme shares the same “City of Dreams” branding as casino resorts operated by Melco Resorts in Macau and the Philippines
Cyprus media reports that the budget for the City of Dreams Mediterranean property remained at US$617 million.
Melco International said the casino at the property would have “over” 100 tables and 1,000 slot machines, and the 16-storey step pyramid-style hotel tower would provide 500 rooms. The project will create an estimated 4,000 “local job opportunities” during the construction phase and approximately 2,400 permanent jobs once it is fully operational.
Melco International said that after the second year of operation, the casino resort was expected to contribute approximately EUR700 million per year to the Cyprus economy, amounting to around 4% of the country’s annual gross domestic product.
Source: GMB / GGR Asia
