Three satellites now open
Hong Kong gaming giant Melco Resorts & Entertainment says it will exceed its original €550 million (US$623.6 million) budget to build City of Dreams Mediterranean in Cyprus. The casino resort, to be located in the city of Limassol in the Greek-controlled republic, will reportedly be the largest integrated resort in the world.
According to the Financial Mirror, property President Craig Ballantyne would not speculate on the final cost, but was clear on the timeline: “We hope to start very early in the New Year, January or February, and it’s a 29-month build, so we should be on track for 2021.” When fully operational, City of Dreams Mediterranean will include a 500-room hotel and villas; event and conference facilities; a retail district; food and beverage outlets; and multiple entertainment options. The casino will have 1,200 slot machines and 140 gaming tables.
The resort is expected to add €700 million (US$793 million) per year to the Cypriot economy after its second year of operation—about 4 percent of the annual gross domestic product—and help Cyprus become a year-round tourism destination. It will create 4,000 jobs during the construction phase and approximately 2,400 permanent jobs once it opens.
“We have the space to be a regional conference tourism player with companies from Dubai, Greece and the UK already showing interest, we also plan to tap into wedding tourism as well,” said Ballantyne. He said Melco will bring “Las Vegas-style entertainment” to the resort to bring in a more diverse customer base.
In June 2017, Cyprus granted a 30-year casino license to Integrated Casino Resorts Cyprus Ltd., a consortium led by Hong Kong-listed Melco International, parent of Macau casino operator Melco Resorts and Entertainment Ltd. The license included provisions for as many as four satellite casinos in addition to the primary resort. C2 Limassol opened last summer. C2 Larnaca at Larnaca International Airport opened in December, as did C2 Nicosia in the capital city. Satellite casinos are also due to open at Paphos and in Ayia Napa in 2019.
“Operations of C2 Limassol will cease when the City of Dreams Mediterranean integrated casino resort is launched, while the four satellite casinos C2 will continue to operate,” Melco stated.
