City of Dreams Mediterranean, now under construction in Limassol in the Republic of Cyprus, will reach full fit-out by next August, according to operator Melco Resorts & Entertainment. The €$550 million (US$617 million) integrated resort, expected to be the largest of its kind in Europe, broke ground in May.
“This will enable … City of Dreams Mediterranean to meet its estimated target to open its doors to the public by the end of 2021,” said an announcement from Melco.
According to the statement, 4,000 “local job opportunities” would be created “during the entire construction period,” with “2,400 permanent jobs,” once the resort is launched; thus “establishing Melco as one of the biggest employers on the island.”
The property, in Zakaki, Limassol, will feature a 16-story five-star hotel, with 500 guest rooms and suites as well as 9,600 square meters (103,334 square feet) of meeting space. The gaming area will spam 7,500 square meters with more than 100 tables and 1,000 gaming machines.
The exterior will have “distinct Mediterranean influences,” Melco said. The Hong Kong-listed company holds a 75 percent interest in ICR Cyprus Holdings Ltd., the entity developing City of Dreams Mediterranean. Twenty-five percent is controlled by Cyprus Phassouri (Zakaki) Ltd., a Cyprus-based conglomerate.
In September Craig Ballantyne, property president of City of Dreams Mediterranean, had suggested the resort could help bring “an additional 300,000 tourists” annually, and also help smooth the volatility in demand seen in the holiday industry on the ethnic Greek portion of the Mediterranean island.
