Set to launch in 2021
City of Dreams Mediterranean, a casino resort planned for the island nation of Cyprus, could be “one of the best in the world,” according to President Nicos Anastasiades.
It should also be a big moneymaker, pulling in up to $838 million per year, or around 4 percent of the Cyprus economy. It is also projected to add 4,000 construction jobs and 2,500 permanent casino jobs, and attract some 300,000 additional tourists each year.
“Our government’s aim is the creation of a complete casino resort that will be paramount in Europe,” Anastasiades said of the $658 million resort.
City of Dreams Mediterranean will be built by a consortium made up of Hong Kong-listed Melco Resorts & Entertainment and its local partner, Cyprus Phassouri Ltd. Melco says the resort will be Europe’s largest with a five-star, 500-room hotel, 11 restaurants and cafes; a 100,000-square-foot convention center; and a casino with 136 gaming tables and 1,200 gaming machines.
According to CDC Gaming Reports, Anastasiades hopes the resort will draw additional foreign investment to the country, which required a multibillion-euro bailout from other EU countries to avoid bankruptcy in 2013.
In a statement, Melco Chairman Lawrence Ho boasted, “In the same way we delivered in Macau and the Philippines, we build with local partners, invest in extraordinary world-first architecture, and design, create sophisticated entertainment experiences, and embed state-of-the-art technology into everything we do.”
A temporary casino will open by June and four satellites, for the districts of Nicosia, Larnaca, free Famagusta and Paphos, will also open this year.
The 30-year casino license includes 15 years of exclusivity for the operators.
