Meanwhile, it’s full speed ahead in Cyprus
The Greek islands of Santorini and Crete are joining the island of Mykonos in oppose the development of casinos in the vicinity.
According to the Greek Reporter, Mykonos Mayor Konstantinos Koukas sent a letter of opposition to Prime Minister Alexis Tsipras. Santorini Mayor Nikos Zorzos also weighed in, saying his island “does not need such investments.”
In a statement, Santorini’s island council agreed that it is “totally opposed to the creation of a casino,” adding that the “consequences of such action would be irreparable for the economy, culture and social structure of our island.”
Greek media report that Finance Minister Euclid Tsakalotos was forced to retreat from an earlier position that he would support legislation to license casinos on Mykonos and Santorini. According to that plan, the casinos would have operated only seasonally, from March through October.
The Reporter says it’s unclear if that reversal will assuage critics. Media reports from Crete say that local councils in the island are also preparing to launch a campaign against the casinos.
Meanwhile, the Greek-controlled republic of Cyprus is all-in when it comes to gaming. Hong Kong-based investor Lawrence Ho, billionaire owner and CEO of Melco Resorts & Entertainment, is behind what will become Europe’s largest casino resort on Cyprus. City of Dreams Mediterranean in Limassol on the south coast of Cyprus will also target visitors from Russia, the UK and the Middle East as well as Asia, Bloomberg said in a report.
“Asian tourists will be able to recognize our brand and as time develops they could be attracted to Cyprus,” Ho said. “Melco as a company attracts sophisticated customers, middle- and upper-class customers.”
In addition to the resort in Limassol, Melco and its local partner, Cyprus Phassouri (Zakaki) also have the right to develop four nearby satellite casinos. The project represents a total investment of US$660 million and is scheduled for completion in 2021.
City of Dreams Mediterranean could funnel $838 million into the island nation’s economy annually starting in 2022, says President Nicos Anastasiades, and amount roughly equal to 4 percent of the gross domestic product.
