Europe’s largest integrated resort, Melco Resorts’ City of Dreams Mediterranean, will not open until fall of 2022, nearly a year behind schedule, due to development delays caused by the Covid-19 pandemic.
According to the Cyprus Financial Mirror, the €550 million (US$664.4 million) casino complex was originally scheduled for launch by the end of 2021. The postponement was announced by the Cyprus Gaming and Casino Supervision Commission at the House’s Finance Committee on February 9.
Gaming Commission Vice President Phidias Pilides said that, despite a decline in casino revenues due to Covid lockdowns, Melco expects a surge in operating revenue in the third quarter of 2022 with the opening of the resort in Limassol. Melco’s Cyprus Casinos unit already operates a temporary facility in Limassol plus satellite casinos in Nicosia, Larnaca, Paphos and Ayia Napa.
Melco owns 75 percent of ICR Cyprus, which is developing and will operate City of Dreams Mediterranean. Through a subsidiary, ICR Cyprus, holds a 30-year casino gaming license in the Greek-controlled republic, with exclusivity in the market for the first 15 years.
City of Dreams Mediterranean will offer a 7,500-square-meter (80,700-square-foot) casino with 100 gaming tables and 1,000 slot machines, plus a 500-room, 5-star hotel, MICE space and restaurants.
Pilides said the casino group expects to hire 1,400 employees by the end of the year.