550-million-euro casino resort planned to open by 2021
BY 2021, South Cyprus’ first integrated casino resort will open its doors to the public, in an investment totalling 550 million euros, it was revealed on Tuesday.
Presenting the finalised plan to a packed conference hall at the Greek Cypriot leader’s residence, representatives from the MelcoCNS consortium showcased the multi-million project, dubbed City of Dreams Mediterranean, set to attract 300,000 tourists per year and creating around 11,000 jobs.
Set to be built in Zakaki, west of Limassol, the resort will include a gaming area with 136 tables and 1,200 gaming machines and 9,600 square metres of Mice facilities (meetings, incentives, conferencing, exhibitions).
The resort will also feature a five-star hotel with luxury villas and 500 hotel rooms, 11 restaurants and cafeterias, a retail area, wellness centre and sports centre.
A temporary casino in Limassol and four satellite casinos in South Nicosia, Larnaca, the Famagusta area and Paphos will begin operations in the first half of 2018. Greek Cypriot leader Nicos Anastasiades on Tuesday hailed the investment, saying it was an impressive and ambitious project that the government had made efforts to attract shortly after the financial crisis in March 2013 “after we concluded that the benefits for the country certainly outnumber any negative consequences”.
It will be the top integrated casino resort in Europe and one of the best in the world, he added.
According to an economic impact study prepared by PwC, the impact to South Cyprus’ economy after the second year of the casino’s operation will reach approximately 700 million euros per year, around 4 per cent of the country’s annual GDP.
The casino will tackle seasonal tourism making the industry stronger all year round, Mr Anastasiades said which alone will bring the South’s economy 276 million euros annually two years after the casino’s operations which will in turn create 2,100 jobs.
The project will also increase the duration of tourists’ visits and attract foreign investment to the island. Chairman and Melco CEO Lawrence Ho said “I am proud that the [Greek] Cypriot government has entrusted Melco and CNS to build Cyprus’ first integrated resort which will place [South] Cyprus on the world tourism map and attract visitors not just from the surrounding region but also from the whole of Europe and around the world.”
He added this was the first time the brand was working outside of Asia.
The designs of every casino resort Melco undertakes are uniquely catered to each jurisdiction and in the case of South Cyprus, the City of Dreams Mediterranean has been styled based on the old town Nicosia area resembling a village feel.