By late 2020 or early
2021, the one of a kind resort in Europe worth €500 million is planned to be ready to open for the public, the details about this project were released in public earlier this month.
At the Filoxenia Conference Centre, the president of the National Gaming Authority and Andy Choy, chief gaming officer, of the consortium of Melco International Development Ltd, Seminole HR Holdings LLC (Melco Hard Rock) and CNS Group (Cyprus Phassouri Zakaki Ltd) signed the agreement.
A spokesperson from the “Integrated Casino Resorts Cyprus Limited (“ICRC”), comprising Melco and The Cyprus Phassouri (Zakaki) Limited, brought forward and presented their last arrangement related to the City of Dreams – Mediterranean, to the region’s President Nicos Anastasiades.
The 7th President of Cyprus Anastasiades shows positive vibrations about this project, and he sees that it is very prosperous, that from this project “benefits for the country certainly outnumber any negative consequences”.
The main resort for sure will be the biggest Casino in whole Europe, equipped with 1,200 gaming machines, 136 gaming tables, with luxury villas and a five-star hotel with 500 rooms with the capacity for expansion. 11 restaurants and cafeterias, a wellness center covering 4,000 square meters and a conference hall spanning 6,000 square meters that can accommodate audiences of 1,500.
The Cyprus Minister Georgios Lakkotrypis, said: “Total investment is expected to exceed half a billion Euros and is estimated to create more than 4,000 jobs during the construction phase and the same number during operation”.
He also added, “This is undoubtedly a project that will enrich our tourism product, attracting an additional 300,000 tourists annually and contributing significantly to combating seasonality”.
However, because of the previous government’s fear of socially damaging the country, Lakkotrypis wanted to make everyone’s minds rest in peace: “Our goal is the improvement of incoming tourism, increasing arrivals, and average spending per capita, and also to see this contribute to the ongoing efforts to address the problem of seasonality in the Cypriot tourism industry,”
“Our other strategic objective was the creation of new jobs and additional tax revenue, supporting sectors that will be associated with the casino, and attracting further foreign investment.”
The Casino itself holds an operation license valid in Cyprus for the next 30 years out of which, the first 15 as a monopoly.
In addition, conforming to the economic examination and research made by PwC, the influence on Cyprus’ economy after the finish of the second operational year of the Casino will grasp roughly €700m per year, approximately 4% of the country’s annual GDP.
The Chinese billionaire businessman, Melco’s Chairman and Chief Executive Officer, Lawrence Ho Yau Lung, commented:
“I am proud that the Cypriot government has entrusted Melco and CNS to build Cyprus’s first Integrated Resort which will place 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.
“In the same way as 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.”
Melco is possessing 70.74% stake in the project, with local GNS Group holding 29.26% of the consortium's shares.