Last Friday Cyprus President Nicos Anastasiades set the cornerstone of what will become Europe’s biggest casino resort. The Limassol property, City of Dreams Mediterranean, is the most adventurous and expensive investment project of this kind, ever undertaken on Cyprus.
Billed as the first fully integrated casino resort on the island, City of Dreams Mediterranean is a €550 million euro development that promises to vastly expand Cyprus’ tourism product, and to attract an additional 300,000 plus tourists each year. The A world-class resort is also expected to produce some 4,000 additional jobs when fully completed in 2021 (PDF). Melco International Resorts and Entertainment CEO Lawrence Ho announced a temporary casino opening on June 28 will operate until the resort is completed. Four other satellite casinos will also open this year.
“We are witnessing the realization of a project with extraordinary benefits for our economy, with a positive impact on the country’s gross domestic product and in tackling unemployment.”
According to the factsheet from City of Dreams developers, the hotel of the resort will boast of over 500 five-star guestrooms, exclusive suites and villas, and the casino will present over 140 gaming tables with 1200 gaming machines.
Melco Resorts & Entertainment is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about the Company, please visit www.melco-resorts.com.