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The new Casino Resort in Cyprus operated and majority owned by Melco is to be called “City of Dreams – Mediterranean” following Chairman Lawrence Ho’s announcement on Tuesday.
“Cyprus’ 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,” Ho said.
It is expected to be operational by 2021 and estimates are that it will attract some 300,000 tourists per year.
Melco has a majority 70.74% stake in the resort with local partners GNS holding the remaining 29.26% stake.
Once completed the “City of Dreams – Mediterranean” will boast 136 gaming tables, 1,200 slot machines, 500 hotel rooms, 11 restaurants along with retail outlets, a wellness centre and sports facilities.
Predictions on income once fully operational vary but the latest study by PWC says that Cyprus could see an increase of 700 million euros a year to the economy, at the same time creating 2,100 jobs on a permanent basis and 11,000 jobs while in the construction phase.
As part of winning the license which lasts for 30 years and 15 years exclusively Melco while developing the resort can open 4 satellite casinos, one in each of the four major cities on the island but with only slot machines. The only casino with live gaming tables will be Nicosia with a limited number of tables.
