‘Historic day and major milestone’ for Europe’s biggest casino resort in Cyprus

Opening ceremony for the new casino resort occurred on Friday in Limassol in the presence of President Nicos Anastasiades who portrayed it a “historic day” and a “major milestone” for Cyprus.

Anastasiades said City of Dreams Mediterranean constituted the greatest speculation venture embraced in Cyprus and communicated his “sincerest appreciation” to Lawrence Ho, Chairman and CEO of Melco and his group and the CNS Group coordinated by Melis Shiakolas, for the certainty they showed in the economy of Cyprus and its promising potential.

The casino resort will contribute €700 million or 4 for each per cent of the nation’s Gross Domestic Product to the economy from the second year of being completely operational, the President told ministers, MPs and individuals from the business network at the occasion.

“Foreign direct investment constitutes a fundamental pillar towards sustainable economic growth and prosperity. In this respect, as Mr Ho rightly stated, today we are witnessing the realisation of a project with extraordinary benefits for our economy, with positive impact on the country’s GDP and in tackling unemployment,” Anastasiades said.

He said the €550 million undertaking was relied upon to make around 4,000 employments every year amid the development time frame and in the end add to the making of roughly 6,500 immediate, aberrant and incited full-time jobs in Cyprus when the resort is completely operational.

Until at that point, a transitory casino is set to start working in Limassol beginning from June 28, not as much as a five-minute drive from the resort on Franklin Roosevelt Avenue, named Cyprus Casino or C2.

An extra four satellite casinos will work over the island with one in Nicosia and Paphos anticipated that would be prepared in November, one in Larnaca set to open in January and one in Ayia Napa set for May 2018.

“The ceremony marks the beginning of the construction of City of Dreams Mediterranean, Europe’s largest integrated casino resort and Melco’s first expansion outside Asia,” he said.

Ho described it as a “significant milestone as it will be the first authorised casino in Cyprus,” with emphasis on responsible gaming.

“I am honoured and grateful for the trust the Cypriot government has placed in Melco and CNS to carry out this ambitious and exciting project. Today, we are not just laying the foundation stone of the integrated casino resort but also entering a new era for Limassol and for Cyprus as a whole.”

Anastasiades said the economy had achieved a remarkable recovery and now had a promising future. Tourism, and the government’s new strategy for the sector, was a big part of that and City of Dreams, “we feel, is at the heart of this strategy and a symbol of our commitment to continuous progress”.

“Our country is much more than just an attractive ‘sun and sea’ tourist destination. Due its natural advantages, Cyprus has all the prerequisites to be established as a regional and, why not, global premium destination, a genuine point of reference for luxury tourism and responsible gaming,” he added.

The casino resort which has been depicted as the only one of its kind in Europe, is set to draw in 300,000 visitors every year, counterbalancing seasonal tourism.

Aside from the casino resort, Zakaki is additionally set to be home to a green, totally changing the substance of the region.

“In a few years, you will not recognise the west of Limassol,” Ballantyne said.