- Melco and CNS plan 2021 opening of €550m resort
- Resort expected to bring in $838 million by 2022
Cyprus will welcome its first integrated resort casino venue by 2021 when Melco and Cyprus Phassouri Ltd, part of the CNS Group, open the doors on their €550 million ‘City of Dreams’ casino project.
President Nicos Anastasiades hopes that the new luxury resort will become “the top integrated casino resort in Europe and one of the best in the world.”
While construction work gets underway at the new resort’s site in coastal region Limassol, the casino consortium and authorities plan to test the appetite for gaming with a temporary casino in the town. Four satellite casinos have also been approved in Larnaca, Famagusta, Nicosia and Paphos.
The five gaming venues should open by summer of this year.
City of Dreams will be among Europe’s biggest casinos
The Melco-CNS development is certainly an ambitious project. The €550 million venue will feature a luxury high end hotel with 500 rooms for guests, and a host of restaurants, bars and entertainment facilities.
There will also be close to 10,000 square feet of conferencing and event space, as the venue hopes to attract top corporations and major business shows.
At a recent presentation by a Melco-CNS panel of representatives, it was revealed that the City of Dreams will employ 11,000 people. The developers predict their venue will attract 300,000 visitors per year, and they expect it to become one of Europe’s most prestigious and well-attended casino resorts.
“I am proud that the Cypriot government has entrusted Melco and CNS to build Cyprus’ first integrated resort which will place Cyprus on the world tourism map,” said Melco’s CEO Lawrence Ho.
He added that the new resort will feature Melco’s classic design and architecture style, as seen in their resorts in Asian markets like Macau.
New casino could net €700 million per year
Like many other nations around the world, Cyprus was hit hard by 2013’s economic crisis and it has looked for ways to stimulate recovery – such as legalizing casino gambling.
“We concluded that the benefits for the country certainly outnumber any negative consequences,” explains President Nicos Anastasiades.
He expects that the casino will bring in €700 million per year by 2022 – just one year after opening. That would represent around 4% of Cyprus’ entire GDP.
Additionally, the casino and tourism industry is expected to create a further 2,000 jobs thanks to the new casino. This could bring an additional economic boost of €276 million for Cyprus.
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