Cyprus creates dedicated Tourism Ministry as the island nation prepares for launch of first integrated resort with a casino floor
The Republic of Cyprus has finally established a Tourism Ministry that will be assigned the task to oversee and regulate the island nation’s tourism industry, news outlet Neos Kosmos reported earlier today.
Up until recently, the Cypriot tourism industry, which generated revenue of €2.27 billion in the first nine months of 2018, was regulated by a government agency that was also charged with energy and commerce industry regulatory tasks.
The new Deputy Ministry of Tourism was officially established yesterday when Cypriot President Nicos Anastasiades sworn in Savvas Perdios, a hospitality industry veteran, as the tiny Mediterranean nation’s first dedicated Deputy Minister for Tourism. Mr. Perdios previously worked as Chief Operating Officer at Louis Hotels, a hotel chain that operates 25 resort properties around Cyprus and Greece.
The new Deputy Minister for Tourism will oversee the sector and will lead Cyprus’ effort to develop and implement a new strategy that will help the country capture more international visitors, encourage higher holiday spending, and combat seasonality.
The newly created Ministry will take over the responsibilities of the state-run Cyprus Tourism Organization. Government spokesman Prodromos Prodromou told media that the Ministry will have to “implement Cyprus’s national tourism strategy with the necessary horizontal policies, tourism development planning and wider political supervision of the sector.”
Cyprus’ tourism industry accounted for 22.3% of the island nation’s economic input in 2017.
City of Dreams Mediterranean Supports New Deputy Ministry
News about the establishment of a dedicated Tourism Ministry first emerged last summer. The announcement was welcomed by Melco Resorts & Entertainment, the gaming and hospitality company that currently develops the nation’s first integrated resort with a casino.
Melco was licensed to operate the gaming facility at the resort as well as four satellite casinos in the capital Nicosia, Larnaca, Paphos, and Ayia Napa. A temporary casino that will remain operational until the main resort opens doors launched in Limassol last summer. Melco also recently opened satellite facilities in Nicosia and Larnaca.
Commenting on the creation of a Deputy Ministry of Tourism, City of Dreams Mediterranean and Cyprus Casinos President Craig Ballantyne has previously said that the objectives set before the Ministry were aligned with Melco’s strategy to provide “top quality hospitality and entertainment” that would transform Cyprus into a year-round destination.
Melco’s main resort is set to open doors in 2021. The company, led by Hong Kong businessman Lawrence Ho, said recently that it would up its initial investment into the development of the property. Melco and its local partner CNS Group originally planned to pour €550 million into the luxury resort. It is yet unknown how much will eventually be spent on the scheme.
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