Hong Kong Hospitality and Gaming giant Melco to exceed its Initial budget for Cyprus’ first casino resort, Property President Shows
City of Dreams Mediterranean is available to open doorways in Limassol in 2021, and its final construction cost will exceed the initially announced €550-million investment, Cypriot business news outlet the Financial Mirror reported earlier now citing Property President Craig Ballantyne.
Melco Resorts & Entertainment and its own Cypriot partner CNS Group are currently reviewing the four programmers which are bidding to create the luxury hotel and casino complex. The selection procedure is expected to be finished sometime in January and construction is set to start in February.
Mr. Ballantyne said that all the necessary licenses to proceed with construction will be procured over the next three weeks. The official, who was appointed as President of the resort earlier this year, said that it is “a 29-month build”, so the home is on course to become usable in 2021.
A temporary casino using 258 slot machines, 33 gaming tables, a VIP gaming place , two bars and a Columbia Bistro restaurant opened doors last June. The centre will remain operational until the main resort is launched.
Once fully operational, City of Dreams Mediterranean will feature a 500-room hotel, villas, event and conference facilities, an Expo Center, retail area, food and drink facilities, and numerous entertainment options.
According to early projections, the resort will donate €700 million per year into the Cypriot economy following its second year of performance. Additionally, it is hoped to help the very small island nation combat seasonality and become a favorite tourist destination during the year.
City of Dream Mediterranean will also aim to put Cyprus on the map as a significant conference destination. Mr. Ballantyne said that they “have the area for a regional conference tourism player. ” The official further revealed that companies from the united kingdom, Greece, and Dubai have already expressed interest in the resort’s convention facilities. Melco and its local partner’s plans farther involve tapping into wedding tourism,” Mr. Ballantyne added.
Two satellite casinos have also opened doors as part of the Hong Kong gambling and hospitality giant’s expansion into Cyprus. C2 Nicosia found almost two weeks back in the Cypriot capital, whilst C2 Larnaca opened two locations at Larnaca International Airport last year Friday. The Nicosia centre has 50 slot machines and five gambling tables, even while the Larnaca one features 42 slot machines and no table games.
Two more satellite casinos have been slated to open next year — one in Paphos and another in Ayia Napa. There’ll be a delay in the opening of the Paphos centre as programmers are looking for a brand new website. Parking issues at the original location prevented the house ’therefore launch. The satellite casino in Ayia Napa is expected to become operational by April 2019.
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