Construction work on Europe’s first integrated casino hotel in Cyprus will commence next month using a groundbreaking ceremony scheduled for June 8, Melco Resorts and Entertainment CEO Lawrence Ho declared Tuesday. The temporary casino, made to work before full completion of the hotel, is set to open this summer, he added.
In 2 and a half decades, Cyprus will be home to its first casino hotel and the biggest hotel of its kind in Europe. Being manufactured by Hong Kong-based Melco Resorts and Entertainment Limited, the job is called City of Dreams Mediterranean. The news for its groundbreaking ceremony was announced Tuesday by the company’s CEO, Lawrence Ho, during a media conference at Macau. Ho talked about the new resort tower dubbed Morpheus That’s about to open at Melco’s City of Dreams Macau in June. A week before this, on June 8, the company is going to give the official launch to the building of the Cypriot facility in the Town of Limassol.
The investment needed for the new integrated hotel is projected at €550 million. It needs to be operational in 2021 but before then, Melco will operate a temporary casino at Limassol, which is also set to open this summer. During the seminar at Macau, Ho also told colleagues that once finished, the hotel would bring in about 300,000 tourists a year to Cyprus. The project will create about 4,000 jobs in building and when the casino hotel opens in 2021, it is expected to create up to 4,500 jobs in the region. Including positions in the hotel itself and indirect jobs in various industries such as tourism, services, transportation, and much more.
Ho added that Cyprus could see revenues in the hotel worth up to 4 percent of the country’s gross domestic product. This past year, the authorities of Cyprus said it expected the casino hotel to bring in about €800 million in contributions during 2022, its second year of operation.
The Largest Casino Resort at the Region
Melco’s City of Dreams Mediterranean is the first integrated casino hotel to be built in Cyprus. It’s being developed by a consortium, where the Asian company owns 75 percent, while the rest of the stocks are owned by the local conglomerate Cyprus Phasouri (Zakaki) Ltd.. It’ll be constructed in Zakaki, Western Limassol, in relative proximity to ports, airports, and to popular shopping and entertainment areas in town. The integrated hotel will include a luxury resort with over 500 five-star rooms, matches and baths, 11 restaurants and bars, in addition to around 1,200 sq. m. of retail area designed to replicate the streetscape of the old Nicosia city centre.
The casino will have roughly 7,500 sq.m. of gambling area with up to 140 gaming tables and 1,200 slot machines. The hotel will also offer a large Expo Center, a meeting and convention space, and many recreational options, such as a 1,500-seat amphitheater, swimming pools, spa and fitness centers, sports facilities and a tennis court. The ambitious project will cost roughly €550 million and is going to be a massive boost for the local tourism industry. Together with the most important facility in Limassol, the hotel will also operate four satellite casinos in Nicosia, Larnaca, the Free Famagusta Area and Paphos.
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