Melco, a gambling and hospitality company from Hong Kong decided to up the original budget that was proposed for building a casino resort on Cyprus, according to Property President.
The name of the project that is supposed to be completed on Cyprus in 2021 is City of Dreams Mediterranean, and it will be available for all people in Cyprus and tourists alike. The resort will be located in Limassol and the original budget for its construction was €550-million. However, according to Craig Ballantyne, who is the president of that property, that original budget will be surpassed. This was also reported in a local business news outlet in Cyprus called Financial Mirror.
If everything goes as planned, the project would be the first integrated resort to be built in Europe, and a casino floor would be an inevitable part of it. The construction is scheduled to start in the early 2019 and the main company to finance the construction is Melco Resorts & Entertainment. Furthermore, they are joined with the local partner from Cyprus called CNS Group. There are four developers currently in the game and one will be chosen by Melco and CNS representatives to start working on the project. The selection procedure will probably be completed by the end of January so that the construction can begin in early February 2019.
Mr. Ballantyne stated that they were going to acquire all the necessary licenses during the next three weeks so that the construction of the project could commence. Furthermore, the president added that the building process would last approximately 29 months and that the property would become operational by 2021.
Melco and CNS already opened a temporary casino which at the moment has 258 slot machines, 33 tables for gaming, and even a VIP area. It will be open and functional until the main casino opens. However, until then, everybody can enjoy the offer in this “satellite” casino.
When it comes to the main resort, it will have a 500-room hotel, several villas, facilities for events and conferences, facilities for food and drinks, retail part, an Expo Center, and several types of entertainment options.
Some of the professionals project that the project would bring an annual revenue of €700 million for Cyprus, which should positively affect the economy of this country-island. Cyprus is already a popular destination for tourists, but the resort should make it even more appealing for people who look for exotic travel destinations all over the world.
Apart from one temporary casino in Limassol, two more satellite casinos are opened as an addition to the main one – C2 Nicosia and C2 Larnaca. In fact, two casinos opened in Larnaca last Friday, and they are going to make the locals happy until the main one opens. All those casinos required additional funds on Melco’s behalf, and the company seems more than happy to invest in Cyprus which could become the next big thing in Europe.
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