On Friday, Melco International Development held a ceremonial groundbreaking of City of Dreams Mediterranean, with expectations that the project’s first phase will open by 2021.
Melco executives, including CEO Lawrence Ho assembled on the plot of land in Limassol, along with Cypriot president Nicos Anastasiades and Melis Shiakolas, CEO of Melco’s local partner CNS Group.
Anastasiades said the EUR550 million ($651 million) resort will be the biggest investment project ever undertaken in the country, and would create 6,500 jobs, an additional 300,000 visitors to Cyprus each year, and around EUR700 million to the economy annually.
“Our country is much more than just an attractive ‘sun and sea’ tourist destination,” Anastasiades said. “Cyprus has all the prerequisites to be established as a regional and, why not, global premium destination, a genuine point of reference for luxury tourism and responsible gaming.”
Ho noted the project is Melco’s first expansion outside of Asia.
“Our project will contribute significantly to the country’s efforts for sustainable economic growth and an increase in employment rates,” he said.
The resort, once completed will offer 136 tables, 1,200 gaming machines, 500-room hotel and luxury villas, 11 restaurants, shops sports and wellness enters and an amphitheatre.
Ho said that the temporary casino will open on June 28 and will be in operation until the resort is completed.
The temporary casino will include 33 tables, 242 slots and a VIP gaming area. Another four satellite casinos will also open across Cyprus.