Melco International is ready to have their new resort in Cyprus, and according to the latest information, they’re in a hurry to begin the process. The construction of the City of Dreams Mediterranean (CODM) is scheduled to start this month, and the contractor has already been chosen. In the official press release, Melco revealed that the construction tender was given to Avax-Terna JV, a Greek conglomerate which is owned 60% by AVAX SA and 40% by TERNA SA. The project is planned to finish by 2021.
Lawrence Ho, Melco’s chairman elaborated that because of their previous experience, he has full confidence in Avax – Terna to complete the project with professionalism and deliver the biggest casino resort in Europe.
Avax was founded in 1985 but in 1994 the company went public on the Athens Stock Exchange. Terna is a construction branch of GEK Terna Group which was established in 1972 and went public in 1994. At the moment, each company has operations in the Mediterranean island nation of Cyprus.
Avax Chairman Christos Joannou conveyed that this project is such an honor for them and it will change everything. He further explained about the resort being a drastic shift for Cyprus as well as Europe when it comes to gambling, entertainment and tourism.
Plans for the City of Dreams Mediterranean include 91.4 acres of land close to Limassol. The total sum for building the project is approximately set at $617 million. If everything goes as planned, there will more than 1000 slot machines, 100 gaming tables, a 16-story hotel tower in pyramid style with 500 rooms and other commodities which will make CODM one of the largest resorts of its type in the region and beyond.
New Opportunities for the Cypriot Economy
The construction process is estimated to create about 4000 job opportunities and 2400 positions when the resort officially opens which is clearly a great thing for Cyprus as it is likely that the majority of employees in the resort will be locals.
Some projections have been made on how the resort will affect the Cypriot economy. Furthermore, Melco has given predictions that with their new facilities, the total island economy will be improved with more than $750 million per year. This staggering amount is 4% of the annual gross domestic product of the nation though, it hasn’t been confirmed the figures are a result of thorough research or if they are just general figures.
In July 2017, 30-years license was granted by the Cyprus government to a consortium which Melco is a part of. The consortium has plans, concerning other venues, not just the City of Dreams Mediterranean. In fact, their plan for the island is to have four satellite venues. At the moment, there are two; one is at Larnaca International Airport and the other, in Nicosia. The other two venues, located in Paphos and Ayia Napa, should be finalized by the end of the year.
The latest info from Cyprus Gaming and Casino Supervision Commission revealed that during first months in business, a temporary casino in Limassol and two satellites have attracted 470,000 customers. They also added that gamblers placed bets, reaching more than €210 million with a return of €175 million.