Cyprus is soon to be the home of ‘City of Dreams Mediterranean’, set to be the biggest luxury casino resort in Europe which will open its doors on the Mediterranean island in 2021.
The development of the new casino resort in Cyprus will cost US $651 million (€550 million) and is the most notable addition to the island in recent years. Spearheaded by Hong-Kong based Melco International Resorts and Entertainment, the resort will encompass 136 tables; 1,200 gaming machines (including slot machines); a five-star 500-room hotel and luxury private villas; 11 restaurants; retail outlets; sports and wellness centres; and an amphitheatre. It is the first investment of its kind and of such grand magnitude in Cyprus, which will transform the island into a true luxury tourist destination.
Cyprus will also see four other satellite casinos opening across the country in 2019.
The opening of the City of Dreams Mediterranean casino resort, which will be operational in 2021, will see the creation of 6,500 jobs. It has been predicted that the resort will attract an additional 300,000 tourists to Cyprus each year, with an estimated total spend of as much as US $828.5 million (€700 million) by new visitors.
Speaking at the ground-breaking ceremony for the casino, President Nicos Anastasiades said: “Our country is much more than just an attractive ‘sun and sea’ tourist destination. 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.”
The resort project is the first expansion outside of Asia for Melco International Resorts and Entertainment. Lawrence Ho, Melco’s Chief Executive, said: “Our project will contribute significantly to the country’s efforts for sustainable economic growth and an increase in employment rates.”
In the lead up to the grand opening, an interim casino has been opened close to the construction site and will be in operation until the main resort is complete. This temporary offering includes 33 tables, 242 slots, and a VIP gaming area.
Following the financial crisis in 2013, this substantial investment into the country’s tourism industry will support Cyprus’ redevelopment, with forecasts that the country will go from bankruptcy to a projected economic growth of roughly 3.5% annually.
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