Cyprus’ first integrated casino resort is set to become operational by 2021 and is expected to attract 300,000 tourists per year, Melco chairman Lawrence Ho said on Tuesday.
Dubbed “City of Dreams – Mediterranean”, the resort is expected to be the largest of its kind in Europe.
“Cyprus’ first integrated resort which will place Cyprus on the world tourism map and attract visitors not just from the surrounding region but also from the whole of Europe and around the world,” said Ho.
Melco ows 70.74 percent stake in the project, while local GNS group holds 29.26 of the consortium.
The resort itself will include a gaming area with 136 tables and 1,200 gaming machines with 9,600 sqm of MICE facilities.
The resort will also hold around 500 hotel rooms, 11 restaurants, a retail area, a wellness centre and a sports centre.
According to an economic impact study prepared by PWC, Cyprus is expected to see an additional EUR700 million (US$835 million) per year in GDP as a result of the opening of the resort.
It is also expected to provide 2,100 direct jobs, while peripheral operations will provide a total of 11,000 jobs.