Melco to launch casino in Cyprus

Melco Resorts & Entertainment, a Hong Kong-based gaming and hospitality company, is all set to launch its first casino resort outside Asia.  The company has announced its €550-million City of Dreams Mediterranean integrated resort in Limassol, Cyprus. It will be a full-blown, Las Vegas-style casino – the first of its kind in Cyprus.

The ground-breaking ceremony was attended by Melco CEO and Chairman Lawrence Ho, Melis Shiakolas of CNS Group, Melco’s local partner, and Cypriot President Nicos Anastasiades, among a number executives and officials.

Melco was selected as the preferred developer of an integrated resort with a casino floor in the Republic of Cyprus in the fall of 2016, and received the necessary gaming license and other related permissions last year.

Its plan includes the development of a mixed-use complex in the Zakaki area of the city of Limassol. Construction work is expected to be completed in 2021. Melco has said that the resort’s development will annually create 4000 jobs. City of Dreams Mediterranean will also employ more than 6500 people directly and indirectly once fully operational.

The gaming portion of the resort will occupy 7500 square meters and will feature 1200 slot machines and 140 gaming tables. Aside from its casino, the first one on the territory of the Republic of Cyprus, the complex will also include a 500-room hotel, a 1200-square-meter retail area, 9600 square meters of convention, event, and meeting space, and a number of food and beverage facilities and attractions.

Melco has previously said that it would look to attract tourists all year round, instead of relying on the summer months during which the island nation sees the largest flow of international visitors. The company expects that the UK, Russia, Germany, and Israel will represent its largest markets.

Under the terms of its gaming license, Melco was allowed to operate a temporary casino in Limassol, while the main resort is under development. It was announced during today’s ground-breaking ceremony that the temporary facility will launch June 28 and will feature 33 gaming tables, 242 gaming machines, and a VIP gaming area.

The property cost €12 million to be built on a plot not far from the main resort’s construction site. The temporary casino will be closed once the larger casino opens doors. Staff will be transferred to the main gaming floor.

Melco and its local partner are also set to open four satellite casinos across the island nation, the first two of which – one in the capital Nicosia and the other in Paphos – are expected to be ready by November. A satellite facility will then launch in Larnaca in January 2019. The fourth such venue will be located in Ayia Napa and will be opened in May 2019.

Source: CasinoNewsDaily