Integrated Casino Resort Cyprus (ICR) announced on Tuesday that it had awarded the contract for the construction of Limassol’s “City of Dreams” Mediterranean Integrated Casino Resort to the Greek conglomerate Avax – Terna JV.
According to the principal contract, construction is set to begin this month and the enormous project is scheduled to be completed within the year 2021, ICR says. The total investment for the creation of the resort comes to €550m.
“City of Dreams” Mediterranean will be located in western Limassol and will be built to adapt to the surrounding natural environment, ICR added.
It will be the region’s and Europe’s largest Integrated Casino-Resort. It will feature a 16-story hotel tower with 500 guest rooms including multi-bay suites with garden balconies, as well as an exposition center.
Other features include an extensive “poolscape” area with four large outdoor pools and amenities such as Jacuzzis as well as an expansive children’s playground and MICE facilities (meetings, incentives, conferencing, exhibitions).
The casino will offer over 100 tables and 1,000 state-of-the-art slot machines.
The scope of work listed in the principal construction contract includes the building of all the resort facilities situated on 37 hectares (91.5 acres) of land, including the central “podium” building. This central structure will house the main gaming floor, world-class restaurants, and luxury retail, as well as a spa and health club with indoor pool.
The podium also comprises the main hotel entrance and areas for staff, operations facilities and physical plant areas.
According to ICR, the resort will offer a wide range of attractions and entertainment options beyond gaming. The project is expected to attract an additional 300,000 tourists per year to Cyprus.
City of Dreams Mediterranean will also create an estimated 4,000 local job opportunities during the construction phase and approximately 2,400 permanent jobs once it is fully operational.
After the second year of operation, the Integrated Casino-Resort is expected to contribute approximately €700 million per year to the Cypriot economy, amounting to around four percent of the country’s annual GDP.
The chairman and CEO of Melco, Lawrence Ho, said on Tuesday that “the awarding of this contract marks the official beginning of the construction of City of Dreams Mediterranean and demonstrates our ongoing commitment to the project as well as to Cyprus.”
Speaking on behalf of the joint venture, the Chairman of Avax, Christos Joannou, added, “City of Dreams Mediterranean is a large-scale project that will drastically change the entertainment and tourism industry of both Cyprus and Europe.”