The President of the Republic of Cyprus, Nicos Anastasiades, says he expects the launch of integrated resort City of Dreams Mediterranean to bring “obvious benefits to the country’s economy”, helping to increase tourist arrivals and create new jobs.
“It would not be an exaggeration if we say that the casino ushers a new era for our country by creating new prospects that bolster Cyprus’ position on the map of international tourism”, added Mr Anastasiades (pictured, right).
City of Dreams Mediterranean is to be run by Melco Cyprus, a venture between international casino operator Melco Resorts and Entertainment Ltd, and Cyprus-based conglomerate Cyprus Phassouri (Zakaki) Ltd. The partnership has a 30-year exclusive licence for the jurisdiction.
Melco Cyprus is already running a temporary casino in Limassol under the branding “C2”. Under the terms of its licence, it is also running satellite casinos in Nicosia, Ayia Napa and Paphos.
Mr Anastasiades’ comments – quoted in a press release issued by the Melco group – were made during a preview visit to City of Dreams Mediterranean. It was hosted by the chairman and chief executive of Melco Resorts, Lawrence Ho Yau Lung (pictured left), and the managing director of the CNS Group, Melis Shiacolas. CNS Group is the parent of Cyprus Phassouri.
Addressing the guests, Mr Ho said Melco Resorts’ ambition was for City of Dreams Mediterranean to “become the flagship of the island’s tourist product and one of the main contributors to Cyprus’ economic growth”.
It is expected the property will open “in the second quarter of the year”, Melco Resorts reiterated in its latest release.
The venue will feature casino facilities, a hotel tower with 500 guest rooms, shops, restaurants, sports venues, an outdoor amphitheatre, a “family adventure park”, and conference and exhibition space.
Feb 22, 2024Casino operator Genting Singapore Ltd posted annual net profit of nearly SGD611.6 million (US$456.0 million) for full-year 2023, up 79.8 percent from the prior year. That was on revenue that rose...
”The upswing in visitation and gaming revenue is likely to aid Fitch-rated casino operators with a presence in Macau in reducing their debt levels”