Melco International To Back $630 Million Casino Resort Project In CyprusCity Of Dreams Mediterranean To Open In 2021 With 2,400 Jobs |
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Cyprus is gearing up for the addition of a $630 million casino resort project, according to a report by Forbes. Backed by Hong Kong giant Melco Resorts & Entertainment (MLCO), the island with roughly 1 million full-time residents will soon be home to the City of Dreams Mediterranean.
The ambitious project, which is scheduled to open in 2021, will be home to 1,200 slot machines and 140 table games, with 80,000 sq. ft. of gaming space. In addition to 500 guest suites and villas, the property will also feature 11 restaurants and bars, a spa, fitness center, and both indoor and outdoor swimming pools.
By its completion, the project will have created approximately 2,400 permanent jobs. A temporary casino has already opened nearby, and Melco also plans to open four satellite casinos in other parts of the island.
City of Dreams Mediterranean will be the first officially licensed and regulated casino resort in Cyprus, although the Turkish-occupied northern part of the island is home to more than 20 functioning casinos, some of which have hosted World Poker Tour events. Nonetheless, Melco will enjoy exclusivity for the first 15 years of their 30-year operator’s license.
Melco currently operates casinos in Macau including Studio City Macau, City of Dreams, and Altira Macau, formerly Crown. The group also owns City of Dreams Manila in the Philippines.
Melco is also aiming to set up shop in Japan. Perhaps the company is looking to diversify their gaming portfolio due to the uncertainty surrounding the licensing renewal process in Macau, which will begin in 2020 for the first of the six regional casino operators. Melco has its Macau license secured until 2022.
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