After receiving the license to build the largest casino in Europe last May, Melco International (Macao) and its Cypriot partner Cyprus Phassouri Limited plan to open the first casino in the territory of the Republic of Cyprus, a member of the European Union since 2004. The performance took place in Nicosia where the headlines prioritized the construction of a tourist complex including a casino and other establishments.
An Infrastructure Of Unparalleled Scope
According to officials, this will be one of the largest projects to boost the island’s economy and should see the light of day by 2021. The estimates are huge since the cost of the project amounts to 600 million dollars. euros. As for the works, they will start in Limassol, on the south coast of the country. According to the sources, the structure will include a hotel with 500 rooms, 11 restaurants, 136 gaming tables and 1,200 machines. There are also other installations extending over an area of over 6,000 m².
During the presentation, Cypriot President Nicos Anastasiades confirms that this move should offer a multitude of benefits in the country’s GDP sector. He adds that the casino in question will have a positive impact on the economic situation since its contribution will generate at least a turnover of 700 million euros during the second year of the operation, or 4% of GDP. On the side of Melco CEO Lawrence Ho, the gambling house nicknamed “City of Dreams Mediterranean” remains a top priority for the company due to management and support outside of Asia. The latter confirms that the establishment will do its utmost to increase the number of tourists and to make the existing attractions in Cyprus known to the whole world.
A Promising New Casino
Casinos have been around for a long time in the Turkish Republic of Northern Cyprus, but in the south the legalization of gambling has not been successful due to the strong influence of the Orthodox Church and its refusal to regularize the market. As a result, the development of this casino is the result of a government plan to restore the economy following a financial crisis in 2013. Its opening should attract more than 300,000 additional tourists and create thousands of jobs. Enough to replenish the state fund and revitalize the island’s economy.