ince Melco presented its plans for the construction and operation of the resort in Limassol -as well as for another four satellite casinos in other parts of the popular vacation destination- on January 9th, much has been speculated about the viability of the development. In figures, the project represents a total investment of 550 million euros ($659.9 million) and is scheduled for completion in 2021.
However, in the sayings of billionaire owner and Chief Executive Officer of Melco Resorts & Entertainment Lawrence Ho: “Asian tourists will be able to recognize our brand and as time develops they could be attracted to Cyprus. Melco as a company attracts sophisticated customers, middle and upper class customers.” Other targets include big rollers from the nearby Middle East, Britain and Russia.
As has been released earlier in the year, Melco Resorts & Entertainment will be the future operator of what will be called the ‘City of Dreams Mediterranean’ in Limassol- on the island’s south coast.
Additionally, he Hong Kong-based investor behind Europe’s largest casino resort being built on Cyprus said it will especially bring wealthy gamblers from Asia, adding to ongoing record tourist seasons that pulled the island out of a near-economic catastrophe brought on by the banks.
Melco and local partner The Cyprus Phassouri (Zakaki) won an exclusive license to operate Cyprus’s first-ever casino. Cypriot authorities project that the resort could attract an additional 300,000 visitors a year boosting economic output by a further 700 million euros per annum, currently around four percent of gross domestic product, after the second year of operation.
The casino resort should pump $838 million into the island nation’s economy annually from 2022, the second year of its operation, the country’s President Nicos Anastasiades said, bringing in as much as 4 percent of the Gross Domestic Product (GDP) of 16.57 billion euros ($19.8 billion).