Greek conglomerate Avax-Terna JV will develop Melco’s new City of Dreams Mediterranean Casino. The hong kong based gambling company announced the awarding of its EUR550m new integrated resort.
The City of Dreams Mediterranean is a joint venture of Melco Resorts and Entertainment and Cyprus Phassouri (Zakaki) Ltd. The project is expected to be complete by 2021.
Talking about the award of the contract to the Greek company, Melco chairman and CEO Lawrence Ho said, “The awarding of this contract marks the official beginning of the construction of City of Dreams Mediterranean and demonstrates our on-going commitment to the project as well as to Cyprus.”
“I am confident given the experience and success of both parties to the joint venture, that Avax – Terna will deliver the project to the highest construction standards and will enable us to bring an extraordinary ICR to Cyprus,” he added.
The new integrated resort will feature 136 table games and 1,200 gaming machines. It will also have a five-star luxury hotel with 500 rooms, and the venue will also host 11 restaurants and cafeterias.
Avax chairman Christos Joannou said, “City of Dreams Mediterranean is a large-scale project that will drastically change the entertainment and tourism industry of both Cyprus and Europe. We are honored to be taking up such an important project, and we will work to deliver a high standard of quality within the agreed schedule.”
The integrated casino resort is also expected to generate 4,000 jobs, during construction, the majority of which would be filled from the locals. Once operational there will be around 2,400 new jobs created.
According to a report by PricewaterhouseCoopers, the casino will generate approximately €700m per year.