Opening of the luxurious City of Dreams Mediterranean Casino Resort in Limassol is postponed to the third quarter of 2022.
This was announced on Tuesday, February 9, by Phidias Pilides, Vice President of the National Gambling Authority of Cyprus.
According to him, the main reason for the delay was the coronavirus pandemic, which made some adjustments to the construction of the project.
As you may know, the City of Dreams Mediterranean casino resort was supposed to open its doors to visitors in 2021. It will be built near the New Port in Limassol (between the Akrotiri Salt Lake and the My Mall). The construction is carried out by Melco International Development Limited.
The casino will become part of a luxury hotel with 500 rooms. 136 gambling tables and 1200 machines will be installed there. An exhibition complex of 9,600 m2, a concert hall with 1,500 seats, a spa center with an area of 4,000 m2, as well as restaurants and entertainment clubs will be built on the territory of the resort.
City of Dreams Mediterranean is the largest investment project ever undertaken in Cyprus.
Its cost is estimated at 550 million euros.
The Cypriot government estimates that City of Dreams Mediterranean will bring in up to 700 million euros ($ 828 million) to the island's treasury every year. And this is 4% of the total GDP of the Republic of Cyprus.
In addition, City of Dreams Mediterranean will attract an additional 300,000 tourists a year to the island, which should solve the problem of tourism seasonality.
It must be said that the coronavirus pandemic affected not only the construction of this grandiose project, but also the activities of other casinos on the island.
Pilidis noted that casino revenues sharply decreased in 2020, therefore, the benefit of the state from taxes that are paid to the treasury from the gambling business has also decreased. The Office's budget foresees revenues of € 20.4 million and expenditures of € 20.9 million, which means a deficit of € 0.5 million. This year, government sponsorship that the Office should receive is € 2 million (€ 3.1 million in 2020).
Nevertheless, Pilidis expressed confidence that in the coming years the situation will become better, especially after the opening of a new casino resort.
The Vice President of the Office said that the new casino is expected to employ 1,400 persons by the end of the year. They will be overseen by the Cyprus National Gambling Authority. For this purpose, special inspectors will be allocated.
More information about City of Dreams Mediterranean and a list of all available properties for sale and rent can be found here.
Photos: pixabay.com, cityofdreamsmed.com.cy