Yesterday, the contact for the construction of the new City of Dreams Mediterranean Casino Resort in Cyprus was finally awarded by the ICR (Integrated Casino Resort Cyprus), with Avax Terna JV a Greek based conglomerate having been chosen to construct the property.
It will be all hands on deck so to speak moving forward, for the property is expected to start being built as early as this month, and if all gores to plan, and there is no reason to doubt it won’t, the casino resort should be ready to open in 2021.
The expected construction costs are huge, much like the sheer size proposed for the casino resort as it is going to be a venue in which there will be a mix of 500 rooms and suites in the 16-storey hotel along with four outdoor pools, a children’s playground and a conference and exhibition venue, too.
The casino will also be huge as it will, once built, be the home to around 1000 gaming machines of every possible description and there are plans to have 100 gaming tables spread across the gaming floor.
The total cost of the construction of the City Dreams Mediterranean Casino Resort Cyprus is some €550m and once completed it will be by far and away the largest venue of its type in the area and will also be the largest one in Europe.
With around 2400 permanent jobs being made available, the owners of the casino resort are expecting it to attract around 300,000 additional tourists per year to Cyprus, which is not only going to ensure the long-term viability of the property but will also be a massive boost to other business in Cyprus.
In fact, it has been estimated that once the casino resort is open and has been trading for around two years the knock-on economic benefits of the casino resort for Cyprus will be some €700 million.
