Terna, J&P in race for mammoth Cyprus casino project
Construction companies Terna and J&P Avax are in the race to build a new casino resort in Cyprus - a project worth 550 million euros. The two companies have submitted a joint bid for the construction of the casino, called the City of Dreams Mediterranean, in what is being dubbed as Europe's largest casino resort.
Another bid has been submitted from France's Bouygues and Cypriot Cybarco, with a third one coming from Consolidated Contractors Company. An announcement from Melco International and Cyprus Phassouri, the companies that will operate and develop the casino in the beachside city of Limassol, is expected in coming days, according to Stockwatch.
The casino is seen as being of major importance for the economy of the small island state. Expected to open its doors in 2021, it is forecast to attract to Cyprus an additional 300,000 tourists per year. It will boast gaming areas of 136 tables and 1,200 gaming machines, a five-star hotel with luxurious villas, 11 restaurants and cafeterias, a sports centre and an outdoor amphitheatre with green areas.
The project also includes the operation of four satellite casinos in Nicosia, Larnaca, Ayia Napa and Paphos. The first of these satellite casinos, in Nicosia and Larnaca, started operating in December. The remaining two will open for business in 2019, as new gambling venues stretch across the country.
Melco has operations in China and the Philippines.
Deputy Minister of Tourism Savvas Perdios said last week that "we consider Melco an important contributor to Cyprus’ tourism in establishing the island as a popular and must-visit destination."
"Our goals are aligned and we will have a close cooperation in establishing Europe’s biggest casino resort and putting Cyprus on the global tourism map," adds the minister.
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