Melco International Development Ltd has chosen a contractor for their new City of Dreams Mediterranean project, as well as set a construction start time frame. The main Cyprus casino of the company will be constructed by Avax—Terna JV. The construction company is a joint venture that is 60% owned by Avax SA and 40% owned by Terna SA.
Construction Begins This Month:
Melco has revealed that construction will begin this month. The site of the casino resort is 91.4 acres in size, located in Limassol. With the construction beginning in April, the project has a scheduled completion date of 2021.
According to ggrasia.com…
Chairman for Melco, Lawrence Ho Yau Lung, commented on the plans by stating: “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 integrated casino resort to Cyprus.”
Details of the Property:
According to Cyprus media, the City of Dreams Mediterranean property will have a budget of $617 million. The casino will offer over 100 table games and 1,000 slots. The hotel tower will be constructed in pyramid style and have 16 stories, offering 500 guest rooms.
With the project, as many as 4,000 local job opportunities will be established during the construction phase. As many as 2,400 permanent employment positions will be created once the facility is fully operational.
In late December, Melco International decided to open Cyprus Casinos Larnaca. This was the third satellite casino the company launched, while waiting for the main resort to be constructed. The satellite casino projects are an in-between option as the City of Dreams Mediterranean will not be ready until 2021.