Melco Confirms Construction of City of Dreams Mediterranean Resort Will Begin This Month

One of the largest casino resort projects in Europe is about to enter its first phase! The City of Dreams Mediterranean, proposed and envisioned by Melco International Development, will be constructed by Avax – Terna JV contractor company and this long-awaited process will begin in April.

Melco’s announcement regarding the realization of the project came late last week. Avax – Terna JV is a t venture whose 40% is owned by Avax SA and the remaining 60% belongs to Terna SA.

Completion Scheduled For 2021

The company’s ambitious project will be built in Limassol, a southern city on the East Mediterranean island of Cyprus. The site’s area is 37 hectares…

…and the entire construction process is due to be finalized by 2021, according to company officials.

Chairman, Lawrence Ho Yau Lung, gave a brief statement regarding the future facility:

“I am confident given the experience and success of both parties to the t 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.”

What CoD Will be About

According to Cyprian media outlets…

…the proposed budget for the City of Dreams Mediterranean venue – which got slot machines, a pyramid-style hotel tower with 16 levels and 500 rooms.

The construction phase will create a need for 4,000 employees working on a site, while approximately 2,400 permanent local job opportunities will be made once the venue is open.

The company behind the project forecasts that, after its second year of operations, the resort could generate about 700 million euros on an annual level, helping the Cyprus economy and standard of living.

More Casinos to Come?

Melco obtained a 30-year casino license from the Republic of Cyprus authorities in June 2017. The license allows the holder to construct four additional satellite casinos beside one main venue…

…which prompted the opening of two casinos in December, at Larnaca international Airport and the capital of Nicosia. It is expected that two more casinos will be opened at Paphos and Ayia Napa this year.

In June last year, an interim venue – Philippines.

Source:

“Construction of CoD Mediterranean to begin in April: firm”, ggrasia.com, April 4, 2019.