Resicom – Holiday Investment – 04-21 – LB

Limassol Development Gets Underway

The planned €550 million City of Dreams Mediterranean integrated resort Limassol development in Cyprus has finally got underway.

Due to attract more visitors to the already popular Cypriot resort of Limassol, the Las Vegas style casino resort is expected to be completed in 2021 and will create 4,000 jobs during development and a further 6,500 directly and indirectly once fully operational.

The gaming portion of the Limassol development will occupy 7,500 square metres and feature 1,200 slot machines and 140 gaming tables.

Aside from the casino, the first one in the Republic of Cyprus, the complex will also include a 500-room hotel, a 1,200 square-metre retail area, 9,600 square metres of convention, event, and meeting space, and a number of food and beverage facilities and attractions.

Whilst the main resort is under construction there will be a temporary casino set up nearby which will feature 33 gaming tables, 242 gaming machines, and a VIP gaming area. This temporary casino will be closed once the larger permanent casino opens.

A further four satellite casinos in Cyprus will also be opened by the Hong kong based developer Melco, the first two of which – one in the capital Nicosia and the other in Paphos – are expected to be ready by November. A satellite facility will then launch in Larnaca in January 2019. The fourth such venue will be located in Ayia Napa due in May 2019.

The company has also said that they will consider developing the main Limassol resort further for mainly non-gaming purposes if performance expectations are met.

Cyprus President Nicos Anastasiades said during the ground-breaking ceremony that they are glad that Melco has picked the island nation to expand its footprint to and that they hope City of Dreams Mediterranean will help Cyprus establish itself as a premium regional and even global destination.

Overseas property investors may want to gamble on the expected boom in year-round tourism that the new Limassol development should bring.

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