Works began on Friday (May 8, 2018) to build the largest multi-media casino resort in Europe, estimated to cost 550 million euros ($ 650 million) and create thousands of jobs at the Aphrodite Island at the same time. President Nikos Anastasiadis was inaugurated at the opening ceremony in the band that will be named “City of Dreams Mediterranean” in the south of Limassol, calling it the largest investment project ever made in Cyprus.
The President of Cyprus said: Today is a historic day that marks an important landmark for our country. This great work is expected to be completed in 2021 The project is expected to generate about 4,000 jobs during its construction, and when it is completed and put into operation it is estimated to create around 6,500 full-time jobs.
The government predicts that the casino resort will offer around 700 million euros a year in revenue to the country or 4% of GDP since its second year of operation, attracting an additional 300,000 tourists a year. To understand the power of tourism, last year, there were 3.65 million tourists visiting Cyprus, who spent 2.6 billion euros, a very large amount of money for Cyprus’ economic data
The rise in tourism helped Cyprus to return to growth. We should not forget that in 2013 the country had entered the memorandums, and then the IMF and the European Union had taken action to save the economy and the insolvent banks.
The casino, which will operate as a resort, will have 500 rooms, occupying an area of 7,500 square meters, plus an exhibition center covering more than 9,600 square meters. For the construction of this huge project, a partnership between Melco International from Macau and the Cypriot CNS group was created. The casino will include 136 game tables, 1200 slot machines and 11 restaurants.