The City of Dreams Mediterranean plans to open a temporary casino in June 28 in anticipation of the permanent $648 million casino set to open in 2021. Melco International Development, a subsidiary of Melco Resorts & Entertainment, is developing the City of Dreams Mediterranean.
Melco Resorts & Entertainment is a Macau gaming operator listed on the Hong Kong Stock Exchange. Its “City of Dreams” brand includes resorts in Macau, China and Manila in the Philippines.
The temporary gaming venue which opens on June 28 is going to house 33 gaming tables and 242 slot machines. The building cost for the venue near Limassol is $14.13 million. Once the larger casino opens in 2021, the temporary facility will close.
Lawrence Ho at Groundbreaking
Lawrence Ho Yau Lung, the CEO of Melco Resorts, was at the groundbreaking for the temporary casino at Limassol. Mr. Ho said the City of Dreams Mediterranean would “contribute significantly to the country’s efforts for sustainable economic growth and an increase in employment rates”.
Melco International Development won the lone casino license offered by the government of Cyprus after a 3-year licensing period. Several top international casino companies vied for the casino license.
City of Dreams Integrated Resort
The Limassol venue is going to be integrated with retail outlets for shopping, as well as areas for meetings and shows. At the moment, 12,900 sq ft of retail space will be devoted to Cypriot shopping venues, while another 107,639 sq ft of convention and exhibition space is available.
The main casino in Limassol is only one of five casino operations Melco International Development is going to open. Eventually, four smaller “satellite” casinos will dot the landscape of Cyprus. The first of those mini-casinos, located in Paphos and Nicosia, will be opened this November.
President Anastasiades on City of Dreams
Nicos Anastasiades, the President of Cyprus, attended the groundbreaking ceremony. The Cypriot leader said in prepared remarks that City of Dreams Mediterranean would be “a fundamental pillar towards sustainable economic growth and prosperity” which would have “extraordinary benefits for our economy”.
With its position in the Eastern Mediterranean, Cyprus already is a popular tourist destination for Europeans from all over the continent — especially in southeastern Europe. Visitors from North Africa and the Middle East also visit Cyprus, which shares the island with the government of Northern Cyprus.
“Global Premium Destination”
President Anastasiades said the City of Dreams Mediterranean would help Cyprus take the next step to worldwide relevance in the tourism industry. Anastasiades added, “Our country is much more than just an attractive sun and sea tourist destination. Cyprus has all the prerequisites to be established as a regional and why not global premium destination; a genuine point of reference for luxury tourism and responsible gaming.”
The term “global premium destination” has special meaning in the 21st century casino industry. Integrated casino-resorts are designed as a family-friendly tourist environment, because non-gaming family members can take in the shopping, exhibitions, and nightlife.
Meanwhile, gaming aficionados can enjoy a world-class casino environment. Premium players are a type of high roller. They do not play for the vast sums that whales do, but there are many more premium players. Such VIPs want 6-star luxury along with scenic vistas. President Anastasiades believes City of Dreams Mediterranean can provide all those factors.