Melco Resorts Entertainment has just unveiled the construction of a new Mediterranean resort project in Cyprus. The company chose the main contractors and made final preparation for upcoming construction.
Melco Resorts has already made the selection of contractors for CODM mission. According to the past Tuesday’s press release, the partners will be two companies which formed joint venture – Avax and Terna JV. At the moment, Avax SA holds 60% while Terna SA has 40% shares of the project. Both companies operate in Cyprus and appear on the Athens Stock Exchange from 1994. Avax works since 1985 while Terna operates as GEK Terna Group arm as of 1972. The construction will start this April while the completion is scheduled for 2021.
Lawrence Ho, the chairman of Melco said:
„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.”
CODM resort will be tremendous construction located on 91,4 acres land near Limassol. The predicted costs of the project are about $617 million. The new resort will open 4,000 construction work positions as well as about 2,400 permanent places. Upon the completion, City of Dreams Mediterranean will include over 1000 slot machines, 100 gaming tables, and amazing 16-story hotel tower with different facilities and 500 rooms.
According to the Melco Entertainment’s predictions, the new resort will generate over $750 million revenues starting from the second year of operation. It will result in 4% of annual gross domestic product in the entire country. It is still unknown whether the Melco represented only the general figures, or it discussed the project with local officials.
Melco Resorts Entertainment operates within consortium under the 30-year casino license endorsed by Cyprus government. The consortium, known as Integrated Casino Resorts Cyprus Ltd., has already launched two satellite casino projects in Nicosia and Larnaca International Airport. The other two satellite projects will soon be opened in Paphos and Ayia Napa.
Source:
“Construction of City of Dreams Mediterranean about to get underway”, Erik Gibbs, April 4, 2019.