A casino complex billed as the largest of its kind in Europe is scheduled to begin operations in Cyprus by 2021, giving a major boost to the economy, officials said on Tuesday.
Macau's Melco International and its Cypriot partner Cyprus Phassouri Ltd has unify efforts in order to finally presents to their audience Nicosia plan.
This plan will hold the first casino resort in the internationally recognized south of the Mediterranean holiday island. Its costs are estimated on 600 million euros, the complex would be the largest integrated casino in Europe, with 500 hotel rooms and other facilities spanning more than 6,000 square meters (64,580 square feet), with 136 gaming tables, 1,200 gambling machines and 11 restaurants.
A casino complex is a key part of the government's plans to stimulate the island's recovering economy, with the creation of 4,000 construction jobs and 2,500 permanent staff.
And a super casino is expected to add another 300,000 tourists annually, bolstering the already three million-plus arrivals. The casino's "broader contribution to the economy from the second year of operation is estimated to be around 700 million euros or four percent of GDP".
Meanwhile, the consortium has a 30-year license to build an integrated casino resort in the southern coastal town of Limassol and set up four satellite casinos in other locations across the island. Those satellites should be operating by the end of this year.
