Cyprus government believes Melco casinos will drive tourism

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Deputy minister of Tourism Savvas Perdios has
affirmed that Cyprus’ government considers Melco International Development an important partner in further developing visitation into the country.

Perdios met Melco International chairman and CEO Lawrence Ho in late January at Cyprus Casinos’ C2 Nicosia.
“We consider Melco an important contributor to Cyprus’ tourism in establishing the island as a popular and must-visit destination,” he stated “Our goals are aligned and we will have a close cooperation in establishing Europe’s biggest casino resort and putting Cyprus on the global tourism map.
Alongside C2 Nicosia, Integrated Casino Resorts Cyprus – a joint venture between Melco Resorts and Entertainment and Cyprus Phassouri (Zakaki) Ltd – operates C2 in Limassol and C2 Larnaca at the Larnaca International Air- port, which opened its doors in December. Two further satellite casinos are set to open in the Paphos and Ayia Napa during 2019.
Operations of C2 Limassol will cease when the City of Dreams Mediterranean IR – set to open in 2021 – is launched, while Melco will continue to operate the four satellite casinos.
City of Dreams Mediterranean represents a total investment of 550m and will include a five-star hotel with luxury villas and 500 hotel rooms, in addition to 11 restaurants and cafeterias, and 9,600sqm of MICE facilities. The casino portion of the development will host 136 gaming tables and 1,200 gaming machines.
According to an economic impact study prepared by Price water house Coopers, the impact to Cyprus’ economy after the second year of the casino’s operation will reach approximately 700mper year, around four percent of the country’s annual GDP.
“Cyprus has all the prerequisites to enhance their reputation as a regional and global premium “must-visit” destination and emerge as a genuine point of reference for luxury tourism and responsible gaming.” Ho stated “The ICR will provide extraordinary benefits to Cyprus’ economy with a positive impact on the country’s GDP and in tackling unemployment”.

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