Construction work begins at Cypriot casino

The President of Cyprus laid the foundational stone at the casino resort project in Limassol and kicked off its construction work.

Cyprus.- Construction work at the major casino resort project in Limassol kicked off last Friday as Cypriot President Nicos Anastasiades laid the foundational stone at the site. The head of state described the ceremony as a “major milestone” and a “historic day” for the country, expressing his “sincerest appreciation” to Melco Resorts chairman and CEO Lawrence Ho and CNS Group director Melis Shiakolas.

“Foreign direct investment constitutes a fundamental pillar towards sustainable economic growth and prosperity. In this respect, as Mr Ho rightly stated, today we are witnessing the realisation of a project with extraordinary benefits for our economy, with a positive impact on the country’s GDP and in tackling unemployment,” Anastasiades said.

The venue will contribute €700 million (four per cent of the country’s GDP) to the economy from its second year of being fully operational and will have a €550 million investment. It will also create 4,000 jobs annually during the construction period and a further 6,500 direct, indirect and induced full-time jobs in Cyprus when the resort is fully operational.

“I am honoured and grateful for the trust the Cypriot government has placed in Melco and CNS to carry out this ambitious and exciting project. Today, we are not just laying the foundation stone of the integrated casino resort but also entering a new era for Limassol and for Cyprus as a whole,” President Anastasiades added.

The casino is set to have a 7,500 square meter gaming area with 1,200 gaming machines and 140 gaming tables. The venue will also have a 9,600 square meter convention, meeting and event spaces and 1,200 square meters of retail area.