New casino resort to boost Cyprus economy
Cyprus casino resort is expected to improve the country’s economy.
Cryprus.- Economy experts have analysed the potential benefits casino industry would bring to Cyprus’ market, noting that a new casino resort would “pump US$838 M. into the island nation’s economy.” The report was announced by the President of Cyprus, Nikos Anastasiadis earlier this week.
The City of Dreams Mediterranean casino resort could achieve the millionare amount per year starting in its second year of operations, 2022, as the president revealed last Monday during the presentation of the expected Cyprus’ casino resort. During the construction phase the casino will also create 4,000 jobs, as well as additional 2,400 after to operate the facility, and they will prioritise hiring Cypriots.
“Our government’s aim is the creation of a complete casino resort that will be paramount in Europe and one of the best in the world,” Anastasiades said. The expected annual revenue generated by the new casino currently represents around 4 per cent of Cyprus’s economy.
The facility is set to feature 136 gaming tables, 1,200 gaming machines, a hotel with 500 rooms and expansion capacity, as well as wellness center, among other things. Last year, authorities from Hard Rock revealed that the company is set to sell all of its stake to its joint venture partner, Melco International. The license allows Melco to operate a gambling facility until 2047, and hold the monopoly until 2032.
