Cyprus postpones opening of its first IR

The first IR in Cyprus was expected to open its doors by the summer of 2021 but the date has been postponed.

Cyprus.- Melco Resorts has reportedly pushed the date of the opening of its upcoming integrated resort (IR) in Cyprus. The first IR in Europe was supposed to open its doors by the summer of 2021 but now the date has been pushed to the end of that year.

Last month, Integrated Casino Resort Cyprus (ICR) reported that Avax-Terna was awarded the tender for the construction of the IR. While construction began last month, and despite the request for it to be completed within 24 months, it seems like the extensive infrastructure required for the facility won’t allow this to happen, local media reported.

A source close to the project told Phileleftheros that the original design of the IR suffered minor changes. This was reported because there were concerns about the layout of the casino’s premises. They also expanded infrastructure, increased the number of guest rooms and added more gaming areas.

The changes made to the infrastructure push the cost of the investment way higher than the €550 million originally estimated. However, Melco Resorts is yet to address if this will change its overall plans for the facility.

Avax-Terna is in charge of construction

City of Dreams Mediterranean will be located in western Limassol. Avax Terna will have to adapt the contraction to the natural environment. Avax-Terna is a joint venture of 60% owned by AVAX SA and 40% by Terna SA. The consortium had been selected as the preferred bidder in February.

The ICR consortium has already submitted the new proposal before the Government Coordinating Committee and is currently under review. The consortium will likely receive approval soon.

While the company waits for the opening of Europe’s first integrated resort, it operates multiple satellite casinos in the country. It also expects more to be operational in Paphos and Geroskipou by October.

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