Greek company wins tender to build Cyprus casino resort

Avax-Terna will be in charge of building the City of Dreams Mediterranean integrated casino resort.

Cyprus.- Integrated Casino Resort Cyprus (ICR) reported on Tuesday that it has awarded Avax-Terna the tender for construction of Limassol’s City of Dreams Mediterranean Integrated Casino Resort. The facility will become the biggest casino resort in Europe after it opens its doors.

The principal contract establishes that construction will begin this month and is scheduled to be completed by 2021. ICR said that the investment for the creation of the integrated resort reached the €550 million figure.

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

“The awarding of this contract marks the official beginning of the construction of City of Dreams Mediterranean and demonstrates our on-going commitment to the project as well as to Cyprus,” said Lawrence Ho, CEO of Melco. “I am confident given the experience and success of both parties to the joint venture, that Avax – Terna will deliver the project to the highest construction standards and will enable us to bring an extraordinary ICR to Cyprus,” he added.

Chairman of Avax Christos Joannou said: “City of Dreams Mediterranean is a large-scale project that will drastically change the entertainment and tourism industry of both Cyprus and Europe. We are honoured to be taking up such an important project and we will work to deliver a high standard of quality within the agreed schedule.”