The consortium was one of the three bidders to build what is set to become Europe’s biggest integrated resort.
Cyprus.- Terna – J&P Avax, a Greek consortium, has been selected as the preferred bidder to build the €550 million integrated resort (IR) in Cyprus. City of Dreams Mediterranean is set to become Europe’s largest casino once it opens its doors to the public.
Craig Ballantyne, executive director of City of Dreams Mediterranean and Cyprus Casinos, said that the construction phase of the facility will start at least two months after the contracts are signed. The casino is scheduled to be open to the public by 2021.
Terna is a Greek company that focuses on public and private projects and has experience on big constructions such as ports, hospitals and industrial installations. J&P Avax is the Greek arm of the collapsed J&P Overseas empire, Financial Mirror reported.
Cyprus Deputy Minister for Tourism Savvas Perdios has recently said that casinos are of great importance to the local tourism product. Perdios was welcomed by Lawrence Ho, Chairman and CEO of Melco Group, during a visit to Cyprus Casinos C2 Nicosia – one of the satellite casinos opened by Melco before the grand opening of City of Dreams – at the end of January.
“We consider Melco an important contributor to Cyprus’ tourism in establishing the island as a popular and must-visit destination. 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,” said Perdios.