The Cypriot Island (the smallest of all European Islands) appears to be the least likely place to support an undertaking of the scale and reputation as "Europe's largest casino". Due to the geographic position of Cyprus (being bordered by countries such as Syria, Lebanon, Egypt, Greece, Israel and Turkey), these neighboring countries present both religious and policy-based opposition to gambling; therefore, gambling has historically not been accepted or supported as a value within Cyprus.
The island nation of Cyprus intends to build what will be the largest casino resort in Europe. The gaming area will have a combined total of 136 gaming tables and 1,200 slot machines.
Attached to the casino, there will be a five-star hotel containing 500 rooms where individuals can choose to gamble and/or reside. The new resort will include luxury villas, high-end shopping opportunities (both domestic and foreign brands), eleven gourmet dining establishments, recreational areas for sporting activities, health spas for relaxation, and an outdoor amphitheater/concert hall for entertainment purposes. There will be a 1500 seat event venue at the Hard Rock franchise. All aspects of this proposed casino/resort appear to satisfy the intention of developing this resort into one of the largest and most prominent tourist destinations in Europe in terms of gambling/betting.
Hard Rock previously operated a similar type resort/casino in Punta Cana, Dominican Republic. That resort offered casino promotions, players' clubs, one of the top poker rooms in the Caribbean, a spa, unlimited resort credits, musical entertainment venues, an amateur golf course, children's play areas, numerous gourmet restaurants, nightclubs and many different areas for events/weddings/meeting/conference packages. Additionally, Hard Rock operates various hotels throughout the globe including properties in Ibiza, Spain and Bali.
Christos Mavrellis, president of the National Gaming Commission (NGC) of Cyprus, spoke to Xinhua News Agency regarding development of the first casino resort in Cyprus which is projected to be the largest casino resort in Europe. He confirmed that development of the resort has continued without delay despite the departure of one of the initial project developers (the business entity known as Hard Rock International).
Cyprus President Nicos Anastasiades informed reporters that the resort casino "will be the greatest investment that has ever occurred in our country" and is estimated to attract up to 300,000 visitors per annum to the island. Tourism currently represents 20% of Cyprus' revenue. Furthermore, Anastasiades reported that through taxation alone the casino is projected to produce revenues of 100 million Euro per annum.
Andy Choy, president of Melco, estimates that completion date for the resort casino is to occur prior to mid-year 2020.
It is anticipated that when completed, this new casino/resort situated on the Mediterranean Island of Cyprus will become a favorite destination for vacationers seeking fun/entertainment/excitement and adventure. These were the comments made by Anastasiades.
As mentioned earlier, the major casino developer involved in the massive project being developed in Cyprus is Melcon International (one of the largest investors in Hong Kong) which is believed to be one of the premier casino operators globally. Recently Melcon abandoned plans to develop a large-scale resort in Spain.
The project being referred to above is called Hard Rock Entertainment World and includes Hard Rock and a local company called CNS Group. This complex will cover an approximate 85 hectares of land and will be located adjacent to PortAventura World resort in the province of Tarragona, Spain.
This complex will contain multiple hotels to provide accommodations for tourists visiting the area; casinos/gaming rooms for adult recreation; two theme parks; a waterpark; golf courses; beach club; meeting/convention center; theaters; offices; retail/shopping areas; fine dining restaurants; swimming pools and recreational/sports activity areas.
Additionally, it is planned that this complex will duplicate a model successfully developed by Melcon in Australia using the Crown brand name.
Lawrence Ho, executive director of Melco International Resorts & Entertainment Ltd., (located in Hong Kong) reportedly advised the press that a temporary opening for this new casino is expected to take place on June 28th. The temporary casino will operate until the remainder of the property is complete.
The temporary casino will offer 33 poker/baccarat/blackjack tables plus 242 slot machines (traditional/virtual) and a VIP section for high-rollers.
Cypriot tourism is presently a popular and economically viable option for tourists traveling throughout Europe due to its pleasant climate and relatively affluent per-capita-income population. Therefore, it is possible that this proposed casino/resort will not encounter problems with access by potential customers that often occurs in Asia with newly established casinos.
Although approximately five years ago Cyprus experienced severe economic difficulties due to a financial crisis resulting in bankruptcy threats against the country, it has fully recovered and grown its economy at an average rate of three to five percent annually since then.
Cyprus President Nicos Anastasiades reportedly indicated that the City Of Dreams Mediterranean Casino project is considered as the largest investment complex to be undertaken in Cyprus. Anastasiades further indicated that upon completion of the complex, approximately 6,500 employees will be created in addition to attracting an estimated 300,000 additional annual visitors to Cyprus.
Additionally, Anastasiades indicated that the City Of Dreams Mediterranean Casino project will contribute approximately $728 million USD ($720M Euro) to Cyprus' economy annually.
According to Melco International Development Limited ("Melco"), they intend to purchase a 35.37 percent interest of Hard Rock International ("Hard Rock") and thereby increase Melco's overall ownership interest in the City Of Dreams Mediterranean Casino project to seventy-four percent. The remaining twenty-nine percent ownership interest will be retained by CNS Group (the local partner). As a result, Melco will possess the majority ownership interest in the project.
Upon completion of the City Of Dreams Mediterranean Casino project, Melco anticipates creating thousands of jobs and drawing hundreds of thousands of visitors to Cyprus each year. Anastasiades stated during an inaugural ceremony speech that Cyprus offers much more than merely beautiful sun-kissed beaches and warm weather as a tourist destination; rather, it has the requirements necessary to emerge as a Regional Premium destination and eventually as a Global Luxury Tourism destination and true benchmark for Responsible Gaming.
Although Cyprus has neighbors that oppose gambling (Syria, Lebanon, Egypt, Greece, Israel and Turkey), Cyprus is poised to become Europe's largest casino resort. Located close to nations with conservative views on gambling, Cyprus is attempting to develop into a leading tourist destination focused on gambling/betting. The resort is expected to have many diverse amenities including luxury villas; gourmet restaurants; and an expansive gaming floor with over a thousand slot machines and multiple gaming tables.
The new casino resort planned for Cyprus is envisioned as a luxury tourist destination. The new resort will have a five-star hotel with 500 guestrooms; 136 gaming tables; 1,200 slot machines; luxury villas; upscale shopping areas offering international/national brands; eleven gourmet restaurants; sports/recreation facilities; wellness/spa services; outdoor amphitheater/concert hall for entertainment purposes; and an event/concert space for Hard Rock.
The casino is expected to positively affect Cyprus' economy greatly. Anastasiades stated that it will be one of the largest investments ever made in Cyprus and it is estimated that it will attract approximately 300,000 visitors each year. Further, Anastasiades stated that this single casino operation could generate tax revenues totaling approximately 100 million Euros annually -- adding considerably to Cyprus' tourism industry.
Melco International Development Limited and Hard Rock International (in conjunction with local partner CNS Group) are working together to develop this project which is expected to open sometime during the first half of 2020. For now though, beginning June 28th, a temporary facility with 33 gaming tables and 242 slot machines will be operational until completion of the full project.
City Of Dreams Mediterranean Casino project is expected to generate approximately 6,500 new employment opportunities as well as drawing approximately 300,000 additional tourists each year to Cyprus. Both positive developments are expected to benefit Cyprus' economy greatly as well as positioning Cyprus as an additional premium tourist destination beyond its beaches/climate.
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