LIMASSOL, Cyprus – Cyprus' president says a new casino resort that's described as Europe's biggest will be the centerpiece of the east Mediterranean island's strategy to become a luxury tourism destination.
President Nicos Anastasiades said at Friday's groundbreaking ceremony of the 550 million euro ($651 million) City of Dreams Mediterranean casino resort that the investment project is the biggest ever undertaken in Cyprus.
He said that once operational in 2021, the resort will create around 6,500 jobs, attract an additional 300,000 visitors to Cyprus each year and pour some 700 million euros ($828.5 million) into the economy annually.
Melco International Resorts and Entertainment CEO Lawrence Ho said a temporary casino opening on June 28 will operate until the resort is completed. Four other satellite casinos will also open this year.