The signing of the agreement for the operation of the casino resort, which is expected to be built in the western area of Fasouri, near My Mall marks a new era for Cyprus.
The premises that will house the temporary casino in Limassol and the four satellite casinos in the other cities, which are expected to operate in the first quarter of 2018, have been found.
According to the latest information, the temporary casino is expected to be built on the former Orphanides supermarket at Zakaki, which now belongs to the Bank of Cyprus, while the satellite in Nicosia is likely to be found opposite Hilton Park in Engomi and will accommodate five game tables.
The Melco International Development Consortium, which undertook the development and operation of the integrated casino, estimates that the contribution of the casino to the GDP will increase by 2022, hence the second year of operation will reach 4%, with revenues for the Cypriot economy being calculated at € 800 million per year.
It is noted that on June 26th Melco announced the deal reached with Hard Rock, to acquire the 35.37% it held in the casino resort. Its value is estimated at € 550 million and will include, among others, a luxury hotel with 500 rooms, meeting rooms, bars, restaurants and swimming pools.
At the same time, the casino will have 136 gaming tables and 1,200 gaming machines, while during the construction period, 4,000 jobs will be created and another 2,400 will be created during its operation.
For the purpose of meeting the employment needs, the Ministry of Labour, in co-operation with the HRDA, move onto a training program for unemployed people working in the casino, while the goal of the Melco consortium is to recruit as many Cypriots as possible.
It should be noted that in August, the documents are expected to be submitted for a planning permission, with the consortium asking the departments to keep in-line with the timetable.
Melco, however, expects to be in a position in November to submit all the necessary documents to secure a town planning license for the casino resort, while at the same time they expect the foundation stone to be laid in early 2018.
