International edition
August 24, 2019

Avax-Terna JV begins this month and would finish within 2021

Melco awards the construction of City of Dreams Mediterranean resort

Melco awards the construction of City of Dreams Mediterranean resort
The resort will offer a wide range of attractions and entertainment options beyond gaming. It is expected to contribute approximately USD 786,450,000 and attract an additional 300,000 tourists per year to Cyprus.
Cyprus | 04/03/2019

The investment for the creation of the resort, located in western Limassol, totals USD 616 million. Integrated Casino Resort Cyprus (ICR) project will offer over 100 tables and 1,000 state-of-the-art slot machines. It will create an estimated 4,000 local job opportunities during the construction phase and approximately 2,400 permanent jobs.

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elco International Development, the Hong Kong-based owner of the Integrated Casino Resort Cyprus (ICR), announced on Tuesday it has awarded the construction of City of Dreams Mediterranean to Avax-Terna JV, a partly Cypriot owned construction company, formerly known as “J&P Avax - Terna J.V.” This occurs after a competitive tender and having obtained all required approvals by the Government of Cyprus

A statement by ICR said that construction is set to begin this month and is scheduled to be completed within 2021. The investment for the creation of the resort totals 550 million euros (USD 616 million).

City of Dreams Mediterranean, reportedly the region's and Europe's largest Integrated Casino Resort, will be located in western Limassol. The building will be adapted to the natural environment - a reply to criticism by environmental organizations that no environmental survey had been carried out prior to the issuing of the building permit. Environmentalists said the bright lights of the casino will disorient migratory birds using a nearby wetland as their winter habitat.

Lawrence Ho, Chairman and CEO of Melco (right), together with Christos Joannou, Chairman of Avax S.A. (second left), Dimitrios Antonakos and Manos Vrailas, Board Directors of Terna S.A. (third left and second right), Jaya Jesudason, Executive Vice President, Construction and Design of Melco (third right) and William Cornish, Vice President, Construction of Melco (left).

City of Dreams Mediterranean will be featuring a 16-storey hotel tower with 500 guest rooms including multi-bay suites with garden balconies, an exposition center, an extensive area with four large outdoor pools and amenities such as Jacuzzis as well as an expansive children’s playground. It will offer over 100 tables and 1,000 state-of-the-art slot machines.

The scope of work listed in the principal construction contract includes the building of all the resort facilities situated on 37 hectares of land, including the central podium building, which houses the main gaming floor, world-class restaurants, MICE facilities, luxury retail, as well as the spa and health club with indoor pool. The podium also comprises the main hotel entrance and areas for staff, operations facilities and plant rooms.

According to ICR, the resort will offer a wide range of attractions and entertainment options beyond gaming. The project is expected to attract an additional 300,000 tourists per year to Cyprus.

The casino will create an estimated 4,000 local job opportunities during the construction phase and approximately 2,400 permanent jobs once it is fully operational.

After the second year of operation, the Integrated Casino-Resort is expected to contribute approximately €700 million (USD 786,450,000) per year to the Cypriot economy, amounting to around 4% of the country’s annual GDP.

Chairman and CEO of Melco, Lawrence Ho, stated: “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. 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. We are happy to be working with established premier contractors, who has devoted efforts to the country and worldwide, to make this unique project a local reality.”

Speaking on behalf the joint venture, the 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 honored to be taking up such an important project and we will work to deliver a high standard of quality within the agreed schedule.”

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