A joint venture that is 60%-owned by Avax and 40% by Terna has been appointed by Integrated Casino Resort Cyprus to build the resort. Construction is set to begin this month for completion during 2021.
Avax - Terna JV will build the City of Dreams Mediterranean Integrated Casino Resort, which will be located in western Limassol.
It is claimed to be the region’s and Europe’s largest integrated casino resort. It will have 16-storey hotel tower with 500 guest rooms, an exhibition centre, four large outdoor pools and amenities such as jacuzzis as well as a playground. The casino will have over 100 tables and 1,000 slot machines.
The scope of work 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, restaurants, retail and a spa and health club. The podium also contains the main hotel entrance and areas for staff, operations facilities and plant rooms.
The developer expect the project is expected to attract an additional 300,000 tourists per year to Cyprus. The scheme is expected to create an estimated 4,000 local job opportunities during the construction phase and approximately 2,400 permanent jobs once it is fully operational.
Avax chairman 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 honoured 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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