Casino groundbreaking a historic day for Cyprus

President Nicos Anastasiades proclaimed Friday to be a “historic day” for Cyprus during the casino groundbreaking ceremony in Limassol, just weeks before a temporary facility opens its doors in the southern town.

Anastasiades, joined by Melco CEO Lawrence Ho and Melis Shiakolas from the CNS Group, held golden-plated shovels as they laid the foundation stone for the Republic of Cyprus’ first integrated casino resort City of Dreams Mediterranean.

The development is expected to attract an additional 300,000 tourists annually when it opens in 2021, boosting tourism in many areas including conferencing and the leisure service industry.

“Today is a historic day that marks a major milestone for Cyprus,” the president said, adding that he was proud for what he described as successful teamwork between public and private sectors.

The revenue from the casino in Cyprus is projected to be 4% of the country’s GDP.

The €550 million project is expected to create around 4,000 jobs annually during the construction period and will eventually contribute for the creation of approximately 4,500 direct and indirect full time jobs in Cyprus when the resort is fully operational.

A temporary casino will operate in Limassol’s Zakaki area starting June 28 until the casino-resort is completed.

Cypriot workers are expected to make 75% of the casino’s workforce, according to reports.