GGRAsia – CoD Mediterranean fit-out from next year: promoter

CoD Mediterranean fit-out from next year: promoter

Nov 25, 2019 Newsdesk Latest News, Top of the deck, World

The main contractor on the City of Dreams (CoD) Mediterranean casino resort being developed in the Republic of Cyprus “aims to deliver the building structure over the next nine months,” so that the property can “open to the public by the end of 2021,” said a press release from the venue’s main promoter, casino group Melco Resorts and Entertainment Ltd. The document added construction had begun in May.

The statement said there had been “significant progress” on the resort (pictured in an artist’s rendering), with piling work having been “completed” and “ground works and sub-structure for the hotel also completed in September 2019”.

The notice said “proven and state-of-the-art fast-track methods of construction such as system formwork and pre-fabricated structural steel,” were being used. It cited information from Will Cornish, vice president of construction at the Melco group.

“This will enable the hotel and casino fitting-out works to start in the summer of next year, allowing City of Dreams Mediterranean to meet its estimated target to open its doors to the public by the end of 2021,” added the announcement.

It outlined that the Republic of Cyprus’ Minister of Tourism, Savvas Perdios, had been among a party of people that had recently toured the construction site.

According to the document, 4,000 “local job opportunities” were to be created “during the entire construction period,” with “2,400 permanent jobs,” once the resort was launched; thus “establishing Melco as one of the biggest employers on the island”.

The latest information said the property, in Zakaki, Limassol, would feature a 16-storey, five-star hotel, with 500 guest rooms and suites as well as 9,600 square metres (103,334 sq. feet) of meetings, incentives, conferences and exhibitions (MICE) space.

The gaming area would cover a total 7,500 sq metres, with more than 100 tables and 1,000 gaming machines.

The exterior would have “distinct Mediterranean influences,” added the latest information.

Melco Resorts controls a 75-percent interest in ICR Cyprus Holdings Ltd, the entity developing the City of Dreams Mediterranean casino resort. The remaining 25-percent stake in the latter firm is controlled by Cyprus Phassouri (Zakaki) Ltd, a Cyprus-based conglomerate.

In April – at the time plans for construction work on City of Dreams Mediterranean were being finalised – Cyprus media reports stated the budget for the flagship venue remained at EUR550 million (US$606 million), a figure previously quoted by the promoters.

According to previous announcements by the Melco group, the scheme’s contractor, Avax – Terna JV, is a joint venture 60 percent owned by Avax SA and 40 percent owned by Terna SA. Both entities are Athens-, Greece-, listed businesses.

In September Craig Ballantyne, property president of City of Dreams Mediterranean, had suggested the resort could help bring “an additional 300,000 tourists” annually, and also help smooth the volatility in demand seen in the holiday industry on the ethnic Greek portion of the Mediterranean island.