The Hong Kong-based investor behind Europe’s largest casino resort being built on Cyprus said it will especially bring wealthy gamblers from Asia, adding to ongoing record tourist seasons that pulled the island out of a near-economic catastrophe brought on by the banks.
Lawrence Ho, billionaire owner and Chief Executive Officer of Melco Resorts & Entertainment will operate what will be called the ‘City of Dreams Mediterranean’ in Limassol on the island’s south coast and will also target visitors from Russia and Britain, the financial news agency Bloomberg said in a report.
“Asian tourists will be able to recognize our brand and as time develops they could be attracted to Cyprus,” Ho said in an interview in Nicosia. “Melco as a company attracts sophisticated customers, middle and upper class customers.” Other targets include big rollers from the nearby Middle East.
Melco presented its plans on Jan. 9 for the construction and operation of the resort in Limassol as well as for another four satellite casinos in other parts of the popular vacation destination. The project represents a total investment of 550 million euros ($659.9 million) and is scheduled for completion in 2021.
Melco and local partner The Cyprus Phassouri (Zakaki) won an exclusive license to operate Cyprus’s first-ever casino. Cypriot authorities project that the resort could attract an additional 300,000 visitors a year boosting economic output by a further 700 million euros per annum, currently around four percent of gross domestic product, after the second year of operation.
The casino resort should pump $838 million into the island nation’s economy annually from 2022, the second year of its operation, the country’s President Nicos Anastasiades said, bringing in as much as 4 percent of the Gross Domestic Product (GDP) of 16.57 billion euros ($19.8 billion).
Read full story here.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons Copyright: Antoine Taveneaux License: CC-BY-SA
Source: AP/thenationalherald.com
