CYPRUS: New casino resort will generate EUR 700 mln in the economy

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The new integrated casino resort to be built in Limassol will generate an income of EUR 700 mln per year for the Cypriot economy says the Cypriot partner to Melco’s ambitious project.

Melis Shacolas, CEO of CNS Group of companies said that “after the second year of operation the annual impact the resort casino will have on the Cypriot economy will be equal to 4% of the country’s GDP” while adding that the resort will create 6,500 jobs.

The CNS CEO, in an article for Phileleftheros “Cyprus in 2019” explained that 4,000 people are to be employed for the construction of the City of Dreams casino resort while 2,400 permanent jobs are expected to be created upon its operation in 2021.

He added that attracting Melco International to Cyprus for the construction and operation of the City of Dreams is a great success for the CNS Group and that the project will add value to Cyprus’ tourist product drawing in 300,000 extra tourists on a yearly basis.

He said that both Melco and the CNS Group is looking forward to working closely with the Deputy Ministry of Tourism, adding that their common goal is to offer high-quality entertainment and improve the country’s tourism seasonality.

The City of Dreams Mediterranean is to be the largest casino resort in Europe. Its facilities will include a 136 game tables and 1,200 gaming machines, a five-star hotel with 500 rooms and luxurious villas, 11 restaurants and cafes, a wellness centre, a sports centre, a surf pool, shopping areas, an outdoor amphitheatre and gardens.

CNS Group is active in a series of sectors of the Cypriot economy which includes Cablenet in the telecommunications arena and Charalambides-Christis dairies.