Greek consortium Terna – J&P Avax has been selected as the preferred bidder to construct the €550 mln City of Dreams Mediterranean – Europe’s largest casino – and is now in consultation to draw up the final contract.
The consortium was one of three bidders vying to build the integrated casino complex in
Limassol and contract negotiations are expected to take several weeks before the official signing of the deal.
Executive Director of City of Dreams Mediterranean and Cyprus Casinos, Craig Ballantyne said recently that construction work will begin two months after the signing of the contracts, with the casino expected to open its doors on schedule in 2021.
Terna-J&P Avax beat Bouygues-Cybarco and the Consolidated Contractors Company (CCC) for the multi-million contract.
J&P Avax, soon to be renamed Avax, is the Greek contracting arm of the collapsed J&P Overseas empire.
J&P Avax shareholders have scheduled a meeting for the end of February where they will probably approve a name change reverting to the original Avax, when J&P invested several years back creating the J&P-Avax joint venture, credited with major projects such as highways, Olympic facilities, etc.
Greek construction company Terna is also active in the execution of public and private projects, with large budget and complex know-how such as road and railway networks, ports, buildings, hospitals, museums, industrial installations, hydroelectric projects and dams.
J&P Avax has recently undertaken some of the construction projects of Ayia Napa Marina.
The City of Dreams Mediterranean, owned by Melco International Development Ltd and The Cyprus Phassouri (Zakaki) Limited, will be built in Zakaki in West Limassol.
The cost of the investment is expected to exceed €550 mln and will include a 5-star hotel with more than 500 rooms, suites and luxury villas.
The whole project will also include a 136 game tables, 1,200 gaming machines, 11 restaurants and cafes, a wellness centre, a sports centre, a surf pool, shopping areas, an outdoor amphitheatre and gardens.
The new integrated casino resort will generate an income of EUR 700 mln per year for the Cypriot economy.
It is estimated 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 creating 6,500 jobs.
Some 4,000 people are to be employed for the construction of the City of Dreams casino resort while 2,500 permanent jobs are expected to be created upon its operation in 2021.
The complex will bring added value to Cyprus’ tourist product drawing in a projected 300,000 extra tourists on a yearly basis.
Since 2018, Melco has been operating satellite pop-up casinos throughout Cyprus, with a temporary site in Limassol currently housing a full range of gaming rooms and tables, that will transfer to the new property when it is finished.