Melco Resorts and entertainment are putting together the Casino named City of Dreams in Cyprus, and they are hopeful that this new move will boost tourism in this island nation.
Craig Ballantyne, the executive in charge of launching the City of Dreams, stated that it would draw an additional 300000 tourists once the Casino begins operations.
Craig Ballantyne was brought in to spearhead the launch in May of 2018. Construction on the new City of Dreams started in April this year and is expected to cost about $600 million when it is completed.
The City of Dream’s purpose will be to operate as a flagship casino on the island of Cyprus. Melco, the company that is doing the construction has other alternatives as well. There are three satellite casinos, operating as Cyprus chain of casinos, are in operation and another one will open soon.
Another venue is operational within Limassol, which is where the City of Dreams will be built. Around 300000 more tourists, on top of the current 2.12 million reported between July and September, will help to boost the tourism from the island’s current 854000 people.
But, Cyprus has just realized that it is in competition with Greece, another equally popular Mediterranean destination for most visitors. Greece is also putting together its own casinos, together with an $8 billion project in Hellinikon, which is expected to give casinos in Limassol a run for their pennies.
Operators looking to invest in Greece gambling market have the next three days’ hand in their proposals. Once the period elapses, regulators will start the dissection process to find out who the next investor will be.
Hellinikon will see massive projects in the next few months, thanks to its efforts to revitalize its tourism industry, something HRI is very happy to help with. Edward Tracy, the company’s CEO toured the country recently to discuss plans to launch a new $1.1 billion worth of casino investment that will be undertaken in partnership with Lambda, a local firm.