To construct and operate the biggest casino resort in Europe, CYPRUS has recently signed an agreement with Macau's Melco International and America's Hard Rock. The resort which is estimated to cost 600 million euros will be the first internationally recognized south Mediterranean holiday island.
Spanning over 6,000m², the casino project is likely to offer 136 gaming tables, 1,200 gaming machines, and 500 hotel rooms with modern amenities. "This opens the road to realizing one of the largest infrastructure projects that have ever been done in our country," said Mr. George Lakkotrypis, the Commerce and Tourism Minister. The goal of this widespread project is to improve incoming tourism by increasing arrivals.
Blessed with 30-year license to build an integrated casino resort, CYPRUS is also promised to four satellite casinos in other towns. In 2016, the Cypriot economy grew by 2.8%. A similar growth rate is expected in 2017 with the inflation of tourism revenue. But yes, no timeline is given for when the main resort will start its business.