The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Arts / Entertainment Arts, Entertainment And Culture Gambling And Betting Activities 92 - Gambling and betting activities
600 jobs Number of planned job creations
Announcement Date
9 January 2018
Employment effect (start)
1 February 2018
Foreseen end date
30 June 2021
Description
The "City of Dreams - Mediterranean", an integrated casino resort to be operational in Limassol by early 2021 is expected to create 2500 new jobs. At least 600 of these jobs are to be created by September 2018, according to the human resources section of Melco. During an event at the Presidential Palace on the January 9th 2018, the joint venture, Integrated Casino Resorts Cyprus (ICRC), which won the bid for the first casino licence in Cyprus, presented the "City of Dreams - Mediterranean" project. The €500 million resort shall, when fully operational, will provide for 2500 full-time jobs, while it will provide for around 4000 jobs during the 3 years construction period. According to an impact study on the Cyprus economy, conducted by PWC, the casino resort, as well as the additional 4 satellite casinos ICRC is licensed to operate in other cities in Cyprus, is expected to attract annually 300,000 additional tourists, to generate an annual contribution to GDP of €700 million (4% of GDP) and to directly and indirectly add more than 11,000 new jobs to the economy. The construction shall commence in 2018, while a temporary casino in Limassol and the four satellite casinos in Nicosia, Larnaca, Paphos and the Famagusta area shall start operating in the first half of 2018.
The casino resort will include a gaming area of 136 tables and 1200 gaming machines, 9600 square metres MICE facilites (Meetings, Incentives, Conference and Exhibitions), a luxury hotel with 500 rooms, luxury villas, restaurants and cafeterias, high-end retail area, wellness centre and sports centre.
The Integrated Casino Resorts Cyprus is a joint venture of the Melco Resorts & Entertainment (a Hong Kong based group) and the Cyprus Phassouri (Zakaki) Limited (member of the local CNS Group).
Sources
9 January 2018: Cyprus Nes Agency
9 January 2018: Cyprus Mail Online
9 January 2018: Φιλελεύθερος (Philelevtheros)
9 January 2018: Stockwatch
Citation
Eurofound (2018), Integrated Casino Resorts Cyprus, Business expansion in Cyprus, factsheet number 92959, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92959.
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