- Philip Ammerman
Limassol Casino awards development contract to J&P Avax – Terna for $600 million resort investment
Updated: Sep 25, 2019
On April 2nd, the City of Dreams Casino Resort announced the award of the construction contract for the Limassol Casino to the J&P Avax – Terna consortium. The Casino is estimated to cost $ 600 million, and will comprise a 500-room hotel resort in western Limassol. This is one of the largest investments to take place in Limassol and Cyprus, and will transform the Cyprus tourism sector.
The City of Dreams Casino will be located in western Limassol and will comprise Europe’s largest Integrated Casino Resort. It will feature:
A sixteen-story hotel tower with 500 rooms including multi-bay suites with garden balconies
The largest exhibition centre in Cyprus, estimated at over 9,000 square meters: this will transform the conferences and events landscape in Cyprus;
Over 100 gaming tables and 1,000 state-of-the-art slot machines;
Extensive indoor and outdoor amenities including four large outdoor pools as well as an expansive children’s playground.
This landmark investment project is expected to attract an additional 300,000 tourists per year to Cyprus. The Limassol Casino will create an estimated 4,000 local job opportunities during the construction phase and approximately 2,400 permanent jobs once it is fully operational.
After the second year of operation, the Limassol Casino Resort is expected to contribute approximately €700 million per year to the Cyprus economy, amounting to approximately 3% of GDP.
The J&P Avax-Terna development contract includes construction of all resort facilities situated on 37 hectares of land, including the central podium building, the main gaming floor, world-class restaurants, MICE facilities, luxury retail, and the spa and health club with indoor pool. The podium also comprises the main hotel entrance and areas for staff, operations facilities and plant rooms.
Once operational, the Limassol Casino Resort will comprise the largest single hotel site, the largest conference centre and the largest casino in Cyprus. This will create an added demand for tourist and other services, and will strengthen the competitiveness of Cyprus as a tourism and investment destination.
Based in Limassol, NavInvest Cyprus provides due diligence, business planning, financial modelling and investment advisory services in Cyprus, with a particular strength in hotel resorts. For further information on investing in Cyprus, please contact us.