Lawrence Ho, the Hong Kong-based investor who is also the Chief Executive Officer and owner of Melco Resorts & Entertainment, shared that the a lot of wealthy players originating from Asia are expected to be attracted to the largest casino resort in Europe that is being built in Cyprus. As explained by Mr. Ho, adding the casino resort to the already existing landscape of such venues across Europe would also be beneficial for the economy of the island, as it would help it buoy from the hard economic situation it has been facing recently.
As mentioned above, Mr. Ho is the investor who I to run the new Cyprus casino and gambling resort that is to be called the “City of Dreams Mediterranean” and is to be situated in Limassol, on the south coast of the island. According to a report issued by the financial news agency Bloomberg, the venue is also expected to target not only Asian customers, but players from the UK and Russia, too.
First Cyprus Casino to Bring Asian Players
In an interview in Nicosia, Mr. Lawrence Ho himself shared that the “City of Dreams” brand is to be undoubtedly recognised by the Asian tourists, and more of them could be attracted to Cyprus. He highlighted the fact that Melco has always been aimed at attracting primarily sophisticated customers, which basically means middle and upper-class ones. This is the reason why the company would keep its eyes on attracting more high rollers from the nearby Middle East, with this being one of its main targets for the performance of the Cyprus-based casino resort.
A few days ago, on January 9th, Melco Resorts & Entertainment unveiled its plans for both the construction process and operation of the casino resort, which is to be established in Limassol. In addition, the company presented its view for the operation of four satellite casinos that are to be situated in other parts of the island. The total investment that is to be made in the project amounts to approximately €550 million. The gambling casino resort and satellite casinos project is set to be finalised in 2021.
Benefits for Local Economy
Mr. Ho’s Melco Resorts is to work in collaboration with The Cyprus Phassouri (Zakaki), which is to be the local partner of the company. The investors were granted with an exclusive license to operate the first-ever casino that is to be established on the territory of Cyprus.
Previously, local authorities forecast that the casino and gaming resort could attract additional 300,000 visitors on an annual basis in the country, which could help it boost its economy with a further €700 million a year. According to experts, this amount would represents approximately 4% of the gross domestic product after two years of operation. The country’s gross domestic product is estimated to approximately €16.57 billion.
Also, the President of Cyprus Nicos Anastasiades revealed that according to preliminary projections, the casino resort is expected to bring an annual amount of $838 million to the country’s economy from 2022, which would be its second year of operation.