Published on 29 Jul 2021, 13:15
City of Dreams Mediterranean is located in Limassol
City of Dreams Mediterranean, which is set to open in the summer of 2022, is Cyprus's first integrated resort. It is anticipated to be Europe's largest and best integrated destination resort, with a total site area of 36.7 hectares. Located in Zakaki Area, Limassol, it will include a fourteen-storey, five-star hotel with over 500 luxury guest rooms and suites, approximately 10,000 square meters of MICE (Meetings, Incentives, Conventions, and Exhibitions) space, an outdoor amphitheatre, a family adventure park, and a variety of fine-dining outlets, including five world-class restaurants and bars, as well as a luxury retail area.
The Expo Centre contains a 1,500m2 multi-purpose event space, and the gaming section will encompass a total of 7,500 square meters, with over 100 tables and 1,000 cutting-edge gaming machines. Its interior design will be based on Melco's international luxury standards, particularly tailored for the Cyprus Integrated Resort, while the external design will be influenced by the Mediterranean. The integrated resort, a world-class development and a landmark not only for Cyprus but also for the wider region, is expected to enrich Cyprus' tourism product, hoping to attract an additional 300,000 tourists annually and significantly contributing to overcoming seasonality, a huge challenge for the Cypriot tourism industry, and establishing the island as a year-round all-season destination.
Behind the multidisciplinary casino-resort is the well-known company "Melco" which has been involved in the operation of casinos and resorts for many years. Forbes Travel Guide bestowed 97 stars to the Integrated Resort Operators in 2021, and it has received numerous international accolades, including seven Michelin-starred restaurants. The Company was listed on NASDAQ under the stock ticker "MPEL," effectively raising more than US$1.14 billion. According to Renaissance Capital and IPOhome.com, this was the fourth largest initial public offering (IPO) in the United States in 2006. The Company began dual-listing on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code 6883 on December 7, 2011. On July 3, 2015, the shares were voluntarily delisted from The Stock Exchange of Hong Kong Limited. Melco International Development Limited (“Melco International”) became the Company's single largest shareholder in May 2016.
Melco Cyprus, the operator of Cyprus Casinos (C2) and the upcoming integrated resort (IR) City of Dreams Mediterranean, has announced that the resort's sustainability strategy has received a BREEAM Excellence rating. BREEAM is the world's top sustainability assessment mechanism for master-plan projects, infrastructural facilities, and buildings, assessing the environmental, social, and economic sustainability performance of a property. The IR is the first Cyprus development to get a BREEAM Excellence certification, with a design score of 80.4 percent. The award recognizes City of Dreams Mediterranean's use of the highest design sustainability criteria as well as its incorporation into its natural surroundings.
11.444 persons are employed during the building phase, and the project's impact to the Cypriot economy is expected to be about 695 million euros. At the same time, once completed, it will sustain 4.372 jobs and contribute around 425 million euros to the economy yearly. It is also stated that after the casino's second year of operation, the entire impact on the Cyprus economy will be 700 million euros, or 4% of the country's GDP. The casino is expected to draw around 300,000 more tourists each year.
The Company is now running a temporary casino in Limassol, the Republic of Cyprus's first permitted casino, as well as four satellite casinos ("Cyprus Casinos") in Nicosia, Larnaca, Ayia Napa, and Paphos. The Company will continue to run the satellite casinos following the inauguration of City of Dreams Mediterranean, while the temporary casino will close.
The resort, located near Zakaki, Western Limassol, has easy access to the main highway network through a four-lane road. The location is just 40 minutes from Larnaca International Airport, 30 minutes from Paphos International Airport, 5 minutes from Cyprus's largest harbour (the Limassol Marina), and 5 minutes from the Limassol port (Cruise Tourism). The site's accessibility reduces unnecessary traffic congestion.
The guest experience is further improved by the landscape design, which was influenced by the local Cypriot environment and strives to provide visitors with an ambiance reminiscent of Nicosia, the Republic's main city. Native plant species reflect the character of the area and contribute to the ecology of the terrain. To complement the surrounding nature, the Integrated Resort Casino will include over 130,000 freshly planted trees and indigenous plants, providing a holiday paradise for guests while decreasing carbon emissions.