Integrated Casino Resort Cyprus (ICR), the consortium comprising Melco Resorts & Entertainment and The Cyprus Phassouri (Zakaki) Limited, has announced that it will commence construction on its US$650 million City of Dreams Mediterranean before the end of the month.
The news comes as ICR unveiled Avax – Terna JV as the project’s builders, with construction due for completion by 2021. Melco holds a 75% stake in ICR, having bought out Hard Rock International’s 35.37% interest in September 2017.
Speaking about this week’s developments, Melco Chairman and CEO Lawrence Ho said “the awarding of this contract marks the official beginning of the construction of City of Dreams Mediterranean and demonstrates our ongoing commitment to the project as well as to Cyprus.”
City of Dreams Mediterranean is expected to create around 4,000 jobs each year during the construction period and an estimated 6,500 direct and indirect full-time positions in Cyprus when the resort is fully operational.