City of Dreams Mediterranean Delays Completion of Casino Once Again

Posted on: May 3, 2022, 09:24h. 

Last updated on: May 4, 2022, 01:49h.

Erik Gibbs Read More

Expertise: Asia Pacific Gaming, Gaming Business, Global Gaming.

City of Dreams Mediterranean, the next big casino property for Melco Resorts and Entertainment, is facing continued delays. However, the latest setback is only a minor one, with the company expecting to launch the first phase by the end of this year.

City of Dreams (CoD) Mediterranean was to initially open in 2021 after breaking ground in 2019. However, the schedule changed for a number of reasons, including the drawn-out issues with COVID-19. Delays arrived that pushed the first phase launch back to later this year.

Once again, the $617-million casino resort in Cyprus is going to take a little longer. The latest update, according to local officials, puts the inauguration of the first phase of operations closer to the end of this year.

Closer to the Finish Line

Speaking to CyBC, a state-run radio station, Deputy Minister for Tourism Savvas Perdios confirmed the delay. He added that the delays are the result of the ill-timed global pandemic, which, apart from restricted local commercial activity, also produced delays in importing raw materials.

Perdios stated that the casino’s operations won’t be ready until sometime after September, according to information from the company’s board of directors. However, he pointed out that Melco obtained an extension from the government to complete the project. That extension expires on September 30.

The ICRC consortium (Melco, Cyprus Phassouri, and Zakaki) that is leading the project requested time credit from the government in light of the COVID-19 pandemic. However, once completed, CoD Mediterranean will be the largest IR in Europe, and one of the most unique. It will create approximately 4,000 jobs during construction, and approximately 2,500 permanent positions when it opens.

The property will also feature Mediterranean elements and native plant species that reflect the nature of the area. Some 130,000 trees and native species of flora are also being planted. This is more than just decoration, as developers claim it will help reduce carbon emissions.

The resort will also offer a retail promenade, which bears a striking resemblance to Nicosia’s Old Town.

Melco Singled Out By Forbes

Melco is ready to turn CoD Mediterranean into a worldwide gambling hub that ranks among the best in the business. It is building the dream on a foundation that continues to see the casino operator singled out for its activity.

The latest edition of Forbes Travel Guide (FTG) gave Melco 97 Stars, including 17 Five-Star awards. This puts it at the top of the list among all integrated resort operators in the Asian region, a repeat of last year.

We look forward to the highly anticipated opening of Studio City Phase 2 and City of Dreams Mediterranean showcasing Melco’s extraordinary experiences to more guests from around the globe,” stated Melco Chairman and CEO Lawrence Ho.

CoD Macau, CoD Manila, Altira Macau, and Studio City all received recognition. This is the 13th consecutive year that Altira received the Five-Star rating in the Hotel and Spa categories, according to a press release.

New Ferry Service Comes to Cyprus

Once CoD Mediterranean is open, it could count on a new source of transportation for some of its guests. This summer, most likely in June, a ferry running between Cyprus and Greece will return after a 21-year absence.

The ferry won’t be a full-time affair. It will only offer 22 trips this year but could add more in 2023. There will be four in June, eight in July, seven in August, and three in September, before going on break for the winter.

The viability of the service, which offers first-class cabins, a restaurant, a health clinic, and more, remains questionable. There’s a reason that there hasn’t been a ferry operating between the two in the past two decades, and it could be because the trip takes 30 hours.

Cyprus is helping fund the project, providing €5.5 million (US$5.78 million) a year for three years. One-way travel prices start as low as €8 (US$8.41) and go to €50 (US$52.55) for a VIP ticket.