J/V TERNA - J&P AVAX front runner for Limassol's 500m-euro casino - resort project

J/V TERNA - J&P AVAX front runner for Limassol's 500m-euro casino - resort project

J/V TERNA-J&P AVAX has acquired a serious lead in the 500m euros competition for the construction of the City of Dreams Mediterranean Casino in Limassol, Cyprus. As a Cypriot newspaper reports, this joint venture is the first choice of Integrated Casino Resorts Cyprus and adds that if negotiations run smoothly, the agreement could be signed in the coming days. It is noted that the two companies, TERNA and J&P AVAX, participate in construction projects for the marinas of Limassol and Ayia Napa.

Bids for the construction of the casino resort were also submitted by a consortium consisting of the French Bouygues and Cybarco as well as a consortium under the Consolidated Contractors Company (CCC).

The project

According to the report, the goal of Integrated Casino Resorts Cyprus is for the casino resort to be completed and ready to operate in 2021. Based on the company's estimates, it will attract 300k tourists a year. The total investment will amount to 550m euros, with Craig Ballantyne, Executive Director of City of Dreams Mediterranean and Cyprus Casinos, saying recently that the cost will eventually exceed the initial calculations. It is noteworthy that the City of Dreams Mediterrannean will be Europe's largest casino resort.

Its facilities will include a 136 gaming tables and 1,200 slot machines, a five-star hotel with 500 rooms, luxurious villas, 11 restaurants and cafes, a wellness center, a sports center, swimming pools, an outdoor amphitheater and extensive green spaces. The casino-resort will also have a conference center covering an area of 9,600 sq.m. as one of the company's main objectives is to attract conference tourism.

The consortium estimates that the impact of the project on the Cypriot economy after the second year of operation, will reach 700m or 4% of the country's GDP annually. During the construction phase of the casino resort in Limassol, 4,000 people are expected to work, while after its completion 2,500 permanent jobs will be created.

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