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City of Dreams Mediterranean City of Dreams Mediterranean

ICR Cyprus Awards the Construction of City of Dreams Mediterranean to Avax - Terna J.V.

Following a competitive tender and having obtained all required approvals by the government of Cyprus, Integrated Casino Resort Cyprus (CR Cyprus) has announced the award of the construction of the City of Dreams Mediterranean Integrated Casino Resort to Avax - Terna J.V. (formerly known as J&P Avax - Terna J.V.), a joint venture which is 60 percent-owned by AVAX SA and 40 percent-owned by Terna SA.

According to the principal contract, construction is set to begin this April and is scheduled to be completed within 2021.

City of Dreams Mediterranean will be located in Western Limassol and built to the highest sustainability standards to adapt to the natural environment. It will be the region’s and Europe’s largest Integrated Casino-Resort; featuring a 16-story hotel tower with 500 guest rooms including multi-bay suites with garden balconies, an exposition centre, an extensive poolscape area with four large outdoor pools and amenities such as Jacuzzis as well as an expansive children’s playground. It will offer over 100 tables and 1,000 state-of-the-art slot machines.

The scope of work listed in the principal construction contract includes the building of all the resort facilities situated on 37 hectares of land, including the central podium building, which houses the main gaming floor, world-class restaurants, MICE facilities, luxury retail, as well as the spa and health club with indoor pool. The podium also comprises the main hotel entrance and areas for staff, operations facilities and plant rooms.

The resort will offer a wide range of attractions and entertainment options beyond gaming making City of Dreams Mediterranean a must-visit destination. The pioneering project is expected to attract an additional 300,000 tourists per year to Cyprus.

City of Dreams Mediterranean will create an estimated 4,000 local job opportunities during the construction phase and approximately 2,400 permanent jobs once it is fully operational. After the second year of operation, the Integrated Casino-Resort is expected to contribute approximately EUR700 million per year to the Cypriot economy, amounting to around four percent of the country’s annual GDP.