CYPRUS: City of Dreams contractor ‘in a few days’

The countdown for the construction of the Euros 550 mln City of Dreams Mediterranean casino has begun as the operator-owner of the resort is set to announce the preferred bidder within a few days.

Sources close to the deal told the Financial Mirror that City of Dreams Mediterranean and Cyprus Casinos Ltd is close to making its choice, showing preference to one of the three companies who had expressed initial interest and have submitted their tenders. As sources say the choice will be announced within the coming days and will be followed by the immediate signing of the contracts.

As the Executive Director of City of Dreams Mediterranean and Cyprus Casinos, Craig Ballantyne had said in earlier comments to reporters, construction work is to begin two months after the signing of the contracts, with the casino expected to open its doors some time in 2021.

Without naming the winning bidder, the source confirmed reports that there is a final choice of three joint ventures that had submitted their final offers for the contract to build the City of Dreams casino resort in Zakaki, near Limassol.

The three finalist bidders are Terna – J&P Avax, Bouygues – Cybarco and the Consolidated Contractors Company (CCC).

Terna – J&P Avax

J&P Avax, soon to be renamed Avax, is the Greek contracting arm of the collapsed J&P Overseas empire, and in a joint venture with Terna remain one of three primary bidders

J&P Avax shareholders have scheduled a meeting for the end of February where they will probably approve a name change reverting to the original Avax, when J&P invested several years back creating the J&P-Avax joint venture, credited with major projects such as highways, Olympic facilities, etc.

Greek construction company Terna is also active in the execution of public and private projects, with large budget and complex know-how such as road and railway networks, ports, buildings, hospitals, museums, industrial installations, hydroelectric projects and dams.

J&P Avax has recently undertaken some of the construction projects of Ayia Napa Marina in Cyprus.

Bouygues – Cybarco

The French Bouygues Construction Group operates in more than 80 countries. Designs, manufactures and manages building facilities, infrastructure projects and industrial facilities, including the Larnaca and Paphos airports. Cybarco, part of the Lanitis Group, is active in major developments both in Cyprus and abroad.

Consolidated Contractors Company

The Consolidated Contractors Company (CCC) is the largest construction company in the Middle East and ranks among the top 25 international contractors in the world.

The City of Dreams Mediterranean, owned by Melco International Development Ltd and The Cyprus Phassouri (Zakaki) Limited, will be built in Zakaki in West Limassol and is expected to be the largest of its kind in Europe.

The cost of the investment is expected to reach Euros 550 mln and will include a 5-star hotel with more than 500 rooms, suites and villas.

The whole project will also include restaurants, cafes, shopping venues, a conference centre, an amphitheatre, recreation and wellness areas, sports grounds, tennis and football courts and other entertainment and relaxation facilities.

Since 2018, Melco has been operating satellite pop-up casinos throughout Cyprus, with a temporary site in Limassol currently housing a full range of gaming rooms and tables, that will transfer to the new property when this is finished.

Source: The Financial Mirror