Home / Business / Local Business / Casino contribution to economy estimated at 4% of GDP

Casino contribution to economy estimated at 4% of GDP

The planned casino’s contribution to the Cyprus economy is estimated at €800 million, or 4% of GDP in its second year of operation (2022) said a representative of the Melco consortium in charge of its development.

“The casino’s impact on the economy in 2022, the second year of operation, will surpass 4% of GDP, or €800 million,” said the consortium’s representative, Iacovos Galanos, to the the House Commerce Committee.

Galanos also said that during the casino-resort’s construction phase, it is estimated that approximately 4,000 job positions will be created, while during its operation 2,400 additional jobs will be created.

The consortium aims to prioritise the hiring of Cypriots, added Galanos.

Related stories:

The casino-resort, based in Limassol, will feature 500 luxurious bedrooms, and offer various event and hospitality spaces, conference rooms, a pool, and restaurants.

The total cost of the development is expected to surpass €500 million, with the casino itself featuring 1,200 slot machines and 136 games tables.

Temporary and satellite casinos by February 2018
On behalf of the consortium, Theodoros Koutsoukis said that the venues to host the satellite and temporary casinos have been chosen, and that their approval by the Games Commission is pending.

“We estimate that in the first quarter of 2018 all the satellite casinos and the temporary casino in Limassol will be operational. February 2018 is the goal,” he added.

Early 2018 is also the goal for construction on the casino-resort to begin, said Koutsoukis.

Aiming for Cypriot employment

In response to MP questions on whether Cypriots will be employed, Koutsoukis said that it is the company’s goal to hire as many Cypriot workers as possible, given that they are skilled and experienced enough.

“Our goal is for as many Cypriot citizens as possible to be employed,” he added.

Koutsoukis further informed the MPs that Labour Minister Zeta Emilianidou contacted the consortium and requested that a list with the needed job positions be given.

“It is her intention that an ANAD (Human Resource Development Authority) program is prepared so that Cypriot unemployed can cover the new job openings at the casino-resort,” said Koutsoukis.

Check Also

Unemployment rate drops to 10.6% in Q2

The number of people out of work in the second quarter of 2017 was 10.6% …

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday …