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Gambling industry grows in scale thanks to City of Dreams Mediterranean
The launch of the City of Dreams Mediterranean (CODM) in Limassol was a turning point for the gambling and tourism market in Cyprus. This is the first integrated resort in the EU with a casino, hotel, congress capacity and entertainment cluster, which has structurally expanded the country's offer: from classic hotels and beach holidays to MICE tourism and year-round guest flows. The resort is owned by Melco Resorts & Entertainment and went soft-open on June 12, 2023 and grand opening on July 10, 2023, with 500 rooms and a playroom ≈7 500 m ².
1) What exactly is built and what is important
The scale of the object. CODM - 14-storey hotel with 500 rooms/suites, casino floor, restaurants and congress square> 8,000 m ². This format for the first time allowed Cyprus to fully compete for EMEA-level conferences and events.
Investments. According to the local press and the operator itself, the total investment exceeded €600 million, which makes the project one of the largest construction projects in the island's tourism industry over the past decade.
"Satellite" casino network. Around the flagship there is a network of C2- "satellite casinos," which expands the geography of supply and creates end-to-end traffic between cities.
2) Direct effects on economy and employment
Jobs and competencies. Even at the construction stage, up to ≈4 000 jobs were estimated, and in the operating phase - thousands of direct and indirect FTEs due to the hotel, F&B, security, IT and events. BDor by the fact that some of the personnel are local personnel, and some are "bringing" expertise from large markets, the quality of service and management practices is growing.
Operational results. The Melco Group reports for 2024-2025. It is noted that the Cypriot direction (including CODM and "satellites") shows stable/improving results, including an increase in property EBITDA ~ 10% YoY in Q1 - an indicator of maturity of demand and loads.
3) Tourism and MICE: the transition from "seasonality" to year-round
Year-round traffic. The presence of a large indoor infrastructure (congresses, concerts, restaurants, spas) reduces dependence on the beach season and evens out the load in the "low" months.
Growth segments. MICE events, premium leisure, all-in-one family tourism, as well as regional short weekend trips with a focus on gastronomy/events.
Reputational effect. Prestigious awards and international coverage increase the recognition of Cyprus as a place "not only about the sea," but also about business class service.
4) How CODM is scaling the gambling industry itself
A new demand anchor. A large, well-promoted resort expands the funnel of players: some of the guests come from tourism and MICE, then converted into casino visitors.
Vertical portfolio. Casino floor, jackpot zones, live tables, premium VIP spaces → more than the average check and time spent on site.
Synergy with "satellites." The C2 network increases availability, creates local contact points, and redistributes traffic across the island.
5) Side multipliers: who else wins
Hotels and apartments in Limassol. Increase ADR near the entertainment and event cluster.
F&B and suppliers. Local supply chains (farms, wineries, food producers) receive long-term contracts.
Transport and services. Transfers, taxi/car sharing, event production, security, cleaning, IT outsourcing.
Creative industry. Conferences, concerts, shows - the demand for artists, technicians, set designers.
6) Bottlenecks and risks (sober look)
Demand volatility. News and geopolitics of the region can affect the short-term load, which was noted in the comments of the management.
Labor market. "Overheating" of salaries and personnel shortages during peak months are a challenge for a stable quality of service.
Operational adjustments. The early period was accompanied by personnel optimization, which reflects the phase of setting up the business model. This is a curve normal for megaprojects, but sensitive to reputation.
Regulatory environment. Online casino vertical in Cyprus has not yet been legalized; offline growth is not fully convertible into online revenue. (Context for strategies 2025-2030.)
7) What it means for the state and business
For the state:- MICE policy support, simplification of procedures for large events, infrastructure development (roads, aviation, energy capacity).
- Strengthening Responsible Gambling and statistics so that the growth of the industry goes with social "handrails."
- Partnerships with CODM for cross-events, gastronomic weeks, cultural programs.
- Investments in service and personnel: croupier schools, hospitality academies, language training.
- Technological base: traffic BI dashboards, CRM segmentation, real-time RG alerts.
8) KPIs to watch in 2025-2030
1. Property EBITDA/RevPAR of the resort and seasonal dynamics.
2. MICE calendar (number of events, average group size, geography of guests).
3. Employment and localization of personnel (share of Cypriots, training programs).
4. Network effect of "satellites" (attendance and check in cities outside Limassol).
5. Awards/ratings in tourism affecting average check and international demand.
9) Perspective: How CODM is changing the industry's trajectory
Structural upgrade: from a seasonal beach destination to a year-round destination for entertainment and business tourism.
Anchor effect: a "belt" of services and events is formed around the resort - from gastronomy to concerts and exhibitions.
Further growth: while maintaining a stable macro environment and the development of transport/event infrastructure, CODM multipliers will support the growth of gross revenue of the gambling cluster and related sectors.
City of Dreams Mediterranean gave the Cypriot gambling industry a scale and depth that was previously lacking: large squares, number of rooms, congress capacity and an international agenda of events. The output is the growth of employment and exported service, more even seasonality and strengthening of the Cyprus brand on the EMEA card. With careful risk management (personnel, RG, operational flexibility), CODM remains the main driver of the sector in the horizon until 2030.