Europe’s largest casino project broke ground on Friday, while its temporary stand-in will open later this month.

On Friday, Melco International Development execs, including CEO Lawrence Ho, assembled on a plot of land near Limassol in the Republic of Cyprus, for the ceremonial groundbreaking of City of Dreams Mediterranean. The €550m project’s first phase is scheduled to open by 2021.

Accompanying the Melco execs were Cypriot President Nicos Anastasiades and Melis Shiakolas, CEO of Melco’s local partner CNS Group. Ho said he was “honored and grateful for the trust the Cypriot government has placed’ in the “ambitious and exciting project.”

Ho told local media that the company has already hired 500 staff, of which 75% were local residents. Around 4k individuals will find work during the construction process, and around 2,500 will find permanent employment once the resort opens to the public.