Melco announces delay in launch of City of Dreams Mediterranean

Greece just got a slight reprieve. After announcing a third delay in the licensing process for a new Hellinikon casino resort, it looked like the country might be losing ground against Melco Resorts and Entertainment and the City of Dreams Mediterranean (CODM) resort being built on the island of Cyprus. However, Greece could now try to catch up if it hopes its new venue can compete with that of Melco, as the completion of the Cypriot resort has been delayed.

According to the Cypriot media outlet In-Cyprus, Melco has had to delay the opening of the resort to the end of 2021, several months after the previously scheduled summer opening. The project was expected to be completed within 24 months, an ambitious goal that is apparently beyond the realm of possibility due to the amount of work required.

There have been changes to the design of the resort, including the expansion of certain infrastructure, an increase in the number of guest rooms and gaming space and changes to the resort’s layout. All of these impact the completion timeline, which was already stretched when the project first broke ground.

CODM was initially priced at about €550 million ($612.4 million) when it was first laid out. The changes and modifications made have reportedly bumped the price up, but the exact figure isn’t known.