Melco International’s next big resort is going to be built on the Mediterranean island nation of Cyprus and the company is anxious to get things going. It has now chosen the main contractors for the City of Dreams Mediterranean (CODM), which will reportedly break ground on the project this month.
In a press release from this past Tuesday, Melco stated that the contractors will be Avax – Terna JV, a joint venture project that is owned by Avax SA and Terna SA. The former owns 60%, while the latter owns 40%. Melco added that the construction should “begin in early April 2019 and is scheduled to be completed within 2021.”
Lawrence Ho, Melco’s chairman, adds in the release, “I am confident given the experience and success of both parties to the joint venture, that Avax – Terna will deliver the project to the highest construction standards and will enable us to bring an extraordinary integrated casino resort to Cyprus.”
Avax has been around since 1985 and went public on the Athens Stock Exchange in 1994. Terna is reportedly the construction arm of GEK Terna Group, which was founded in 1972 and also went public on the exchange in 1994. Both companies currently have operations in Cyprus.