Lawrence Ho’s new Cyprus casino project finally has a name worthy of its ambitions: City of Dreams Mediterranean.

On Tuesday, the joint venture of Ho’s Melco International Development Ltd and local real estate group Cyprus Phassouri Zakaki Ltd, a member of the CNS Group, made its final presentation to a group of Cypriot notables, including President Nicos Anastasiades.

The partners didn’t specify exactly when construction of the €550m integrated resort would commence, but the project – touted as the largest venue of its kind to be built in Europe – expects to open its first phase by 2021 in Zakaki, just west of Limassol on the island’s southern coast.

A PricewaterhouseCoopers study projected that by 2022, the resort would generate economic activity of over €700m per year, or roughly 4% of the Republic’s GDP. Apart from the 2,500 permanent staff the resort expects to employ, the new attraction hopes to lure an additional 300k visitors per year to Cyprus.