Addition of contract for an integrated casino resort in Limassol, Cyprus

J&P-AVAX announces it participates in a joint venture with ΤΕΡΝΑ, 100% subsidiary of GEK TERNA Group, which signed a contract with “ICR CYPRUS RESORT DEVELOPMENT CO LIMITED”, of Chinese interests, for the construction of the “City of Dreams Mediterranean” integrated casino resort in Limassol, Cyprus.

The joint venture is comprised of J&P-AVAX SA (60%) and TERNA SA (40%).

The contract, worth around €270 million with a 30-month deadline, pertains to the construction of an integrated casino resort with approximately 96,000 m2 building construction area on a 37 hectare site.

The resort will include a casino, restaurants, retail and commercial area, spa, a 16-storey hotel tower with approximately 500 guest rooms, expo building, sizeable sports facilities with indoor and outdoor pools, and a an assortment of other main and auxiliary areas and facilities, as well as expansive landscaped areas.

It should be noted that the General Assembly of the Company’s shareholders recently voted for renaming the Company to AVAX SA, a decision pending approval by the Corporate Registry of the Development Ministry.

Marousi, April 04, 2019
THE BOARD OF DIRECTORS