A new casino resort in Cyprus that is expected to be Europe's biggest will be the centerpiece of the Mediterranean island's strategy to become a luxury tourism destination, the country's president said Friday, ABC News reported quoting AP.

Nicos Anastasiades said the 550 million euro ($651 million) City of Dreams Mediterranean casino resort is the biggest investment project ever undertaken in Cyprus.

He said that once operational in 2021, the resort will create around 6,500 jobs, attract an additional 300,000 visitors to Cyprus each year and pour some 700 million euros ($828.5 million) into the economy annually.

The resort will offer 136 tables and 1,200 gaming machines, a five-star, 500-room hotel and luxury villas, 11 restaurants, retail shops, sports and wellness centers and an amphitheater.

Four other satellite casinos will also open this year across Cyprus.