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Following a competitive tender and having obtained all required approvals by the government of Cyprus, Integrated Casino Resort Cyprus (CR Cyprus) has announced the award of the construction of the City of Dreams Mediterranean Integrated Casino Resort to Avax - Terna J.V. (formerly known as J&P Avax - Terna J.V.), a joint venture which is 60 percent-owned by AVAX SA and 40 percent-owned by Terna SA.