Major names may bid for single license
Realty Group International, based in California, wants to be the dealmaker behind a major proposed casino development on the Mediterranean island of Cyprus. According to CalvinAyre.com, RGI, with headquarters in Beverly Hills, plans to put together a consortium of “prominent institutions” and “key people” that that will bid on the only available casino license in the republic.
RGI already owns several large plots of land in the vicinity, including one of the largest beachfront parcels in the coastal area of Larnaka. According to RGI, the property includes more than 3.5 million square feet that could include multiple attractions including a golf course, water park, theme park, a 900-room luxury hotel and several conference centers. The parcel is close to an airport.
According to a news release, this “super-casino” project would also include malls, restaurants, shopping and entertainment venues “unlike any other in the EU or the Middle East and will rival some of the casinos currently seen in Las Vegas.” The resort is expected to attract up to 1 million tourists a year, the release stated.
A total of 13 operators have reportedly expressed interest in bidding for the 30-year casino license; they are said to include Caesars Entertainment, Genting and Las Vegas Sands. The license guarantees exclusivity in the region for the first 15 years in exchange for 15 percent of the casino’s annual gross revenues. The annual gaming license will cost €2.5 million (US$2.7 million) for the first four years, and double for the next four.
