2,400 new jobs
The Greek-controlled Republic of Cyprus, which awarded its only gaming license to a partnership of Melco Resorts International and Hard Rock, expects net revenues of €100 million (US$111 million) per year, according to Finance Minister Harris Georgiades.
“And this is half the story,” Georgiades told the Cyprus Weekly. “The indirect benefit to the economy would also be big. It will add another chain in the economy as all sectors would benefit. There would be more tourist arrivals, gains from catering, transport and food.”
The project by Melco Resorts & Entertainment and Hard Rock International will also add an estimated with 2,400 jobs, he said.
Melco-Hard Rock is working with local partner is Cyprus Phasouri (Zakaki) to develop a casino resort in Limassol as well as a satellite casino and three slot parlors to generate revenues while the main property is in development. The partners also hope to open an intermediate gaming hall in Limassol within the year plus as a five-table casino in Nicosia. The government requires that the main integrated resort have at least 500 luxury hotel rooms, 1,000 gaming machines and 100 gaming tables.
The 30-year license comes with a 15-year monopoly on operations in the Greek-controlled island republic.
“It will be the largest integrated casino resort in Europe in a prime European location, in a country which enjoys the best weather in the continent,” said Georgiades. “To me, it sounds like an excellent business proposition. I am very confident it will be successful.
“Some of the largest casino operators in the world have undertaken this project in Cyprus,” he added. “They know their business.”
Hard Rock CEO Hamish Dodds agrees. He has said the project “will surpass the government’s expectations. State income will increase, thousands of jobs will be created and, once implemented, this project will put Cyprus on the global tourism map.”
