The 7 million integrated casino resort planned for Limassol, Cyprus, expected to be the largest in Europe, will generate 8 million by 2022, its second year of operation, said Iacovos Galanos for the license holder, a Melco Hard Rock consortium. The project also would create 4,000 construction jobs and 2,400 new permanent jobs, and attract 300,000 tourists annually. House Commerce Committee Chairman and Finance Minister Angelos Votsis said, “They’re taking into account everything: their anticipated revenues, direct taxes to the government, the income tax to be paid by the 4,000 employees, as well as employees’ social insurance contributions.” Votsis added the casinos would bring in 3 million a year in taxes.
Scheduled for completion by late 2019 or early 2020, the 29,500 square foot gaming facility will offer 1,200 gaming machines, 136 table games, a 500-room luxury hotel, 19,700 square foot, 1,500-seat conference hall and a 13,000 square foot wellness center.
Under the 30-year casino license facility can operate as a monopoly for the first 15 years. It also allows a satellite casino in Nicosia plus slot parlors in Larnaca, Paphos and Famagusta. Theodoros Koutsoukis, general manager of the consortium, said, “We estimate that the satellites and the temporary casino will be operational in the first quarter of 2018. The target is February.” Votsis said he hoped the new casinos will end the “bleed-out” of tourists to the north of the island.
Koutsoukis said the consortium would prioritize hiring Cypriots. He stated Labour Minister Zeta Emilianidou plans to have the Human Resource Development Authority create a program to train unemployed Cypriots to fill the casino jobs. Gaming Authority Director Christos Mavrellis said the agency may contract with foreign consultants for guidance on inspecting the casino sites.
The consortium, incorporated in September 2010, includes Melco International Development Ltd, Seminole HR Holdings LLC (Melco Hard Rock) and CNS Group (Cyprus Phassouri Zakaki Ltd). The limited company was incorporated on September 22, 2010.
