Cyprus National Gaming Commission President Christos Mavrellis recently said work on the nation’s first casino resort is progressing even though Florida-based Seminole HR Holdings LLC/ Hard Rock International pulled out of the $587 million project. “The changes in the Cyprus registered company which was licensed to operate the casino have not affected the process of establishing an integrated casino resort,” Mavrellis said.
The deal between Hard Rock International, Hong Kong-based Melco International Development and local investors CNS Group, registered as Integrated Casino Resorts Cyprus, was signed in June. Hard Rock pulled out of the agreement the very next day, selling its stake to Melco. Owned casino developer Lawrence Ho, Melco now holds 70.74 percent in the project.
Mavrellis said until the main complex opens in 2019, Melco and CNS Group will build a temporary casino in Limassol, a smaller-scale satellite casino in the capital Nicosia and three slot parlors in the Paphos, Larnaca, which both operate international airports, and Famagusta, one of Cyprus’ most exclusive tourist spots.
