Israelis flock to North Cyprus to gamble
The development of a casino in southern Cyprus could also boost tourism in Israel, according to Globes Israel Business. The publication reported that it’s “a great opportunity for the Israeli tourism industry to take advantage of the close proximity of Cyprus … and of the new lucrative market that Cyprus now has to offer.”
Half a dozen bidders have already paid an upfront fee to bid for a gaming license in Cyprus, among them NagaCorp of Cambodia; Genting Group of Malaysia; U.S.-based Hard Rock International; Sun International of South Africa; and Bouygues of France. Other potential contenders include the Las Vegas Sands Corp., MGM Resorts International and Caesars Entertainment, as well as Macau-based Kerzner. The winning bidder, expected to be chosen in 2016, would have a 30-year permit to operate an integrated resort with casino, and a 15-year exclusive right to offer gaming.
According to InnovateGaming.com, the winning bidder can develop one large casino resort and four smaller satellite venues across the Mediterranean island. The main facility requires an investment of at least €500 million (US$570 million), a minimum of 1,000 slot machines, and a minimum of 100 gaming tables. Each of the four satellite casinos would include up to 50 slot machines; one of the four also would be permitted to offer up to five tables. The main resort must include a five-star hotel with at least 500 guest rooms.
Globes reports that an estimated 40,000 Israelis visited North Cyprus in 2007 with the express purpose of gambling; the website reported that the rate “has steadily increased over the past years, making the gambling tourism from Israel a very lucrative business.”
