Melco Gets OK to Take Over Cyprus Project

Sat, Sep 16, 2017

Melco International Development Ltd. has won approval from the government of Cyprus to assume Hard Rock’s stake in a casino project now in the pipeline for the Greek-controlled republic.

License comes with 15-year monopoly

Melco International Development Ltd. has received approval to buy Hard Rock International’s entire stake in a Cyprus casino project. With the government’s signoff on the acquisition, Melco will increase its share in the project from 35.37 percent to 70.74 percent. The resort will be the largest gaming hall in Europe and is expected to open in 2020.

“The company is pleased to announce that the necessary Cyprus gaming authority’s approval for the Company’s purchase of Hard Rock’s interest in the project company has been obtained,” Melco said in a filing to the Hong Kong Stock Exchange.

Phase I of the US$573 million resort will include 500 five-star hotel rooms; 70,000 square feet of gaming space with 1,200 slot machines and 130 gaming tables; a 6,000-square-foot VIP “Casino in the Sky”; 15 food and beverage outlets; and a waterpark, beach club and spa.

Lawrence Ho’s Melco has partnered with local company Cyprus Phasouri (Zakaki) Ltd., which holds a 29.26 percent stake in the project.

The team will be licensed for 30 years of operations with a 15-year period of exclusivity. The consortium will also be allowed to build a satellite casino and three slot parlors in the country, reports GGRAsia.

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