Bloomberry, NagaCorp bowed out in September
The only bidder for a gaming license in the Greek-controlled Republic of Cyprus says it has big plans for a resort there. A consortium of Macau-based Melco International and U.S. firm Hard Rock International promises a level of investment that should create thousands of jobs and revive the western part of Limassol, the Cyprus Weekly reports. The global operators have partnered with local agricultural firm Cyprus Phassouri (Zakaki) for the project.
Melco-Hard Rock was the proverbial last man standing following the recent withdrawals of Cambodia’s NagaCorp Ltd. and Philippines-based Bloomberry Resorts last month. A source told the Weekly the government does not have an issue with a single bidder, as long as that bidder’s final proposal “matches the criteria set.”
In an earlier interview with Phileleftheros, Hard Rock CEO Hamish Dodds 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.”
An unnamed source told the publication that the consortium “has great plans for Limassol and Cyprus,” and will transform the coastal city on Cyprus’s southern coast. Local authorities are planning to kick in additional development funds, earmarking more than €22 million (US$24.5 million) as part of a larger plan to improve infrastructure and extend the city’s seafront pedestrian road.
According to government requirements, the consortium’s final proposal for the license must include at least 500 luxury hotel rooms, 1,000 gaming machines and 100 gaming tables. The winning bidder will may build a satellite casino and three slot parlors in the country to generate revenues while the resort is in development.
NagaCorp and Bloomberry Resorts bowed out of the race reportedly due to the high cost of land in Cyprus.
