Satellite venues part of the plan
A partnership of Hong Kong-listed Melco International Development and U.S.-based Hard Rock International will open a temporary casino in Limassol in the Republic of Cyprus in October. The global giants joined with local partner Cyprus Phassouri (Zakaki) Ltd. in the plan.
The team won the Greek republic’s sole casino license last November. While the permanent resort is not expected to open until 2020, the license also allows the group to open smaller satellite gaming venues in the interim to generate revenue, reported CalvinAyre.com. “A network of gambling properties” will start opening in July. The largest in Nicosia will feature 50 slot machines and five gaming tables. Three slots-only venues will be based in Paphos, Lamarca and Famagusta.
The consortium expects to finalize a 30-year licensing agreement with the Cyprus National Gaming Board and Casino Supervision Commission by the end of the month, and will enjoy a 15-year monopoly to start. The joint venture is expected to invest €500 million (US$545 million) in a 500-plus room casino resort.
It will be the only casino in the Greek-controlled southern portion of Cyprus, but joins several dozen casinos and gaming halls in the northern Turkish-controlled territory, reported Casino.org.
“Our ultimate goal, through well-thought-out, coordinated actions, is to enhance the quality and diversify our tourism product,” said Yiorgos Lakkotrypis, minister of Commerce, Industry and Tourism. “To this end, we continue to enrich our experience, for example by promoting investments in major projects such as golf courses, marinas and the integrated casino resort.”
At the same time, the Greek republic’s National Betting Authority has licensed its sixth online sports betting operator, Ultimate Bet Entertainment Technologies Ltd. UBET was granted a Class B online license earlier this month to operate the Ubet.com.cy domain.
