One facility to open this year
Melco International Hard Rock International, global gaming giants that jointly won the only gaming license in Cyprus last year, are looking for development sites for supporting locations approved in the legislation, according to InCyprus.com.
According to the terms of the deal approved in November, the partners can also build a satellite casino and three slot parlors to generate revenues while the resort is in development. When due diligence is complete, “the permit will be issued,” the ministry said.
Hong Kong-listed Melco, U.S.-based Hard Rock and local partner Cyprus Phasouri (Zakaki) have already secured a location in Limassol for the main resort, the website reported. The partnership also hopes to open an intermediate gaming hall in Limassol within the year plus as a five-table casino in Nicosia.
“Investors have a long list of places, but have not yet agreed,” a source from the investor group told the Cyprus Weekly. Some cities will have casinos, but without tables.
Any site chosen is subject to approval from the new Gaming and Casino Supervision Authority, which also needs to grant the official casino license. According to the Ministry of Commerce, the license will be granted by the end of March.
The government requires that the main integrated resort have at least 500 luxury hotel rooms, 1,000 gaming machines and 100 gaming tables.
Hard Rock CEO Hamish Dodds has 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.”
The license has a 30-year term and comes with a 15-year monopoly on operations in the Greek-controlled island republic. Undersecretary to the President Constantinos Petrides said construction on the development is expected to start in the first quarter of this year.
A statement from Melco-Hard Rock said the consortium “welcomes the decision and looks forward to collaborating with the Cyprus Government to meet the set targets and establish a world class integrated casino resort that will be highly beneficial to the economy and tourism of Cyprus.”
