“In the best interest of shareholders”
Until late last week, NagaCorp Ltd. was still in the race to win the one available gaming license in the Greek-controlled Republic of Cyprus. Then, like Enrique Razon’s Bloomberry Resorts Corp. before it, the Cambodian casino operator dropped out of the running because it could not find suitable land for the proposed resort. The operator reportedly was eyeing a property in Lanarca.
In a filing to the Hong Kong Stock Exchange, NagaCorp stated that its decision to withdraw was “in the best interests of shareholders and the company,” and added, “The company shall continue to evaluate and pursue other business opportunities.”
That leaves a single bidder, a consortium of Lawrence Ho’s Melco International Development Ltd.; U.S. based Seminole HR Holdings, owner of the Hard Rock International brand; and Cypriot agricultural firm Phassouri (Zakaki) Ltd.
The Cyprus Weekly reports that remaining team will propose a development on land next to the Limassol Mall. With the license comes a 30-year term including 15 years of operational exclusivity. The government required bidders to include at least 500 luxury hotel rooms, 1,000 gaming machines and 100 gaming tables in their final proposals. The winning firm—presumably Melco-Hard Rock—will also be allowed to build a satellite casino and three slot parlors in the country.
