Winner takes all (at least for 15 years)
Five casino operators have paid an upfront fee of €10,000 (US$11,250) that gives them the right to bid on a Cypress gaming license. While six bidders are reportedly in the race, only five were identified in news reports: NagaCorp of Cambodia; Genting Group of Malaysia; Hard Rock International of the U.S.; Sun International of South Africa; and Bouygues of France.
Potential contenders looking at the Greek-controlled republic include the Las Vegas Sands Corp., MGM Resorts International and Caesars Entertainment, as well as Kerzner International, according to the website Yogonet.com.
The Cyprus Tourism Organization estimates the new casino will lure an additional 500,000 tourists per year to the Greek side of the Mediterranean island, reports CalvinAyre.com. Presently, the bulk of visitors to Cypress hail from the UK, followed by Russia, Greece, Sweden, Germany and Israel.
The sole winning bidder, expected to be chosen in 2016, would have a 30-year permit to operate an integrated resort with casino. In addition, the IR would have the exclusive right to offer gaming for the first 15 years of the term. According to the legislation approved in July, “The world-class casino shall include at least 100 gaming tables and 1,000 gaming machines,” with the option for more.
The Cypriot government will levy a 15 percent tax on gross gaming revenues.
