A deal for creating the first ever casino resort in Cyprus is expected to be closed in the next few weeks. This information was confirmed by Finance Minister Harris Georgiades during the meeting of the parliamentary committee on development plans and public expenditure control.
The minister said that the government is dealing with the final steps on signing the agreement. According to Georgiades, only a few details are now remaining to be clarified. The matter will be brought to the cabinet for a decision as soon as possible, so the process can move forward and be concluded.
According to the local press, there will be a study on the project. Once completed, it will move to the National Authority for Gaming and Casinos which will then issue the necessary licence.
The winners of the project Melco International Development Limited together with their partner Hard Rock Casino expect to open casino and training facility in Limassol in 2017.
The developer will have to make sure that the casino has at least 100 gambling tables, more than 1000 slot machines and a 500-rooms hotel. Melco-Hard Rock will have a 15 year exclusivity period, the licence will be valid for 30 years.