The Melco-Hard Rock Resorts Cyprus consortium has been granted the rights to create the first casino gaming venue in the Republic of Cyprus.
“The consortium has been invited by the coordinating committee to submit an application for licensing, under which the due diligence check will be carried out as provided by the documents of the invitation and the law. Subject to the successful completion of the aforementioned control, the permit will be issued,” commented country’s Ministry of Energy, Commerce, Industry and Tourism in the local media.
The winning consortium comprises of Melco International Development Limited of Macau, Hard Rock of Las Vegas and Phassouri of Cyprus. Initially, three candidates were shortlisted for the competition however, Cambodia’s NagaCorp and the Philippines’ Bloomberry Resorts dropped out of the race just before the deadline in October. Therefore Melco-Hard Rock had no competition at the end.
Undersecretary to the President Constantinos Petrides said that the construction work is expected to commence as early as the first quarter of 2017. It is believed that the new casino will bring at least €500 million in foreign investment funds, create jobs in the country and boost the tourism industry.
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.