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NagaCorp drops out of Cyprus Casino bid...

NagaCorp drops out of Cyprus Casino bid

Published on September 30, 2016

The tandem of Melco International Development Limited of Macau, Hard Rock of Las Vegas and Phassouri of Cyprus seems to be the one to win the Cyprus casino license after Cambodia’s NagaCorp pulled out of the race.

According to a filing on the Hong Kong Stock Exchange, NagaCorp stated that it would not proceed to the final bid stage: “After careful review and given all the latest information available to us, the board of directors of the company wishes to inform that the company will not be participating in the RFP and the decision made is in the best interest of our shareholders and the company.”

The Cambodian casino operator put an end to the recent rumours that it was still in the running for the first-ever casino resort in the Republic of Cyprus. The recent change in the competition followed the announcement that Philippines-based developer Bloomberry Resorts Corporation will not proceed in the three-way race.

The final decision regarding the licence will be known at the end of this year. The winning Project is expected to open in 2019.