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Cyprus finalises casino evaluation process

Cyprus finalises casino evaluation process

Cyprus finalises casino evaluation process

Cyprus is now waiting for the authorisation process to be completed. Once it’s done, the construction of the casino that will be operated by a Melco-Hard Rock consortium will start.

Cyprus Mail reported, that the news of the evaluation process being finalised, were announced by Tourism Minister Giorgos Lakkotrypis during the opening of the 20th travel and tourism exhibition Taxidi 2017. According to him, Cyprus is trying to boost the tourism industry and the government is seeking to accommodate the whole system to be ready for an increased number of tourists.

“Our ultimate goal, through well thought out and coordinated actions, is to enhance the quality and diversify our tourism product. To this end, we continue to enrich our experience, for example by promoting investments in major projects such as golf courses, marinas and the integrated casino resort,” Lakkotrypis said.

The whole casino process started last year. Now the country is at the final stage of having its first casino resort. Melco-Hard Rock consortium won the licence last November after competing with Cambodia’s NagaCorp, and Philippine operator Bloomberry Resorts in the licensing process.

Once the contracts are signed by the consortium, the National Gaming and Casino Supervision Commission will be allowed to issue the operating licences. The licence will allow Melco-Hard Rock to exclusively operate the resort for 15 years before the possibility of another casino resort being allowed. Melco-Hard Rock will be able to operate a gambling facility for 30 years.

It is reported that the consortium will be investing circa €500 million in its Cyprus casino project. The company is expected to open small venues later on this year while the resort is being constructed.

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