As revealed by Cyprus’ Tourist Minister Giorgos Lakkotrypis at the opening of the 20th travel and tourism exhibition Taxidi 2017, the consideration and evaluation process for the new Melco-Hard Rock consortium operated casino has been brought to an end. Now, the last step of the process – the authorisation – is expected to come to an end. With it being finalised, the Government of Cyprus is to finally allow the casino construction.
A ratification from the Cabinet needs to be received in order for the construction work of the casino to start. The news for the ending of the evaluation process for the casino comes at a time when the Government has been putting its efforts in boosting the tourism industry and attracting new tourists and customers.
After the final contract is signed by the Consortium, the National Gaming and Casino Supervision Commission would be responsible for issuing the operating licenses for the casino. The license in question would give Melco-Hard Rock not only the right to operate a gambling facility for 30 years until 2047, but will also exclusively allow it to hold the gaming monopoly in the country for the first 15 years of the license (until 2032).
The temporary casino that is to be operated by Melco-Hard Rock is planned to open in October 2017. The group plans has revealed its plans for building and operating a hotel and casino resort, featuring 500 luxurious hotel rooms along with a gaming floor with approximately 1,000 slots and 100 table games. If everything is running smoothly, the Consortium would be able to open up to four satellite casinos in the summer of 2017.
The largest one of the satellite casinos is planned to be established in Nicosia, featuring about 50 slots machines and only 5 gaming tables.
Melco-Hard Rock Consortium’s Way so Far
The process of negotiations, assessment and evaluation, and authorisation in the country started in 2016, when a joint venture formed by two of the largest and most successful gaming companies on a global scale – Melco International Development and Hard Rock International – formed a consortium planning to make a casino push in the Republic of Cyprus.
The two companies announced their willingness of opening a temporary casino in the country in 2017. So, in November 2016 the consortium was granted with a casino license after competing with NagaCorp from Cambodia, and Bloomberry Resorts from the Philippines for the permit.
Under the provisions of the local gambling legislation approved almost two years ago, the Melco-Hard Rock consortium were allowed to build a temporary casino, a smaller satellite casino as well as three slot parlours.
According to the announcement made in November 2016, the temporary casino was set to open in late 2017 in Limassol. On the other hand, the satellite casino was set to open in the middle of the year 2017 in Nicosia, while three slots parlours were intended to be established in the districts of Larnaca, Famagusta and Paphos. At that time, there was no deadline for the three venues’ openings.
- Author
Daniel Williams
