Cyprus is set to see its first casino resort contract signed today. The contract signing, which is a real milestone for the country, is to take place in Nicosia’s Filoxenia Conference Centre on the afternoon.
The contract is to be signed between the National Authority for Gaming Supervision and Casinos’ president Christos Mavrellis and official representatives of the consortium. The latter consists of the companies Melco International Development, CNS Group and Seminole HR (Hard Rock) Holdings. The Commerce and Energy Minister of Cyprus, Yiorgos Lakkotrypis, is to address the signing ceremony.
As revealed by Casino Guardian earlier this year, the consideration and evaluation process for the Melco-Hard Rock consortium was already finalised, after the consortium was registered as the only bidder of the casino license in the country. At that stage, the two companies’ joint venture was expecting to get a license by the local competent authorities. Last month, the Energy Minister revealed that the country’s Government accepted the consortium and granted it with an operating license.
Under the terms of the operating license, the consortium will be allowed to operate a casino resort on the territory of Cyprus for a period of 30 years. The proposed casino resort is planned to be built in Limassol, with the project being estimated to approximately €500 million. The Melco-Hard Rock joint venture will be also granted with the exclusive right to hold a monopoly over the first 15 years of the contract. The casino license also offers the consortium the chance to operate a satellite casino that is to be located in Nicosia, plus three slot-machine parlours situated in the Famagusta, Larnaca and Paphos districts.
The proposed casino resort is planned to be constructed in Limassol. According to the country’s Government, such a project would be greatly beneficial for Cyprus’ economy, as the casino resort could attract about 300,000 tourists on an annual basis. In addition, many new jobs in the region are to be created, with about 4,000 people to be hired by the consortium over the construction phase. In addition, about 4,000 new employees would be hired once the casinos are officially opened.
The negotiations, evaluation and assessment process for the proposed casino of the consortium began in 2016, when the joint venture between two of the largest gaming companies worldwide made a casino push in the Republic of Cyprus. The efforts of the two companies started about three years ago, with they finally getting the Cyprus Government’s permission in 2017.
The satellite casino of the consortium, which is to be situated in Nicosia, is planned to be brought into action this year. On the other hand, the Limassol-based temporary casino is planned to open when the main casino resort is ready. The construction of the resort, which is planned to include a number of theme parks as well as a luxury hotel, is expected to be finalised by the end of 2019 or the beginning of 2020.
- Author
Daniel Williams
