Major South African hotel and casino operator Sun International is among the six companies bidding for a casino license for the operation of a gambling venue on the island of Cyprus, local media reported.
Cypriot officials are to receive expression-of-interest applications up until December 18. Georgios Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism for the Mediterranean island, said that three bidders will be allowed to proceed to the bidding process’ second round. According to local media, Malaysian giant Genting Group, Florida-headquartered Hard Rock International, French operator Bouygues, and Cambodia’s NagaCorp are the other companies that have expressed interest in running a casino on the island.
Mr. Lakkotrypis talked to media on Wednesday, saying that a license is likely to be issued sometime in the first half of 2016 and will be effective immediately, in order for the winning bidder to be encouraged to proceed more quickly with its plans for the establishment of a casino resort in Cyprus.
Cypriot officials will notify the bidding companies for the expression-of-interest results within 45 days after the December 18 deadline. The winning bidder will be granted a casino license for 30 years, with a 15-year exclusivity period, for the construction and operation of a “holistic” integrated resort, which is to be the first of this kind in Europe. The property is to feature not only numerous gambling options, but also a wide variety of dining, accommodation, entertainment, and other options that would be found attractive by foreign tourists.
Mr. Lakkotrypis said that once the exclusivity period expires, the government would consider the potential launch of other integrated resorts on the island, if the market conditions allow this. The official also explained that their main goal is to draw gambling customers from about a four-hour flight radius and that Russian visitors will most definitely be among the target markets.
Over the past several years, the number of Russians travelling to the island has increased significantly. However, that number dropped more than 19% this year. The decrease in Russian visitors was offset by an 18% rise in UK tourists and a 35% one in the number of Germans. Those two have long been the main tourist source markets for Cyprus.
