The deal for the construction of the Republic of Cyprus’ first casino is set to be signed today, local media has reported.
At the time of writing, contract parties are likely to have placed the necessary signatures to seal the multi-million dollar worth plan. The casino contract is signed by Cyprus’ National Authority for Gaming Supervision and Casinos and by the participants in the Melco-Hard Rock consortium.
Last fall, the group of investors, comprised of Hong Kong’s Melco International Development and Florida’s Seminole HR Holdings LLC, was selected by the Cypriot government as the preferred bidder for the construction of the Mediterranean country’s first casino resort. The Melco-Hard Rock consortium was, in fact, the only bidder after several other interested groups had dropped their offers.
Both Melco and Hard Rock are well-known and established casino operators with casino properties in different jurisdictions and investment plans in a number of other, including the recently legalized Japanese casino market.
In Cyprus, the two companies will be working together with local partner CNS Group, which is known to be active in different sectors, including real estate, dairy, farming, mining, etc.
The group of investors is planning to build a casino resort in the city of Limassol, located on the southern coast of the Republic. For years now, Limassol has been an important sea port, tourism and trade center. The Melco-Hard Rock consortium has previously announced that it would spend around €500 million on its endeavor.
The project will be rolled out in several phases. A temporary casino will first be built in Limassol, until the full-scale resort is completed. In addition, a satellite casino will be built in the capital Nicosia and three slots-only facilities will be launched in the Famagusta, Larnaca, and Paphos districts. Their precise locations are yet to be confirmed.
It has previously been announced that the project would create around 4,000 temporary construction jobs and about the same number of permanent jobs, once the resort and the other gambling facilities open doors.
According to initial plans, the full-fledged casino resort will be completed and launched by the end of 2019 or in early 2020. It will feature 1,000 slot machines and 100 gaming tables.
It was last month when the Cypriot government gave the nod to Melco-Hard Rock being issued the necessary license for the provision of gambling services. The investor group will be granted a 30-year license with an initial 15-year exclusivity period. This means that the consortium will be the sole casino operator in the Republic of Cyprus over said period.
