Cambodia-headquartered casino operator NagaCorp Ltd. is still pursuing a casino license in the Republic of Cyprus, people involved in the process have told gambling news website GGRAsia.
Reports about NagaCorp still being in contention for the sole license for the construction of a hotel and casino resort on the Mediterranean island came shortly after Philippine casino operator Bloomberry Resorts Corp. confirmed that it had pulled out its bid for that same license.
In March, the Cypriot government announced a final shortlist of three candidates that had expressed interest in operating the first casino in the Greek portion of the island. Apart from NagaCorp and Bloomberry Resorts, a consortium made of Hong Kong-listed Melco International Development, Hard Rock International owner Seminole HR Holdings LLC, and local partner Cyprus Phasouri (Zakaki) Ltd. was also included in the list of three preferred candidates.
The three casino groups were originally posed a July 5 deadline to submit their final bids. However, Cypriot officials extended the deadline to October 5, a move that was not welcomed by the Melco-Seminole HR consortium.
Although officials for NagaCorp have not given a confirmation as to the latest reports, local media wrote that the company is looking to secure a land deal for a potential casino in Cyprus. It was actually understood that the company had experienced certain difficulties in securing such a deal. However, local media have not been informed whether NagaCorp has managed to find a suitable site for its future casino, if given the green light to build it. Reportedly, the operator is eyeing the Larnaca area, where one of the island’s international airports is located, for its hotel and casino resort.
NagaCorp currently operates a sole casino venue in its home country, Cambodia, and is building a gambling resort in Russia’s Primorye Integrated Entertainment Zone.
The gambling operator is expected to submit a formal bid for the Cypriot casino license sometime before October 5. Proposals from all involved bidders must include a 500-room hotel and a casino floor with 1,000 slot machines and 100 gaming tables. The winning bidder will be granted a 30-year license, with the right to operate the island’s only casino for a period of 15 years. Interested parties will be allowed to apply for another casino license once the exclusivity right expires. In addition, the winning group will be able to open up to three satellite venues across the Greek portion of the island, with those featuring slot machines.
