First casinos will open doors in the Republic of Cyprus this summer, local media has reported. Major gambling operators Hard Rock International and Melco International Development were chosen as the preferred developers of the Mediterranean island country’s first integrated casino resort last fall.
The two mega-companies will work together with local partner Cyprus Phassouri (Zakaki) on the realization of the massive plan. Melco and Hard Rock each own a 35.37% stake in their joint venture, the remaining 29.26% is held by their local partner.
It is believed that due diligence will be completed and the necessary contracts will be signed within the next few days. Once this is done, the National Gaming and Casino Supervision Commission will award a license to the Melco-Hard Rock consortium for the operation of a casino resort, up to four satellite casinos, and up to three slot parlors across the Republic of Cyprus.
Limassol will be the host city of the first integrated resort to be built on the sun-kissed island, as it has become known earlier this year. Under the terms of the agreement between developers and the Cypriot government, Melco-Hard Rock will be granted a 30-year license for the operation of Melco-Hard Rock Resorts Cyprus. The group of investors will be secured with a 15-year exclusivity period, during which it will be the sole operator of casinos in the Republic of Cyprus.
Here it is important to note that the republic occupies the southern portion of the east Mediterranean island of Cyprus.
The integrated resort will be built not far from MY MALL Limassol. It will feature a 500-room Hard Rock hotel and a spacious casino floor with 1,000 slot machines and 100 gaming tables, among numerous other entertainment options. The property is expected to swing its doors open sometime in 2020. Until then, a temporary casino will operate in the host city. It is scheduled to have its ribbon cut in October 2017.
The first satellite casinos are set for July 2017 opening. The largest of those will be located in the Nicosia capital city. It will feature around 50 slot machines and 5 gaming tables. The Larnaca, Paphos, and Famagusta districts will host the slot parlors. The cities of Larnaca and Paphos are also homes to the republic’s two international airports. And although it is yet to be announced where exactly the gambling facilities will be located, their sites will probably be somewhere around the airports.
The construction of Cyprus’ first integrated resort is expected to boost its tourism industry and overall economy at a time when the nation is recovering from the 2012-13 financial crisis. Tourism has always been an important economic driver for the Mediterranean island country. A record number of 3,186,531 international tourists traveled to the Republic of Cyprus in 2016, according to information provided by the Ministry of Finance.
A total of 285,693 international tourists visited the country during the first quarter of 2017, up from 251,608 for the same period of the prior year. If the upward trend continues and given the opening of the new gambling venues on the Aphrodite’s isle, last year’s record may be improved in 2017.
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