Melco International Allotted with Cyprus Casino License

MELCO International DevelopmentMelco International Development Ltd which is a Macau-based casino development firm has declared that it has been allotted with a license to build a casino in the Republic of Cyprus. It is interesting to note that it is the sole casino that will be developed in this nation as per Melco International.

Yiorgos Lakkotrypis who is the Energy, Commerce, Industry and Tourism Minister of Cyprus has issued the following statement:

The project as has been proposed foresees the creation of Europe’s only integrated casino resort. The casino resort will among other things include Europe’s largest casino.

According to the gaming operator, it was purchased out the stake of another investor in the consortium called HR Cyprus Investor LLC. US casino operator Hard Rock International Inc. is the owner of this company. The value of the deal has not been revealed yet and will be disclosed after the local government’s approval. Melco is the owner of 35.37% stakes in the consortium that was created for bidding for the Cyprus casino license.

The consortium initially consisted of Cyprus Phasouri (Zakaki) Ltd, Hard Rock International and Melco International. Melco is looking forward to increasing stakes to 70.74% by purchasing HR Cyprus’s stake. Cyprus Phasouri which is the local partner will control the remaining 29.29% interest as per Melco International.

The casino resort is likely to be developed in the coastal tourist town of Limassol, and it will comprise of 1200 gambling machines and 136 gambling tables. A luxury hotel will be situated in the adjoining area that will consist of 500 rooms along with 1500 seater concert venue and health spa according to a recent news report.

According to Lakkotrypis, the casino resort will be built with an initial investment of €500 million or $559 million. Once the resort is made, it will attract 300,000 tourists to Cyprus on an annual basis. The consortium has been given a license period of 30 years and will be permitted to build a satellite casino and three slot parlours. After the exclusivity period spanning 15 years, the government can issue casino licenses to other companies.

Melco International has not confirmed the amount of investment for this project and its construction. Andy Choy who is an executive with Melco International subsidiary Melco Resorts and Entertainment Ltd. has stated in the media interview that the casino resort will be completed by 2020 first half. Limassol will hold an interim casino by 2018 while four small gaming venues are going to come up in the lower regions.

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