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November 19, 2017 | Edition Nº3368

Investment estimated at USD 555.4M

Cyprus grants casino license to Melco Hard Rock

Cyprus grants casino license to Melco Hard Rock
The decision was announced by Commerce and Energy Minister Yiorgos Lakkotrypis. Melco Hard Rock was the only bidder.
Cyprus | 05/18/2017

The decision was announced by Commerce and Energy Minister Yiorgos Lakkotrypis. Melco Hard Rock was the only bidder.

T

he casino licence allows for the operation of an integrated casino resort in Cyprus for 30 years, as a monopoly for the first 15, and for a satellite casino in Nicosia – as well as three slot-machine parlours, one each in the districts of Larnaca, Paphos and Famagusta.

A coordinating committee will oversee the work to ensure that the criteria of the proposal and the evaluation have been met.

“With today’s decision, the council of ministers has completed an ambitious endeavour that started about three years ago,” Commerce and Energy Minister Yiorgos Lakkotrypis said according to a report published by Cyprus Mail Online.

According to the government, the casinos will attract an additional 300,000 tourists a year.

Some 4,000 people would be employed during the construction phase, and a similar number once all the casinos are operational, Lakkotrypis said.

The satellite casino in Nicosia is estimated to be up and running by mid-2017, and a temporary casino in Limassol – until the full-blow casino resort is ready – later that year.

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