International edition
November 19, 2017 | Edition Nº3368

4% of GDP

Cyprus' first casino to generate USD 908M by 2022

Cyprus' first casino to generate USD 908M by 2022
The integrated resort to be built in Limassol would also provide 4,000 new jobs to the economy of the European country and is expected to attract 300,000 tourists per year.
Cyprus | 07/05/2017

The integrated resort to be built in Limassol would also provide 4,000 new jobs to the economy of the European country and is expected to attract 300,000 tourists per year.

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ldquo;They’re taking into account everything: their anticipated revenues, direct taxes to the government, the income tax to be paid by the 4,000 employees, as well as employees’ social insurance contributions,” said Angelos Votsis, chair of the House commerce committee, in a report published by the Cyprus Mail.

The gaming facility is set to become the largest gambling entertainment venue in Europe spanning 9,000 square metres, with 136 gaming tables, 1,200 gaming machines, a luxury hotel with 500 rooms and the capacity for expansion, a conference hall of 6,000 square metres that can accommodate audiences of 1,500, and a wellness centre covering 4,000 square metres.

The overall investment of the project has been estimated at USD 567M.

The 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.

Votsis said he hoped the casinos would stop the ‘bleed-out’ of tourists to the north of the island.

Last week, Melco International announced the acquisition of Hard Rock’s entire interest in the proposal by assuming 70.74% of the shareholding. The gaming facility will be developed in a partnership with CNS Group (Cyprus Phassouri Zakaki Ltd).

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