RGI extends bidding process for Cyprus casino license

The proposal includes a pre-established consortium that consists of prominent institutions and key people already in place to proceed in the bidding process.

The Company is the first to announces plans after the Cypriot Parliament passed legislation late last month that paves the way for a first-ever casino resort in the government-held south of the island.

The minimum requirement for the complex is 100 gaming tables and 1,000 machines. In addition, the operator will be permitted to have a smaller satellite casino, and another three-machine-only outlet.

Under the legislation, the winning bidder for the 30-year license will choose where to build the casino. The plan is being fast-tracked to boost tourism and employment on the island. The government estimates 25,000 jobs will be created by the integrated resort development, which could be open by 2018 if everything goes smoothly.

“Procedures are going ahead fast and the government’s aim is to select and license the operator of the Integrated Resort Casino in less than a year from today,” commented government spokesman Nicos Christodoulides. “This will be one of the most important infrastructure projects in Cyprus in coming years.”

With several large plots of land and over 1 million sq ft on their books available for purchase for such a project, RGI is profiling their largest beachfront parcel that is eligible for the casino development.

Approximately 150 meters from the sea and 4km from the airport, RGI touts the parcel as being potentially the largest piece of land with road access that features the natural Salt Lake famous for the Flamingo migration each year.

Some estimates, per the original appraisal, were for accommodations for a 900 room 5-star hotel, conference centres and large tourist attraction areas. But, with this new law in effect for the casino resort and the 250pc buildable allowance increase, this property now has the potential for an approximate 3,000 – 4,000 room resort.