Six operators line up for Cyprus casino

According to local newspaper Cyprus Weekly, the invitation to bid for the single license started on September 18 and ends on December 18, with the government anticipating up to fifteen total expressions of interest.

Five of the six initial bidders include Malaysia-based Genting Group, US-based Hard Rock International, South Africa-based Sun International, Cambodia-based NagaCrop and France-based Bouygues. Each operator has submitted a payment of €10,000 (US$11,250) that gives them the option to submit an application for the casino license.

Ministry of Commerce sources said the first impression of the six interested candidates is very positive. Other operators expected to join the process include Las Vegas heavyweights Las Vegas Sands MGM International and Caesars Entertainment, as well as Macau-based Kezner, which have all sent representatives to Cyrus to scout locations and local partners.

The government has made it clear that a casino would be developed on privately owned land, creating huge opportunity for land owners who have been creating casino proposal packages. Under the legislation, the winning bidder will be able to select the location for its one major resort and up to four smaller satellite casinos throughout Southern Cyprus.

As part of the legislation, which was approved on July 9, the license will be granted for 30 years with a period of exclusivity for 15 years. The integrated resort facility must be a five-star establishment with at least 500 luxury rooms, a minimum of 100 gaming tables and 1,000 slot machines. Bidders will also be judged on their proposed entertainment amenities.

Applicants will be notified of the results 45 days from the submission date. This is the start of the process for a final bidder to secure the license next year and then build the resort in approximately two years. The operator will have the option to operate a temporary casino within the year during the construction phase of the facility.