Asian casinos go after first gaming license in Cyprus

The Republic of Cyprus, the Greek-controlled southern part of the Mediterranean island, made establishment of a casino legal last year and invited bids for a single gaming license.

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The Ministry of Energy, Industry, Commerce and Tourism said last year the casino project is intended to go beyond existing markets and increase inbound tourist visitation and extend the tourism season in Cyprus.

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From eight responses, Bloomberry Resorts of the Philippines, Hong Kong-listed NagaCorp, and Melco-Hard Rock Resort Cyprus Consortium, have reached the second round, according to a report in Cyprus Weekly.

Leo Venezuela, a Bloomberry director of investor relations, told the Nikkei Asian Review that his company was notified on Tuesday that it had made the shortlist. "There is still another process," Venezuela said. "The license could be issued later this year."

NagaCorp and Macau-based Melco Crown Entertainment were not immediately available for comment.

The winner will operate an integrated casino resort for 30 years with exclusivity assured for half that period. The casino will have 100-200 gaming tables and 1,000-2,000 machines.

Cyprus already has luxury marinas and golf courses, but is looking for ways to pep the economy and generate more jobs in tourism.

The Ministry of Energy, Industry, Commerce and Tourism said last year the casino project is intended to go beyond existing markets and "increase inbound tourist visitation and extend the tourism season in Cyprus".

The European Union's gambling market is estimated to be worth around 84.9 billion euros ($94.6 billion) annually and growing at 3%.

While China's high-rollers sit out President Xi Jinping's anti-corruption campaign, shares in Bloomberry have taken a pounding. The company has already expanded into South Korea, and applied for a gaming license in Argentina.