Melco seeking to "benefit" Cyprus' economy, tourism with casino project - exclusive

“The multinational consortium 'Melco International Development Limited, Hard Rock International and Cyprus Phasouri Ltd' (“The Consortium”) was informed by the Ministry of Energy, Commerce, Industry and Tourism that its comprehensive proposal has satisfied the technical requirements of the second phase of the tender process of licensing a single integrated casino resort in the Republic of Cyprus,” the company told Yogonet. 

“The Consortium welcomes the decision and looks forward to collaborating with the Cyprus Government to meet the set targets and establish a world class integrated casino resort that will be highly beneficial to the economy and tourism of Cyprus.”

The first stage of the government’s tenders process attracted eight expressions of interest, of whom three were short-listed, with the Melco-Hard Rock consortium remaining the sole contender after the withdrawal of two. The other short-listed bidders – Cambodian Nagacorp and Bloomberry of the Philippines – withdrew days before the deadline.

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The casino licence will allow the operation of an integrated casino resort in Cyprus for 30 years, as a monopoly for the first 15, as well as a satellite casino and three slot-machine parlours elsewhere in the country

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Undersecretary to the President Constantinos Petrides had said after the final bid was filed that construction work by the chosen investor is expected to start in the first quarter of 2017.

He had said that among the benefits were a capital investment of over €500m, the creation of thousands of jobs, and the enrichment of the country’s tourist product.