Melco, Hard Rock to sign contract for Cyprus’ first casino

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.

The signing ceremony will be addressed by Energy Minister Yiorkos Lakkotrypis. 

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The entire investment is estimated at USD 560M (EUR 500M)

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The previous government under Demetris Christofias had vowed to never allow a casino for social reasons but the financial crisis in 2013 prompted the current government to see it as a way to attract investment. Lakkotrypis said the age restriction has been set at 21.

“Our goal is the improvement of incoming tourism, increasing arrivals, and average spending per capita, and also to see this contribute to the ongoing efforts to address the problem of seasonality in the Cypriot tourism industry,” he said.

“Our other strategic objective was the creation of new jobs and additional tax revenue, supporting sectors that will be associated with the casino, and attracting further foreign investment.”

The satellite casino in Nicosia is estimated to be up and running this year, and a temporary casino in Limassol – until the full-blow casino resort is ready.

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According to the government, thecasinos will attract an additional 300,000 tourists per year.

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The planned temporary casino will likely be located at the current premises of the Monte Caputo nightspot on Amathus Avenue.