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First casino resort for Cyprus

The race to build and operate the first casino resort in Cyprus is now down to one candidate in a group led by Melco International Development Ltd following the decision of NagaCorp Ltd to pull out of the bidding process.

First Cyprus casino THE MULTINATIONAL consortium consisting of the companies Melco-Hard Rock and Cyprus Phassouri (Zakaki) Limited, has submitted its detailed proposal for the creation of casino resort in Cyprus.

In its press release Melco International Development Limited reports “Capitalising on Melco’s unique experience in creating the most spectacular integrated resorts in Asia, as well as Hard Rock’s proven track record of delivering differentiated hospitality driven experiences across the globe, the consortium looks forward to collaborating with the Cyprus Government to establish a world class integrated casino resort that will be beneficial to the economy and tourism of Cyprus”

The consortium plans to build the proposed casino resort in Limassol. Its licence will allow it to operate a casino license for 30 years (as a monopoly for the first 15), while the group plans to build and operate a luxury 500-room hotel offering up to 1,000 slots as well as 100 table games and a satellite casino and three slot-machine parlours at other locations.

Providing the consortium’s proposal satisfies the government, construction work is expected to start in the first quarter of 2017 and with a capital investment of over €500 million it is expected to create thousands of jobs.

Hard Rock International has venues in 71 countries, 168 cafes, 23 hotels and 11 casinos. Beginning with an Eric Clapton guitar, Hard Rock owns the world’s greatest collection of music memorabilia, which is displayed at its locations around the globe. The company owns, operates and franchises cafes in numerous cities including London, New York, San Francisco, Sydney and Dubai. It also owns, licenses and/or manages hotel/casino properties worldwide. Destinations include the company’s two most successful Hotel and Casino properties in Tampa and Hollywood, as well as other locations including Bali, Chicago, Cancun, Ibiza, Las Vegas, Macau and San Diego.

Cyprus Phassouri (Zakaki) Limited (“CPZL”), is a member of the CNS Group which, amongst others, conducts different businesses including real estate, telecommunications, dairy, large scale farming and export and mining in Cyprus. The group has a chain of hotels in Greece and the AKS Annabelle Beach Resort on the Greek island of Crete.

Readers' comments

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  • Leyla Murad yaygin says:

    There are already 35 casinos in Cyprus so I don’t know how this will be the first.

    Ed: Where are they? In the occupied areas?

  • Deanna says:

    Only a couple of years ago gambling/casinos were seen as the work of the devil……

  • steve r says:

    It’s a massive gamble buying a property in Cyprus so a casino would be a great idea. With a casino you DO stand a chance of getting your money back.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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