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Saturday 4th July 2020
Home News Limassol casino contracts imminent

Limassol casino contracts imminent

Cyprus casinoCYPRUS should get its first casinos later this year when the Melco-Hard Rock consortium, comprising Melco-Hard Rock and Cyprus Phassouri (Zakaki) Limited, signs contracts later this month.

A temporary casino will open in Limassol in October 2017 and will operate until the multi-million Euro casino, which will be built next to My Mall at Zakaki, opens for business in 2020.

The coordinating committee expects to complete its due diligence checks in the next few days and submit its report to the Council of Ministers (Cabinet).

After the contracts have been signed, the National Gaming and Casino Supervision Commission will issue the consortium with the appropriate operating licences.

The licence will allow the consortium 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 four satellite casinos and three slot-machine parlours.

If all goes according to plan four satellite casinos will open in July 2017, the largest will be in Nicosia with 50 slot-machines and 5 gaming tables. The three slot-machine parlours will open in Paphos, Larnaca and Famagusta districts. The precise locations for these satellites and parlours has yet to be determined.

The projects are expected to create thousands of jobs with a capital investment in excess of €500 million.

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.

2 COMMENTS

  1. Cyprus learnt nothing from the Stock market disaster of the 90s, which I witnessed whilst living there. As one who has been through a gambling addiction and managed to come out the other side, this is BAD news for Cyprus. No, not everyone who gambles is an addict, but ACCESSIBILITY to gambling WILL increase problem gambling significantly. When those living in Cyprus had to get into their cars and drive to an illegal, occupied, territory in order to gambling, they thought more than twice about it, and probably, more than often, decided against it. When it’s on their doorstep and in their country, that roadblock to gambling is removed. Yes, jobs will be created but how many jobs will be destroyed in the traditional retail and leisure industry by this casino?

    Money spent gambling is ‘disposable income’ and is limited to what is available after all your other costs have been taken out. Everyone has a choice how to spend that pot – it might be on shoes, clothes, eating out, a newer car etc. Now, when you throw gambling into that equation, all of a sudden there is less disposable income to go to those other smaller business and they go out of business.

    If you want an example, look at any British High Street these days. Count the number of betting shops, usually sited in between pawnbrokers and payday loan companies. When you are done counting those 3, start counting the number of boarded up shops. The betting industry will proudly say they help regenerate the High Streets by opening up boarded up shops but 9/10 they caused the closures in the first place.

    I really hope I’m wrong on this

    Phil Mawer
    Author ‘Overcoming Gambling’
    Gamblersaloud

  2. Sleazy, out of character and just the thing to push-up the crime figures for Cyprus.
    Well done

Comments are closed.

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