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NEWS 16 March 2016

Cyprus reveals casino resort shortlist

By Edward Obeng
The Cypriot government has announced the shortlisted bidders for southern Cyprus's first casino resort licence.

Bloomberry Resorts Corporation, Melco - Hard Rock Resort Cyprus Consortium and Naga Corp Ltd have passed the first stage of the process and will now submit completed proposals.

The criteria for the new resort is a minimum of 500 hotel rooms, a five star standard and an offering of at least 100 gaming tables and 1,000 machines.

The law also allows for four 'satellite' casinos developed by the same operator

Last week parliament gave the go-ahead to the regulations governing the establishment and operation of an integrated casino resort, thus allowing the authorities to start negotiations with the companies shortlisted.

The vote passed with 28 in favour, one against, and 16 abstentions.

β€œThe commerce ministry expresses its satisfaction with the level of interest demonstrated and looks forward to a successful completion of the process,” an announcement said.

The licence winner will be granted a 30-year permit with no competitors opening up for the first half of the agreement.

The government aims to award the licence by September this year.
RELATED TAGS: Land-Based | Casino | Legal & Regulatory
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