Melco International has revealed through a voluntary statement that they have successfully been granted approval by Cypriot authorities to acquire Hard Rock International's stake in Cyprus’ first integrated casino resort.
The integrated resort is currently under construction in Limassol and is the Mediterranean country's largest tourist project to date, with the site tipped to attract up to 300,000 tourists to the island annually.
Melco International Development Limited’s Leung Hoi Wai Vincent, Company Secretary, said: “As disclosed in the announcement, the company has entered into an agreement to purchase Hard Rock’s 35.37% interest in the Project Company, completion of which is subject to obtaining the necessary approval.”
Hard Rock International, which is owned by the Seminole Tribe in Florida, reportedly sold their share in order to focus on their redevelopment of the Trump Taj casino.
The acquisition will leave Melco with a total stake of 70.74% in the Cypriot development after construction has been completed. The purchase is set to be finalised on September 13 2017.
The development will include a 1,500 seated concert hall, 500 guest rooms, 136 gaming tables and over 1,000 gaming machines.
Melco International is one of the 100 oldest companies in Hong Kong, having begun operations as the Macao Electric Company in 1910. The company is now a conglomerate with investments and ventures focused on the gaming industry.
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