Melco-Hard Rock Casino Bid
Having beaten off 7 other contenders, it has recently been announced by the Commerce Ministry that the Melco-Hard Rock Resorts Cyprus consortium has been given the go-ahead to file for a permit to proceed with the construction of what will be one of the largest integrated casino resorts in Europe.
The Ministry said that the proposal met the requirements and “therefore, the consortium has been invited by the coordinating committee to submit an application for licensing, under which the due diligence check will be carried out as provided by the documents of the invitation and the law. Subject to the successful completion of the aforementioned control, the permit will be issued”
Melco-Hard Rock plan to build the resort in the Zakaki Village area close to the Limassol Marina and the proposed Lanitis international golf resort in the Fassouri area.
We understand that the project will take 3/4 years to complete and will include a casino, 5 star hotel, a 15,00-2,000 delegate conference hall, many restaurants and entertainment areas. The license we believe will allow the consortium to operate the integrated casino resort for 30 years with the first 15 years as a monopoly. The license will also include a satellite casino and three slot-machine outlets elsewhere in Cyprus.
It is proposed that building will commence as soon as the first quarter of 2017, with a capital expenditure of €500m and will create in the region of 4000 jobs in the area.
As a footnote, It is expected that a temporary casino will be set up in the Monte Caputo building to the East of Limassol next year.