Cyprus – Melco signs for Cyprus licence as Hard Rock signs outBy Phil - 26 June 2017
Melco International Development and its local investors have now signed the first and only casino resort licence with the government of The Republic of Cyprus.
In a surprise move though, the Hong Kong-based company has bought all the shares in the project previously owned by its previous partner in it; Hard Rock.
The resort style venue to be built in the coastal town of Limassol, will operate 136 gambling tables and 1,200 slots, alongside a 500-room hotel, a health spa and 1,500-seat concert hall.
Cyprus’ Energy, Commerce, Industry and Tourism Minister Yiorgos Lakkotrypis, revealed that the resort will cost more than €500m to build and will create around 4,000 new jobs during construction. A further 4,000 jobs will be created once the resort is operational.
The aim is to attract 300,000 extra tourists to Southern Cyprus annually.
Mr. Lakkotrypis said: “The project as has been proposed foresees the creation of Europe’s only integrated casino resort. The casino resort will among other things include Europe’s largest casino.”
Melco International confirmed it had entered into an agreement to assume majority stake of 70.74 per cent shareholding in the Cyrus casino resort project by acquiring Hard Rock’s entire interest in the project. The acquisition completion is subject to the approval of the Cyprus Government. The company currently holds 35.37 per cent of the company formed between itself, HR Cyprus Investor, Hard Rock and Cyprus Phasouri (Zakaki) Limited currently holds the remaining 29.26 per cent interest in the Project Company.
Melco stated: “Melco International is very pleased that its vision for the creation of the first casino resort in the Republic of Cyprus corresponds to the government’s aspirations for a world class development that is unique to Europe, a landmark for Cyprus but also the wider region. The company is confident that its solid track record and unique experience in creating the most spectacular integrated resorts in Asia can meaningfully contribute to the economy and tourism of Cyprus.”