Cypriot business news sources report that the city of Limassol will gain the country’s first casino resort to be operated by the consortium of ‘Melco-Hard Rock’ (Melco International and Hard Rock Entertainment).
The consortium expects to finalise contracts for a 30-year licensing agreement with the Cyprus National Gaming Board and Casino Supervision Commission this April.
The Melco and Hard Rock joint-venture plans to open a + 500 room ‘Euro Casino’ resort in Limassol by 2020, with the consortium allowed to operate as a Cypriot monopoly for the first 15 years of its contract.
As joint consortium owners, Melco International and Hard Rock Entertainment are reported to be investing circa €500 million in its Cyprus casino project.
Both consortium partners have detailed that should the Limassol project become a success, Melco-Hard Rock will then move to open a ‘network of gambling premises’ in Cyprus, including a casino is the capital city of Nicosia, supported by slot parlours in the districts of Paphos, Larnaca and Famagusta.