GGRAsia – Melco Intl confirms proceeding to final bid in Cyprus

Melco Intl confirms proceeding to final bid in Cyprus

Sep 28, 2016 Newsdesk Latest News, Top of the deck, World

Asian casino investor and developer Melco International Development Ltd, led by casino entrepreneur Lawrence Ho Yau Lung, has confirmed in an email to GGRAsia that it is to proceed to the final bid stage regarding the single casino licence on offer in the Republic of Cyprus.

“The multinational consortium – Melco International Development Ltd, Hard Rock International [via Seminole HR Holdings LLC] and Cyprus Phasouri [(Zakaki)] Ltd – is ready to submit its final bid as per the official schedule i.e., October 5, 2016,” said Melco International in the email.

The statement added: “The consortium looks forward to collaborating with the [Republic of] Cyprus government to meet the set targets and establish a world-class integrated casino resort that will be highly beneficial to the economy and tourism of Cyprus.”

A final proposal for the licence must include at least 500 luxury hotel rooms, 1,000 gaming machines, and 100 gaming tables, according to the specially drafted local legislation. The winning bidder will also be allowed to build a satellite casino and three slot parlours in the country.

Last week two people with direct knowledge of the process separately told GGRAsia that Hong Kong-listed casino operator and developer NagaCorp Ltd – one of the three operators shortlisted by the Cyprus authorities – would also proceed to the final bid stage.

Additionally last week, Philippines-based casino operator Bloomberry Resorts Corp – the other shortlisted candidate – told us by email that it was “no longer pursuing” its bid for a gaming permit on the popular Mediterranean holiday island.