Nov 08, 2016 Newsdesk Latest News, Top of the deck, World  
Asian casino investor and developer Melco International Development Ltd says it is committed to establishing a “world class integrated casino resort” in the Republic of Cyprus.
The company confirmed in an email to GGRAsia that the consortium of which it is part, “was informed by the [Cyprus'] Ministry of Energy, Commerce, Industry and Tourism that its … proposal has satisfied the technical requirements of the second phase of the tender process” for a casino licence in that country.
The winning consortium involves Melco International, led by casino entrepreneur Lawrence Ho Yau Lung, alongside Hard Rock International Inc – via Seminole HR Holdings LLC – and local conglomerate Cyprus Phasouri (Zakaki) Ltd.
“The consortium welcomes the decision and looks forward to collaborating with the 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 spokesperson for Melco International told GGRAsia.
The first stage of the tender process by the Cyprus government had attracted eight expressions of interest, with three – Melco International’s consortium, Hong Kong-listed casino investor NagaCorp Ltd and Philippines-based casino investor Bloombery Resorts Corp – having been short-listed.
But Bloombery and NagaCorp announced before the October 5 deadline that they would not proceed to the final stage.
The winner of the final round of the bidding contest receives a 30-year casino licence. After 15 years of exclusivity for the winner, competing licences might then be issued to other parties, according to local media reports.
The final proposal for the Cyprus casino licence had to 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 that country.
The Cyprus Mail newspaper had quoted Constantinos Petrides, deputy minister to the president of Cyprus, as saying that construction for the casino scheme was expected to start in the first quarter of 2017. Mr Petrides had previously been quoted mentioning a capital investment of EUR500 million (US$554.6 million) for the project.
Melco International did not disclose the investment for the Cyprus casino scheme nor the projected start date for construction.
May 31, 2023
May 12, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31