• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

NagaCorp confirms ‘exploring’ Cyprus market

Oct 07, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


NagaCorp confirms ‘exploring’ Cyprus market

The chairman of Asian casino developer NagaCorp Ltd has confirmed to GGRAsia that his firm is “exploring the market” in the Republic of Cyprus, the Greek portion of that Mediterranean island. “The government passed a new gaming law in recent months,” noted Tim McNally.

He added: “We, like others, are awaiting specifics of a request for proposal process. We are exploring this market as we do others. There is nothing concrete to advise at this point.”

His comments follow a report in the Cyprus Weekly newspaper that six major gaming companies were considering investment on the island (pictured), a popular tourist destination located at the eastern end of the Mediterranean Sea.

Cyprus legislators in July passed a measure called the Operations and Casino Control Law. Among other things, it sets up a regulator called the Cyprus Casino Gaming Commission (CGC), and allows the licensing of a single so-called “integrated resort” with a casino and leisure facilities, on a 30-year permit.

The law states: “The world class casino shall include at least 100 gaming tables and 1,000 gaming machines. Should the operator wish to install more than 200 gaming tables and/or 2,000 gaming machines, approval from the CGC shall be required.”

The Cyprus casino law mentions plans to impose a 15 percent tax on gross gaming revenue at the country’s proposed integrated resort.

No timetable for choosing an operator is mentioned, but the law outlines there is a pre-selection stage involving a formal expression of interest by companies. A maximum of three pre-selected candidates will then be put forward for consideration, with the final decision made by the country’s Council of Ministers.

Malaysia’s Genting Group and South Africa’s Sun International Ltd, founded by Sol Kerzner, have also been mentioned in local media reports as possible candidates.

NagaCorp, as well as developing and operating the NagaWorld casino resort in Cambodia’s capital Phnom Penh, in May broke ground on a casino project in the Primorye Integrated Entertainment Zone near Vladivostok in the Russian Far East. According to the firm’s 2014 annual report filed with the Hong Kong Stock Exchange, the group already has several Cyprus-incorporated companies relating to its Russia venture.

Cyprus and the Russian Federation have long-standing business and investment ties. Yury Spiridonov, president of the Russian Investment Agency, was quoted in March this year saying that in 2013, investments from Cyprus to Russia amounted to US$22.7 billion, while investment from the Russian to the Cyprus economy totalled US$19 billion.

In March 2013, Cyprus received a EUR10-billion (US$11.3-billion) bailout from the so-called ‘troika’ made up of the European Commission, the European Central Bank and the International Monetary Fund.

In November last year, Hong Kong-listed Amax International Holdings Ltd – an investor in the Macau junket sector – dropped plans to acquire a majority stake in an offshore firm with an interest in a casino hotel project in northern Cyprus. That part of the island is known as the Turkish Republic of Northern Cyprus.


  • tweet
Related articles
  • NagaWorld operational despite travel restrictions: chairman
    NagaWorld operational despite travel...

    Dec 14, 2020  

  • Cambodia casino law reasonable on tax: NagaCorp chair
    Cambodia casino law reasonable on tax:...

    Nov 23, 2020  

More news
  • Casino op MGM China to pay most staff discretionary bonus
    Casino op MGM China to pay most staff...

    Jan 18, 2021  

  • Casino op Silver Heritage to issue 53mln new shares
    Casino op Silver Heritage to issue...

    Jan 18, 2021  


Latest News

Casino op MGM China to pay most staff discretionary bonus

Casino op MGM China to pay most staff discretionary bonus

Jan 18, 2021  

Macau casino operator MGM China Holdings Ltd announced on Monday that it was to pay a “discretionary bonus” to “eligible non-management” staff, adding that “over 90 percent” of its...
Read More
Casino op Silver Heritage to issue 53mln new shares

Casino op Silver Heritage to issue 53mln new shares

Jan 18, 2021  

Grand Korea extends Seoul, Busan casino closures to Feb 1

Grand Korea extends Seoul, Busan casino closures to Feb 1

Jan 18, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The most worrying [thing] is whether [mainland] China will again tighten the issuance of travel visas [for visits to Macau]"

Luiz Lam Kai Kuong

Macau junket investor



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us