Cyprus has shortlisted three bidders to build its first integrated casino resort, which the country’s Ministry of Energy, Commerce, Industry and Tourism says will be “the leading ICR in Europe and among the best in the world.” They are: NagaCorp, the Hong Kong-listed Cambodian casino operator, which wants to build in Lanarca; Melco/Hard Rock Resort Cyprus International, a venture of Macau’s Lawrence Ho and the US-based Hard Rock International, which wants to develop in Limassol, and Bloomberry Resorts Corporation, the operator of Manila’s Solaire Resort & Casino, which is eying Paphos. All three locations are cities on the island’s south coast.
The winner should be announced by September and will be awarded a 30-year license with the possibility of competing licenses being issued after 15 years. In return for being allowed to operate 100 gaming tables and 1,000 slots, the successful bidder will have to build at least 500 hotel rooms. Other amenities are not compulsory, although the government has suggested conference, meeting, and convention facilities; paid for and complimentary attractions; sports venues and facilities; recreational amenities and entertainment venues, in a project that should open in 2019. The winner will also be able to build 4 satellite casinos; with three offering only slot machines and a fourth featuring table games.
After legislators in Nicosia voted in favor issuing the country’s first casino license last July, eight bidders expressed an interest. Among them, reportedly, was a consortium including Donald Trump’s Trump Organization LLC of Manhattan, Navegante of Las Vegas and Aktor of Cyprus. The final three were chosen based on their experience of building and operating successful casino resorts.
Cyprus’ economy has been in desperate need of a boost since the IMF and European Central Bank bailed out its banks in 2013 and its national debt was downgraded to junk. Casinos in the Greekcontrolled south are illegal, although they operate freely in the Turkish-controlled north and UN “blue zone” dividing the country.
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