Melco International Development has completed the purchase of Hard Rock International’s stake in a consortium developing an integrated resort in Cyprus after being granted approval by the local gaming authority.
The deal sees Melco International acquire Hard Rock’s 35.37% interest in the consortium, with the purchase set to be completed this Wednesday 13 September. The company’s interest will rise to 70.74% upon completion of the deal, with local firm Cyprus Phassouri (Zakaki) Limited holding the other 29.26%.
The consortium’s proposed IR – the first in Cyprus – will boast 100 gaming tables, 1,000 slot machines and a 500 room, five star hotel. Melco International, Hard Rock and CPZL were initially granted a gaming license in June, which includes a 15-year exclusivity agreement and also allows for the construction and operation of another four satellite casinos in Cyprus.
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