Limassol seems to have «locked down» the first Casino to operate in Cyprus.
Melco International Development Limited-Hard Rock International - Cyprus Phasouri (Zakaki) is the only joint venture to have submitted its proposal for the development of a casino-resort.
The evaluation of the proposal will start on October 6th and it is expected to conclude in a two month period of time. Subsequently, the government will examine whether the proposal is profitable enough as well as whether all necessary specifications are being fulfilled.
The property is situated right next to My Mall and the area intended for Lanitis Group’s Limassol Golf Greens.
Investing in the western areas of Limassol, the company will bring phenomenal opportunities for growth in those underdeveloped neighbourhoods which, at the moment, present a contrasting image to the city centre and the Limassol’s sea front.
Melco International Development keeps several gaming companies in China, Philippines, Cambodia and Russia.
Hard Rock International runs 162 cafes, 24 hotels and 11 casinos in 68 countries all over the world.
Melco International Development Limited-Hard Rock International- Cyprus Phasouri (Zakaki) has to determine deadlines for the Casino’s operation. Whether the company fails to meet any deadlines, it will be subjected to sanctions.
According to Deloitte, the casino’s operational cost is estimated at €400 - €500 million. Annual income for the company is calculated close to €450 million and €60 million is the estimated amount of taxes collected by the state.
In the prospect of a sole investor interested on the project, a licence term allows a 5% deviation maximum on the initial financial proposal.
The operation of a casino resort on the island is expected to create 2.500 – 3.000 job vacancies.
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