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Upcoming signing of a contract for Casino in Limassol

Posted by NMORE GROUP on 23/03/2017
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It is expected that the consortium Melco-Hard Rock will sign contracts for the construction of a multimillion euro-casino project in Limassol at the end of this month and should open a temporary casino later this year.

CYPRUS should get its first casino at the end of this year, when a consortium of Melco-Hard Rock, including Melco-Hard Rock and Cyprus Phassouri (Zakaki) Limited, enters into contracts later this month.
The temporary casino will open in Limassol in October 2017 and will work until the multi-million dollar casino, which will be built next to My Mall in Zakaki, will open its doors in 2020.
The Coordination Committee expects that due inspections will be conducted in the next few days and a report will be presented to the Council of Ministers (Cabinet of Ministers).
After the contracts are signed, the National Gaming and Casino Gaming Commission will issue a consortium with the relevant licenses.
The license will allow the consortium to manage the casino license for 30 years (as a monopoly for the first 15), and the group plans to build and operate a luxury hotel with 500 rooms offering up to 1000 slots, as well as 100 table games and four satellite casinos and three gaming halls Machines.

Calculation
If everything goes according to plan, in July 2017 four satellite casinos will open, the largest – in Nicosia with 50 slot machines and 5 gaming tables. Three halls of slot machines will open in Paphos, Larnaca and Famagusta. The exact locations for these satellites and salons have not yet been determined.
The cost of projects is estimated at 500 million euros.

Hard Rock International
Hard Rock International has facilities in 71 countries, 168 cafes, 23 hotels and 11 casinos. Since the guitar of Eric Clapton, Hard Rock owns the largest collection of musical memorabilia in the world, which is represented in different parts of the globe. The company owns, manages and develops franchise cafes in numerous cities, including London, New York, San Francisco, Sydney and Dubai. He also owns licenses and / or manages hotel / casino properties around the world. Destinations include the two most successful hotels and casinos in Tupa and Hollywood, as well as in other places, including Bali, Chicago, Cancun, Ibiza, Las Vegas, Macao and San Diego.

Cyprus Phassouri (Zakaki) Limited (“CPZL”)
Cyprus Phassouri (Zakaki) Limited (“CPZL”) is a member of the CNS group, which, among other things, engages in various types of business, including real estate, telecommunications, dairy products, large-scale agriculture, exports and mining in Cyprus. The group has a network of hotels in Greece and AKS Annabelle Beach Resort on the Greek island of Crete.

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