Cyprus bidders in talks with local property owners

Two of the short-listed bidders for a casino license in Cyprus have begun talks with local property owners in preparation for choosing a location for their developments, according to media reports.

The preferred bidders announced in March 2015 are Philippine developer Bloomberry Resorts, Hong Kong-listed Nagacorp, operator of Cambodia’s NagaWorld, and a Melco/Hard Rock Cyprus Consortium.

Although companies are not obliged to pick a location in the first round, according to their initial bid Nagacorp chose Limassol, while Melco/Hard Rock prefers Larnaca.

According to the Cypriot government, the investment could reach as much as 500 million euros and could add up to 500,000 more tourists annually.

The final license is expected to be awarded in September this year with a 30-year license being granted initially. Resort plans must include at least 500 luxury hotel rooms, 1,000 gaming machines, and 100 gaming tables. The winning project is expected to open in 2019.