Melco’s integrated resort development in Cyprus will feature 70,000 square feet of gaming space, plus a 6,000 square foot VIP “Casino in the Sky,” according to a press release from Spectrum Gaming Capital, the financial advisor to the CNS Group of Cyprus.
The first phase of the EUR 500 million (US$573 million) resort, situated in Limassol, will see 500 hotel rooms, 42,000 square feet of meeting space, 15 food and beverage venues, as well as a water park, pool, spa and beach club.
The gaming area will include 1,200 slots and 130 gaming tables, according to the firm.
A temporary casino in Limassol and four satellite gaming locations in Nicosia, Larnaca, Paphos and Ayia Napa are expected to be operational in 2018, while Phase 1 is expected to be completed in 2020.
Spectrum Gaming Capital has been engaged in the Cyprus casino project since the onset of the government process to attract an integrated resort development.
Over more than three years, SGC’s advisory work on behalf of CNS included assisting in establishing a development and financing strategy, overseeing a market study prepared by Spectrum Gaming Group, undertaking an international search for a casino operating partner, supporting negotiations with the government and a bank consortium, and attracting global investment banks to participate in the bid on behalf of the Consortium, said the firm.