The consortium of companies developing a casino resort in Cyprus has been granted a casino resort license from the Cyprus government.
Melco International Development Ltd. made the announcement to the Hong Kong Stock Exchange on Monday, noting that the consortium, which comprises of Melco International, Hard Rock and Cyprus Phasouri (Zakaki) Limited (CPZL), has been granted a license to operate and maintain an integrated casino resort in Limassol, Cyprus and up to four satellite casino premises in the country for a term of 30 years.
The first 15 years of the term is an exclusive period, during which the Cyprus Government has agreed not to grant any other casino licence in Cyprus.
While Melco International currently holds 35.4 percent of the consortium company, it additionally announced on Monday that it has entered into an agreement to purchase Hard Rock’s interest in the company, which would bring its interest in the consortium company to 70.7 percent.
The completion of this agreement however, will be subject to approval of the Cyprus government.
“Melco International is very pleased that its vision for the creation of the first casino resort in the Republic of Cyprus corresponds to the government’s aspirations for a world class development that is unique to Europe, a landmark for Cyprus but also the wider region.
“The company is confident that its solid track record and unique experience in creating the most spectacular integrated resorts in Asia can meaningfully contribute to the economy and tourism of Cyprus,” said the company in a press release.