The Melco-Hard Rock consortium may open the doors of its first Cyprus facility as early as mid-2017, local media reports.
On Monday, the country’s Minister for Energy, Commerce, Industry and Tourism, Giorgos Lakkotrypis promised MPs that they would be amazed once the government unveils its final casino plans.
“We have set the bar very high and we seem to be getting there. I believe that you will be impressed by the plans which we will present to you at some point shortly,” he said, quoted by Cyprus Mail.
The casino license allows for the operation of an integrated resort in Cyprus for 30 years, with exclusivity for the first 15 years. It will also allow for a satellite casino in Nicosia – as well as three slot-machine parlours in the districts of Larnaca, Paphos and Famagusta.
Last month, it was revealed that the Melco-Hard Rock consortium was going to be the sole final bidder in the Cyprus casino license after contenders including Nagacorp and Bloomberry Resorts dropped out.
The entire investment is estimated to cost around EUR500 million (US$535.2 million) and is expected to be fully completed by late 2019 or early 2020.
The satellite casino in Nicosia is estimated to be up and running by mid-2017, and a temporary casino in Limassol will open up later in that year.