Nagacorp drops bid for Cyprus casino license

Casino operator NagaCorp Ltd has announced it is no longer pursuing a casino license in the Republic of Cyprus, according to a filing from the operator to the Hong Kong Stock Exchange.

“After careful review and given all the latest information available to us, the board of directors of the company wishes to inform that the company will not be participating in the RFP and the decision made is in the best interest of our shareholders and the Company,” said Nagacorp in its filing.

“The company shall continue to evaluate and pursue other business opportunities,” it added.

In March this year, it was announced that Nagacorp was among one of the three short-listed bidders for the casino resort license, including Bloomberry Resorts Corporation, Melco’s Hard Rock Resort Cyprus Consortium and NagaCorp Ltd.

NagaCorp was reportedly looking at Larnaca at the time.

However, earlier this month, Philenews reported that Melco’s Hard Rock Resort Cyprus Consortium may be the only bidder for a gaming concession in Cyprus as its two competitors have not yet found suitable plots for their projects.

Philenews quoted an anonymous source from the Cypriot ministry of commerce who said both Bloomberry Resorts and Nagacorp had failed to secure a land plot for their bids.

The final license is expected to be awarded at the end of the 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.