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Casino licensing progressing

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17-02-2016

Casino licensing progressing

The first selection phase for licensing a casino resort in Cyprus has been completed and eight parties continue to express interest for the license.

According to sources, the eight bidders include the American group Hard Rock through its collaboration with businessman Menelaos Shacolas, the Philippine company Bloomberry Resorts Corp which is owned by Filipino billionaire who also owns International Container Terminal Services, one of the largest container-port terminal services in the world, the Asian group NagaCorp the largest hotel, gaming and leisure operator in Cambodia, a company listed on the Hong Kong stock exchange, the consortium of French companies Bouygues, Accor Hotels, and Lucien Barrière, the Russian company Absolute A company that owns banks land, commerce and used to run a casino in Russia, the French Partouche Group in collaboration with Greek businessmen, the American company Karloutsos Mak and South African company Sun International.

The interested companies will be notified of the EOI procedure results 45 days after their submission date. This will mark the beginning of the process to find a final bidder to secure the licence within 2016 and then build the casino resort, approximately two years later. The operator will have the choice of building a temporary casino construction within the first year so that it can start receiving returns on its investment as soon as possible.

The next stage of the process is to select three candidates to take part in the 2nd phase of the evaluation process during which interested parties will be asked to submit a detailed and comprehensive proposal for the project, a Ministry of Commerce press release says. Both the ministry and the coordinating committee overseeing the project are satisfied with the level of interest expressed.
 

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