Construction contracts for Melco Hardrock Resorts’ Limassol, Cyprus casino resort are expected to be signed by the end of April and the company has set January 2020 as the opening date for the multi-million euro project to be located next to “My Mall” in Limassol.
A temporary casino is expected to open by October. That venue is slated for shutdown when the main casino opens. The consortium, comprising Lawrence Ho’s Melco of Australia and Macau, Hard Rock International of the U.S. and Phasouri Limited of Cyprus will also be allowed to open several satellite casinos in the country as part of their exclusive right to operate gaming for 15 or more years.
Due diligence on the consortium is expected to be completed soon by the Coordinating Committee who will submit their full report to the cabinet a few days after it is completed, according to a report on in-cyprus.com
The National Gaming and Casino Supervision Commission is expected to issue operating licenses to the consortium after the construction contracts have been signed and recorded later this month.
The gaming license will be exclusive for 15 years, at which point it may be renewed and other licenses may be tendered, however, the government has yet to make it clear under what circumstances they would allow a competing entity to operate in Cyprus when the 15-year exclusive license expires.
The four satellite casinos, allowed under the bid tender, will not be large venues, with one in Nicosia expected to host some 50 slots and only five tables. The Nicosia satellite is the largest of the four per current plans.
Famagusta, Paphos, and Larnaca will host the other three satellites which will only offer electronic gaming, no Las Vegas-style table games.