December 18th is the final day to propose a bid for a casino license in Cyprus, with last minute interest now being show by companies based in Russia. The Russian companies are not only interested in the casino development but also larger-scale projects in the area of Cyprus. In total, major firms from the United States, South Africa, France, Malaysia and Cambodia have shown interest in constructing the casino property.
The issue with finding the right investor for the property lies in the fact that the casino requires a substantial overall capital injection. The size of the project can also only be taken on by a large-scale internationally based company.
The regulations for the casino by the government state that the casino must be accompanied by a hotel of five-star quality as well as other facilities. These add-ons would of course increase the total cost of the project. Any local company participation would be to provide land, infrastructure, or services in return for a stake in the entity.
It has been rumored that a prospective piece of land containing 500 acres in the Fasouri plantations located in Zakaki, Limassol is up for consideration, recently purchased by the Shacolas family. The plot is located next to another large plot of land that is owned by the Lantis group, with the option for a joint venture of both companies to be involved with the Cyprus casino project.