(10:22 GMT)
 
Username   Password  

BankrollMob Christmas logo  
Xmas Promotions Reviews Bankrolls - Free No Deposit Offers Poker Forum News: Poker, Casino, Betting & Bingo Sport Bets Poker Freerolls & Tournaments Leaderboards Support & FAQ
transparent separator
POKER CASINO BINGO BETTING
transparent separator

BankrollMob Casino News

nov
27

First Casino Resort Project in Cyprus Still Going Smoothly amidst Hard Rock Exit

Tags: Christos Mavrellis, Cyprus, Hard Rock, Lawrence Ho.
Posted on Monday, November 27, 2017 by "T".

Even though Hard Rock International has withdrawn from the €500-million plan for the construction of the very first casino resort ever in the Republic of Cyprus, their exit has not made any significant dent/problem on the progress of the project, and in fact things are going smoothly, a local gambling regulator has said.

President of the Cypriot National Gaming Commission Christos Mavrellis has stated to Xinhaunet, a Chinese news media outlet, that the project’s materialization is going smoothly even if one of its original partners has decided to walk out.

This October, a group of investors composed of renowned international casino operators Melco International Development, Hard Rock International and local partner CNS Group were chosen as the preferred bidder for the construction of the first ever casino resort in the Mediterranean island of Cyprus. Please note that only Melco, Hard Rock and their partner were the only bidders to have successfully applied for attaining the required approval from Cypriot financial and gambling regulators.

It was in late June that the deal between the group of investors and the local officials was signed. Unfortunately, Hard Rock, which operates various casino properties in the United States and has been interested in expanding its global presence, announced that it was backing out of the agreement the very next day that the deal was signed.

Therefore, Hard Rock sold its share in the development to its partner Melco, and so Melco became the biggest stakeholder in the venture. Owned by casino magnate Lawrence Ho, the Hong Kong-listed company currently holds 70.74% stake in the upcoming first-ever casino resort in Cyprus. The project has also been dubbed the largest casino resort in Europe.

Mavrellis emphasized that Hard Rock’s exit has not in any way halted the progress of the project and things are going smoothly. The gambling regulator explained that while the main complex is still under construction, a temporary casino shall be opened in Limassol, a popular destination over the past couple of years, and will be home to Cyprus’ first-ever casino.

The casino developer will also build a smaller-scale satellite casino in the capital of Nicosia and three slot pubs in the Larnaca, Paphos and Famagusta districts. The Famagusta district has some of Cyprus’ most popular tourist spots, whereas the districts of Paphos and Laranca each have an international airport within their territories.

Once the developers obtain all the needed town-planning and related permissions, Melco and its local partner CNS Group shall be okay to finally launch the Limassol-based temp casino and the four other satellite venues mentioned above.

The main casino floor and the other parts of the casino resort will most likely not be operational before 2019, as it is still unknown whether the developers shall be able to meet that deadline.

Source: http://famagusta-gazette.com/cyprus-casino-project-proceeding-smoothly-despite-withdrawal-of-hard-rock-p42763-69.htm


« Casino News   /   Comment on this news » Bookmark and Share

Related Articles:

13 comments for "First Casino Resort Project in Cyprus Still Going Smoothly amidst Hard Rock Exit"

 Gerimantas11/27/2017 2:00:46 PM GMT
Yes it is going to be so big project and as they say the biggest casino complex in Europe, so a lot of jobs created and a lot of tourists to go to Cyprus and visit this casimo and the island too. I luje to see such big investment and I hope to see more in future in Europe maybe even in my country
 pochui11/27/2017 5:43:24 PM GMT
woohoo 500 million of euros pumped into one grand casino project, have to admit that this is quite a fascinating amount of cash. kinda one can leave its head scratching at the fact that its gamblers in the end who will be paying for the project from their own pockets...
 CALICUL11/27/2017 7:28:01 PM GMT
I wonder if these people will be able to recover the investment and to make profit. I say no. Cyprus is not America and the city where this casino will be built is not las vegas nevada. I think they will recover the investment over 30 years. There are retributions for workers and taxes is not that easy. However is very bizarre.
 pajalnick11/27/2017 7:42:48 PM GMT
Cyprus is an interesting place ... it's warm and the sea around .... of course it seems to me that the future of the casino on this island will attract a lot of players from all over the world ..... I wish luck to the organizers of this casino .... it seems to me that you are doing right business
 Mober11/27/2017 9:47:16 PM GMT
A big investment there with all that money put on the ground,
but they will make it back.
Their tourism is going very well, all year, so it wont be a problem.
It may take a bit longer, but they will get there.
 doubletop77711/28/2017 9:21:54 AM GMT
This looks like it is going to be a massive undertaking and i cant wait to see the finished article. I have been to Cyprus many times over the years and it is a very beautiful place
 dule-vu11/28/2017 3:14:21 PM GMT
didnt know that cyprus as touristic country dont have any casino resort!its great business in every country that have sea and sun!especially when you have rich guests!this would be great if they finish job and build this resort!
 DaCapo7111/28/2017 6:53:02 PM GMT
Cyprus was a good location for a casino resort in my opinion like Malta etc. On the little island
they have a lot tourists and so guest for the casino. And Cyprus was not so far away from Europe, so it was a nice combination of Casino and Holiday Blink
 pajalnick11/28/2017 7:50:39 PM GMT
I myself was not in Cyprus but my sister was there ... she told me about this place as amazing and memorable ..... and if the casino is opened soon, it will be a wonderful combination of an attractive gaming house and a beautiful place. ... I hope to go there and see everything
 CALICUL11/28/2017 8:35:23 PM GMT
Posted by pajalnick:
I myself was not in Cyprus but my sister was there ... she told me about this place as amazing and memorable ..... and if the casino is opened soon, it will be a wonderful combination of an attractive gaming house and a beautiful place. ... I hope to go there and see everything


At the end of October and early November, Cyprus is an excellent solution for a great holiday. I chose Ayia Napa, a kind of Eastern Ibiza, full of clubs, pubs and a thirsty nightlife. In the off-season, things look a bit different, but the change is fine. Benefits? Numerous.
 Mober11/28/2017 10:07:41 PM GMT
While they get tourist all year around and mostly from UK,
summer is their busiest time. They have great beaches and night life.
They get a very nice income.
That is why they chose to do such an investment there, which looks huge.
 dule-vu11/29/2017 3:40:56 PM GMT
I always wanted to go in cyprus,,but every time was something not to come there!even lot of cheap flights from belgrade to larnaca I can get,but didnt take that chance!if they open this resort,maybe I will be faster in this decision!
 CALICUL11/29/2017 8:56:36 PM GMT
Posted by doubletop777:
This looks like it is going to be a massive undertaking and i cant wait to see the finished article. I have been to Cyprus many times over the years and it is a very beautiful place


To such a large investment will certainly have interesting games in that casino. 500 milllions of dollars is a very large amount. Investors will do many things to recover this investment. From my point of view if i were a billionaire, I did not invest so much money in a casino. Making an investment with that money in a private hospital. A great idea.

Write a comment:

You must be logged in, to comment on news...

© 2017 BankrollMob.com - All Rights Reserved CONTACT | ABOUT | PRIVACY POLICY | TERMS & CONDITIONS | NEWSLETTERS | AFFILIATES | REPORT SPAM | ADVERTISING
  Bookmark and Share