MCIT – Limassol Casino Resort – Cyprus - Project Profile

MCIT – Limassol Casino Resort – Cyprus - Project Profile

Synopsis

"MCIT – Limassol Casino Resort – Cyprus - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.

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Summary

The Ministry of Energy, Commerce, Industry, and Tourism (MCIT), through Cyprus Tourism Organisation (CTO), is planning to construct a casino resort in the Limassol City, Cyprus.

The project involves the construction of a casino resort. It includes the construction of 500 hotel rooms, 1,200 gaming machines, 136 gaming tables, 9,600m2 meeting and convention space, spa, fitness center, 11 restaurants, parking garage and related facilities, and the installation of elevators and safety and security systems.

In July 2013, CYPRUS association of private clubs and bars (PASIKA) announced its support for the project development.

On July 18, 2013, Cyprus government announced that it will issue one license for an integrated casino resort in an attempt to diversify its tourism and attract foreign investment.

CTO appointed Deloitte to provide consultancy services for the licensing of the casino resort in March 2014.

In September 2014, the comments on the draft law for a proposed integrated casino resort were invited from interested parties by CTO.

In December 2014, MCIT invited interested parties to submit their remarks on the draft regulations by January 16, 2015.

In January 2015, thirteen casino operators have expressed interest in developing the project.

Parliament approved the creation of the casino resort in July 2015. The operator will be selected with a competitive, non-discriminatory and transparent two-stage procedure.

On September 18, 2015, MCIT invited the interested companies to express interest in the development with a submission deadline of December 18, 2015. In response to the same, eight bidders have submitted the bid to obtain the license to build and operate a large casino resort.

The bidders are American group Hard Rock through its collaboration with businessman, Menelaos Shacolas; the Philippine company Bloomberry; the Asian group Nagacorp; the consortium of French companies Bouygues, Accor, and Lucien Barrière; the Russian company, Absolute; the French Partouche Group in collaboration with Greek businessmen; the American company, Karloutsos Mak; and the South African company, Sun International.

In February 2016, MCIT shortlisted three bidders – Nagacorp, Bloomberry Resorts Corp, and a consortium of Melco of Macau and Hard Rock Resort Cyprus.

The three shortlisted bidders were invited to submit their final proposals by July 5, 2016. However, the deadline was later extended to October 5, 2016.

In September 2016, Bloomberry Resorts Corporation withdrew from the bidding process for undisclosed reasons. Later, NagaCorp Ltd has also withdrawn from the bidding process.

In October 2016, solo shortlisted bidder, a consortium of Melco International Development Ltd, Hard Rock International (owner Seminole HR Holdings LLC) and Cyprus Phasouri (Zakaki) Ltd (a member of CNS Group) has submitted bids for the license.

As of May 2017, Melco International Development (Melco) and Hard Rock International were awarded the license.

In June 2017, A contract is signed between the National Authority for Gaming Supervision and CTO. Under the terms of the operating license, the consortium will be allowed to operate a casino resort on the territory of Cyprus for a period of 30 years.

Planning activities are underway. Construction is scheduled to be complete by 2021.

Scope

The project involves the construction of an integrated casino resort in Limassol City, Cyprus.

The US$657 million project includes following:

1. Construction of a casino comprising 1,200 slot machines

2. Construction of a hotel comprising 500 rooms

3. Construction of a 136 gaming tables

4. Construction of 9,600m2 meeting and convention space

5. Construction of a spa

6. Construction of a fitness center

7. Construction of 11 restaurants

8. Construction of a parking garage

9. Construction of related facilities

10. Installation of elevators

11. Installation of safety and security systems

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