Game on for Cyprus

Melco International Development Limited, controlled by local gaming entrepreneur Lawrence Ho Yau Lung, has confirmed to Business Daily that it and its partners are ready to submit their final bid for a single gaming concession in Cyprus. ‘The multinational consortium ‘Melco International Development Limited, Hard Rock International and Cyprus Phasouri Ltd.’ is ready to submit its final bid as per the official schedule (i.e.) October 5, 2016,’ the company said in an email. ‘The Consortium is looking forward to collaborating with the Cypriot government on this exciting project’. The winning bidder of the tender will be granted a gaming concession valid for 30 years, including the right to a monopoly in Cyprus for the first 15 years. In addition, the terms allow the successful bidder to build a luxury 500-room hotel, and install 1,000 gaming machines and 100 gaming tables. The two other groups competing for the concession are Cambodian casino operator NagaCorp Ltd. and the Philippines’ Bloomberry Resorts Corp. A recent report by the Mediterranean country news outlet Philenews, however, indicated that the two companies might give up on their bids after not being able to secure suitable plots for their proposed projects. The Melco-Hard Rock consortium is planning to develop the casino-resort project in Limassol, the second largest city on the southern coast of Cyprus. Meanwhile, NagaCorp plans to build its project in the city of Larnaca, whilst Bloomberry Resorts Corp. is eyeing Paphos. In fact, the two rivals of Melco-Hard Rock consortium requested an extension of the bid deadline in June due to the problems of looking for suitable land for their projects. The Cypriot Government extended the deadline to October 5.