Melco Int’l may bid for Cyprus casino alone

By
macaubusinessdaily

The consortium of Melco International Development Ltd. and Hard Rock may become the only bidder for a gaming concession on the Mediterranean island of Cyprus as its two rivals have not yet found suitable plots for their proposed projects, according to Cyprus news outlet Philenews.
The joint venture of Melco, Hard Rock and local conglomerate Cyprus Phasouri (Zakaki) is one of the three shortlisted bidders for the Cypriot casino concession, competing with a consortium of Philippine gaming operators Bloomberry Resorts Corp. and Solaire Resort & Casino, and Cambodian gaming operator NagaCorp Ltd.
The news report quoted an anonymous source from the Cypriot ministry of commerce as saying that the two competitors of the Melco-Hard Rock partnership had failed to secure a land plot for their bids.
The source added that the Cypriot Government is not willing to further extend its deadline for the bidders to submit their final detailed plans for the project.
In June, the Bloombery-Solaire consortium and NagaCorp asked for more time to reach an agreement ‘regarding land acquisition and time to overcome state bureaucracy’, in response to which the Cypriot Government eventually granted three additional months to the contenders – until October 5 – despite opposition from the Melco-Hard Rock venture.
The Cypriot Minister of Commerce, Yiorgos Lakkotrypis, said in the parliamentary committee that the local government’s aim remains to award the gaming licence to the successful bidder by the end of this year, according to the news report.
The gaming concession under the bid includes a 30-year casino licence and the right to exclusive operation for 15 years. The winning bidder could operate a 5-star hotel with at least 500 rooms, 100 gaming tables, and 1,000 gaming machines.
The three contenders for the bid are aiming to develop the casino project in different cities. The Melco-Hard Rock consortium is eyeing Limassol, the second largest city on the southern coast of the Greek-controlled part of Cyprus. Meanwhile, NagaCorp is planning to build its resort in Larnaca, while the Philippine unit wants to develop in Paphos.