articles | 11 September 2017

Cyprus casino consortium gets approval for composition change

The consortium which will build a super casino resort in Cyprus has had its new composition approved by the Gaming Commission.

Integrated Casino Resorts Cyprus Limited (ICRC), comprising Melco International Development and The Cyprus Phassouri (Zakaki), received confirmation from the National Gaming and Casino Supervision Commission on the approval of the change in composition of the Consortium.

This gives Melco International Development the green light to assume a 70.74% majority in the ICRC. With this development, the licensing procedure for the first integrated casino-resort in Cyprus is now complete.

“We look forward to working with the Cypriot government, Gaming Commission, Steering Committee and local authorities in creating a unique and world-class casino resort that will boost tourism and employmentacross Cyprus,” said Andy Choy, Director of Integrated Casino Resorts Cyprus.

“The assumption of the majority stake of a 70.74% shareholding by Melco International in the Cyprus casino-resort project was a positive development: It will streamline processes and allow more flexibility, all without impacting the overall scope and scale of the project,” he added.

Having been granted the licence, the Consortium said it is now focused on completing the remaining procedures to begin construction in order to open a temporary casino in Limassol and satellite casinos in Nicosia, Ayia Napa, Larnaca and Paphos as soon as possible.

In June the Consortium signed a 30-year agreement with the Cyprus Government for the development and operation of the casino complex.

The €0.5 billion project is expected to create 4,000 construction-related jobs and eventually 2,400 direct full-time jobs when the resort is fully operational.

The integrated casino resort is expected to contribute around €800 million or 4% of GDP to the Cypriot economy annually by the second year of its operation.

It is expected that the casino resort will attract additional tourists to Cyprus and contribute significantly to combating seasonality, and put the island on the international map of conference tourism.

Source: InCyprus

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