Local
news | 29 June 2017 | ServPRO Accountants & Consultants

CYPRUS ON THE PATH TO BUILDING EUROPE’S LARGEST CASINO

On the 28th June 2017, the agreement for the establishment of an integratedcasino resort in Cyprus was signed by the President of the National Gaming and Casino Supervision Commission, Mr. Christos Mavrellis, and a representative of the Integrated Casino Resorts Cyprus Limited consortium consisting of Melco International Development Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group (Cyprus Phassouri (Zakaki) Limited).

The Minister of Tourism, Commerce, Industry and Energy, Mr. Yiorgos Lakkotrypis, addressed the signing ceremony and highlighted the fact that the integrated casino resort in Cyprus will be the only one of its kind in Europe as well as the largest casino in Europe and one of the best in the world with 136 gaming tables and 1,200 gaming machines.

Moreover, Mr. Lakkotrypis added that a large infrastructure project will be built in order to accommodate the integrated casino resort which will include a luxury hotel with 500 rooms, a venue for conferences exhibitions and other activities of 6,000 sq. meters, a 1,500-seat concert venue and world-class wellness center of 4,000 sq. meters as well restaurants and entertainment venues.

The Minister also pointed out that the project, whose total amount of the investment is expected to exceed half a billion euros, will immensely benefit the economy both indirectly and directly as it is estimated that more than 4,000 jobs will be created during the construction phase and many more during the casino’s operation and it will bring additional budget revenues and attract foreign investment to Cyprus.

Moreover, the project will enrich the country’s tourist product as it is estimated that will attract 300,000 more tourists annually.

The representative of the Consortium, Mr. Andy Choy, also addressed the signing ceremony expressed his gratitude for the confidence shown to the consortium and assured that high on the consortium`s priorities is the achievement of the targets set for the economic development of the country with minimal social and environmental impacts.

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