Six leading casino operators announced their interest in obtaining the Cypriot integrated resort license. The period during which companies are welcomed to bid for the single license began on September 18 and will end on December 18. The government expects to fifteen total expressions of interest.
The list of five operators applying for Cypriot integrated resort license includes such names as: Malaysia-based Genting Group, US-based Hard Rock International, South Africa-based Sun International, Cambodia-based NagaCrop and France-based Bouygues. All operators have paid €10,000 (US$11,250) to be able to apply for the casino license.
Ministry of Commerce revealed that the first impression of the six candidates is very positive. Among the other operators expected to join the group of interested in Cypriot integrated resort license entities one may find Las Vegas heavyweights Las Vegas Sands MGM International, Caesars Entertainment, Macau-based Kezner. These companies have already sent representatives to Cyprus to scout locations and local partners.
The casino will be created on a private land which brings huge opportunity for the owners of the land who have prepared casino proposal packages. The winning bidder will bet the right to choose the location for its one main resort and around four smaller satellite casinos in Southern Cyprus.
Under the legislation that was approved on July 9, the license will be given for the period of 30 years with the time of exclusivity set on 15 years. The integrated resort facility must meet certain requirements – it has to be a five-star establishment with at least 500 luxury rooms, not less than 100 gaming tables and 1000 slot machines. Bidders will also be accessed sccording to their proposed entertainment amenities.
Applicants will be informed about the results 45 days from the submission date. This time will allow a final bidder to secure the license the following year and then build the resort in two years. The operators will get a chance to operate a temporary casino during the time of the construction phase of the casino.