New casino resort bid in process for Cyprus
02 June 2015
New developments are underway in a strong bit to receive licensing to build and operate yet another new casino and resort facility in Cyprus. The opportunity has seen several elite casino gaming operators such as MGM and Caesars of Las Vegas, Genting Malaysia and Kerner International of Macau visit Cyprus recently.
Each major casino resort company has met with landowners and officials, completing their due diligence, in order to facilitate and expand their gaming reach to Cyprus. The Parliament of Cyprus have begun legislative discussions which is currently underway, primarily focusing on the proposed casino property, licenses and revenue share taxes. The anticipated legislative process should be completed by the end of 2015 and licenses awarded.
It’s been confirmed by the Cyprus authorities that as many as fifteen casino gaming companies are to be directly involved in the bidding process for this very large casino resort property. Once the bill is approved by parliament by the end of June 2015, investors will have one month to evaluate the process before expressing any interest and submit proposals.
Once all comprehensive proposals are submitted it is expected that the government will select the top bidders to compete. When the license has been approved by the Cyprus authorities, the resort should take around 2 to 3 years to build and completed. The winning bidder will be able to make a selection on several premium locations being offered, as the casino resort will be built on private land.
Major Cyprus land owner names being nominated includes Galatariotis, Shacolas, Lanitis Lefkaritis and Leptos. Worldwide residential and commercial real estate company Realty Group International (RGI) have opened the public bidding process for some of their lands including beachfront land on the coast of Larnarka. The bidding process was scheduled to end in May 2015, however due to slight delays in the finalising process in getting the casino bill passed, officials have extended the process to end of June 2015.
Considered favourite front-runners for this bid is Kerzner international. With some of the world’s finest and most exquisite resorts on their profile includes, One and Only, Atlantis Resort Casinos at paradise island in Nassau, Bahamas, Mazagan Beach and Golf resorts in Morocco but a few – a strong contender and potential to take the winning bid.