The announcement was made recently by the Ministry of Energy, Commerce, Industry and Tourism giving the green light to the consortium to submitan application for the necessary permit.

The Melco-Hard Rock consortium’s tender, the only one which was submitted to the casino tender committee after its biggest competitor in the bid – NagaCorp Ltd pulled out, was approved following a careful scrutiny of its proposals.

With the submission of the licence application, a due diligence audit, as provided by the letters of invitation and the relevant legislation will be performed. Pending the successful completion of the audit, the permit will be issued.

Melco is a global investor in the entertainment sector, active in China, the Philippines, Cambodia and Russia. Through the companies Melco Crown Entertainment, Melco Crown Philippines and Summit Ascent, the company owns and operates facilities under the trade names ‘City of Dreams’, ‘Studio City’, ‘Altira’ and ‘Tigre de Cristal’. In total, these companies own 4,500 hotel rooms, and employ more than 20,000 workers, with $4.8 billion in revenue in 2014. In 2015, the companies had won eight Forbes 5-Star awards.

Hard Rock International own buildings in more than 68 countries, including 162 cafes, 24 hotels and 11 casinos. The company owns the trademark for all Hard Rock franchises. The company manages cafes in cities such as London, New York, San Francisco, Sydney and Dubai. The company also owns and/or manages hotel-casinos across the world. Among them are the hotel-casinos in Tampa, and Hollywood, which belong to ‘The Seminole Tribe of Florida’, along with other locations such as Bali, Chicago, Cancun, Ibiza, Las Vegas, Macao and San Diego.

Source: InCyprus