This leaves Melco-Hard Rock Resort Cyprus Consortium as the only remaining contender for the request of proposal ahead of the October 5 2016 deadline.

The decision was “in the best interests ofshareholders”, the announcement said.

“After careful review and given all the latest information available to us… the company will not be participating in the RFP (request for proposal) and the decision made is in the best interest of our shareholders and the company.”

The Cyprus authorities had told NagaCorp in March that it had been shortlisted for the permit.

The decision to withdraw means that only one of the three candidates originally earmarked for the licence offered by the government will go forward to the final stage of bidding, that being the consortium involving Melco International Development Ltd, led by gaming entrepreneur Lawrence Ho Yau Lung with Seminole HR Holdings LLC, owner of the Hard Rock International brand and Cypriot conglomerate Cyprus Phasouri (Zakaki) Ltd.

Philippines-based casino investor Bloomberry Resorts Corp last week said that it would not continue to the final phase of bidding.

In June Bloomberry and NagaCorp had reportedly asked separately for more time to reach agreements for land acquisition and to deal with official paperwork.

Sources with direct knowledge of the process said last week that NagaCorp had identified a site, and was in the process of completing due diligence on it.

Reportedly, Melco International confirmed that it and its consortium partners would move on to the final bid stage on October 5.

The final proposal for the licence must include at least 500 luxury hotel rooms, 1,000 gaming machines, and 100 gaming tables, according to the specially drafted legislation, with the winning bidder being allowed to build another, satellite casino and three slot machine parlours in the country.

Source: Cyprus Mail