So far six major firms from the USA, Malaysia, South Africa, Cambodia and France have formally expressed interest.

The problem with finding an investor for the casino lies in the fact that the overall capital injection is quite substantial and only large-scale internationally based companies are able to undertake it due to its size.

According to the government’s regulations regarding the casino the unit should be accompanied by a five-star hotel and other facilities. This dramatically increases the costs of the project for local companies.

In this sense the participation of any local company would be at the level of providing the land in return for a stake in the newly formed entity. Rumour has it that the piece of prospective land is the 500 acres plot within the Fasouri plantations in Zakaki, Limassol, recently bought by the Shacolas family. This plot is adjacent to another large plot belonging to the Lanitis group and prospects for a joint venture between the two companies are on the table.

Source: InCyprus