“Even though they have yet to obtain the licence from the authorities, they have been particularly active to finalise the locations where casinos will be created,” a source close to the issue told the press.
“The consortium should obtain the licence before the end of the month,” the source added.
The consortium – comprising of Melco International, Hard Rock International and Cyprus Phasouri (Zakaki) – has chosen Makarios Avenue in Nicosia as one such satellite venue.
All the locations for the casinos are subject to the approval from the newly-appointed Gaming and Casino Supervision Authority.
Nevertheless, a casino on Makarios Avenue in the centre of Nicosia will be difficult to reject as it would add value to one of the most prestigious high streets in the capital that was hit hard by the financial crises.
Along with the Nicosia casino, the consortium aims to operate similar establishments in Larnaca and Paphos during the summer, but without tables.
As for Limassol, the night spot Monte Caputo was named in the media as the place to host the temporary casino in the coastal city but this speculation was dismissed.
“There are thoughts that the casino could be built within the designated area for the casino resort and become part of the final development,” a person familiar with the matter told the press.
Investment in the casino resort and satellite casinos could reach €650 million, according to plans that the consortium has submitted.
According to the tender requirements, the main resort casino – in Zakaki, Limassol – must include at least 500 luxury hotel rooms, 1,000 gaming machines and 100 gaming tables.
The resort is expected to be ready by 2020 and, until then, the consortium will be operating a temporary casino in Limassol.
The Ministry of Commerce, Tourism and Industry estimate that a casino resort could add up to 500,000 tourists annually and create hundreds of job opportunities.
Among others, the casino will address the seasonality problem of the tourism sector and upgrade the area that will be rebuilt.
Development of a casino resort in Cyprus could add €47m to state earnings, create 4,000 new jobs and boost annual tourism revenue by €187m, according to a Deloitte report in 2013.
Source: InCyprus
