The competition on the gambling market of Cyprus is growing, taking into account the fact that three international companies are contenders for the one and only casino license. The location for the Mediterranean gambling house has not yet been chosen.
Cyprus Weekly reported that "two of the contenders are discussing this issue with some large property owners in Larnaca, and the third operator is going to open a casino in Limassol." The preferred contenders for obtaining a Cyprus gambling license were announced in March 2015. There were three of them: Bloomberry Resorts Corporation, the Philippine casino operator; NagaCorp Ltd., the Cambodian gaming company, as well as the Hard Rock International Consortium, owned by Lawrence Ho and the U.S. Hard Rock Resort Cyprus.
Initially, the Melco/Hard Rock Resort Cyprus chose Limassol. Larnaca was selected by the NagaCorp Ltd. The Bloomberry Resorts Corporation did not mention the exact location. However, when three main contenders for a license were announced last year, the Bloomberry was going to open a casino in Paphos.
"The casino location is important for the country only if the property will contribute to the development of tourism and increase the attractiveness of the region during the tourism period. Other investments seem to be less valuable "- said the officials.
According to the legislation, the minimum investment in the resort casino complex must reach at least 500 million euros.
Any combinations of entertainment and gambling-related offers may be provided by investors as a final version of the future casino project. It has been known that the new complex will include at least 500 hotel rooms, 1,000 slot machines, and 100 gaming tables. All the features and details of the offered projects will be taken into consideration. The sole Cyprus casino license will be issued in September of this year, and the resort will have been opened by 2019.
The winner of the final round will obtain a gambling license for 30 years with the opportunity to open a gambling house, as well as three gaming halls with video slots. According to analysts, the company, which succeeds in getting a Cyprus license, will be able to open a "leading integrated resort casino complex in Europe and one of the best in the world."
According to preliminary estimates of the Ministry of Energy, Commerce, Industry, and Tourism of Cyprus, the opening of a casino can increase the annual number of tourists by roughly 500.000 individuals, which in turn will create hundreds of jobs for local residents.