Thursday, November 23, 2017

Cyprus Casino Resort Project Progresses Smoothly Despite Hard Rock’s Exit

The withdrawal of Hard Rock International from the €500-million plan for the construction of Republic of Cyprus’ first casino resort has not deterred the progress of the project, a local gambling regulator said.
Christos Mavrellis, President of the Cypriot National Gaming Commission told Chinese news outlet Xinhuanet, that the materialization of the project is progressing smoothly, even though one of the original partners walked out.
Last October, a group of investors comprised of international casino operators Hard Rock International and Melco International Development and local partner CNS Group was selected as the preferred bidder for the construction of the Mediterranean island nation’s first casino resort. Here it is interesting to note that Hard Rock, Melco, and their partner were actually the only bidder to have successfully applied for the necessary approval from Cypriot gambling and financial regulators.
The deal between the group of investors and local officials was signed in late June. Hard Rock, which is the operator of a number of casino properties in the United States and has been looking to expand its global presence, announced that it was pulling out of the agreement on the very next day after it was signed.
Hard Rock sold its stake in the development to its partner Melco, with the latter thus becoming the largest stakeholder in the venture. The Hong Kong-listed company, owned by casino tycoon Lawrence Ho, currently holds 70.74% in what would be Cyprus’ first casino resort. The project has also been touted as the largest one of this kind in Europe.


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