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Cyprus Casino License Attracts Six Bidders So Far

By: Marica K, October 8, 2015
Cyprus expects a Las-Vegas style resort casino

Cyprus expects a Las-Vegas style resort casino.

A month ago the President of Cyprus, Nicos Anastasiades announced an open call for all interested companies to bid for the license of the first casino and resort on the island of Cyprus. As it appears this sounded as an alluring offer to many, so currently there are six major names in contention, while the Cyprian officials have predicted this number to rise to at least 15 contenders.

Final Decision Will be Made in 2016

Under the new bill on the operation of casinos which was passed in July this year, the President of Cyprus, Nicos Anastasiades announced that the first resort casino in the Southern part of the island will be built next year following the award of the license to the most suitable operator. The Cypriot government expects this move to bring more tourists to the island and benefit the economy of Cyprus. In fact the licensee will have the obligation to pay 15% of the revenue on the name of taxes. Even though in January thirteen operators expressed interest in acquiring the license, when the call for bidding was announced a month ago, only six actually took action. As Cyprus Weekly reports five of the six operators who were willing to pay €10,000 for a chance to compete for the license are “the Malaysian Genting, America’s Hard Rock, South Africa’s Sun International, the Cambodian NagaCorp and France’s Bouygues.” Interested parties will have the chance to join the battle for the single casino license Cyprus will award until December 18, while the final decision about who will get the exclusive right to build a casino on the Mediterranean island will be known next year.

New Casino to Put Cyprus on the Map

Once the winning bidder gets the license the time frame predicted for construction of the casino is set to two years, with a possibility to run a temporary casino until the construction is completed. The licensee will build the casino on private land, which means that they will have to choose among the interested land owners. The new casino is envisaged as a resort casino with accompanying facilities for customer’s full enjoyment. It will include luxurious hotel, restaurants and entertainment program. The licensee will also be allowed to build four satellite casinos, three of which will host slot machines, while one will include table games, as well. The winning bidder will probably be the one who combines all of these features with the final result of providing customers with a full-service resort casino.

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