Agreement for casino resort signed

The Agreement for the establishment of an integrated casino resort in Cyprus was signed during a special ceremony held yesterday in the presence of the Minister of Tourism, Commerce, Industry and Energy, Yiorgos Lakkotrypis. 

The Agreement was signed by the President of the National Gaming and Casino Supervision Commission Christos Mavrellis, and a representative of the Integrated Casino Resorts Cyprus Limited consortium consisting of Melco International Development Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group (Cyprus Phassouri (Zakaki) Limited). 

In his address at the signing ceremony, Yiorgos Lakkotrypis said that this will be the one and only integrated casino resort in Europe and the largest casino in Europe and one of the best in the world with 136 gaming tables and 1,200 gaming machines with multiple direct and indirect benefits for the economy of the country. 

He also said that it is the largest infrastructure project that has been built so far in the country which will include a luxury hotel with 500 rooms, a venue for conferences exhibitions and other activities of 6,000 square metres, a 1,500-seat concert venue and world-class wellness center of 4,000 square metres as well restaurants and entertainment venues. 

Referring to the government`s main strategic aspirations in developing an integrated casino resort, he said that the first goal was to limit casino gambling in a controlled manner so as to protect vulnerable groups of the population adding that the minimum age for gambling is set at 21 years old. 

The Minister said that it is without a doubt a project that will enrich our tourist product, attracting 300,000 more tourists annually and contributing significantly to the combat against seasonality. 

The total amount of the investment, he added, is expected to exceed half a billion euros, and it is estimated that more than 4,000 jobs will be created during the construction phase and many more during its operation while it will bring additional budget revenues and attract foreign investment to Cyprus. 

It is noted that the Government will have the first four years revenue of € 2.5 million from the annual casino license fee, while the second four-year period the fee will increase to € 5 million. The casino tax will amount to 15% of the gross income from games and will be paid monthly. 

The Minister said that the project envisages the development of the unique integrated casino resort type in Europe, the development of 4 satellite casinos, in Nicosia, Larnaca Famagusta and Pafos, and the operation of a temporary casino in Limassol until the construction of the resort. 

Representative of the Consortium, Andy Choy, in a brief address assured that high on the consortium`s priorities is the achievement of the targets set for the economic development of the country with minimal social and environmental impacts, while at the same time expressed his thanks for the confidence shown to the companies comprising the consortium. 

President of the Republic Nicos Anastasiadis has expressed his satisfaction with the signing of the agreement for the development of the casino in Cyprus marking a new era for the island noting that the investment exceeding 600 million euros is the largest ever made in our country in the tourist sector. 




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