A consortium comprising Melco International Development, Hard Rock and CPZL has been granted a license by the Cyprus Government to develop, operate and maintain an integrated resort in the Cyprian city of Limassol.
Melco International announced on Monday that the consortium had officially entered into the license agreement which runs for 30 years, including a 15-year exclusivity period. Aside from the Limassol property, the license allows for the construction and operation of another four satellite casinos in Cyprus.
Melco International also announced that it had entered into an agreement to purchase Hard Rock’s stake in the consortium, subject to approval by the Cyprus Government. Melco currently holds a 35.37% stake, which would double to 70.74% upon completion of the buy-out. CPZL holds the remaining 29.26%.
The consortium’s proposed IR – the first in Cyprus – will reportedly boast 100 gaming tables, 1,000 slot machines and a 500 room, five star hotel.
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