Cyprus approves Melco Hard Rock license

cyprus

Credits: GoldNews.com.cy

The Cabinet from Cyprus approved a license issued to the consortium of Melco and Hard Rock.

Cyprus.- The consortium of Melco and Hard Rock was granted the green light to build a casino in Cyprus, after the Cabinet decided to ratify the joint venture as the holders for upcoming gambling project.

Commerce Minister George Lakkotrypis said that this decision puts the final dot in the story that started more than three years ago. “With today’s decision, the council of ministers has completed an ambitious endeavour that started about three years ago. This is a great project, which will enrich our tourist product and create new jobs,” he added.

Whilst the process has ended, the gaming authority still has to sign the license, as well as a committee to oversee the work the company is doing to make sure that the proposal and the evaluation have been met, as reported by the Cyprus Mail.

The license allows Melco Hard Rock to operate a gambling facility until 2047, and hold the monopoly until 2032. The company expects to open a small venue later this year. The consortium competed with Cambodia’s NagaCorp, and Philippine operator Bloomberry Resorts during the licensing process.