Hard Rock sells stake in Cyprus casino

After signing the contract for the first casino project in Cyprus, Hard Rock announced that it will sell its stake to Melco.

Cyprus.- Just a couple of days after Hard Rock International and Melco International signed the contract that allows them to build and operate a gambling facility in Cyprus, authorities from Hard Rock revealed that the company is set to sell all of its stake to its joint venture partner, Melco International.

During the ceremony that took place at the Filoxenia Confernece Centre on Monday, several authorities were present, such as Christos Mavrellis, president of the National Authority for Gaming Supervision and Casinos, and representatives from the companies. Moreover, the signing ceremony was set to be addressed by the Minister Lakkotrypis. Construction of what is expected to be the biggest casino in Europe will to be done by 2019 or early 2020.

Late Monday Melco filed papers with the Hong Kong Stock Exchange where it was detailed that the companies reached an agreement to purchase all of Hard Rock’s stakes in the project. After the signing, Melco International will have approximately 70 percent of the project, which also establishes the company as the main holder and biggest weight when it comes to making the decisions.

A statement that would detail the operation and the price of the selling is expected to be released soon. The license allows Melco to operate a gambling facility until 2047, and hold the monopoly until 2032.