The US$587.5 million resort project in Cyrpus wasn’t affected by Hard Rock’s exit and its development keeps progressing.
Cyprus.- The first casino resort in Cyprus was asigned to a group of investors that included Melco International Development, Hard Rock International and local company CNS Group. Recently, Hard Rock decided to withdraw from the project but that hasn’t delayed the US$587.5 million development and its plans are on schedule, according to Cypriot National Gaming Commission’s president Christos Mavrellis.
Hard Rock keeps scouting for new possibilities to expand all over the globe and decided to partner up with Melco and CNS back in June, after they were the only bidders to apply for the necessary approval from the Cypriot authorities. However, it decided to sell Melco its stake in the development and abandon its intentions for the Mediterranean country.
After the US company’s exit, Melco became the largest stakeholder in the development as it currently owns 70.74 percent of the property.
According to Mr Mavrellis, evrerything is still on schedule and the current operators are set to open a temporary casino in Limassol and four satellite properties in Nicosia, Paphos, Larnaca and Famagusta once they get the necessary town planning and related permissions.