The local government approved Melco’s increase of interest in the upcoming Cyprus integrated resort project.
Cyprus.- Melco International Development revealed that it has gained the approval from the Cyprus government to increase the stake in the upcoming integrated resort project. Melco will now acquire Hard Rock International Inc’s entire interest in the Cyprus casino.
“The company is pleased to announce that the necessary Cyprus gaming authority’s approval for the … purchase of Hard Rock’s interest in the project company has been obtained,” Melco International announced the information during a filing to the Hong Kong Stock Exchange on Monday. Melco currently holds 35.37 percent of the company that was created to bid for a license in the European country. After the acquisition process is done, Melco International will increase its shareholding to 70.74 percent. The completion of the purchase is expected to take place today, as the company revealed in the filing, but the value of the move hasn’t been disclosed yet.
Back in July, the company revealed that the integrated resort will feature 70,000 square feet of gaming space, as well as 6000 square foot of VIP “Casino in the Sky.” The upcoming casino will be the first to operate in the country. The US$573 million first phase will feature 42,000 square feet of meeting space, 500 hotel rooms, as well as 15 food spaces and a water park, a beach club and a spa. The gambling area is set to include 1200 slots and 130 gaming tables. Whilst the first phase could be completed and open by 2020, it is expected that four satellite casinos would be operational by 2018. Paphos, Ayia Napa, Nicosia and Larnaca will be the locations for the temporary facilities.