Casino licensing in Cyprus
The government granted a three-month extension to bids following a request from two of the three companies that made it to the second round.
Cyprus.- After the government granted a three-month extension to bids following a request from two of the three companies in the second round, questions have been raised about the procedure for casino licensing.
Bidder Melco International Development-Hard Rock International-Cyprus Phasouri (Zakaki) Limited informed the government in writing of its disagreement with the extension and has insisted that the original timeframes should be honoured.
Under the initial terms, final proposals should be submitted by July 5. But, after written memos were submitted by two of the bidders, Naga and Bloomberry, the government decided on a three-month extension. The two companies argued that they needed more time to reach an agreement regarding the land acquisition and to overcome state bureaucracy.
According to a government source the demands of the two companies were discussed in a meeting with government officials where the extension was unanimously agreed both by the Legal and the Audit Services. “The state had to give the extension otherwise the casino licensing would have been left with just one bidder,” the source said.
The three bidders are expected to submit their final proposal by October, whilst the government aims to announce its decision before the end of the year, in line with the original plan.
