Eight international casino operators interested in Cyprus licence

Local media speculated that among those firms were the giants Las Vegas Sands, MGM and Caesars Entertainment.

Cyprus.- Countries authorities informed that eight international casino operators expressed their interest in acquiring the exclusive casino licence of the island, that lasts for 30 years with 15 years’ exclusivity to operate a casino in the Greek-controlled south of Cyprus. The winning bidder will work on an integrated resort, to be opened in two years. The requirements include a five-star standard with at least 500 hotel rooms, plus 1,000 slot machines and a minimum of 100 gaming tables.

According to Constantinos Petrides, Under Secretary to the President, three of those bidders will be shortlisted and he confirmed that the winner will be selected during 2016. In spite of the confidentiality surrounding the bidders, the Ministry said to local media that “by the beginning of February” the government would confirm the shortlisted companies.

In order to bid on the lucrative licence, the casino operators submitted US$11,250 to express interest for the concession. Now, bidders will have to submit the detailed proposals of each project. And in the process of choosing a winner, government will take under consideration different aspects, 40 percent of the final decision will be made regarding the quality, experience and current activities of each bidder. The remaining 60 percent will be based on the vision and planning of the project, which -as Petrides explained- must consider the character of Cyprus.