Hard Rock International Inc, Melco International Development Ltd and Cyprus Phassouri have gained the right to build gambling venues on the Greek part of Cyprus.
They are planning to invest half a billion euros in the project. According to the agreement reached with the national authorities, the consortium has to build a hotel with at least 500 rooms and a casino.
The state is obliged to ensure that the operator will have non-competitive conditions during 15 years. Besides, companies can create a complementary casino and three rooms for slot machines.
The first temporary resort with a hotel is to be opened in Limassol next year. They will install 100 gambling tables and 1000 slot machines there. The gambling parlor will function till the construction of the main building is finished. In 2017 they are also going to create a complementary casino in Nicosia. Gambling clubs will be located in Paphos, Famagusta and Larnaca.
The consortium members are going to fully implement the project by the beginning of 2020.