The consortium of Melco International Development Ltd and Hard Rock International may be the only bidder for a gaming concession in Cyprus as its two competitors have not yet found suitable plots for their projects, Cyprus news outlet Philenews reports.
In June, the Cyprus Government granted a three-month extension to bids for its casino license after requests from Philippine casino operator Bloomberry Resorts and Cambodia’s NagaCorp.
The initial deadline for submission was July 5, but the two companies argued they needed more time to reach an agreement regarding the land acquisition and time to overcome state bureaucracy.
The new deadline for submission of the final proposal was extended to October, with the government aiming to announce its decision before the end of the year.
Philenews quoted an anonymous source from the Cypriot ministry of commerce who said both Bloomberry Resorts and Nagacorp had failed to secure a land plot for their bids.
The source also added that the Cypriot Government was not willing to further extend its deadline.
The final license is expected to be awarded at the end of the year with a 30-year license being granted initially. Resort plans must include at least 500 luxury hotel rooms, 1,000 gaming machines, and 100 gaming tables. The winning project is expected to open in 2019.
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