International Firms Vie For Cyprus Casino License

More than one third of the Republic of Cyprus is currently occupied by Turkish troops, and while the so-called Turkish Republic of Northern Cyprus (KKTC) hosts a number of casinos, the southern Greek part of the island has long shied away from offering gambling to its population. An economic downturn in Cyprus, however, has paved the way towards the Republic allowing casino gambling in order to subsidize its $23 billion economy. As a result, a huge integrated casino resort is planned to open sometime in 2018, with the government currently accepting bids for the license.
Needless to say, the popular tourist island with over 2 million visitors per year offers a lucrative business opportunities for casino companies, especially with the island located in the Eastern Mediterranean in a strategic cross route between Asia, Europe, and Africa. Consequently, eight companies have now shown an interest in bidding for the contract, and as a statement from the Ministry of Commerce explains:
“..[we are] satisfied with the level of interest expressed and are looking forward to the continuation of the process as is stipulated by the legislation and a relevant press release dated September 18.”
While the Ministry is keeping the prospective bidders’ names a secret for now, the country’s news media have mentioned names of companies they believe are involved in the process. These include Hard Rock international (USA); NagaCorp (Cambodia), Bloomberry Resorts Corp (Philippines); as well as a consortium of French investors, and another conglomerate of Russian firms.
Over the next 45 days, the list of bidders is expected to be reduced to just three firms, with the winning investor then awarded a casino license sometime next year. Apparently a minimum of 1,000 slot machines and 100 table games will be permitted, with the government hoping to rake in an extra €50 million ($67 million) each year in gambling taxes.