Cyprus has officially approved a casino license for the Melco-Hard Rock consortium as the Mediterranean island prepares to welcome its first integrated resort.
Commerce Minister George Lakkotrypis confirmed that the Cabinet had “ratified the Melco-Hard Rock CNS consortium licensing for the casino resort,” which allows for the casino’s operation for the next 30 years including 15 years as a monopoly. The license also provides for a satellite casino in Nicosia and three slots parlors in each of the Larnaca, Paphos and Famagusta districts.
The approval of Melco-Hard Rock’s casino license forms part of the government’s plan to revitalize the island’s economy following recent difficulties.
The resort will cost around €500 million to complete and employ around 2,500 people, as well as 4,000 people during construction.
It is hoped that it will attract an extra 300,000 people to Cyprus annually once it opens in 2020.
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