Procedures are underway for the temporary casino in Limassol, which will be erected at the east side of the city. "We hope that by the end of 2017, Limassol will have a temporary casino," Costas Galatariotis, President of the Limassol Chamber of Commerce and Industry, says.
In regards to the integrated casino resort, which will be located at the Fasouri area, near the mall of Limassol, the objective is to be in operation by 2020.
According to Mr. Galatariotis, the opening of the casino depends on when the procedures will be completed.
Additionally, after the recent submission of information on the legal status of the joint venture Melco-Hard Rock Resort Cyprus, the due diligence study will follow.
Meanwhile, in February the license for the single authorization casino in Cyprus between Melco - Hard Rock Resort Cyprus and Gaming Commission, which will oversee the running of the casino, is expected to be signed.
Shareholder structure of the casino
Melco and HardRock will have the first say in the company Integrated Casino Resorts Cyprus Limited, which is expected to be responsible for the creation and operation of the casino-resort, while The Cyprus Phassouri (Zakaki) Limited will have a lesser share.
Based on resources from InBusinessNews, recently 10,000 shares of the Integrated Casino were allocated. 3,537 shares were given to the Melco International Development Limited and HR Cyprus Investor LLC (affiliated with the HardRock), while the The Cyprus Phassouri (Zakaki) Limited has under its control 2,926 shares. Therefore, Melco and HR Cyprus will control by 35.37%, and Cyprus Phassouri will control 29.26%.
Moreover, according to the articles of association of the Integrated Casino Resorts Cyprus Limited, the Company aims at the conduct of the business, operation, management and supervision of the casino - resort in the Republic.
