- Casino resort complex, which is set to be the country’s first, will boast a VIP lounge called ‘Casino in the Sky’
- 70,000 square foot state-of-the-art casino will include 1,200 slot machines and 130 table games too
Last month, it was suggested that July would see the opening of the doors of Cyprus’ brand new satellite casino, with reports following that the country’s first ever integrated casino resort complex was estimated to bring in a staggering $900 million in its first two years.
Now, new details about the casino – which is to open in 2020 – are beginning to emerge from New York-based Spectrum Gaming Capital, the financial advisory company that helped the preferred developer to negotiate the bidding stages.
What is on offer?
The firm has said that the multi-million-dollar casino complex in the heart of Limassol would include a 70,000-square-floor casino with 1,200 slot machines and 130 table games. It has also been reported that the complex will feature a 6,000-square-foot ‘Casino in the Sky,’ which is aimed firmly at bringing in global VIP players.
The casino resort’s hotel will boast 500 rooms, and the complex will also feature meeting rooms and space for conferences and other such engagements. This section of the resort will take up around 42,000 square feet, says Spectrum Gaming Capital. The integrated resort will also boast a swimming pool, a larger water park, a spa, restaurants, and a beach club.
The finer details
Last fall, the bid for the construction of the casino complex was won by Hard Rock International and Melco International Development, as well as Cyprus-based CNS Group, in partnership.
Just hours after the license for construction was awarded, however, Hard Rock International announced its decision to pull out of their attempts to find other development opportunities across multiple jurisdictions.
Spectrum Gaming Capital has therefore been advising CNS Group since before the bidding began. In that time, the firms have worked together to help prepare funding strategies and produce a study of the casino industry’s current status.
The casino license also set out that a new satellite casino in Nicosia, the Cypriot capital, may be built. This establishment, mentioned earlier in the article, is set to open this month. Further to this, ‘slots-only’ casinos in Ayia Napa, Larnaca, and Paphos are also due for development, according to the terms of the license.
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