Eight international casino operators have formally expressed interest in acquiring the exclusive casino licence in Cyprus after a three-month window ended last month.
Under Secretary to the President, Constantinos Petrides, confirmed the bidders, three of which will be shortlisted with the winner selected this year. Each of the companies submitted US$11,250 to express interest for the concession and the option to bid on the lucrative licence.
While the Ministry said the names of the prospective bidders would remain confidential, Pedrides told local television that the government would confirm the shortlisted companies “by the beginning of February.”
When the invitation to submit interest was issued on September 18, local media speculated international giants Las Vegas Sands, MGM and Caesars Entertainment, would bid for the licence. Bloomberry Resorts confirmed its expression of interest, but local media indicated that previous potential suitors Genting Malaysia and Sun International had pulled out.
Bidders will now be called on to submit a detailed proposal of their respective projects. Petrides added the criteria to select the contestants will be quality, including experience and current activities, which will weigh 40 per cent on the final decision. The other 60 per cent will be based on the vision and planning of the project, which must consider the character of Cyprus.
The winning bidder will receive a licence for 30 years with 15 years’ exclusivity to operate a casino in the Greek-controlled south of Cyprus. Once selected, it will work on an integrated resort that should be open within two years and is required to be of a five-star standard and feature at least 500 hotel rooms, a minimum of 100 gaming tables and 1,000 slot machines.
