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Cyprus – US Realty Group puts land on the market for Cyprus casino project

Realty Group International (RGI), a US realty company based in Beverly Hills, has put together a casino proposal package for the first resort style casino to be located in the Republic of Cyprus.

Rather than bid for the licence itself, it is offering land for sale, ideal for the proposed casino development.

The consortium consists of prominent institutions and key people already in place for any interested party to easily proceed into the bidding process which will conclude by May 2015. With several large plots of land and over 1m sq ft on their books available for purchase for such a project; RGI is profiling their largest beachfront parcel that is eligible for the casino development.

Located across a prime coastal area of Larnaka, and boasting over 3.5m sq feet of land, this property includes over 1,200,000 sq ft of buildable plots and over 1,000,000 sq feet of tourist zone areas that can be utilised for a golf course, gardens, water attractions, horseback riding, canals and more. Approximately 150 meters from the sea and 4km from the airport, this is potentially the largest piece of land with road access that features the natural Salt Lake famous for the Flamingo migration each year. Some estimates, per an appraisal, are accommodations for a 900 room 5-star hotel, conference centers and large tourist attraction areas. This location, in addition, is open for discussions regarding partnerships or joint venture agreements. As the first and only American real estate company working in Cyprus, RGI has teamed up with key alliances on the island to ensure their clients the ability to provide the support needed for a project of this magnitude.

This Super Casino is projected to include malls, restaurants, shopping and entertainment venues unlike any other in the EU or the Middle East and will rival some of the casinos currently seen in Las Vegas and is expected to attract an additional half to one million tourists a year.

Appointed by the Government of the Republic of Cyprus, the Ministry of Energy, Commerce, Industry and Tourism, has been tasked to advance the process of licensing a single integrated casino resort that will be the leading resort destination in Europe and amongst the best casinos in the world.

Together with an economic restructuring in 2013, the privatization of major ports and marinas and an election to a western style leading government, Cyprus is a much more appealing place to invest and an ideal travel destination.

Η ευκαιρία λειτουργίας του πρώτου καζίνο resort στη Νότια Κύπρο έχει προσελκύσει το ενδιαφέρον 13 χειριστών.

Ο επιλεγμένος φορέας εκμετάλλευσης θα έχει τη δυνατότητα να επιλέξει σε ποια περιοχή θα βρίσκεται το θέρετρο, καθώς και σε δύο δορυφορικά θέρετρα, και θα λάβει άδεια 30 ετών, με εγγυημένο μονοπώλιο για τα πρώτα 15, σε αντάλλαγμα για το 15 τοις εκατό του τα ετήσια ακαθάριστα έσοδα του καζίνο. Η ετήσια άδεια τυχερών παιχνιδιών θα κοστίζει 2.5 εκατ. ευρώ για τα πρώτα τέσσερα χρόνια λειτουργίας και στη συνέχεια 5 εκατ. ευρώ για τα επόμενα τέσσερα. Η μεγαλύτερη άδεια σε στυλ resort θα έχει 1,000 θέσεις και 100 τραπέζια μαζί με 500 δωμάτια ξενοδοχείου. Δημοσιεύματα ΜΜΕ εκτός Κύπρου έχουν συνδέσει ονόματα όπως οι Caesars Entertainment, Genting και Las Vegas Sands με τη διαδικασία.