Cyprus expects approval for first casino resort

Markets Associated Press

A Cypriot government official says he expects the Melco-Hard Rock Resorts Cyprus consortium to be issued a license to build the east Mediterranean island's first integrated casino resort before the end of the year.

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Deputy Minister Constantinos Petrides told The Associated Press on Friday that a final assessment of the consortium's successful bid has to be completed before the license is issued.

The consortium, made up of Melco International Developmment Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group, was selected over two other bidders that were short-listed for the final phase of the tender process.

Petrides said the investment will be a boon for the economy of Cyprus which successfully concluded a three-year, multibillion euro rescue program in March.

Cyprus is enjoying a record year in tourism arrivals.