The consortium licensed to operate a casino resort in Cyprus has announced that the Cyprus National Gaming and Casino Supervision Commission has approved the acquiring by Melco International of 70.74% of the shares in the consortium.

“Integrated Casino Resorts Cyprus Limited, comprising Melco International Development Limited and The Cyprus Phassouri (Zakaki) Limited, a member of CNS Group, received confirmation from the Cyprus National Gaming and Casino Supervision Commission on the approval of the change in composition of the Consortium, giving Melco International Development the green light to assume a 70.74% majority” in the consortium, a press release issued here today says.

“With this development the licensing procedure for the first integrated casino-resort in Cyprus is now complete,” the press release adds.

“We look forward to working with the Cypriot government, Gaming Commission, Steering Committee and local authorities in creating a unique and world-class casino resort that will boost tourism and employment across Cyprus, said Andy Choy, Director of Integrated Casino Resorts Cyprus Limited.

“The assumption of the majority stake of a 70.74% shareholding by Melco International in the Cyprus casino-resort project was a positive development,” he noted, adding that “it will streamline processes and allow more flexibility, all without impacting the overall scope and scale of the project, including expected employment and investment levels.”

“Having been granted the licence, the Consortium is now focused on completing the remaining procedures required to begin construction in order to open the temporary casino in Limassol and satellite casinos in Nicosia, Ayia Napa, Larnaca and Paphos as soon as possible, while simultaneously working to deliver the integrated casino-resort,” the press release continues.