News
Limassol Casino to Raise the Bar for Casinos Worldwide
The
Limassol casino intends to raise the bar for casinos worldwide, according to
the Melco-Hard Rock consortium, the winning bidder of the Republic of Cyprus’
first casino resort, in-Cyprus reports.
The aim
is to "establish a new standard for integrated casino resorts not only in
Europe, but worldwideâ€, Melco-Hard Rock consortium was cited as saying by Asian
Gaming Brief (Agb).
"The
project presents the opportunity to introduce the Melco brand to Europe for the
first time, while enhancing Hard Rock’s position as the premier music and
entertainment-based hospitality company,†the Macau-US consortium.
The
consortium was attracted to Limassol because the location offers a stable and
regulated market, together with the chance to capture the growing number of
Asian tourists travelling to Europe on vacation, Agb says.
Nevertheless,
the main target group would be from the region.
"Our
studies and analysis indicate that Cyprus’ location and its proximity to important
markets such as Israel and the Middle East is ideal for the project.â€
Agb
estimates that the integrated casino resort will be going after the mass and
‘premium mass’ (upmarket) players from each target country. This group will
make up the majority of gaming and non-gaming revenues, and will offer
stability and sustainability.
"The
European market will rely more on mass and premium mass players,†Michael Zhu,
VP of operations planning and analysis at The Innovation Group, was cited as
saying.
At the same
time, Harmen Brenninkmeijer, managing partner at Dynamic Partners, argued that
Melco should also be able to draw VIP players to the Cyprus casino.
Agb noted
the Limassol casino is aiming to attract new tourists to the island and combat
seasonality. It makes a reference to the already-thriving gambling industry in
northern Cyprus, where there are around 30 casinos and a growing number of
top-class venues.
"The
resort will bring quality to the island’s casino industry, and the existing
casinos should look to upgrade their products and services to capitalise on the
potential it will bring,†Umit Or, managing director of Kaya Holdings.
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