NEW YORK, July 13, 2017 (GLOBE NEWSWIRE) -- Spectrum Gaming Capital served as the financial advisor to CNS Group of Cyprus in its successful pursuit, with Hong Kong based Melco International, of the exclusive license to develop an integrated casino resort in Cyprus. The €500M+ resort will be developed in Limassol, the second largest city and main tourist destination in Cyprus, on property contributed to the joint venture by CNS Group. CNS is a prominent diversified Cyprus-based company with interests that include media, agriculture, hospitality and exports. The Resort will be operated by Melco International.
Phase I of the resort is expected to be completed in 2020 and is presently planned to include:
- 500 hotel rooms
- 70,000 square feet of gaming space plus a 6,000 SF VIP “Casino in the Sky”
- 1,200 slots and 130 gaming tables
- 42,000 square feet of meeting space
- 15 food and beverage venues
- A water park, pool, spa and beach club
A temporary casino in Limassol and four satellite gaming locations in Nicosia, Larnaca, Paphos and Ayia Napa are expected to be operational in 2018.
Spectrum Gaming Capital (“SGC”) became engaged in the Cyprus casino project at the onset of the government process to attract an Integrated Resort development. Over more than three years, SGC’s advisory work on behalf of CNS included assisting in establishing a development and financing strategy, overseeing a market study prepared by Spectrum Gaming Group, undertaking an international search for a casino operating partner, supporting negotiations with the government and a bank consortium, and attracting global investment banks to participate in the bid on behalf of the Consortium.
About Spectrum Gaming Capital
Spectrum Gaming Capital is a boutique financial advisory firm focused on the global gaming and resort industries. We specialize in advising developers of casino resorts by arranging strategic partnerships, advising on financing strategy and raising early stage capital. We also provide mid-market investment banking services and perform complex valuation work and litigation support for governments, investors and courts. To learn more please visit www.spectrumgamingcapital.com or to contact us please e-mail info@spectrumgamingcapital.com
