C2 Paphos opens in Cyprus

Cyprus Casinos (C2) has opened the fourth and last of its satellite casinos in the island country after Cyprus Casinos Paphos (“C2 Paphos”) welcomed guests for the first time on Monday.

A joint venture by gaming magnate Lawrence Ho Yau Lung’s Hong Kong-listed Melco International Development Ltd and a Cypriot consortium, ICR Cyprus Holdings Ltd, the business has a 30-year casino gaming license to operate casinos in the country that is the third-largest island in the Mediterranean.

The gaming license commenced from June 2017, with the first 15 years being exclusive.

Casino amenities:

According to a recent in-cyprus.com news release, the 550m² (5,920 sq ft) specially-designed building sits on a 2,600m² (27,986 sq ft) plot of land and includes 50 “state-of-the-art” gaming machines. On-site food and drinks are available at the popular Columbia Bistro and there is a dedicated parking lot for customers.

Commenting on the launch, Craig Ballantyne, president of C2 Casinos said…

“We are delighted to be launching our fourth and last satellite casino, after the opening of C2 Limassol, the first licensed casino on the island. We strongly believe that C2 Paphos will further enhance the local touristic experience and attract more visitors to the district not only from Cyprus but also from abroad.”

Existing satellite casinos:

In addition to its satellite casinos in Nicosia and Larnaka, which both opened in December 2018; along with Ayia Napa, which opened to the public in July 2019;  and now Paphos, ICR Cyprus Holdings also has a temporary casino in Limassol. The latter was established to help generate locale gambling interest while the permanent casino, City of Dreams Mediterranean (CODM), is being built.

Coming Cyprus IR:

Cyprus’ first integrated casino resort, the $548 million facility is located in the Cypriot city of Limassol and is expected to be finished in 2021 after having its previous 2020 launch date pushed back. Upon opening, operations of the temporary C2 Limassol will cease.

Expected to attract an additional 300,000 tourists annually, CODM will reportedly comprise a 16-story, 500 room and suite, five-star hotel with multiple dining options, a retail area, wellness and sports centers and facilities for meetings and exhibitions. The approximately 80,729 sq ft gaming area will include 140 gaming tables and 1,200 slot machines.

Shares sale:

In June 2019, Melco International Development signed an agreement with its parent company, Melco Resorts & Entertainment, to sell its entire lot of ordinary shares in CODM. The $375 million deal, which gives the latter a 75 percent stake in ICR Cyprus Holdings, sees it acquire the equity shares in exchange for 55.5 million ordinary shares that are the equivalent of approximately 18.5 million US depositary shares.

The transaction requires Cyprus regulator approval and must satisfy standard closing conditions.