Cyprus Mail

Melco to buy out Hard Rock

President of the National Gaming Authority Christos Mavrellis (left) and Andy Choy, chief gaming officer, of the consortium of Melco International Development Ltd after signing the contract on Monday

Melco International Development Ltd, will assume the majority stake of 70.74 per cent shareholding of the integrated casino resort project with the agreement to purchase Hard Rock’s interest in the company.

According to a Melco press release, the company currently holds 35.37 per cent and has entered an agreement to purchase Hard Rock’s interest, completion of which is subject to the approval of the Cyprus government.

The remaining 29.26 per cent belongs to CPZL (the Cyprus Phassouri (Zakaki) Limited).

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