Our firm advised Cyprus Phassouri (Zakaki) Limited (hereinafter “CPZ”), member of the CNS Group, with respect to Europe’s largest casino resort that will be constructed in Limassol, Cyprus pursuant to a contract entered in June between the National Gaming Authority and Andy Choy, chief gaming officer, of the consortium of Melco International Development Ltd, Seminole HR Holdings LLC (Melco Hard Rock) and CNS Group (Cyprus Phassouri Zakaki Ltd).
 
The casino resort represents one of Cyprus’ biggest projects in recent decades. The investment will exceed the amount of €500 million and it is expected to contribute around 4% per year of GDP to the Cyprus economy.
 
CPZ currently holds a significant stake of 25% in ICR Cyprus Holdings Limited, the project’s holding company, while the remaining 75% is held by Melco International Development Limited. CNS Group is a Cyprus based group of companies with various sectors of activity in Cyprus in real estate, telecommunications, dairy, large scale farming & exports, mining, etc, of which CPZ has also agreed to provide the real estate on which the casino resort will be built.
 
Our firm advised CPZ and provided legal support throughout the transaction. Stelios Triantafyllides assisted with the review of a number of relevant agreements, such as the sale and purchase agreement, the shareholders’ agreement and the subscription agreement. Furthermore, our firm has assisted with the drafting and amendment of the articles of association of the joint venture company (ICR Cyprus Holdings Limited) and the closing documents as well as with all other relevant legal documentation.