Shacolas: “Distribution” of profits a lure for casino
7/7/2010 9:02
Shacolas Group offers millions of euros, thousands job posts and a distribution of profits with the Larnaca and Aradippou City Councils and the trade unions of Cyprus Airways and Eurocypria in order to convince the government to allocate a license to Hermes Airports for the construction of a casino next to the new Larnaca Airport. Certain documents have revealed the Group’s ambitious plans for further developments at the airport and its arguments in order to attract the President’s attention.
It is worth noting that the Cyprus Law forbids the opening of a casino and the President is against any amendment for social reasons.
It’s been a year now that Hermes Airports Chairman, Nicos Shacolas tries to convince the President, giving special emphasis to the benefits that will emerge for Larnaca, the economy and the state coffers.
The casino will be part of the extension of the new Larnaca Airport, which will be undertaken by LALS Airport Landside Development. The extension includes the construction of a hotel (Airport Hotel) and other leisure centres.
The total investment is estimated at €200 million and will create 2 thousand permanent job posts. Works will last two years.
The main requirement that will guarantee the success of the project is the opening of a casino. “It is very important to emphasize that the viability of a hotel only is doubtful. The Airport Hotel unit without a casino will not be profitable”, the documents obtained by StockWatch stressed.
Shacolas Group supports that if the airport extension includes a casino, “there will be additional benefits of millions of euros every year and the revenues of all other activities such as hotels, the shopping mall and the airport itself will increase too”.
“Apart from the revenues that the government will enjoy from the casino, the Larnaca and Aradippou city councils, the hotels, the trade unions of Cyprus Airways and Eurocypria and other foundations will be able to participate”.
As for the President’ social concerns, Mr. Shacolas said in the official document that in this place, the state will be able to impose restrictions more easily”.
It is worth noting that the Cyprus Law forbids the opening of a casino and the President is against any amendment for social reasons.
It’s been a year now that Hermes Airports Chairman, Nicos Shacolas tries to convince the President, giving special emphasis to the benefits that will emerge for Larnaca, the economy and the state coffers.
The casino will be part of the extension of the new Larnaca Airport, which will be undertaken by LALS Airport Landside Development. The extension includes the construction of a hotel (Airport Hotel) and other leisure centres.
The total investment is estimated at €200 million and will create 2 thousand permanent job posts. Works will last two years.
The main requirement that will guarantee the success of the project is the opening of a casino. “It is very important to emphasize that the viability of a hotel only is doubtful. The Airport Hotel unit without a casino will not be profitable”, the documents obtained by StockWatch stressed.
Shacolas Group supports that if the airport extension includes a casino, “there will be additional benefits of millions of euros every year and the revenues of all other activities such as hotels, the shopping mall and the airport itself will increase too”.
“Apart from the revenues that the government will enjoy from the casino, the Larnaca and Aradippou city councils, the hotels, the trade unions of Cyprus Airways and Eurocypria and other foundations will be able to participate”.
As for the President’ social concerns, Mr. Shacolas said in the official document that in this place, the state will be able to impose restrictions more easily”.
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