Cambodian casino operator NagaCorp Ltd. is still in the running to become the next Cyprus casino operator, according to industry sources privy on the matter.

With Bloomberry Resorts Corp. formally dropping out of the contest on Tuesday, the race to snag the lone Cyprus casino license comes down between NagaCorp and the tandem of the US-based Hard Rock International and Lawrence Ho’s Melco International Development.

It was earlier thought NagaCorp has raised the white flag after Cyprus media reported that its bid had so far failed to secure land deals. But two industry insiders who spoke to GGRAsia said NagaCorp. will continue on with the final bid stage of the touted Cyprus casino.

The HongKong-listed casino operator reportedly will submit its final bid by October 5 – the deadline for final submissions that Cyprus government has set. The gambling news website sought the comment of NagaCorp chairman Tim McNally for confirmation but he neither confirmed nor denied the statement of the news sources.