On the 9th of July the House of Representatives in Cyprus has approved the bill which provides for the development, operation and supervision of the Casino Resort.
The law provides for the development of one (1) central Casino Resort and another four (4) branches of the same Corporation.
Particularly, the winning bidder will be allowed to develop 1 casino resort, 1 smaller casino which will include 5 casino tables and 50 slot machines and another 3 small casino which will include slot machines only.
The license is expected to be granted within 8 months’ time, and will be valid for 30 years. The winning bidder will be allowed to choose the venues of all five (5) casinos and the government will not be allowed to have any stake on the land that will be used.
Another important measure that has been voted is the restriction in the access by Cypriot players, subject to conditions. The procedure for issue of a special license to Cypriot players to enter the Casino will involve full submission of their tax files to the government to ensure that they are adequately solvent.
The new Cyprus casino is expected to enrich the tourist product of Cyprus and upgrades our country in the tourist map, as well as it will form the conditions for creating new jobs.
Published on Tuesday 21st July 2015