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Plans for a casino in Cyprus

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02-08-2013

Plans for a casino in Cyprus

The government unveiled plans recently to grant one licence for an integrated casino resort on the island.

Speaking to reporters after the Cabinet meeting, government spokesman Christos Stylianides said the entire process – from the call for interest, the bids, right up to the issuing of a casino licence would be fast-tracked so as to be completed within 12 months. A single licence would be granted for a resort casino with specifications of the same standards as those of the big casinos around the world, he added. The aim of the government is to have a credible international bids procedure that will attract international investment interest.”

Parliament is currently in recess, but when MPs return in September they will be asked to approve legislation to end the ban on casinos. Beyond creating jobs in construction and then in catering and other services, the project would generate revenue from the gambling tax imposed on the licensee. The Cabinet based its decision on the findings of a study carried out by private-sector consultants and commissioned by the Cyprus Tourism Organisation. Boasting a huge bed capacity, an integrated casino resort would offer a number of auxiliary services, including theme parks, restaurants, shops, and malls. The same sources revealed that the consultants’ study anticipated a massive impact on tourism and a huge increase in arrivals. The project itself is expected to bring in an investment of between €600-800 million.
 

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