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MUCH ANTICIPATED CASINO LICENSES WILL BE READY BY SPRING 2015

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23-05-2014

MUCH ANTICIPATED CASINO LICENSES WILL BE READY BY SPRING 2015

The long-anticipated casino licences should be ready by spring 2015, the Government recently announced. “We have completed the policy document, and legislation is being prepared at this moment to be submitted to parliament by the end of May,” Minister of Energy, Commerce, Industry and Tourism, Yiiorgos Lakkotrypis confirmed. He added that the Government expect to issue the licences eight months after the law was passed, through an open tender procedures.

Many believe that this development will boost the economy, primarily through attracting a greater number of tourists. The decision to allow a casino in Cyprus was taken in October 2013, when President Nicos Anastasiades, following considerable research, announced that a single casino licence will be provided for an integrated resort in one district, plus two more branches, or satellite casinos, in two other districts. The original CTO study into developing casinos predicted annual revenues for the state of between €35 and €50 million, as well as a significant boost in employment opportunities.
 

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