The Parliament approved on Thursday 9th of July 2015 the bill which provides for the creation, operation and supervision of a casino resort.
This law allows for the creation of 1 casino resort and 4 smaller satellite casinos. Three of the smaller casinos will only offer gambling machines but the fourth one will also include table games.
The casino will not be built on government land and players will be subject to a credit ban. Cypriot players will require a license in order to be able to play. The procedure to obtain this license would involve submitting tax files to the government to ensure the players are adequately solvent.
President Nikos Anastasiades said in a written statement that the Parliament’s approval was “another step in the government’s big effort to turn our country into an investment centre”. Further, he said,“The casinos will enrich our tourism product, upgrade its standing on the tourist map and create the conditions for new jobs.”
The winning bidder will secure a license valid for 30 years and will be able to choose the locations for the main casino and the 4 smaller ones. It is expected that the casino resort will be ready around 2018.
The creation of the casinos is expected to increase the number of tourists visiting Cyprus, create new jobs and give the economy a significant boost.