Casino in Cyprus: myth or reality

At the end of July 2015, the Parliament of Cyprus has adopted the law about legalization of casinos. The tender started on 18 September and will last until 18 December 2015.

Six famous organisations are listed as candidates, including Genting, Sun International, Hard Rock, NagaCorp and Bouygues. The winner will be announced only in 2016 and will be granted the casino licence respectively.

It will be given around 2 years to build the large casino in any location. The licence will be issued for 30 years; meanwhile the government will levy a 15% income tax.

Also, the lucky owner will have the opportunity to build additional 4 halls, 3 of which will be designed for slot machines and one will be used for gaming table. Government has approved the temporary job of gaming tables prior the opening of the main project.

Casino’s construction project will contain restaurants, bars, conference rooms and other recreational zones. It will operate around a clock and persons under 21 will be prohibited to enter.

According to the calculations of Cyprus Tourism Organisation, the casino may attract another 0.5 million tourists per year; that will have a good impact on Cyprus economy.