Thirteen casino operators have already expressed their interest to participate in the establishment of a casino – resort in Cyprus, government officials told MPs on Tuesday.
The Parliamentary Committees on Financial and Budgetary Affairs and Trade and Industry were discussing a bill regulating the establishment of a casino in Cyprus and of a National Gaming and Casino Authority.
Presenting the bill and ongoing efforts by the government in that respect, officers of the coordinating team for the matter said the casino – resort is expected to cost approximately half a billion euro, stressing however that the project will also need to attract an additional half to one million tourist arrivals.
Authorities hope the bill will be adopted by the plenary by the end of January. Three weeks after the legislation is passed, a competition process will begin to select an investor. The process is expected to last eight weeks.
Addressing MPs as a member of the coordinating team, Treasury officer Philippos Katranis stressed that significant amendments to the bill would mean an additional three month period in order for the government to hold consultations with the European Commission.
Minister of Commerce Yiorgos Lakkotrypis said that talks have been underway with interested parties and stressed that adopting the bill and therefore establishing a legal basis for the operation of a casino in Cyprus will lead to a sharp rise of interest.
Undersecretary to the President Constantinos Petrides also warned against significant amendments to the bill.
“If certain provisions which were drafted painstakingly and based on expertise are amended to a great extent, it is likely that the project will not be able to be realised”, he said.
Our goal is not to legalise gambling but rather to greatly diversify our tourist product, Petrides pointed out.
