Following the lifting of a casino ban in Cyprus, the government has agreed that the way forward is to build just one integrated casino resort rather than multiple casinos across the island.
Tourism Minister George Lakkotrypis said: “If we all agree that the primary goal of establishing a casino here is to enhance the quality of tourist services and attract an incremental number of tourists, the only option was an integrated resort.”
The Cyprus authorities say they now intend to issue a licence within the next 12 months, eventually leading to the creation of a global casino resort complete with hotels, restaurants, theme parks, shops and malls.
As well as bringing in much needed revenue from granting the licence and the gambling taxes imposed, the resort is also expected to give a massive boost to Cyprus’ important tourism industry. It has been estimated that once up and running the project could be worth between 600 and 800 million euros for the country’s economy.
Government spokesman Christos Stylianides said: “The aim of the government is to have a credible international bids procedure that will attract international investment interest. It is absolutely necessary to retain the services of external advisers with specialised knowledge and experience at all stages of the process, including the final stage of the signing of the casino development licence with the successful applicant.”
It has not yet been decided where the casino resort will be located, but in the meantime local authorities have been eager to promote their own regions as potential locations, including Famagusta and Nicosia.
