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South Cyprus passes casino law

The bill on the operation of casinos was finally passed by the House of Representatives today.

The legislation regulates the establishment, operation, activities, supervision and control of the first-ever casino in south Cyprus.

The minimum requirement for the casino resort is 100 gaming tables and 1,000 machines.

Under the government’s policy outline, the successful bidder could start operating a casino immediately for a period of 30 years.

The opposition Democratic Party (DIKO) added a last minute amendment, allowing an option to the investor to have another three satellite casinos without gaming tables.

The government’s plan is that the legislation would be ready so that investors could be ready to submit their expressions of interest by August.

Thirteen potential investors have shown interest according to sources familiar with the project, including Las Vegas heavyweight Kerznar and Genting group CEO Tan Sri Lim Kok Thay.

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About Sophia Söderholm 2780 Articles
At the age of ten Sophia moved from Sweden in 1998 and has since lived in several locations around the world including Spain, and has been residing in North Cyprus for four years now. Her educational background is in marketing, hotel management and real estate, and she now works as a real estate agent and is editor in chief for New Cyprus Magazine. If you any questions for Sophia, please write to: sophia@newcyprusmagazine.com.