Cyprus approves casino legislation
Legislators in the Greek part of Cyprus have approved a bill which will allow the construction of the first casino. The casino legislation was voted on this Thursday and passed with 29 to 22 votes. Most of the “no” votes came from the Akel party. They are a Communist group backed by the Greek Orthodox Group and their problem with this legislation are the alleged social dangers of casino gambling.
The bill did go through a couple of amendments before passing, including the casino’s ability to offer players credit to play. Locals will also have to submit tax files before they can play to determine that they have enough money to gamble.
The lucky person who will get the casino license can build four smaller gambling halls besides the main casino. Three of them will be limited to electronic gaming machines only while the fourth will have a finite number of gaming tables. The license will be valid for a 30-year period, with 15 years of exclusivity.
Commerce and Energy Minister Yiorgos Lakkotrypis said that casino companies will have one month to read the bill’s text after which they would begin accepting offers. He said that reviewing the received bids will take up to eight months. The top three bidders will then be invited to further discuss their bids before a final decision is made.