Casino bill legislation was approved by Cyprus Parliament.
The majority of Cyprus Parliament has approved a law regulating the establishment, operation, supervision and control of a casino resort in Cyprus .
The law provides for the establishment of:
- one casino resort and the minimum requirement for the casino is 100 gaming tables and 1,000 machines
- four smaller satellite casinos, three of which will be limited to gambling machines.
However, the original proposed bill was changed, the following amendments were done:
- a credit ban on players
- casino will not be built on government-owned land
- Cypriots wishing to gamble will have to apply for special licence to play.
The expression of interest will be published next month and the winning bidder will attain a 30-year license and have to choose where to build the casino.
The casino resort is forecasted to be open by 2018.
Source: Cyprus Property News
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