Operations of casinos in Cyprus

Operation of casinos in Cyprus will be put to the vote end of June and investors would be invited to express interest by August.

The bill was modified and the changes that have been made to the bill are as follows:

• Government allows 5% of the casino development to lie on state land;
• The bill regulates the technical specifications of the slot machines;
• The machine suppliers shall be approved by the gaming commission;
• The exclusivity period for the successful bidder in case of delays beyond 90 days in securing the relevant permits is extended;
• Investors can develop a main casino resort, and in addition to that a regional establishment with up to five table games and 50 slot machines.
• The terms of the agreement could change in the event of reunification so that the development remains viable.

The investors will be given a month to get acquainted with the law, after which the commerce ministry will issue an invitation for expressions of interest in August. The assessment will narrow down all of the applications to three, and from these the best offer will be selected. The commerce ministry is going to issue a casino licence by the end of 2015 or beginning of the next year.

Source: Cyprus Mail

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