It was announced that in September, Cyprus authorities will start to implement a competitive yet fair and transparent two-stage process to select the single licensee for a Cyprus based Integrated Casino Resort.
The Operations and Casino Control Legislation of 2015 was brought into law when it was publicised in the Cyprus Official Gazette last week, an announcement said.
The “Cyprus Casino Licensing Update” document, outlines a summary of the upcoming venture its objectives with an outline of the planned licensing procedure, is published on the ministry’s website.
Earlier this month Parliament approved the creation of a casino resort in Cyprus in a move the government hopes would attract more tourism for the Greek side of the island. The bill was passed with the votes of 29 Members of Parliament. This ruling was voted against by 22 others, so voting was close.
The law provides for five casino resorts in total holding various activities.Amendments by parties are a ban on granting player credit, and that the construction of the casinos will not be built on state land. Entry requirements have also been introduced for players who will have to apply for a permit after a background check has been completed and their tax file is checked. It’s understood that a person would need to obtain a certification from Inland Revenue so as to be eligible to apply for a membership card.
The precise details on the criteria required for obtaining a permit, as well as where and how the cards are to be issued, will be covered by regulations which will be brought before parliament once it reopens after the summer break.