Casinos in Cyprus as a way out from the crisis?

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Roulette wheelGovernment spokesman Mr Nicos Christodoulides said that the government aimed to select and license a casino operator in less than a year from today. He added that the necessary legislation, currently being reviewed by the legal service, took into consideration studies and international practices, and it included provisions that ensured implementation of a secure, controlled, and strictly regulated gaming framework, way from any elements of criminal activity. The duration of the licence will be 30 years. The operator will be afforded a period of 15 years during which no other casino licence will be issued. The casinos will be open 24 hours a day, seven days a week and only persons of the age 21 and above will be allowed to gamble. The operation will be regulated by a national gaming authority. The CTO study into developing casinos predicted annual revenues for the state of between €35m and €50m, as well as a significant boost in employment opportunities.