Cyprus to build Single Integrated Casino

posted in news

In light of their need for money, the Cyprus government lifted a ban on casinos earlier this year. The goal is to raise around €50 million in annual gaming revenue and help the Mediterranean island’s struggling economy.

In order to accomplish this goal as effectively as possible, the cabinet decided to build one integrated casino. Initially, many people expected Cyprus to feature multiple casinos across the country. However, Tourism Minister George Lakkotrypis explained that the cabinet’s position is to enhance tourism.

“If we all agree that the primary goal of establishing a casino here is to enhance the quality of tourist services and attract an incremental number of tourists.” He added, “The only option was an integrated resort.”

Now that a clear path has been established for the integrated casino, Cyprus plans to move forward by issuing a license within the next year. Government officials envision a huge casino resort complete with a hotel, theme parks, restaurants, nightclubs and shopping. Once finished, Cyprus’ casino could entice visitors from the Middle East, Russia and southern Europe.

Of course, there’s still a lot of work to be done before the casino is finished. Government spokesman Christos Stylianides explained this when he said, “The aim of the government is to have a credible international bids procedure that will attract international investment interest.”

He continued by saying, “(It’s) Absolutely necessary to retain the services of external advisers with specialized knowledge and experience at all stages of the process, including the final stage of the signing of the casino development license with the successful applicant.”

Besides everything that Stylianides discussed, one more big step to completing the casino involves deciding where it’ll be built. Currently, there’s no word on if there is a front-runner, although the centralized regions of Famagusta and Nicosia are making a strong case.

Comments are closed.