Interest in Southern Cyprus’ first casino-resort has been immense according to local news reports that have linked Caesars Entertainment, Genting and Las Vegas Sands to the process.
Caesars has already sent representatives to Cyprus to present their case to financial ministers.
The plan is to offer the winning operator a 30-year license, with a guaranteed monopoly for the first 15, in exchange for 15 per cent of the establishment’s annual gross revenues. The annual gaming license will cost €2.5m for the first four years of operating, then €5m for the next four.
The bill paving the way to the licence, which will also be allowed two satellite casinos alongside the larger resort style licence, is expected to be submitted to the house soon.
A ministerial committee meeting between the Finance, Commerce, Interior, and Justice Ministers were told that Legal Services had now completed the review of the relevant bill.
The resort casino must have at least 1,000 slots and 100 tables alongside 500 hotel rooms.
The winning bid is expected to be announced by August 2015.