Southern Cyprus – Cyprus confident licence will be granted within a yearBy Phil - 4 August 2014
Cyprus is still a year away from granting its first casino licence although the government is confident everything will be delivered within this trameframe.
The licence will run for 30 years with an exclusivity agreement put in place for 15 years. Tax will be set at 15 per cent of Gross Gambling Revenue.
Cypriot government spokesman Nicos Christodoulides said: “This will be one of the most important infrastructure projects in Cyprus in coming years.”
One operator will receive licences for an integrated resort in one locality plus a further two satellite casinos in two other districts.
The initial amount for participation in the tender competition for the casino licence will be more than €50m.
The government estimates that the cost of building the casino is €0.5bn. The casino resort will include a five star hotel, conference centre and golf course. It is estimated that 50 per cent of the casino’s revenue will come from other services offered at the casino and the other 50 per cent from gambling.