The Greek-controlled part of the island has had a long-standing ban on gambling. With continuous economic unrest plaguing the country,it becomes a matter of finding an industry that can provide long-term financial gains and create new jobs for its citizens.
The Turkish-controlled north side of Cyprus has several casinos and scores of Greek Cypriots regularly go north to gamble. The ruling conservatives in the south are doing what its communist predecessors have long opposed despite heavy interest from foreign casino operators. The incumbents know that a casino in southern Cyprus addresses many of the region’s important economic needs. The move opens the market up to attract foreign investors willing to spend a lot of money to gain a foothold of the Greek-controlled Cyprian gambling market.
Greek Cypriot government Spokesperson Nicos Christodoulides highlighted some of the pertinent details of the bill the government prepares in a statement. One provision stipulates that whoever wins the 30-year-casino license will have exclusivity rights for 15 years, the authority to decide the location of the casino site in the region and can operate 24 hours a day and seven days a week. In exchange for the license, the operator would be taxed 15 percent of gross income.
Finally, the proposed legislation and regulations provided for the implementation of all EU directives as it pertains to fighting money laundering.
“This will be one of the most important infrastructure projects in Cyprus in coming years,” Christodoulides said.
The proposed casino bill expects to generate opposition from a certain segment of the population, many of whom still believe that any form of gambling is socially and morally undesirable. However, these objections will not prevent the House of Representatives from approving the bill.
It’s been reported that the bill will be fast-tracked by the government with an eye towards passing it into law by April 2015. “These procedures move forward at a fast pace and the aim of the government is to select and grant the license in less than a year,” Christodoulides added.
As soon as the bill is passed, the government will immediately move to set up parameters on a two-stage bidding and selection process.
source : www.calvinayre.com
