The new law in Cyprus is progressing

We informed you last year that Cyprus could legalise casinos in its territory.
The Progressive Party of Working People AKEL has just called to enter into negotiations in order to develop a regulatory framework for the industry of land-based casinos.
The party has said it would study the text of the current law and recommend proposals.
However, the Cypriot Communist political organization that was in power until 2013 has always refused to consider any proposed legalisation of casinos during their administration.

Minimising the potential negative impacts and maximising the positive aspects

AKEL has always simply refused to discuss the issue of casinos for ideological reasons, without taking into account that Greek Cypriots are spending their money in the North-eastern part that is occupied by Turkey.
But the conservatives that are currently in power have decided to lift the ban on the brick and mortar casinos and will start issuing a gaming license from next year.
The communist party then decided to participate in the rulemaking.
They wish to establish a framework including safeguards that will minimise the potential negative effects of casinos and maximise the positive effects.

Creating jobs and attracting investment

On assuming office, the present government has decided that the legalisation of casinos was a vital need for the entire tourism industry of the financially stricken country.
They want to allow the creation of such gambling establishments mainly to create jobs and to attract investors after the international financial rescue that occurred last year.
Following the recommendations of a study that was conducted by the Cyprus Tourism Organisation, the government decided to authorise the opening of a resort and casino.
The authorities said that the tender will be launched as soon as the House approves the legislation.
A selection process in two stages will be set up to determine the casino operator that is best suited for the license.
The one licence will be valid for 30 years with an exclusive right for 15 years.
A 15% tax on gross revenue income of all gaming activities.
For the Government of Cyprus thinks the resort should offer at least 100 gaming tables and 1,000 slot machines in order to establish itself as a casino hotel of international class.