The tourism landscape of Cyprus is likely to look much different in the upcoming years. A recent fast-tracked law would allow for casinos to be built in Greek segment of the island, in the most recent attempt at combating the economic crisis plaguing Cyprus. While the Turkish northern end of the island has seen its fair share of casinos, the influential Greek Orthodox Church has demonstrated strong opposition to them in the south. However, a change of leadership last year took a much different look at the economy, and decided building casinos could be a much need boost to tourism and jobs, in addition to the economy.
In an effort to squash criminal activity linked to gambling, especially money laundering, a stipulation in the bill forces the operator to create a control environment, in an effort to limit and regulate casino gaming. Furthermore, the casinos would adhere to controlled international standards, and follow state control, which dictates the types of casino games, bet amounts, and machines allowed.
Each operator would be allowed one resort, in addition to four smaller venues. Each resort must maintain a minimum of 500 hotel rooms, 100 gaming tables, and 1,000 slot machines, while the smaller venues would be limited to 50 slot machines apiece. Responsibility for regulation, implementation of the law and income collection will fall on A National Gaming and Casino Regulatory Authority. The state will collect a 2.5 million Euro annual fee, which will increase to 5 million Euros between years four and eight. A casino tax consisting of 15 percent of all gaming revenue will also be implemented.
