Local news outlet Phileleftheros reported that cabinet-level ministers from Commerce, Finance, Interior and Justice discussed a Cyprus casino last week, which would be put out for bid with a guaranteed monopoly for the first 15 years. One of the prominent names mentioned was Caesars Entertainment. Phileleftheros’ sources said Asian interest had come primarily from Singapore, where Genting and Las Vegas Sands are the only two operators currently licensed. The sources said Caesars has also expressed interest, and had already dispatched representatives to the island to state their case in person.
The bill calls for 100 gaming tables and at least 1,000 slot machines. Taxes will be 15 percent of GGR, with an annual license fee of $2.5 million for the first four years, rising to $5 million in years four to eight. After that, the rate will be determined. The government hopes to weigh proposals and issue a license by August of next year.
The winning bidder will be free to choose the casino site, despite the initial suggestion that the casino be situated on government owned land. The winning bidder will be permitted to open a temporary casino until the permanent building is completed.
