Details of Cyprus’ new casino law have been announced by the government and requirements include a hotel meeting the “international standard” for five stars and containing at least 500 rooms.
The casino portion will be allowed at least 100 table games and 1,000 slot machines.
The operator will get to choose where to locate the resort and will be exempt from local planning laws. Additionally, the operator can create four satellite machine gaming venues capped at 50 devices each.
The license will run for 30 years and will be exclusive for the first 15. An initial fee will be assessed, but the amount hasn’t been determined yet. There will also be an annual fee each year for the first four years of €2.5 million, rising to €5 million for years four to eight, and could go higher after that. A 15 percent tax on gaming revenue is also expected.
