Statements by
the Government Spokesman
on the
Integrated Resort Casino
The Government
is working to promote the necessary procedures for the licensing and
operation of an integrated resort casino in Cyprus which will meet
international standards, the Government Spokesman Mr Nikos
Christodoulides said today.
In
his statements to the Press,
at the Presidential Palace, the Government Spokesman said that “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.”
He pointed out
that among the provisions included in the relevant Bill which the
government is preparing, are the following:
- The granting of a license for a period of 30 years
- The operator will have an exclusive operation right for 15 years
- The interested investors will decide on the location where the project will be constructed
- There will be a casino tax of 15% on the gross income of the games
- The casino will be operational 24 hours a day, seven days a week
- The proposed legislation and regulations provide for the implementation of all the EU directives on combating money laundering.
A National
Gaming and Casino Regulatory Authority will be set up that will be
responsible for the supervision, monitoring, the implementation of
the relevant legislation and the income collection.
Mr
Christodoulides
added that right after the approval of the Bill by the House of
Representatives the process for granting the license will begin.
_______________
