The Council of Ministers has approved a bill that allows for the establishment and operation of casinos in Cyprus.
The creation of casinos on the island is viewed by the current government as vital to the development of Cyprus’ tourist product, a stark contrast compared to the previous’ government’s refusal to pursue the notion of introducing legal gambling to the Cyprus community.
The prospects of establishing casino operations on the island has attracted much international interest, with prominent firms such as Caesars Entertainment – one of the most famous gaming companies worldwide – recently sending delegates to the island to discuss the investment opportunity with local authorities.
The highly-anticipated bill provides for the establishment of a dedicated authority to regulate and supervise casino resorts and establishments.
The proposed legislation aims ensure that all local casino operations will fall within the firm control of strict international standards.
Moreover, the bill aims to combat criminal activity linked to gambling and money laundering, providing for the protection of under-aged citizens and vulnerable social groups.