"With today’s decision, the council of ministers has completed an ambitious endeavor that started about three years ago,” Commerce and Energy Minister Yiorgos Lakkotrypis said. "This is a great project, which will enrich our tourist product and create new jobs.”
The casino license allows for the operation of an integrated casino resort in Cyprus for 30 years, as a monopoly for the first 15, and for a satellite casino in Nicosia, as well as three slot-machine parlors, one each in the districts of Larnaca,
The entire investment is estimated at some €500 million. According to the government, the casinos will attract an additional 300,000 tourists a year. Some 4,000 people would be employed during the construction phase, and a similar number once all the casinos are operational, Lakkotrypis said.
The satellite casino in Nicosia is estimated to be up and running by mid-2017, and a temporary casino in Limassol, until the full casino
Construction on the resort, which will include a luxury hotel and theme parks, is expected to be completed by late 2019 or early 2020.
Source: GMB / Cyprus-mail.com
