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Head of Cyprus is confident in the positive impact of casinos on the island's economy

New casino in Cyprus, which will be open to 2021 year, will attract an additional 300 thousand tourists per year and increase the country's gross domestic product by 4%, said Cyprus President Nikos Anastasiadis at the presentation of the resort-casino project.

As the government press and information bureau reported, the presentation was attended by the managers of the Melco group of companies, which participates in the construction of the casino.

Anastasiadis called the megaproject ambitious and impressive.

"The goal of our government was to create an integrated resort type casino that will become the leading in Europe and one of the best in the world," the president said, recalling that the decision to build a casino was taken just three months after the financial crisis of March 2013 in order to obtain An additional source of revenue for the budget.

According to him, the government came to the conclusion that the advantages for the country clearly outweighed any negative consequences. He noted that gambling in the casino will be limited to vulnerable groups of the population, and the minimum age for playing in the casino will be 21 a year.

Anastassiadis said that the casino will promote the development of Cyprus tourism, will enrich the proposed tourist product with additional attractions and activities, offer, in addition to leisure, the holding of conferences, exhibitions and concerts.

"The resort-casino will contribute to solving the seasonal problem of the Cyprus tourism industry, attracting visitors during the year", - he stressed.

The casino will give additional revenues to the budget, support the accompanying branches of the economy, create new jobs and attract foreign investment in Cyprus, Anastasiadis added.

"It is expected that an investment of more than half a billion euros will add 300 thousand new tourists per year and create several thousand new jobs both during construction and during its operation.As a result of the economic impact study, it will have a significant impact on the country's GDP, since the contribution to the economy from the second year of operation is estimated at about 700 million euros or 4% of GDP, "the president said.

"The project envisages the development of four more satellite casinos, besides one unique for Europe, four more satellite casinos, one in each province, in particular in Nicosia, Larnaca, Famagusta and Paphos." In Limassol, the casino will also operate temporarily until the resort is built completed, "- said Anastasiadis.

He explained that the casino satellites will work in the first half of this year.

Cyprus in June last year signed a licensing agreement with a consortium of companies Melco, Hard Rock and the Cyprus CNS Group on the construction of the largest casino in Europe. The consortium of Integrated Casino Resorts Cyprus Limited includes Melco International Development Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group (the Cyprus Phassouri (Zakaki) Limited). The Melco Group, headquartered in Macau, is the largest operator of integrated resort management. Hard Rock is an American gambling company.

It is assumed that this will be the largest casino in Europe - 136 gaming tables and 1,2 thousands of slot machines. A luxurious five-star hotel will be erected on 500 rooms, a hall for conferences, exhibitions and other events with an area of ​​6 thousand square meters, a concert space for 1,5 thousands of places, a world class health center with an area of ​​4 thousand square meters, restaurants and entertainment venues. According to the government, more than 4 thousand jobs will be created during the construction phase and many places when the casino will work.

A source: RIA News

Author: Gennady Melnik

Tags: Cyprus, Casino, Economy, Anastasiadis, Gambling