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The Cabinet of Ministers of Cyprus approved the construction and operation of the first casino on the island

Yesterday, 18 May, the Cabinet of Ministers of Cyprus approved a licensing agreement for the construction and operation of a resort type casino to the sole tenderer - the consortium Melco Hard Rock.

"Today's decision of the Council of Ministers has completed the implementation of an ambitious idea, work on which began about three years ago," said Minister of Energy, Trade, Industry and Tourism, Yorgos Lakkotripis. "This is a wonderful project that will enrich our tourist product and create new jobs."

Now it remains only to get the approval of the Office of Gambling, after which the coordinating committee will supervise the work. He will monitor the fulfillment of all the conditions and requirements stipulated in the contract.

The license gives the resort-type casino operator the right to work for 30 years, the first 15 years he has the right to monopoly in this area.
The consortium plans to build a casino-resort in Limassol. An additional casino should appear in Nicosia. In Larnaca, Paphos and Famagusta, the halls with slot machines are expected to be opened.

The total investment is estimated at about 500 million euros. According to the government, the casino will additionally attract to the island 300 000 tourists per year. For the construction will be busy about 4000 people. The same number will be employed after the opening of all casinos, assured Lakkotripis.

A source: VC

Tags: Cyprus, Casino, Gambling, Economy