Energy, Commerce and Tourism Minister George Lakkotrypis on Tuesday said that a bill on the operation of casinos in bailed-out Cyprus should be put to the vote within May. And that the license should be issued some eight months later.
Lakkotrypis, who was addressing the House Commerce Committee, also said that the relevant documents are effectively ready.
“After the bill is voted in, we will give one month to interested parties to be thoroughly informed and then go to the bidding process,” he added.
MPs agreed that within the next couple of weeks they will go over any amendments before the bill goes before the plenum.
The bill provides for a casino of international standards, and a hotel or hotels exceeding the requirements for a five-star establishment under existing laws with at least 500 luxury rooms, at least 100 gaming tables and at least 1,000 gaming machines.
The operator will choose the district the resort will be located in and the annual licensing fee will be €2.5 million for the first four years and €5.0 million annually for the next four.
The licensed operator will also pay a 15 per cent tax on gross income.
In addition, the draft bill has rules concerning the protection of minors and vulnerable groups of the population and the provision of assistance to those addicted to gambling.
