The first casino in Greek Cyprus. The finish line of the gambling legalisation

We recently announced a great event: the gambling legalisation in the southern part of the Cyprus Island, in the so-called Greek part. Now the «Cyprus Mail» newspaper reported that the government of the republic has completed all legal preparations and soon will determine a licensee who can open a full-fledged offline casino and four additional satellites, still with limited legal possibilities.

It is noteworthy that the license for the gambling business development will receive only one bidder. At the same time, new casinos will become a subject to sufficiently large number of conventionalities. Thus,

• Only one of the four satellites will function as a full-fledged gaming establishment (with the tables for all card games and roulette). The other three satellites will be equipped only with the slot machines.
• Despite the fact that the location of the five casinos (the main one and 4 subsidiaries) will be determined by the Government, the stead for the construction of these establishments will not be released. Therefore, the problem of finding and acquiring lease rights rests on the shoulders of the licensee.
• Not all gambling Cypriots will be able to visit new casinos easily. Only solvent gamers will be admitted to the club. The special gambling commission will check this criterion. The current gambling rules violators will face severe penalties, including imprisonment.

Despite the fact that the President of Cyprus, Nicos Anastasiades anchors high hopes for the gambling business development (increasing influx of tourists and new jobs for the republic residents), the realities associated with the above mentioned limitations may not be so rosy.