Cypriot MPs Approve First-ever Casino Resort

On Thursday, the Cypriot parliament approved a bill to allow the construction of one integrated casino resort and four smaller satellite venues on the Eastern Mediterranean island which has long been a major tourist destination. MPs voted in favor of the legislation by 29 votes to 22 against, with the vast number of no votes cast by the Communist leaning AKEL, the main government opposition party.
The way is now paved for the Republic of Cyprus to open its first-ever casino resort, although on the northern side of the island under Turkish military occupation since 1974 casinos have long been a feature of the landscape. Last year, for instance, an estimated €100 million was believed spent on casino gambling in the so-called Turkish Republic of Northern Cyprus (KKTC). In the south, however, gambling concerns from the hugely influential Greek Orthodox Church, as well as social groups, has long kept casinos out of the country. As former Cyprus President and AKEL leader President Christofias declared a few years back:
“There will be no casinos in Cyprus as long as I am President. Casinos are expression of corruption and can create a crisis to the system.”
Nevertheless, since the economic downturn Cyprus has had to seek out other sources of income to supplement its $23 billion a year (GDP) economy, with a government sponsored report estimating casino gambling could generate an additional €50 million ($67m) in annual taxes.
Needless to say, current President Nicos Anastasiades has an altogether different take on the topic of casino gambling, and following the bill’s approval stated:
“Approval of the legislation.. is another step in the government’s big effort to turn our country in an investment centre. [Casinos] enrich our tourism product, upgrade its standing on the tourist map and create the conditions for new jobs.”
The integrated casino resort is expected to open by 2018, and whoever eventually wins the contract will be granted a 30-year operating license.