Cypriot lawmakers are to vote on proposed regulations for the establishment of the island country’s first integrated casino resort on March 10. Once and if those are approved by the House plenum, officials will announce the three shortlisted bidders for the operation of the venue.
The said regulations were introduced on Tuesday at a joint session of the House Commerce and Finance Committees. Following the meeting, Zacharias Zachariou, Chairman of the Commerce Committee, said that all involved departments have done a really good job in drafting what would be the country’s future casino law.
According to the officials, the measures introduced are stringent enough and are aiming at protecting both local and international casino customers as well as the general public. Mr. Zachariou further noted that Cyprus’ gambling regulations are just as good as those in other countries.
Finance Committee Chair Angelos Votsis deemed the proposed legislation satisfactory and pointed out that Cyprus has never had a casino before and the operation of such venue is something absolutely new to the island country. Mr. Votsis promised that the government will review any related issues that may arise in future in due manner.
He also explained that the three shortlisted candidates will be informed about what exactly they will be required to do and will then be able to proceed with their bid for the sole casino license.
According to one of the provisions included in the regulations, casino employees and officials will be required to provide fingerprints. In other words, Cypriot authorities will be watching closely who runs and works at the integrated resort, once it opens doors.
Another important thing that has been paid special attention to by lawmakers is the way the complex would be advertised. Regulations stipulate that it should be promoted not just as a gambling venue but as an entertainment destination that includes not only numerous gaming options, but also accommodation, food and beverage, and entertainment ones.
What is more, advertising should not be encouraging excessive gambling and should not put in danger vulnerable members of the society.
The three preferred candidates are expected to be announced on March 11, a day after the planned vote on the proposed regulations. The operation of an international resort has also previously been approved by the European Competition Commission as Cypriot lawmakers had promised that it would be regulated as strictly as needed by the relevant regulatory body.
