Cyprus media has recently informed the communities about early talks between several prospective investors, including Caesars Entertainment, and Cyprus authorities.
A subject of discussion was a casino venue that is about to be built in the southern part of the island.
Yesterday, a respected source of local news released a material, according to which the establishment of a casino was a widely discussed topic during the meeting, held on Wednesday, at the Presidential Palace. It became clear that Caesars Entertainment is among the top competitors for the establishment of a new casino in the area.
Ministers of Finance, Commerce, Interior and Justice were among the notable attendees.
During the meeting, they talked about all possible alternatives and benefits such an investment can bring about. It was announced that several American and Asian investors are willing to obtain a license and start the building procedures at their earliest convenience. It was also revealed that the Asian companies, which have expressed interest in building a Cyprus casino, are Genting and Las Vegas Sands. They are, actually, the only operators allowed to provide their services in Singapore.
However, Caesars is also eager to acquire a license and managers have already made the first steps towards achieving this. They sent a team of representatives to Cyprus in order to keep a close eye on the matters.
Ministers, who took part in the discussion on Wednesday, shared that casino investors were worried about authorities’ intention to set a particular area where the new casino will be established.
However, they had to reconsider their decision and let casino operators choose a place that best meets their requirements.
The company that is awarded a license, will be enabled to open a casino immediately as it will be provided with a existing building where players can participate in the gambling activities available. Once the building procedures are over, the venue will be relocated to the new place.
Meanwhile, ministers were notified that the review of the casino legislation proposal has finally been concluded. The next step was its submission to the House of Representatives. The regulations that were considered to be essential were also sent along with the proposal. Certain casino operator is expected to be given a license no later than August 2015.
According to the proposal, the future Cyprus casino will provide players with abundant gaming opportunities. There will be a great number of tables and machines. The resort will also offer accommodation to its guests.
Although the taxes the new casino will be supposed to pay, have not been defined yet, it became clear that owners will have to pay a tax on gross gaming revenue, equal to 15%. Plus, there will be a license fee of €2.5 million and it will be gradually increasing.
