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Cyprus to grant one casino license

19 July, 2013

The Council of Ministers decided on Thursday to grant one license for an integrated casino resort, Government Spokesman Christos Stylianides announced, adding that the licensing procedure will start immediately on a "fast-track" basis.

"The Council of Ministers decided today to grant one license for the creation of an integrated casino resort in Cyprus," he said in statements following the meeting.

He said the position for a casino resort is based on a detailed study carried out by an international firm, commissioned by the government.

Stylianides explained that the procedure for granting the license will start immediately on a "fast track" basis and will be completed in 12 months "because the country`s economic and tourist development needs a casino with specifications of the same standards as those of the big casinos around the world."

The Spokesman said the Council of Ministers considers that "it is absolutely necessary to retain external advisers with specialized knowledge and experience at all stages of the process, including the final stage of the signing of the casino development license with the successful applicant."

"The aim of the Government is to have a credible international procedure that will attract international investment interest for the creation of casino-resort in Cyprus," Stylianides concluded.