Cyprus casino plan to attract investments

The government announced last Thursday it would issue a single licence for a mega casino resort in an attempt to diversify its tourism product and attract foreign investment, while helping to reduce the island’s runaway unemployment.
Government spokesman Christos Stylianides said after the Cabinet meeting that the authorities planned to issue a licence for a resort within the next 12 months.
“The economy needs it,” he said, supporting a pre-election pledge, while the previous communist administration rejected any talk of a casino.
“This is the basic position of a study by an international firm, which was assigned the task of carrying out a relevant thorough study,” Stylianides added.
He explained that the procedure for granting the licence will start immediately on a "fast track" basis and will be completed in 12 months because the country's economy and tourism development need a casino with specifications of the same standards as those of the big casinos around the world.
Stylianides noted that "it is necessary to retain external advisers with specialised knowledge and experience at all stages of the process, including the final stage of the signing of the casino development licence with the successful applicant.
He said that the aim of the government is to have a credible international procedure that will attract international investment interest for the creation of a casino resort in Cyprus.