According to the Ministry of Energy, Commerce, Industry and Tourism ofthe Republic of Cyprus, the potential investor for the construction ofa casino will be announced by the end of the summer 2015. The government has alsopromised to create an appropriate legislation that will control the process of suchenormous construction. The casino will be constructed through a tender wherethe participants are required to invest a minimum of € 50 million. Another criteriathat has to be followed by the potential investors is to have an experience inthe construction and operations management processes of at least one casino.
The license for the ownership of a casino will be given for 30 years andthe investor will have a right to own this casino in15 years. The government isplanning to collect a 15% tax from the revenue of a casino.
In addition to the casino, there will be a variety of restaurants in thearea around it. The location for this project will be selected by the investor.
The government is planning to keep a casino open for 24 hours a day and7 days a week.