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Casino in Cyprus

Regulations covering the creation of the first integrated casino resort in Cyprus will be voted on by the House plenum on March 10.

Once the regulations are approved the government will announce the three shortlisted candidates for operating the casino following the submission of public tenders.

The regulations were presented at a joint session of the House Finance and Commerce committees on Tuesday.

In remarks after the session, Commerce committee chairman Zacharias Zachariou congratulated all relevant departments for their work in drafting the regulations’ text.

“The regulations are sufficiently stringent, aim to protect the public and gamblers in the casino, and are on a par with those in force at European and international casinos across the planet,” he said.

The final draft of the regulations is satisfactory, acting chair of the Finance committee Angelos Votsis said. He noted that the operation of a casino is something new for Cyprus, and that parliament will stand ready to review matters as they come up.

“Upon their selection, the three shortlisted candidates will have before them the whole picture so they can proceed and bid for the license,” Votsis said.

According to the provisions of the draft regulations, the Gaming Authority will conduct strict inspections of the casino operator. Both the operator and all employees at the casino will be required to provide the authority with their fingerprints.

On this point, AKEL proposed that fingerprints are collected through the police.

The regulations also stipulate that advertising should be truthful and promote the casino-resort as an integrated development, and not just the games offered.

Further, advertising should not encourage gambling, take advantage of the public’s vulnerabilities or claim to be a way out for professional or personal problems, such as financial worries, loneliness or depression.

The European Competition Commission approved the operation of a monopolistic casino because it would be strictly regulated by the Gaming Authority.

The three preferred bidders will be announced the day after the vote.

Sk Webline Ltd