The Cyprus Operations and Casino Control Legislation of 2015 has been enacted after it was published on the 21st July in the Official Gazette of the Republic.
The ministry website has also published the Cyprus Casino Licensing Update that gives an outline of the project, the objectives and an outline for the planned licensing procedure. The official law is in Greek. An unofficial English version was also made available.
The statement noted that the two-stage procedure that will be transparent, competitive and non-discriminatory. The process will be used by the Ministry of Energy, Commerce, Industry and Tourism in September to select the licensee for the Integrated Casino Resort.
The operations bill that would regulate the establishment, activities, operations, control and supervision of the first casino in Cyprus was passed on July 10th.
The chosen casino resort will have to have at least 100 gaming tables and 1000 machines.
Under the outline set by the government the successful bidder could start to operate a casino right way for 30 years.
The Democratic Party added an option for the investor where they would be allowed to have three-satellite casinos with slots only.
Sources that are close to the project have said that thirteen investors are interested. These include Kerznar, developer of Sun City in South Africa and Tan Sri Lim Kok Thay, the CEO of Genting Group.