Roundup: Cypriot parliament approves legislation to establish casino resort

The Cypriot parliament approved legislation on Thursday permitting the establishment of a multibillion casino resort of world standards on the eastern Mediterranean island.

"It will be a top comprehensive casino resort in Europe and one of the best in the world," said the preamble to the legislation.

It provides for the establishment of an integrated operation that will include luxury accommodation, entertainment, gaming and dining of world standard.

Lawmakers brought about one major amendment to the original draft law striking out the right of the successful bidder to establish up to four smaller casinos in major cities.

Instead, he will have the right to operate only one other smaller casino with a limited number of gambling tables.

According to the planning by the Ministry of Commerce and Tourism, the successful bidder will be licensed in less than a year.

Commerce and Tourism Minister Yiorgos Lakkotrypis has said that prospective investors will have a month to make an evaluation of the framework legislation before expressing an interest in the project.

"Examination of the bids will take up to 8 months. We will choose the three frontrunners among them and invite them to negotiate for before choosing the successful bidder," said Lakkotrypis.

Authorities expect up to 15 expressions of interest, according to local media.

Interested parties include Las Vegas casino operators MGM and Caesars Palace, Genting from Malaysia and Kezner from Macao, the sources said.

Some of them have already sent representatives in Cyprus for an on-the-ground assessment.

Authorities estimate that it will be two to three years before a casino resort of the projected size becomes operational.

But the operator will have the choice of setting up a temporary casino within the year so as to start having returns on his investment.

The project will cause the flow of much needed foreign investment into Cyprus as it gets at the end of a three-year 10 billion euros (11.04 billion U.S. dollars) bailout program which started in March 2013.

Government plans provide for the casino to be built on private land, offering a huge opportunity for owners or large property available for sale. They will have the choice of selling the land or become shareholders in the project.

But parliament also passed a law allowing the successful bidder to use the sea for building part of the project either by creating underwater infrastructure or by creating land.

Cyprus, a sun-drenched island, attracts more than two million tourists a year, mainly during the summer period starting at the beginning of May and lasting until the end of October. Endit