Cypriot lawmakers are to vote on regulations covering the creation of the first integrated casino resort in Cyprus on March 10. After approval from the House plenum, officials will announce the three shortlisted bidders of the casino licence, local media reports.
The regulations were presented at a joint session of the House Finance and Commerce committees on Mar. 1, 2016. According to the provisions of the draft regulations, the Gaming Authority will require both the operator and all employees at the casino to provide authorities with their fingerprints. The regulations also stipulate that advertising of the casino should be truthful and promote the casino-resort as an integrated development, and this advertising should not encourage gambling or claim to be a way out of personal or professional problems.
The final three bidders is expected to be announced a day after the regulation is approved. The shortlist, which was speculated to include Hard Rock International, Bloomberry Resorts and Nagacorp will see the three operators release detailed plans, including their choice of location of the casino in their proposal during the final round of the bidding process.
Once a winner is chosen, likely this year, the bidder will receive a 30 year licence with no competition for at least 15 years, they will also be allowed to set up temporary facilities and begin generating revenue immediately while the resort is developed.