Commerce and Energy Minister of Cyprus, Yiorgos Lakkotrypis, expects the project to attract tourists and create more jobs.
The casino licence allows for the operation of an integrated casino resort in Cyprus for 30 years, as a monopoly for the first 15, and for a satellite casino in Nicosia – as well as three slot-machine parlours, one each in the districts of Larnaca, Paphos and Famagusta.
A coordinating committee will oversee the work to ensure that the criteria of the proposal and the evaluation have been met.
“With today’s decision, the council of ministers has completed an ambitious endeavour that started about three years ago,” Commerce and Energy Minister Yiorgos Lakkotrypis said according to a report published by Cyprus Mail Online.
According to the government, the casinos will attract an additional 300,000 tourists a year.
Some 4,000 people would be employed during the construction phase, and a similar number once all the casinos are operational, Lakkotrypis said.
The satellite casino in Nicosia is estimated to be up and running by mid-2017, and a temporary casino in Limassol – until the full-blow casino resort is ready – later that year.