NICOSIA - The Ministry of Justice and Public Order has drafted a bill providing for a resort casino in Cyprus, Minister Ionas Nicolaou has said.
In statements to the press, Nicolaou said the only thing pending in the bill concerns the taxation of the casino, noting that this issue will be determined by the Ministry of Finance.
Nicolaou assured that the bill includes strict provisions with regard to the protection of the citizens from the operation of the casino.
"The bill we have drafted meets recommendations made by the Cyprus Tourism Organisation on resort casinos. We have examined legislation used in other countries, we have incorporated strict provisions both as regards its operation and the protection of the citizen," he said.
The Minister said the operation of a casino will be more effective than electronic casinos or e-gambling.
With regard to the taxation system, Nicolaou said there are four or five betting taxation systems, noting this issue needs to be examined by the Finance Ministry which will select the most suitable system.
Replying to a question on the estimated revenue, Nicolaou said that income will come from the initial investment, as well as its operation.
"Revenue will come not only from betting but also from the standing annual income generated from the operation of the casino," he added.
Responding to a question on the number of casinos, Nicoalou said this will be decided by the Council of Ministers, after evaluating a study to be carried out on the matter.