Can Casino Gambling Fix Problems in Cyprus’ Tourism Industry?

In efforts to salvage the underperforming tourism industry of Cyprus, the gaming industry seems like a viable option for success.

In recent times, Cyprus has been experiencing a lackluster performance in the tourism department. However, the good news is that the current government plans to invest heavily in the casino industry that will boast the excellent gaming services while also offering the best accommodation and entertainment for tourists.

Gambling news reports that the government of Cyprus has long deliberated on the best possible solution to lead them out of the current slump. Taking into consideration that vast opportunities associated with gaming, officials have earmarked this as the most efficient and profitable course of action to take.

Introducing casinos is the way to go

Government spokesperson, Nicos Christodoulides, commented in a statement that the country is seeking to award a potential casino operator a license with full rights to facilitate gaming services. “Procedures are going ahead fast and the government’s aim is to select and license the operator of the Integrated Resort Casino in less than a year from today.”

• Cyprus looking to add casinos to their tourism offers

• Selected casino would be entitled to 30-year gaming deal

• UK and Russian tourists most common visitors to Cyprus

Christodoulides also highlighted that this marks the first time in the country’s modern history where a project development was moving in an expedited manner. The need for foreign inflow of money is among the top priorities, which propelled the government to do everything in their powers to soften the procedure to attract a big casino operator.

Cyprian gambling laws dictate that the casino group has the right to operate for the entire duration of 30 years. What works more in favor of the selected casino is that under the conditions of the agreement, no other gaming firm will be able to come to the island for the first 15 years. This will highly benefit any casino that comes to Cyprus first.

The casino will facilitate gaming services all throughout the day by working 24 hours, seven days a week. Admittance to the casino will only be allowed to individuals who will be 21 years of age or more. A newly revised and reformed national gaming authority will look after the gamblers and the casino by regulating the lucrative business.

Massive revenues from gaming and hospitality sector

The current government, lead by President Nicos Anastasiades, believed that introducing a casino industry to their market would help the economy. Officials asked the Cyprus Tourism Organization (CTO) to review a study conducted in 2007 that involved the possibility of creating gaming facilities in the country.

The initial research concluded that casinos would generate between EUR 35 - 50 million in annual revenues. The new CTO’s study shows that casinos could bring in massive benefits in terms of both earnings as well as help strengthen other areas of the economy.

Cyprian poker rooms and other gambling pursuits are not the only areas of tourism that the country plans to invest in. Potential visitors come from all parts of the world with various tastes and needs, therefore the development of numerous other facilities will be added by the main casino investor.

Cyprus has spent a great deal of money in hotel investments, as millions of tourists flock to the beautiful shores that the country has to offer. In 2013 alone, there were a combined 2.405 million foreign visitors, which highlights a mere 2 percent decrease from a year before. By far the greatest number of tourists come from the UK, accounting for 37 percent of all visitors.

After UK visitors comes Russia with 25 percent, Sweden with 5 percent and Greece with 4 percent. Additionally, German and Norwegian tourists also visit the country, as their numbers stand at fours and three percent respectively. Even though there are many different foreigners coming to Cyprus, the country is heavily dependent on UK and Russia.

Although the casino projects may take some time before they come to fruition, Cyprus seems ready to establish itself to its former glory of being one of the most desirable places to visit in Europe. With great hospitality services they can easily accommodate numerous tourists and offer them great services for their money.