Cyprus’ casino to contribute to the economy Euros 800 mln in 2022

The integrated casino resort planed in Limassol is expected to contribute to the Cypriot economy around Euros 800 mln or 4% of GDP during its second year of operation, in 2022.

According to Iacovos Galanos, a spokesperson for the consortium operating the casino, during the construction period, 4,000 jobs are expected to be created. He added that during its operation, the casino will require some 2,400 jobs. Speaking Tuesday at the House Committee on Trade, Galanos said the company would prioritize the employment of Cypriot nationals, taking into account the relevant qualifications required.

A ceremony to sign the contract for the casino took place on June 26, in Nicosia.

Speaking today at the House Committee, Galanos explained that the resort will include some 500 luxury rooms, various reception areas, congress rooms, a poll and restaurants with the total cost estimated at Euros 500 mln. The casino will include 1,200 gaming machines and 136 gaming tables.

Theodoros Koutsoukis from the consortium also said that the locations for a number of satellite casinos, that will operate in various cities, as well as the provisional casino in Limassol have all been selected, pending the approval of the Gaming and Casino Oversight Authority.

We expect the ‘satellite’ casinos and the provisional casino to be operating in the first quarter of 2018. The target is February 2018, he added.

He said moreover that he expected the foundations for the casino resort to be laid within the first quarter of 2018, if all deadlines were met.

Replying to questions by parliamentarians, Koutsoukis also said that the company aims to employ as many Cypriot nationals as possible, in line with the qualifications required.

He added that Labour Minister Zeta Emilianides contacted a company representative, asking for the list of the qualifications required for each job opening. The Minister intends to introduce training schemes for unemployed Cypriots, in order to fill the positions, Koutsoukis said.

Gaming Authority President Christos Mavrellis said that oversight will be continuous, regarding the regulations, and did not rule out the employment of foreign experts, who will guide the Authority in conducting inspections. More personnel will come from the public sector through secondments, he added.

Stelios Cheimonas, the Ministry of Commerce Permanent Secretary said finally that oversight belongs to the Gaming Authority and that the Cabinet has approved the hiring of a project supervisor to monitor developments.

Source: Cyprus News Agency