In a dramatic U-turn, the Cypriot government is on the verge of legalising casinos in an effort to stimulate the local economy.
President Christofias said two years ago that there would be no casinos in operation during his time in office, describing them as an “expression of corruption.”
Yesterday, however, Finance Minister Kikis Kazamias told the House Trade Committee that the government will shortly be putting proposals before parliament for the regulation of casino gaming. It is thought this may be limited to a single casino initially.
In August, the Cyprus Hotel Managers Association, PASYDIXIE, called on President Christofias to reconsider his position on casino gaming, arguing that tax hikes and government cuts would not kick-start the economy.
The organisation suggested instead that the opening of new gaming facilities would provide a boost to both the economy and the tourism sector.
