Highlights of the regulations governing the establishment and operation of the casino were published by the press.
According to the regulations, the various licences are as follows: operator’s fee €10,000; gaming equipment fee €500; gaming equipment supplier’s fee €500; casino official fee €500; casino employee fee €500; and fee for facilities of the satellite casino €200.
Within 30 days of the gaming authority being notified of the successful tenderer for the casino, the authority will request the casino operator to pay, within 45 days, the initial licensing fee. Once the fee has been paid, the operator will be granted the casino resort licence.
In addition, the operator must pay an annual licensing fee to the gaming authority. The first annual fee is payable one year after the date of issuance of the licence.
The proposed operator of the casino resort must also prepare and submit a due diligence report.
On top of the licensing fee, the government will pick up a casino tax from gross gaming revenues per month.
The sanctions which the gaming authority may impose on the casino operator include fines – not exceeding €1 million per infraction – as well as revocation or suspension of the licence.
The licence may be revoked or suspended if the authority determines, following a disciplinary hearing, that the licensee has breached a material provision of the relevant regulations, has failed to appear at a disciplinary hearing, has not paid the annual licensing fee, or if the licensee is deemed unsuitable to continue operations.
Both the casino operator and employees are required to provide the gaming authority their fingerprints – a measure aimed to protect punters.
Operators may reimburse players’ chips or coupons only in cash, or by cheque issued by the operator and payable to the customer or to a person designated by the customer.
Casino officials and employees are meanwhile required to provide documentation certifying that their personal finances are sound. They will likewise need to furnish to the gaming authority information regarding any court judgement or criminal convictions against them in Cyprus or any other state where they have been residing or working over the past 10 years.
Moreover, casino officials and employees must obtain and furnish, either from police in Cyprus or the competent authority in other countries, documentation certifying that they have no criminal record.
If a person has previously worked in a casino in another jurisdiction, he or she is required to provide documentation from that jurisdiction as certifying this and citing any disciplinary action taken against the casino employee.
The regulations also aim to run a tight ship when it comes to the supervisory authority. Within 90 days from the end of each fiscal year, the gaming authority must prepare and submit to the auditor-general’s office its financial statements and accounts, including balance sheet and cash-flow statement.
The audited financial statements are then sent to the relevant minister who, within 30 days, will present these to the cabinet. The audited statements are copied to parliament.
Comps – complimentary items and services given out by a casino to encourage players to gamble – are permissible.
Once the casino regulations are approved the government will announce the three shortlisted candidates for operating the casino following the submission of public tenders. The three preferred bidders will be announced the day after the vote in the House, scheduled for March 10.
Source: Cyprus Mail
